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Applying for a Short Term Business Loan Online? These 4 Steps Can Protect Your Startup.

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I recently met an entrepreneur who started a franchise in his mid-50s with funds from his 401k but was now in a tough spot. His first payroll check had just bounced and he was shaken up about it, as his franchise employed 30 people and he dreaded the thought of having to shutdown.

Like many others, this entrepreneur experienced sporadic cash-flow droughts in his first years of business. To rebound quickly, he took out cash advances that quickly led him into a cycle of renewals. Now, cash advance merchants claimed 30 percent of his monthly revenue.

Visit: Entrepreneur Bank Search — A search tool to help you discover local banks.

As the founder of a small-business loan advisory, my firm often receives calls from entrepreneurs who are stuck in a debt cycle. I see many cases where the entrepreneur realizes the risks of cash advances or short term business loans too late and they’re left repaying with huge percentages of their revenue, plus the expensive fees and interest rates.

Better standards for this self-regulated industry would help, but until those standards are in place, entrepreneurs need to educate themselves about this industry and the impact merchant cash advances might have on their business. Here are steps entrepreneurs should consider taking before signing the dotted line.

Related: How to Cure Entrepreneurial Brain Freeze

  1. Applying for a short term loan online or cash advance should always be your last resort because these forms of capital are often the priciest option. If you’re considering one of these loans take a step back and look at investment lenders or SBA lenders who will offer you much longer amortizations and reasonable interest rates.
  2. Before you take on one of these loans or advances, ask your vendors if they can be flexible with your payments. Even if the vendor charges you a fee, it will likely be cheaper than the short term online lender.
  3. If you do choose to pursue one of these loans or advances, the most important step is to calculate your daily payment to the lender. These payments will come out of your checking account daily for the life of the loan. Think long and hard if you will be able to handle these cash withdrawals.
  4. Also, the lenders or advance companies will often encourage you to take the shortest possible loan. In the cases where these loans are the only choice for your business, I encourage a borrower to take the longest possible loan, and get the smallest possible daily payment. While the longer loan will cost the borrower more dollars in the long run, you have to think about your cash flow. If you take the shorter term, you might be forced into a renewal half way through your loan or advance in order to keep up with the cash flow.

With the right education, entrepreneurs can keep running their businesses instead of getting trapped in a debt cycle until better standards for unregulated lenders are in place.

Visit: Entrepreneur Bank Search

[…]

Choosing a Lender? Watch Out for These Costly Traps.

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Small-business owners seeking financing have hundreds of options thanks to a proliferation of lending firms and programs offering fast and easy solutions. But the reality is only a few of these choices will be the right fit for your nascent business. Although the lure of quick cash regardless of personal credit can be tempting, be wary of common traps when considering a lender for your company:

1. Know when business credit services are necessary — and when they absolutely are not. While business credit can be important as your businesses matures, it doesn’t make a difference for a startup applying for a loan. Startups are not expected to have a strong business credit file, so any firm extolling the necessity of business credit services to apply for a loan may actually be doing you a disservice.

Instead, concentrate on the strength of your personal credit, as lenders will focus on this more because you will ultimately be responsible for paying back the loan.

2. Know the price you pay for speed and convenience. Some short-term lenders and cash advance companies offer so-called “fast” loans with quick application processes and a lax review of personal credit. This speed and convenience comes at a cost, however. Entrepreneurs should be careful when considering a cash advance, especially if rates and pay off timeframes are extremely harsh. Some firms offer annualized percentage rates as high as 200 percent with amortizations as slow as three to four months — terms like these can be a nail in the coffin before a business is even birthed.

Protect your business by reading all terms carefully and make sure you have a clear plan to pay back the loan before signing on the dotted line for a cash advance.

Related: The Small-Business Guide to Getting the Cash You Need

3. Don’t outsource; know your own business plan. Be wary of any company insisting that you need a business plan and financial forecast in order to sell you an expensive business plan package. Additionally, if you’re paying someone else to do this work for you, then your business may have bigger problems. Having a direct hand in developing the business plan and financial projections ensures that you as the business owner know the ins and outs of the company and have defined goals for growth.

Have a good understanding of what makes your business tick in the present, and where it is realistically headed in the future to protect it from other unnecessary expenditures that you may encounter throughout the startup journey.

Visit: Entrepreneur Bank Search — A search tool to help you discover local banks.

Finance […]

Need a Bank Loan for Your Small Business? Timing Can Make or Break Your Chances

Imagine a small-business owner walks into his or her shop one day and sees water gushing from the company bathroom, turning the entire place into a giant swamp. In this emergency scenario, the business owner doesn’t have much time to think, and doesn’t have enough cash on hand to fix the plumbing that day and open up for business.

If the business owner had a line of credit in place for emergencies such as this, he could easily write a check to the plumber and clean-up crew and pay a low interest-rate on the line of credit to cover the fix. Instead, with no contingency plan, the business owner would likely need to take on a short-term business loan with interest rates in the 60 to 80 percent range to fix the plumbing and get back up and running.

At MultiFunding, a loan brokerage firm, I talk to small-business owners everyday who are in desperate need of a loan to cover an emergency situation. If these business owners would have taken initiative much earlier, when the need wasn’t as desperate, they may have had better loan options with lower interest-rates.

Related: Visit Entrepreneur Bank Search: a Search Tool to Help You Find Local Banks With a Focus on Small-Business Lending

As small-business owners, we tend to only concentrate on the here and now: how sales went that day and what’s on the horizon for tomorrow. This shortsightedness can spell trouble when it comes to a dry spell in sales or an unforeseen circumstance in which instant cash is needed.

The truth is it’s easier to secure a loan or a line of credit when you don’t need one rather than wait until the situation is dire.

If your business is doing well – you have accounts receivable, industry growth is strong and you have good credit – now is the time to consider a loan or a line of credit. Save the funds as a contingency plan in case something does go wrong or you experience a slow month and need the extra cash to cover operating expenses and payroll.

For most businesses, there will be plenty of options for loans when business is good and cash flow is strong. However, choices dwindle and can be extremely expensive if you wait to consider loan options until you’re desperate and in need of a lifesaver loan.

Related: The Small-Business Guide to Getting the Cash You Need

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