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How to Get a Business Loan With Bad Credit, Fox Business, business

How to Get a Business Loan With Bad Credit

By Rohit Arora Published September 10, 2013 Small Business

Business loans for bad credit

While the small business lending landscape has been steadily improving over the past year, challenges still remain, particularly for companies that have less than stellar credit histories. Many banks are not willing to provide capital to small business owners who have below average credit scores.

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There can be valid reasons why a company might have a poor credit history. During the Great Recession of 2009-10, many small businesses fell behind in payments to vendors or simply could not correct their cash flow issues quickly enough. After all, the hardest time to secure credit is when you are desperate for it. The black marks on a company’s credit history can take months — even years — to erase.

Fortunately, there are lenders who are willing to take chances on a small business owner who may have run into some short-term financial problems and startup companies that have no credit history whatsoever. However, remember the lenders are usually not brand names in the financial services industry; and the interest rates and fees can sometimes be higher than those offered by traditional banks.

Here are some financing options available to business owners with lower than average credit scores:

Merchant Cash Advance is a short-term loan paid in a lump sum to a business owner in exchange for a portion of a company’s future credit-card sales. Companies involved in this type of financing offer quick access to cash without requiring excellent credit or substantial collateral. Some cash advance companies will approve funding requests and forward money in as little as 48 hours. Interest rates are often a bit higher than what traditional lenders charge, however.

Business Credit Cards can provide business owners with poor credit histories access to debt financing. Opening a credit rebuilding credit card is one of the best ways for a business owner to repair previous credit damage.

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Microloans are made by non-profit organizations, such as Accion (http://www.accionusa.org), which will grant small loans (up to $50,000) designed to help startups owned by women and minorities, as well as companies that are established in economic empowerment zones. Loans are also available through the Small Business Administration’s (SBA) Microloan Program, which lends funds through non-profit community-based intermediary lenders. Microloans are a great option for businesses with bad credit or no credit histories because their credit requirements are typically more lenient.

The good news for small business owners is that there are ways to improve credit scores. Here are some tips for repairing damaged credit scores:

Check business credit reports periodically

A business’s credit score is derived from a complex mathematical equation designed to predict the likelihood of default. Credit ratings agencies, such as Equifax and D B, examine:

Pay bills on time

Late or missed payments negatively impact credit scores. The most important thing is to remain current. Fortunately, recent payment history counts more than older credit problems. Thus, negative issues will eventually fade, and credit problems fade with the passage of time. However, a collection account will remain on your credit history for seven years.

Be cautious with credit cards

Even if your personal debt is problematic, building a positive history of business transactions can enable you to establish a track record of creditworthiness. For this simple reason, it is wise not to co-mingle business and personal bank accounts. Once accounts are separated, be sure that company payments are in order.

My advice to someone who is just starting to build a business credit history is to open a business credit card and make consistent, prompt payments. Some people open numerous credit cards in an effort to increase available credit. In fact, if you open too many credit accounts too soon, the impact will be negative. It is more effective to have one card and to pay it off in full each month.

Incorporate your business

Incorporating makes your business appear more serious. Once you have legally established your business, set up bills (phone, electric, etc.) in the company’s name. If you need small business loan, banks are more likely to make grant funding to a company that has an established address and pays its utility bills each month than they are to a freelancer working at home.

Pre-pay bills when possible

Vendors may offer discounts for pre-payment. If your company is in a position to pay early at a reduced rate, you can cut your operating costs and ultimately improve cash flow. As an added bonus, vendors whom you pay early will likely serve as credit references if you need them in the future.

Run a lean, profitable business

Every company’s goal is to be profitable. Manage staff schedules wisely, particularly when business is slow. Keep inventory at reasonable levels.

Banks are taking a risk by providing capital to small companies. When you apply for a small business loan or a line of credit, lenders want to be assured that you are a good credit risk. That means being fiscally prudent, paying bills on time, and building a solid credit history. These tips seem rudimentary, yet they are very important. For more information, you can visit Biz2Credit’s credit improvement page.



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Most Popular Indian Baby Names, Bloggermoms, names for business.#Names #for #business


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Names for businessChoosing a name with Indian origins for a baby in the US or for a baby who you see (and don’t all moms dream!) of working in an international arena poses an interesting problem. Other than traditional considerations such as beautiful sound and meaning, or first alphabet or astrological recommendations, we now you have to look for a name that will be easy on American tongues and whose spelling and pronunciation won’t be butchered too ruthlessly. To help, here is the list of top Indian baby names for the US including both boy names and girl names. If you are going through a dillemma, Khushi debates the issue here.

The list is best on trends we are seeing in the community, as well as the Social Security Adminstration’s list of top baby names for the decade in America. Scroll below to see the list of Indian names or names that sound Indian, or have Indian meanings in the SSA’s list of top baby names.

Bloggermoms Top 10 List of Most Popular Indian Baby Names for the Decade (Based on SSA’s list and independent research)

TOP 10 INDIAN BABY NAMES FOR BOYS

Some others which came close: Kabir, Rahul, Arya, Rishi, Aarav, Sanjay

TOP 10 INDIAN BABY NAMES FOR GIRLS

Others which came close to making the top 10: Asha, Arna, Ashna

Below are the lists of the most popular Indian baby boy names and girls names that were featured on the Social Security Administration’s list of top 1000 US baby names based on applications for social security cards. The format used below shows the name and its rank on the list.

Most Popular Indian Baby Boy Names for the decade (From Social Security Administrations’ List of Top Baby names for the Decade)

Devin (83) – Deven (547)

Most Popular Indian Baby Boy Names for the decade (From Social Security Administrations’ List of Top Baby names for the Decade)



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Government Grants for Small Businesses – Incentives SA, government grants for small

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Incentives SA offers advice and information on a variety of grants available through the DTI in all sectors including SMME’s and Business funding. Government grants for small business .

Grants are available for small business funding, medium sized businesses and large companies with turnovers exceeding R35 million per year.

The Department of Trade and Industry offers a range of incentives and grants to suit your business requirements.

Small, Micro- and Medium-sized Enterprises (SMME) Development Incentives

BBSDP is a cost-sharing grant offered to small black-owned enterprises to assist them in improving their competitiveness and sustainability in order to become part of the mainstream economy and create employment. BBSDP provides a grant to a maximum of R1 000 000 (R800 000 maximum for tools, machinery and equipment and R200 000 maximum for eligible enterprises to improve their corporate governance, management, marketing, productivity and use of modern technology).

The Co-operative Incentive Scheme (CIS) is a 90:10 matching cash grant for registered primary co-operatives (a primary co-operative consists of five or more members who are historically disadvantaged individuals). The CIS is an incentive for co-operative enterprises in the emerging economy to acquire competitive business development services, and the maximum grant that can be offered to one co-operative entity under the scheme is R350 000.

The DTI initiated the ISP as a grant to develop incubators into successful enterprises with the potential to revitalise communities and strengthen local and national economies. The ISP encourages partnerships whereby big businesses assists SMMEs with skills transfer, enterprise development, supplier development and marketing opportunities.

THRIP is a partnership programme funded byВ the dtiВ and managed by the National Research Foundation (NRF). On a cost-sharing basis with the industry, THRIP supports science, engineering and technology research collaborations focused on addressing the technology needs of participating firms and encouraging the development and mobility of research personnel and students among participating organisations.

Industrial Development-Related Incentives

The Manufacturing Competitiveness Enhancement Programme (MCEP) is one of the key action programmes of the Industrial Policy Action Plan (IPAP) 2012/13 – 2014/15. It will provide enhanced manufacturing support aimed at encouraging manufacturers to upgrade their production facilities in a manner that sustains employment and maximises value-addition in the short to medium term. The MCEP comprises two sub-programmes: the Production Incentive (PI) and the Industrial Financing Loan Facilities which will be managed by the dti and the Industrial Development Corporation respectively.

Manufacturing Investment Programme (MIP)

The MIP is a reimbursable cash grant for local and foreign-owned manufacturers that wish to establish a new production facility; expand an existing production facility; or upgrade an existing facility in the clothing and textiles sector.

As part of the Government’s strategy to consolidate small-enterprise support activities since April 2006, the activities of the Godisa Trust, the National Technology Transfer Centre (NTTC), the three business incubators of the dti, the Technology Advisory Centre (TAC), the technology-transfer activities of the Technology for Women in Business (TWIB) programme and the support programmes for small enterprises of the South African Quality Institute were merged into a single programme – the seda Technology Programme (STP).

The SPII is a support programme ofВ the dti, managed by the Industrial Development Corporation (IDC). The SPII is designed to promote technology development in industry in South Africa through the provision of financial assistance for the development of innovative products and/or processes. The SPII specifically focuses on the development phase, which begins at the conclusion of basic research and ends when a pre-production prototype has been produced.

The SSAS is a reimbursable 80:20 cost-sharing grant offering financial support to export councils, joint action groups and industry associations. The scheme comprises two sub-programmes, namely Generic Funding and Project Funding for Emerging Exporters (PFEE). The aim of the SSAS is aligned to the dti’s overall objectives in several respects, as indicated below.

Under the PI, applicants can use the full benefit as either an upgrade grant facility or an interest subsidy facility, or a combination of both. Eligible enterprises include clothing manufacturers, textile manufacturers, Cut, Make and Trim (CMT) operators, Footwear manufacturers, Leather goods manufacturers, and Leather processors (specifically for leather goods and footwear industries).

The FIG compensates qualifying foreign investors for costs incurred in moving qualifying new machinery and equipment (vehicles excluded) from abroad to the Republic of South Africa.

The CTCIP aims to build capacity among clothing and textile manufacturers and in other areas of the apparel value chain in South Africa to enable them to effectively supply their customers and compete on a global scale. Such competitiveness encompasses issues of cost, quality, flexibility, reliability, adaptability and the capabilityВ to innovate.

The CPFP is a cost-sharing programme that contributes to the cost of feasibility studies likely to lead to projects outside South Africa that will increase local exports and stimulate the market for South African capital goods and services.

The South African Government implemented a Business Process Outsourcing and Offshoring (BPO O) incentive programme as from July 2007. Between July 2007 and March 2010, the incentive resulted in the creation of at least 6 000 new jobs and attracted R303 million in direct investment. As part of a process of improving South Africa’s position as an investment destination, a systematic review of the BPO O incentive programme was undertaken with the private sector, resulting in a revised BPS incentive

Trade, Export and Investment Incentives

The dti assists South African exporters by organising National Pavilions to showcase local products at international trade exhibitions. The EMIA scheme bears costs for space rental, the construction and maintenance of stands, electricity and water charges, as well as freight charges, up to a maximum of three cubic metres or two tonnes per exhibitor. Also included are assistance withВ International Trade Exhibitions, Group Outward-Selling Missions and Group Outward-Investment Missions

The CIP is a cost-sharing cash grant for projects designed to improve critical infrastructure in South Africa. The grant covers qualifying development costs from a minimum of 10% to a maximum of 30% towards the total development costs of qualifying infrastructure. It is made available to approved Eligible Enterprise upon the completion of the infrastructure project concerned. Infrastructure for which funds are required is deemed to be ‘critical’: if the investment would not take place without the said infrastructure or the said investment would not operate optimally.

The South African Government offers a package of incentives to promote its film production and post¬production industry, which includes the Foreign Film and Television Production and Post-Production Incentive and the South African Film and Television Production and Co-Production Incentive.  The Foreign Film and Television Production and Post-Production Incentive aims to attract foreign-based film productions to shoot on location in South Africa and conduct post-production activities in the country. The South African Film and Television Production and Co-Production incentive aims to assist local film producers in the production of local content.

The AIS is an incentive designed to grow and develop the automotive sector through investment in new and/or replacement models and components that will increase plant production volumes, sustain employment and/or strengthen the automotive value chain. Eligible Enterprises include Light motor vehicle manufacturers that have achieved or can demonstrate that they will achieve a minimum of 50 000 annual units of production per plant, within a period of three years; or Component or deemed component manufacturers that are part of the Original Equipment Manufacturer (OEM) supply chain and will achieve at least 25% of a total entity turnover of R10 million by the end of the first full year of commercial production as part of a light motor vehicle manufacturer supply chain, locally and/or internationally.



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As the leading advice website in the small business space, SmallBusiness.co.uk receives many requests every month from would-be entrepreneurs and existing company owners asking what financial assistance is available to help them, start, run, grow and succeed.

Whether you are running a cafe, operating a business from home, or perhaps managing a franchise, you will need funds to establish and grow your company. Depending on the type of business, this requirement may vary from a few hundred pounds to multiple thousands.

While some companies may be able to get away with minimal investment in equipment, staff and marketing, others will be faced with significant expenditures that are key to establishing their company.

The Small Business Grants initiative will help small businesses in this area, offering monthly financial assistance to maximise their chance of success.

Every month, one business deemed by our panel of judges to be the most deserving will benefit from a £5,000 financial grant, as well as being featured on SmallBusiness.co.uk as a monthly winner.

We look forward to receiving your applications for this exciting initiative. Good luck!



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Chase Offers $150, 000 In Small Business Grants, small business grants for

Chase Offers $150,000 In Small Business Grants

Grow your small business with a grant and marketing guidance from Chase and Google

Small business grants for women

Chase continues its ongoing commitment to to provide $3 million to local small businesses through its Mission Main Street Grants, a program that will award 20 grants of $150,000 to small businesses nationwide this year. Qualifying businesses will gain access to a marketing Toolkit from Google, a program sponsor.

The chosen 20 grant winners will receive a trip to Google for an exclusive small business marketing workshop, a Google Chromebook Laptop computer and a $2,000 coupon toward one market research study with Google Consumer Surveys (Opens Overlay).

Last year Samuel Gilmore was the recipient of a $200,000 Mission Main Street grant. It was 25 years ago that the former Air Force pilot founded Overnight Success Inc., a construction and supply company, in response to the high unemployment rate among African Americans in his hometown of Miami..Launched in 2012, the program has received $3 million from Chase and Google to help 20 small businesses in 2015.

The former flier of B-52 bombers took $17,000 from his savings to jump-start the business. His first projects consisted of simple jobs such as drywall painting and putting up concrete blocks. But his company went on to win contract bids on major construction projects such as the Miami International Airport, American Airlines Arena, and other commercial developments in the Miami area, and in 2013 Overnight Success grossed $1.4 million in revenues last year. “My contracting firm has hired more than 500 people, paying these workers $15 million in payroll,” says Gilmore, the company’s president and CE

Entrepreneurs from across the country applied in 2014 for the chance to win a Mission Main Street grant and a trip to Google headquarters. After completing the five-question application, entrants had to use social media to get at least 250 votes for their business in order to move up to the next round—in which they could be selected as a grant recipient by a panel of judges.

“The Internet has proven to be a vital pipeline for small businesses, and it continues to connect more businesses to their customers every day,” Jon Kaplan, Google s vice president of U.S. sales and operations, said in a statement

Out of nearly 35,000 applicants, Overnight Success made the cut and was selected as one of 12 small businesses to receive a $250,000 grant. Gilmore used the grant money to buy equipment to compete for contracts such as the Miami-Dade Water and Sewer Department’s $4.5 billion expansion project. With additional funds to help provide more employment opportunities in his community, Gilmore says winning the grant has allowed him to reassess the direction of his company and to evaluate the jobs that have benefited it the most.

In the beginning stages of a small business, Gilmore says, it’s easy for companies to get stuck on a treadmill, taking on jobs that may not always be the most beneficial, because of the need for steady cash flow. But with the help of the Mission Main Street Grants program, Overnight Success can now be more selective about the jobs it takes on.

In this year s contest, the grants are smaller but going to more businesses, 20 versus 12. The winners will be announced early in the year.

The Mission Main Street Grant is among the various corporate-sponsored entrepreneurship programs and non-traditional sources of capital that will be discussed at the 2015 Black Enterprise Entrepreneurs Summit (May 13–16 at the Hyatt Regency in Atlanta), which marks its 20th year assisting startup and established entrepreneurs. The summit is a pivotal venue for small business owners to broker deals with key stakeholders, and to participate in sessions that cover topics such as accessing capital, accelerating tech startups, winning corporate and government contracts, and making value-added industry peer connections.