How To Repair Bad Credit

David NayorSmall Business

Many people suffer from poor credit ratings. Having zero credit or a bad credit rating can keep you from buying a house, leasing a new car, or getting the funding necessary to start up your own business. The good news is that, with some vigilance and patience, there are steps you can take to get your credit back on track … Read More

Managing Your Small Business Credit Score

Bob TannenhauserSmall Business

Since 1993, SBA underwriters have used a Small Business Scoring Service (SBSS) developed by FICO (formerly Fair, Isaac and Company), in San Jose, CA., to assess business borrowers, much like credit card companies use consumer credit scores. Understanding your SBSS score is critical to getting financing.  You need at least a 140 to qualify for a U.S. Small Business Administration (SBA) loan … Read More

3 Ways To Make Your Business More Fundable

David NayorSmall Business

Is your business fundable? When you need business loans or financing, fundability is the term that financial institutions will use to describe how well your business stacks up with regard to the risks of extending credit. If you can show that your business is fundable, you will have better chances of getting a loan with good terms. In order to … Read More

Mistakes Entrepreneurs Make When Seeking Startup Loans

David NayorSmall Business

With the increase in men and women wanting to start their own business, there is also a greater need for the money to fuel those entrepreneurs. Unfortunately, the chances of a small business surviving its first few years are slim. Statics show that less than 20% of new small businesses survive their first 5 years. With this scenario, it shouldn’t … Read More

What Business Borrowers Should Know about Credit Unions

David NayorSmall Business

Credit unions originated in Germany in the early 19th century, and they have existed in the United States for over 100 years. Today there are over 7,000 credit unions in the U.S. with an estimated 96 million members, or 43.7% of the economically active population. They provide an alternative solution to banks, offering similar financial services but under a very … Read More

What Every Small Business Owner Needs to Know About Business License Requirements

Bob TannenhauserSmall Business

To legally open and operate your small business, you must obtain and comply with Federal, State and Local business licensing requirements. This is true even for home-based small businesses. The types of licenses required vary by industry and location. It is fair to say that all businesses will require some type of license or permit. In addition, when applying for … Read More

Data-Driven Business

David NayorSmall Business

There is an undeniable global movement taking hold: the growth of data-driven decision making. Forbes contributor Dileep Rao recently commented on this phenomenon in his article, “Why Old-School Bankers Will Become New Age Dinosaurs.” In the last few decades, the vast power of modern technology has allowed for unprecedented volumes of information to be generated and collected. Now, with all … Read More

Women-Owned Businesses: A Mix of Progress and Paralysis

David NayorSmall Business

By: Campbell Sechrest Recent reports have shed light on the current state of women-owned businesses and the progress (or lack thereof) achieved by female entrepreneurs in the past few years. One such analysis was commissioned by American Express, which collated data from 1997-2013 and noted established trends. While there were some promising statistics described – and outside commentary on the … Read More

7 Ways to Avoid Failure When Running a Business

Bob TannenhauserSmall Business

Although there are between 25 to 27 million small businesses in the U.S, a significant percentage of new enterprises fail every year. Here we provide seven useful ways to avoid that failure when running a business: 1. Start a Business for the Right Reasons Starting a business with a focus on a passion, or based on educated study and investigation … Read More