Category: Business Credit

What is Commercial Loan/Mortgage Forbearance?

What is Commercial Loan/Mortgage Forbearance?

Many small businesses are suffering financial hardship right now because of COVID-19 and shelter-in-place orders that have shuttered many for weeks if not months. Those that own their buildings or that are landlords to other businesses may find the worry of foreclosure looming large as cash flow grinds to a halt. Paying bills, including that monthly mortgage payment if you have a commercial mortgage, may be more difficult than it’s ever been. With all the other economic stimulus packages we’re… Read More
What Lenders Want to Know Right Now

What Lenders Want to Know Right Now

Whether you're talking to an SBA lender or any other lender, they all are trying to get the answer to basically three questions. They might not all ask the questions in the same way, but they are all trying to find out the same thing: Can you repay a loan? Will you repay a loan? Do you have a plan should something go wrong? You need to know what lenders want to know before you apply for a business loan.… Read More
The Importance of Trade Credit Post COVID-19

The Importance of Trade Credit Post COVID-19

One of the most undervalued credit opportunities a small business owner can leverage is the trade credit he or she has with their suppliers and vendors. Not only is this a powerful way for a new business to build a strong credit profile, it can also be a great way for small businesses to leverage credit to build their businesses while other sources of capital have dried up as a result of the health and economic crisis we find ourselves… Read More
3 Things You Need to Know About Your FICO Score Post COVID-19

3 Things You Need to Know About Your FICO Score Post COVID-19

For most small business owners, your personal credit score will likely always be part of any business creditworthiness discussion you will ever have with a lender. Most lenders working with small businesses will consider both your personal credit score and your business credit profile when they review your business loan, line of credit, or credit card application. With that in mind, there are things you need to know about your FICO score post COVID-19 to position your small business in… Read More
Frequently Asked Questions about Bankruptcy And Coronavirus

Frequently Asked Questions about Bankruptcy And Coronavirus

Many businesses are wondering if their business will survive the coronavirus slowdown or will have to shut down. Either way, they may be wondering about whether they should file bankruptcy, or be forced to do so.  “I am doing more and more phone consults with small business owners struggling with credit cards and unsecured loans they are on the hook for personally,” says Michael Bovee, founder of the Consumer Recovery Network. “These days, during our COVID-19 reality, many of these… Read More
Building Business Credit in the Wake of COVID-19

Building Business Credit in the Wake of COVID-19

One of the things we’ve learned through the implementation of the Paycheck Protection Program (PPP), is that your credit profile still matters in the midst of a crisis like that caused by the coronavirus. With that in mind, what can you start doing now, and post-pandemic, to build your business credit in the wake of COVID-19? Regardless of whether you are applying for an SBA loan or any other type of small business financing, a strong business credit profile is… Read More