Key Takeaways Start by organizing all your accounts, clearly indicating how much you owe, to whom, and by when.Consider various strategies to reduce your debt, such as avalanche pay-off and refinancing If you are going to refinance with an SBA 7(a) loan, ensure you’re aware of what types of debt can…

Key Takeaways Get festive with your online presence, sharing holiday-themed posts and drawing attention to your holiday season dealsConsider expanding your hours to cater to shoppers on a tight scheduleEnsure all the information about your business is up to date on every website and platformOffer gift cards for indecisive shoppers…

Key Takeaways Factors like your revenue, credit, debt, and business age all impact the funding you qualify for Paying down existing debt, opening credit building accounts, and getting strategic about your financial tracking can help you increase your approved loan amountConsider the timing of when you apply— slow seasons, unpaid client…

Key Takeaways Gross Margin shows how efficiently your business is producing and selling its products or services. Customer Concentration is a way to assess how dependent your business is on a small number of clients.Aging of Accounts Receivable shows how quickly customers are paying you.Cash Needs reflects the amount of cash…

Key Takeaways Bookkeeping includes functions like transaction recording, account management, payroll processing, reporting, and moreThere are 5 account categories for sorting transactions: assets, liabilities, equity, revenue & income, and expensesThere are different approaches your can take to bookkeeping: cash-based vs. accrual-bases and single-entry vs. double-entryThe three financial statements most commonly…

Key Takeaways Your personal credit plays a role in your business credit, so it’s best practice to focus on maintaining your finances in all areasCredit building accounts are called “tradelines”, which can be either “revolving” or “installment”Different types of tradlines should be used for different types of expensesImplement strategies low…

Key Takeaways When you apply for an SBA 7(a) loan, the debt you already hold factors into how much capital you qualify for.You need to be able to prove that your revenue is sufficient enough to cover your current debt and the additional debt you’re applying for.Lenders also take into…

Key Takeaways A government shutdown occurs when congress cannot pass legislation for federal agency fundingDuring this time, SBA loans cease being processedSubmit your loan application anyway and stay responsive with your loan service provider so you’re first in line once processing resumes When the federal government shuts down, small business…

Key Takeaways Understanding the tax implications of your business’s structure can help you file properly and identify your tax advantagesConsider opening an account on the IRS website in order to easily access and view your tax filings and paymentsYour tax filings and IRS payments play a role in your loan…

Key Takeaways Your SBSS score is your business’s credit score that accounts for several factors, spanning both business and personal financesSBSS scores range from 0-300, with “good” SBSS scores starting around 165Your SBSS score is used in determining if you could qualify for a small business loan What Is An…

Key Takeaways SBA 7(a) loans offer flexible funding for operational and growth needs. There are clear restrictions on how funds can be used, such as prohibitions on real estate purchases, large equipment, personal expenses, passive investments, delinquent taxes (without a payment plan), and refinancing other SBA loans. Strategic use of…

Key Takeaways Separating your business from your personal finances as much as possible will help you to stay organized, ensure your taxes are accurately filed, and manage cash flow Consider registering as an LLC to protect yourself from personal liability for your business Apply for EIN and DUNS numbers for…

Key Takeaways Secured credit cards require a cash deposit that acts as “collateral” on your card balance, and are easier to obtain for people with lower credit scores Unsecured credit cards do not require that initial cash deposit, but are more difficult to obtain, have higher credit limits, and offer…

Pledging collateral for a business loan can seem complicated, but it doesn’t have to be. In this article, we’ll break down the definition of collateral, why it’s necessary, and how you can get a loan without needing to pledge collateral at all. Key Takeaways Collateral is a set of assets…

Key Takeaways SBA loan denial could be chalked up to poor credit, industry, or even business ageYou can reapply for an SBA 7(a) Loan through NEWITY after 90 daysOrganize your finances to track your own eligibility and prepare for the next time you applyImprove your business’s credit by using a…

Key Takeaways Your NAICS code helps you and others categorize your business at its most specific levelNAICS codes are used for a variety of purposes, including taxes, identifying industry benchmarks, insurance, and moreNAICS codes have a large effect on how your business qualifies for an SBA loanNAICS codes are self-assigned…

Seasonal slowdowns are a reality for many businesses, whether you’re in retail, hospitality, or any industry affected by fluctuating consumer demand. While these quieter periods can be challenging, they also offer opportunities to reassess, regroup, and prepare for the busy seasons ahead. Here’s how business owners can navigate seasonal slowdowns…

When small business owners look to borrow money, they often encounter two primary types of loans: secured and unsecured. Understanding the differences between these two loan categories is crucial for choosing the best financing option for your business. For many entrepreneurs, SBA 7(a) loans strike the perfect balance, offering flexibility…

Taking out a business loan can be a powerful tool for growth, whether you’re purchasing new equipment, expanding operations, or managing cash flow. However, repaying that loan responsibly is just as important as securing it. A well-planned repayment strategy not only ensures you maintain a healthy financial position but also…

Cash flow management is crucial for small business success. Positive cash flow ensures you can pay your employees, purchase inventory, invest in growth opportunities, and weather unexpected challenges. Yet, managing cash flow is one of the most significant challenges small business owners face. Here, we’ll explore practical strategies to improve cash…

Setting goals is essential for driving growth and success in your small business. But not all goals are created equal. To ensure your goals are actionable and effective, consider the SMART framework—Specific, Measurable, Achievable, Relevant, and Time-bound. Here’s a step-by-step guide to help you create SMART goals that will set…

As a small business owner, planning for the upcoming year is essential for sustained growth and success. A strong business plan serves as your roadmap. It helps you define your goals, identify potential challenges, and outline the steps needed to achieve your vision. Whether you’re revising an existing plan or…

Scaling a small business is an exciting milestone, but it comes with challenges that require careful planning. Scaling is different from simple growth.  Simple growth means small increases in revenue and resources. Scaling aims to grow your business while keeping costs low. Here’s how small business owners can prepare to scale…

As December approaches, it’s the perfect time for small business owners to focus on 2025 planning. Setting yourself up for success starts with wrapping up 2024 strategically. Here are the top six things to check off your to-do list before the new year.  1. Maximize Tax Deductions Planning any major…

Term loans and lines of credit are two different ways small businesses can borrow capital from lenders. However, they operate differently and serve distinct purposes. Here’s a breakdown to help you decide which might be the best fit for your business.  What is a Term Loan? A term loan provides…

Small business owners need to stay informed about new regulations that may impact their operations. One such regulation is the Corporate Transparency Act (CTA), which introduces a significant reporting requirement for businesses. Central to this act is the Beneficial Ownership Information Report (BOIR), a mandatory filing designed to increase transparency…

Access to capital is vital for small businesses, whether for growth, sustaining operations, or navigating challenges. However, deciding when to take on a business loan requires strategic planning. It’s not just about fixing immediate problems—timing your funding can make a significant difference. There are key situations when taking on capital…

In the world of business finance, managing debt is a crucial aspect of keeping your operations running smoothly. Two common strategies for dealing with multiple debts or high-interest loans are debt consolidation and refinancing. While both can help improve your financial situation, they serve different purposes and work in distinct…

You’ll encounter many terms when searching for a business loan. In this guide, we’ll walk you through all the essential terms related to small business loans. Understanding these terms equips you to navigate the loan process, choose the right financing option, and negotiate more favorable terms with lenders. Interest and…

Women-owned businesses are experiencing rapid growth and have become a vital part of the U.S. economy. Despite this progress, many female entrepreneurs still face challenges when trying to secure financing. These challenges may include limited access to traditional financing, lack of collateral, or a shorter business history compared to their…