Category Archives: Funding

3 Likely Reasons Your Business Loan Application May Have Been Rejected

Many small business owners turn to borrowed capital to fuel growth and fund other initiatives, yet access to borrowed capital can sometimes be a challenge. Depending upon where you apply, your business credit profile, and other factors, it might be difficult to get a loan approval. Not all lenders look at the same criteria when evaluating whether or not they’ll approve a small business loan.

But here are three red flags that could put the brakes on any loan application:

1. You have a bad personal credit score

With the exception of maybe the biggest and most tenured small businesses, the need for a business owner to maintain a good personal credit score will never go away. With a personal credit score below 680, for example, it’s unlikely you’ll find success at the bank. And the SBA threshold is around 650 for most applications.

Some non-bank lenders will approve a loan with a lower credit score but will want to see other metrics in place. If your personal score is struggling, making improvements will help increase the odds of success when you need a small business loan.

The first step is to find out where you are. Annualcreditreport.com is one place you can access a free copy of your credit report once per year. You can also check out the three main personal credit bureaus, Experian, Equifax and Transunion, who all offer low cost credit monitoring.  Continue reading

Are you a military Veteran and thinking about owning your own business?

Here are some tools that will make things a little easier.

The Veteran Entrepreneur Portal (VEP) is designed to save you time! BusinessUSA makes it easier for small businesses to access Federal services, regardless of its source. VA OSDBU quickly connects Veteran entrepreneurs to relevant ‘best-practices’ and information. Collectively, VEP offers direct access to the resources necessary to guide every step of entrepreneurship.

Start a Business

Start a Business
This interactive tool connects you to the right resources specific to your small business objective. Navigate through relevant topics to access information on starting a business.
Learn how to start a business »

Access Financing

Access Financing
Use this customized wizard to identify financing resources to support the start-up, development, or growth of your small business.
Learn about financial resources »

Grow Your Business

Grow Your Business
Find out how to successfully expand your small business. Explore dedicated subjects with valuable information and resources to help you grow your company.
Learn how to grow your business »

Find Opportunities

Find Opportunities
Become familiar with Federal government contracting programs. Answer a few quick questions in this wizard to find Federal opportunities that align with your small business.
Find Federal government contracting programs » Continue reading

The secret weapon that can help you get a better business loan.

by Gerri Detweiler

Carolyn Walters’ small business clients know they can ask her more than just tax questions. While “tax is the heart and soul of what I do,” she says as the owner of Financial Solutions Accounting and Tax in Greensboro, NC, she has expanded her business to offer a variety of different services.

“The challenges that small businesses have usually end up in my lap one way or another,” she says with a chuckle.

Walters wants to be the first resource her small business clients turn to when they have questions about small business financing and credit. “Quite a few of my clients are looking at ways to expand and grow their businesses, and that takes money,” she says.

Some of them have the funds they need to grow, but others will need to borrow. And even those who don’t have to borrow may find it advantageous to do so. “If you can get credit at low rates and still maintain the integrity of the business goals you are trying to accomplish, it may make sense,” Walters says.  Continue reading