Category: Business Financing

The Biden Plan to Cap Credit Card Late Fees and Does It Apply for Business Cards?

May 24, 2024 Gerri Detweiler

I was on vacation when I forgot to pay one of my credit cards. When I returned home a few days later I got a notice that my payment was late, and that my account was assessed a late fee. I was annoyed at myself—and by the fee—but at least I could take comfort in knowing I’m not alone. The Consumer Financial Protection Bureau (CFPB) reports that American consumers are charged some $14 billion a year in late fees. That… Read More

7 Business Credit Challenges Small Businesses Face

May 8, 2024 Gerri Detweiler

Credit and financing are challenges that many business owners don’t realize they face until they need it. Machinery breaks, and it’s too expensive to fix with cash on hand. A small business lands an important contract and needs to hire more staff quickly to get the work done. A great piece of real estate becomes available, and would be perfect to expand the business. Or sales are growing, but that means purchasing a lot more inventory. Whatever the reason,… Read More

Prepare Your Business for a Loan Checklist

April 16, 2024 Gerri Detweiler

You’ve run the numbers and realize that your business needs an injection of cash, either to get off of the ground or to grow. And you’ve decided to get those funds by applying for a business line of credit or loan. The next step is to understand what your business needs to qualify for the best small business loans with low interest rates and favorable repayment terms, and what you can do to prepare your business for the application process.… Read More

Small Business Owners Guide to IRS Business Codes and NAICS Codes for Financing Success in 2024

April 6, 2024 Gerri Detweiler

Starting a small business exposes you to a whole new lexicon of acronyms from ROI (return on investment) to POS (point of sale systems). One that will no doubt be confusing the first time you come across is “NAICS codes”. Ignore it at your own expense, because the wrong NAICS code may make it harder for your business to get funding. Here’s why. What are NAICS Codes? NAICS codes refer to North American Industry Classification System codes. These codes are… Read More

How to Start and Finance a Mobile IT Support Business in 2024

April 6, 2024 Gerri Detweiler

If you’re great at preventing, troubleshooting and fixing IT problems, you may be able to turn your skills into your own mobile IT support business. IT support professionals can make life a lot easier for those who don’t consider themselves tech experts— or who simply don’t have time to learn. They can help set systems up correctly from the start, or troubleshoot and fix issues when things go wrong. Here’s what you need to know about starting and financing a… Read More

Best Franchises to Own in 2024 and How to Finance One

March 27, 2024 Gerri Detweiler

Franchising is expected to continue to grow in 2024 according to the 2024 Franchising Economic Outlook, the International Franchise Association’s annual study in partnership with FRANdata The number of franchise establishments will increase by more than 15,000 units, or 1.9%, to 821,000 units, according to that research. That franchise growth is expected to contribute to nearly 9 million jobs, and $545.8 billion in GDP. Franchises allow you to own a small business with a blueprint that gets you started. But… Read More