Small Business Loan Blog - Business Lending & Finance

Small Business Lending Up In June 2011

2011-08-05T11:14:00.000-07:00

Some surprising data from Thomson Reuters PayNet shows that U.S. Small Business Lending is up and at it's highest level in over 3 years, this despite recent evidence of a very weak U.S. economy. PayNet President William Phelan discusses the latest data in this video.

Small Business Tax Tips

2011-03-11T09:07:00.000-08:00

We are in the midst of Tax Season, here are some tips for small businesses to navigate the 2011 tax season.

Small Business Lending Strong In 2010

2011-02-03T08:56:00.000-08:00

Lending to U.S. small businesses in 2010 saw it biggest year-over-year gain since December 2006, according to the Thomson Reuters/PayNet Small Business Lending Index. The index showed Small Business Lending is on the rise again and has notched it's 10th consecutive improvement, this is the 5th consecutive month of double digit increases.

Many Small Businesses are borrowing more and finding it easy to pay their bills.The numbers show significant increases in lending in 2010. Also, default risk at small businesses has fallen to levels lower than in 2008 and 2009. This is very good sign as the percentages are at pre-recession levels.

Small Business Smartphone Apps

2011-01-24T09:31:00.000-08:00

We use our cellphones for everything these days from surfing the Internet to mobile banking and of course making phone calls, but did you know your Smartphone can also be a great tool for managing the day to day operations of your business. In the palm of your hand you can run your business, Smartphones have the same capabilities of a PC which means you can increase your productivity and your profitability. We have put together a list of great ways Smartphones can help you as a business owner.

1) Bookkeeping - Check if there is a mobile app for the current bookkeeping software that you use in your office. So you can keep up with things when your are out on the road, selling, or traveling. There are also independent apps which you can use to keep track of receipts. You can take pictures of your receipts and document your expenses then print out a report and give it to your bookkeeper.

2) Credit Card Processing - You can take credit card payments now on your cellphone. Remember the manual machines? and if you didn't get a clear imprint you could lose the payment? well those days are over, there are now apps and extensions that allow you swipe credit cards and get an approval, this also feeds into your bookkeeping system.

3) Organizing - There are a lot of apps that can help you organize. Of course there are different categories, such as travel. Most of the airlines have travel applications, you can also merge all your travel itineraries together. There is a free app called TripIt which keeps all of your itineraries such as airfares, appointments, hotels, etc. together. There are also now mobile boarding passes, but this is limited to certain airports..

4) Fleet Management and Navigation - If you have a business that has a lot of delivery trucks out on the road, this system can keep track of where they are. It helps you save energy because you can track your routes better and helps provide better customer response if you need to get some place quickly. And for navigation, if you rent a car and it has no GPS system in it you can use your Smartphone. If you get lost anywhere you can use the your Smartphone GPS to help find your way.

5) Sales Management - You can have time and sales management tools on your phone. So if have a company that relies on billable hours, a service company, use your Smartphone to keep track of their billable hours. This will reduce time sheets and paper work. There are applications that will coincide with your Customer Relations Management system, so you document sales calls and don't have to wait to get back to the office to record the data.

6) Staying Connected - Of course Smartphones help you stay connected 24/7 with your customers and everyone via phone calls, emails, and text message. So you can get out of the office if needed and still be connected.

7) Marketing - Smartphones can help you market your business. A lot of companies are starting to incorporate text messaging into their print, advertising, radio, and any marketing materials. In addition to text messaging is social media, there are tons of social media apps which allow you to engage customers and clients on your phone from any location.You should also make your business website mobile friendly.

8) Security and Backup - What happens if you lose your Smartphone or it crashes? This is one of the major concerns of small business owners. There are many apps that will encrypt the data on your phone and protect it. There is also an app called backup and go, it is a cloud computing service offered by cell phone providers. It gives you the opportunity to backup and sync data with your office.

2011 Small Business Resolutions

2011-01-03T08:46:00.000-08:00

Many individuals make a new resolutions list, well it's also important for Small Businesses to make resolutions also. This is the perfect time to make changes to your business for your business. Here is a video of Small Business Expert, Andre Taylor, who gives fresh new tips for the new year.

What About Small Business?

2010-12-17T08:12:00.000-08:00

Discussing whether the government is doing enough to help small business, with Joseph Dutra, Kimme Candy, and Beezer Molten, Half-Moon Outfitters.

Get a Loan for Your Business, Visit NSBACorp.org

Small Business Success - Charter Oak Winery

2010-11-15T07:21:00.000-08:00

Charter Oak Winery located in California has managed to increased profits and become successful by staying small as a family operated business. The owner, Robert Fanucci, shares his success secrets such as "make it a family affair", "Quality, not Quantity", and "Be a hands on Manager".

Loans are available for Small Businesses to Grow, Expand, and Pay Expenses - Visit NSBACorp.org

American Express Launches Small Business Incentive Program

2010-11-11T07:56:00.000-08:00

American Express has launched a small business incentive program which is geared at encouraging shoppers to support local small businesses. Amex looks to push a new nationwide shopping day "Small Business Saturday" on November 27, 2010. They are pushing consumers to shop at small businesses on the Saturday after Thanksgiving. Small Business Saturday will join Black Friday and Cyber Monday.

Loans are available for Small Businesses, Visit NSBACorp.org

Hitting Up Family And Friends For Business Funds

2010-11-01T09:26:00.000-07:00

More and more Americans are thinking about going into Business for themselves, but the majority don't know how to find the funds to get their businesses of the ground. While banks do provide loans to startup businesses, the process can be difficult based on the Bank's lending criteria. Sometimes Banks will not fund a certain type of business or industry, so entrepreneurs usually have to find other sources to fund their startup business. Banks also would like to see the entrepreneur put down a significant down payment for the business for them to lend any money.

This usually drives entrepreneurs to ask family and friends for cash to help fund their business. But mixing money with personal relationships can be a recipe for disaster. We have put together some tips and advice on who to ask, how to make it legal, and to prevent it from jeopardizing your relationship. Bringing money into any kind of family or friend relationship can be problematic. There is an old saying "it's not about the money" but it is always about the money. Financial situations whether in personal or business can cause a great deal of angst. But there are ways to minimize the problems and that is if you're going to seek funds from family and friends you need to be prepared and handle it in a very professional way just as you would with any business transaction.

1) Develop a Business Plan - Don't just come up with some hair brained idea, you should put some thought into the business and do your homework. You must have a business plan prepared before approaching anyone for funds, you want to approach this as you would a Bank or potential investor. You don't want to go to a family gathering and walk up to your Uncle Joe or Grandmother and say hey I wanna start this business can I have that extra $10,000 you have in your account? You don't want to do that, you must demonstrate that it's a viable business idea, that you know how it's going to work, how you plan to pay the money back, you know how much money you're going to need and how you're going to use it. Also never point out specific funds that you know a person has acquired or has.

2) Create a List of Prospects - Think about the people who you are close to, who believe in you, trust you and respect you. Of course this would most likely be your family and friends, but they can also be your business associates. Once you have prepared the list, look over it and refine it. There are three criteria you should look at, the first is emotional baggage, you don't wanna ask someone to lend you money if you've had conflicts with that person in the past. Also if you know good and well that when you ask them for that money and they give it to you it might create problems them with their family or friends. Second, can they afford to lose the money? we know that most small businesses are going to fail, so you don't want to go ask someone and take their little nest egg or all their life savings. They are depending on you to pay that money back, worst case scenario you go out of business and they lose their money, it's not a fair thing to do. Look for people who are more fluent and have money they can afford to lose. Third, look for people who have real business experience, they will be able to better look at your business plan critically and also add or bring new ideas to your business that you may not have thought off.

3) How To Approach - You don't want to ambush people or catch them off guard when approaching them about funding your business. You want to be as professional as possible, call them and schedule a meeting with them and explain to them exactly what you're going to be talking about. Once you have scheduled that meeting, make sure you're prepared and ready to answer any questions that they might have.

4) Give it Some Time for Thought - Give them time to digest your proposal, don't put them on the spot or pressure them. Don't demand an answer right there.

5) Be Gracious - If the answer is no, be gracious about it. Don't use emotional blackmail to get money for your business.

6) Keep it Legal - You need a promissory note that is notarized, you can find templates for these online. Establish the interest rate you're going to pay and payment terms detailing the payback schedule. You can use free loan calculators available online. Establish late or prepayment penalties, what happens if you're late on payment or prepay the loan.

Bottom line is you should not expect any type of special treatment just because you're borrowing from family and friends. It will help minimize the problems you have with those relationships in the future.

Loans are available for your Business, get up to $50,000 for any purpose, Visit NSBACorp.org

Social Media brings Success to Small Businesses

2010-10-25T08:39:00.000-07:00

This video features success stories of how two small businesses have grown and boosted business by using Twitter and Facebook. One of the business owners is quoted as saying "If you are not into social media and social networking you will be out of business." Many small businesses are taking advantage of these free online tools to grow their business.

Loans are available for Your Business, Visit NSBACorp.org

SBA Lending Increases - Small Business Job Act

2010-10-18T08:57:00.000-07:00

Small Business CEO and Expert Susan Solovic discusses the small business bill which is aimed at helping small businesses. A look at how the small business job act will benefit business owners.

Loans are available for small businesses, visit NSBACorp.org

Small Businesses now Focused on Growth

2010-10-05T09:52:00.000-07:00

According to the latest Vistage CEO survey, Small Businesses are now focused on growth. The Vistage survey results show:

- Two-thirds of small business CEOs expect revenue growth going forward in the months ahead
- Only 7% expect revenue declines, which is at the lowest level in four years

It seems small business confidence is improving slightly but consistently with prior quarters. The survey shows Vistage CEOs are slightly up in their level of confidence in the overall economy. There are two good things about all that, one is there is no indication that they expect a double dip, 84% say the economy is as good or better than it was a year ago. And 87% are saying it's going to be as good or better a year from now. The other thing is that is pretty good is if you look at the Vistage CEO confidence index over the past 7 years, it really has become the leading indicator of what GDP growth is going to look like. The GDP growth usually follows 6 months behind the level of confidence of the Vistage CEOs. And because their confidence is slightly up, that would indicate that GDP growth would also be up about 2 quarters from now.

Additional results also show that:
- 67% of CEOs surveyed expect to grow revenues and profits in the year ahead.
- 61% say prices for products.services will remain the same over the next 12 months
- 83% say increased sales to be the single highest driver for new hire over the next 6 months

These numbers were taken from 10,000 Vistage Mainstreet CEOs, these are the folks who run %50 of the nations GDP, 75% of new jobs in America. So what they are telling is good news, that the economy is picking up.

Small Business Owners can get Loans to grow and expand their business at NSBACorp.org

President Obama Signs Small Business Bill into law

2010-09-27T12:41:00.000-07:00

Monday, September 27, 2010 3:24 PM

President Barack Obama on Monday signed into law legislation aimed at spurring job growth at U.S. small businesses after months of political fighting over the bill.

The legislation includes billions of dollars of tax breaks, credits and other incentives to help small businesses, many of which have had trouble getting credit as a result of the economic downturn.

Obama said he "regrets" that the legislation took so many months to pass. The Senate, where the bill had been stalled for months, passed the legislation earlier this month after two Republicans voted with Democrats in favor of it.

Obama hailed the legislation as "a great victory for America's entrepreneurs." He said there are over 1,000 small businesses that have been waiting for loans that will now be able to get them. Source: http://online.wsj.com/

Small Businesses can get Loans at NSBACorp.org

House Passes Small Business Bill

2010-09-23T13:01:00.000-07:00

Thursday, September 23, 2010 3:58 PM

The House of Representatives approved the Small Business Bill today. The bill includes $30 Billion in Lending and $12 billion in tax breaks for small businesses, which was approved by the Senate last week. The House of Representative gave the bill final congressional approval on a mostly party-line vote of 237 to 187. It now goes to Obama who will sign it on Monday.

Democrats say the bill is needed because small businesses have had a hard time obtaining loans since the financial crisis that began in December 2007. They estimate the incentives could provide up to $300 billion in new small business credit over the coming years and create 500,000 new jobs.

This is great news for small businesses! Get a Loan for Your Business at NSBACorp.org.

Clinton Global Initiative Promotes Microloans for Small Business

2010-09-22T08:15:00.000-07:00

The Clinton Global Initiative is promoting Microloans for small businesses. These small loans are helping many to jump start their businesses. Here is an interview with President Clinton and a look at how a Microloan helped a small business owner.

Get a Microloan for Your Business, Visit NSBACorp.org

Senate Approves Small Business Bill - $30 Billion in Lending

2010-09-20T08:59:00.000-07:00

On Thursday September 16 2010, the Senate passed the small business bill which is geared for economic recovery by boosting lending , giving access to capital, and tax breaks to small businesses.

With the jobless rate still high, both democrats and republicans agreed that small business hiring is the key to job growth. It is a known fact that the majority of job growth comes from small businesses. Giving access to capital and tax breaks to small businesses will allow them to grow and expand which will result in increased hiring.

The small business bill consists of a $30 Billion lending facility and $12 billion in tax breaks. The tax breaks should be a helpful to many small businesses. But small businesses are still plagued by many regulations, the key is for the government to get out of the way. Government regulations are very burdensome and very expensive for businesses. Small Businesses need as many subsidies as possible to promote hiring and to expand their businesses. Let's hope there is more help for small businesses in the near future. The small business bill is a good start in helping small businesses.

Take advantage of the $30 Billion in Lending, get a Loan for your Business today, find out more at NSBACorp.org

Marketing Your Small Business On A Budget

2010-09-08T12:36:00.000-07:00

If you own any kind of business, large or small, you know that advertising can eat a big chunk of your budget. But in such a tight economy the first budget to see cuts is usually marketing and advertising due to cash flow concerns.

In a tough economy it is more important than ever to be out there marketing your business. You know the old saying "out of sight, out of mind" well it's true. In a down economy when people have less money to spend and they aren't buying as frequently, you want to have your message out there in front of them. So when they do get ready to buy, you are top of mind with them. Also you want to have the right message out there so that they know when they are going to make that buying decision that your product or service is the best value for the money they are going to spend. Your business marketing should always be consistent, constant, creative and calculated.

We have put together some tips on how to market your business in a down economy.

1) Create a Compelling Elevator Pitch - Your sales pitch for your business should be precise, to the point, and compelling. You should be constantly marketing so that whenever someone comes up to you and asks "what do you do?", you have that 6 to 8 seconds to really capture their attention. You don't want to give them a long boring story that will not leave an impact. You want to say something compelling that's going to make them say "WOW! how do you do that?" Market every place you go such as community events, PTA, church events, etc..

2) Think Local, Not Too Big - Look at the community surrounding you, you don't have to do everything in a big way when it comes to marketing. So depending on what your product is there are lots of opportunities right there in your own community. For example you can sponsor a 5 k run, little league team, or give away accessories that have your business brand on them such as pens bookmarks, or t-shirts.

3) Collaborative Marketing - There might be other small businesses in your area that you can join forces with. This is one of the best things to do, look for non competitive and synergistic businesses, then cross promote each others businesses. This generates an arsenal of people now promoting your business.

4) Network - We need to remember how important networking is, there is nothing better than good old fashion networking. Networking takes a lot of time, patience, energy, and commitment but is a great way to gain exposure for your business. Get out there and shake hands and introduce yourself to people.

5) Give a Speech - There are a lot of organizations and groups that are looking for speakers. It doesn't mean you have to be a great motivational speaker but if you have good information to share to a group or organization you can volunteer to give that presentation. This will give you credibility and authority for your service and also help generate leads for your business.

6) Free Public Relations - Take advantage of free public relations tools online such as prweb.com and helpareporter.com. Submit to free press release and social bookmarking sites.

7) Customer Referrals - If you have satisfied customer that you have a great relationship with, ask them to refer you to their business colleagues, associates, family and friends.

8) Build Relationships - It's always easier to keep a customer than it is to go out and get a new customer. So you want to maintain your customer relationships and you can do that through email marketing, social media, and any other form of communication.

9) Offer Coupons - Coupons are a great way to expand your customer base because research shows that people are willing to go out of their way to try a new opportunity if they have a coupon for that. Also if you give something away or give a trial to let consumers know how good your product is, they will be more likely to buy.

Loans are available for Small Businesses who are Struggling, find out more at NSBACorp.org

Tips for Boosting Profits and Attracting Customers

2010-08-30T08:07:00.000-07:00

Tips for Small Business Owners who are looking to attract more customers. How to offer good discounts without losing the store, what should you consider before slashing prices. Author of Small Business Bible, Steve Strauss, gives advice to small business owners.

Loans are available for Small Businesses who are struggling, Visit NSBACorp.org

3 Small Business Success Stories - SBA Lending Increases

2010-08-18T08:37:00.000-07:00

A look at three women who left their jobs to start businesses. Find out how they did it and how they acquired financing for their businesses.

Loans are available Small Businesses, visit NSBACorp.org

How to Start a Business with a Partner

2010-08-11T08:06:00.000-07:00

Whether you're starting a business with a family member or bringing on a buddy to help you grow your company, figuring out how to divvy up the ownership among those involved can be tricky business. When one person is contributing the idea and others bring in the cold hard cash, it's hard to know how to be fair. Small Business expert, Monica Mehta gives advise on how to split the business equity.

Loans are available for Small Businesses who are struggling, Find out more at NSBACorp.org

How to get an SBA Business Loan

2010-08-06T07:50:00.000-07:00

Many business owners don't know where or how to apply for a small business loan. In this video you will learn how the process of applying for an SBA business loan works. Interview with one of the SBA's regional managers.

Loans are available for your Business, visit NSBACorp.org to find out more..

Obama : GOP holding Small Business hostage to Politics

2010-08-02T09:01:00.000-07:00

In his weekly radio and Internet address, President Obama says, "I'm calling on the Republican leaders in the Senate to stop holding America's small businesses hostage to politics, and allow an up-or-down vote on this small business jobs bill." Video of Obama's speech.

Loans are available for Small Businesses who are struggling, visit NSBACorp.org

Obama vs. Small Business - A Heated Battle

2010-07-29T07:37:00.000-07:00

Many Small Business Owners are furious at the Obama Administration for not assisting them in these hard times. They are crying out for help and still yet the focus of the government in on big business. Many are venting their frustration on social media sites and are losing hope in the government. Small businesses owners feel President Obama and the government are trying to "kill small business". The National Small Business Association recently reported that 41% of small businesses cannot get adequate financing and 44% cannot enough money to expand their operations.

President Obama is hoping to solve small business problems with the Small Business Legislation. Obama is pushing the senate to pass this legislation that he claims will benefit small businesses. Some of the provisions of the bill include $30 Billion to community banks to bolster lending, additional funds to support existing credit initiatives, and exclude some stock sales from capital gains taxes.

However there are criticisms to Obama's approach, such as, will this bill actually stimulate lending? will it give tax breaks to businesses? As a result of this bill, the personal tax rate will go up, 60% of tax revenue comes from small businesses, so you're hurting them while still saying you are helping them. Many Republicans are against the bill and have tried to stop it from moving forward. Obama has hit the campaign trail again to get more aid for small businesses and has called out the republicans who have opposed the economic rescue bill.

The only way for the US economy to move forward is to help small businesses. The numbers show small business are the driving force behind the economy. Democrats and Republicans need to put politics aside and focus on helping small businesses and get the economy out of the current economic downturn. President Obama needs to do everything in his power to resolve the problems small businesses are facing.

Loans are available for Small Businesses who need Cash to Pay Expenses and Expand, Visit NSBACorp.org

Small Business Bill - Obama's Plan for Small Biz

2010-07-26T08:04:00.000-07:00

President Obama pushes for the small business bill. Obama wants to cut taxes and increase lending to small businesses, which will will result in the creation of new jobs across the United States. The Senate Democrats are one step closer to a $30 billion small business lending fund, they are also getting help from 2 republicans.

Get a Loan for your Business! Visit NSBACorp.org

3 New Ways to Attract Customers to your Small Business

2010-07-19T09:32:00.000-07:00

Looking for new ways to attract customers to your business? Well, here are 3 easy and free ways to bring in new customers to your business. Utilize social media tools such as Four Square, Twitter, Facebook, and Youtube to increase sales and profit.

Loans are available for Small Businesses who need Cash to Pay Expenses, Visit NSBACorp.org for more info..