When financing, there are many options to consider – especially when it comes to a high-ticket purchase for new equipment. Do you put it on a line of credit? Get a SBA loan? Finance through a bank or where it’s purchased? Lease instead of buy?
When someone is ready to borrow money, figuring out the right type of business loan can be difficult. The variety of options are dizzying. Is a line of credit appropriate? Should I consider an SBA loan? What is a USDA loan? Why do interest rates vary so much? According to Nathan Burnell, Horizon Community Bank’s vice…
Business loans can be imposing in their requirements—even for a relatively uncomplicated line of credit—and cloud-based lenders with fast online loan applications have never been more attractive. Time-consuming updates to your business plan (or creating your first one!), dozens of hoops to jump through, reams of paper and emails flying back and forth, the agony…
Discovering terms of a loan are unfavorable AFTER being locked into a contract is never a happy circumstance. It’s easy to be hurried, assume the contract mirrors something said in conversation, or gloss over a detail we don’t understand. It’s also common to have details from a templated contract sneak into places it doesn’t belong. A…
Thriving businesses are important-and not just in big cities. Farmers, cooperatives and rural businesses are the lifeblood of our small towns and play a key role in Arizona. Towns like Parker, Yuma, Quartzsite and Goodyear keep the State’s economic health humming along. Did you know Yuma is the winter lettuce capital of the world, according to…
What is a 504 loan, you ask? Here’s the skinny, but don’t forget to consult with an SBA-approved lender to explore its finer points. Also called the Certified Development Company or CDC/504 loan, the Small Business Administration (SBA) 504 loan is a commercial real estate loan used to purchase land with buildings on it, fund new…
Virtually every small business begins its financial life leveraging the founder’s personal credit history and borrowing capacity. Personal credit cards, savings accounts, loans from family or friends… these are common ways to fund a startup. Building a credit history in the name of the business is the next step, often by opening business checking accounts…
When you’re ready for a business loan, a bit of homework beforehand makes the process easier for you and the loan officer. Walking in the door prepared helps them do a better job for you, providing key pieces of information and setting the foundation for a long-term banking relationship. Lack of information results in a…
It’s time to invest in your business assets, be it a better location, new talent or updated machinery… and you’ve toyed with the idea of a business loan. You’ve probably explored a million and one funding options, knowing funds from family, friends and credit cards isn’t an effective solution. But still, you hesitate taking on…
by Jerry Ernst (As seen in June’s issue of InBusiness magazine.) It’s a common situation. You needed a loan to grow your business and, since banks need a substantial amount of paperwork you didn’t have time to produce, you went with an online loan. The loan application only took about twenty minutes, with minimal fuss and…
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