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      string(6597) "Opening up a new business venture is a costly affair. Entrepreneurs live by the motto, “To make money, you have to spend money.” But too often, many new business owners overspend on certain areas, including equipment. The cost of launching a business from scratch varies greatly.

While many technology startups have the luxury of opening operations virtually with as little as $1,000, brick-and-mortar shops, as well as service-oriented businesses, are still saddled with an array of costs. These might include real estate fees, employee wages, inventory, equipment, and insurance. The best way to launch your business is to lead with a comprehensive business plan. Entering into a new business venture with a “we’ll just wing it” mentality is a surefire way to blow through an entire budget and bow out before you have the chance to really make a mark on the market.

Make a plan

Before applying for any financing or dipping into your bootstrapped budget to make early purchases, it’s best to take a step back and map out all of your spending needs in one sitting. Take stock of typical monthly budgets within your arena and think beyond big-ticket items. For example, it’s not enough to just budget for real estate rental fees; you should also be planning for monthly electrical fees and insurance fees. Taking the time to create an overarching plan and figure out every possible cost will save you a major headache down the road. Here are a few of the questions you should be asking yourself: How many employees will you need at the time of your launch? Can you purchase multiple inventory items from one vendor and possibly create a discounted package deal? Will you need to establish relationships with several vendors? What about technology? Will everyone on your staff require a personal computer, or will a few comprehensive workstations suffice? What do you project your sales to be in your first month, three months, and six months? Will you need to spend money on interior decorations? Does your business require home delivery? If so, how many vehicles will you need? Will you outsource cleaning? If not, what types of cleaning equipment are essential to buy? What kind of insurance will you need to purchase? Will you need to spend money training employees on equipment usage and safety? Is location integral to your business’ success? If so, will you need to spend more money to rent real estate in a highly desirable/accessible neighborhood?

Rent Functional Real Estate

Once you’ve mapped out all of your potential expenses, you’ll have to settle on a new business owner’s biggest decision and heaviest financial burden: the location of your business. The general rule of thumb when it comes to deciding between buying and leasing commercial space is that it depends on how long you expect to stay. If your answer is less than 7 years, which is the more common answer, then renting is your best option. However, if you plan to make a new space your business’ long-term home, then paying a mortgage is the smarter choice. For new business owners, though, this might all be a moot point. When you’re first starting off, you have no idea if your new company will resonate with consumers or not. Because of the uncertainty, it is likely safer to rent a space than to purchase one outright. Most new business spaces require some renovation, which, of course, tacks on to the already expensive process of launching a new business. However, it is possible to find highly functional spaces that require minimal construction. The restaurant industry is known for its high turnover, which can actually be a good thing for hopeful new owners. Rather than building a brand new kitchen, any restaurant owner will tell you it is far better to update an existing restaurant space. Once you’ve chosen a space to rent, it’s also in your best interest to negotiate the monthly rent with the landlord. If the space has been vacant for some time, it’s usually a signal that the landlord is desperate to find a lesser and may be willing to come down on the price. Some small businesses have had success in setting up agreements which don’t require them to pay rent until their doors officially open for business.

Buy Used Equipment

Next to real estate, equipment is one of the biggest expenses any new business will take on. While most small businesses cannot afford to buy or lease equipment with their own bootstrapped savings, there are a variety of online lenders dedicated to helping new businesses across industries find the right financing to purchase equipment and get their businesses off the ground. After finding a lender, there are still several ways to save with the money you receive, including opting for pre-owned equipment whenever you can. Buying completely new equipment for business is generally not worth it. Some pieces of equipment have longer lifespans, or don’t experience as many technological updates as others. For example, office equipment is typically relegated to a lifespan of five years.  Rather than paying full price on a new suite of office equipment every five years, it may be worth it to purchase previously-owned monitors or printers. As long as your equipment functions and meets typical industry standards, you might end up saving 25%-50%. Although financial planning for a new business is a daunting task, there are ways to get your business off the ground and save money while doing it. At the early stage of your business’ life, it is not always feasible to spend top dollar on every piece of equipment or business function. Knowing when to spend and when to save is a major component of successful entrepreneurship. If you’re looking for equipment financing options for a new business, contact the team at Currency today!" ["post_title"]=> string(50) "How to Launch a Business Without Breaking the Bank" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(50) "how-to-launch-a-business-without-breaking-the-bank" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:02:38" ["post_modified_gmt"]=> string(19) "2019-05-16 01:02:38" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2175" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [1]=> object(WP_Post)#2030 (24) { ["ID"]=> int(2110) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-08-06 00:20:41" ["post_date_gmt"]=> string(19) "2018-08-06 00:20:41" ["post_content"]=> string(6014) " Do not feel ashamed if your business is struggling. The market is tough, and it’s challenging to navigate emerging technologies, marketing techniques, and financial regulations. As Henry Ford said, “Failure is simply the opportunity to begin again, this time more intelligently.” You can survive whatever you are working through if you approach your struggles with an open mind and a willingness to adapt. Here are six places you can look at first.    

Look at your business model

Changing your mode of operations may feel painful to think about, but it’s possible. Professor at Columbia Business School, Rita Gunther McGrath, recommends avoiding one-and-done customer interactions. If a consumer walks through your door or orders something from you online, you should give them plenty of reasons for that not to be the first and last time they do business with you. Instead, aim for something “sticky.” Automatic renewals help you retain customers. Take cell phone providers, for example: moving from one service to another while hoping to keep your same number is a frustrating hassle. People will move providers if they need to, but they are more inclined to stay with whoever makes their life the easiest. If you participate in the e-commerce scene, consider updating your payment processor and offering multiple payment methods. A lack of preferred options and confusion at checkout is one of the worst contributors to online cart abandonment. Make sure you accept credit cards, eChecks, wire transfers, and whatever else your customers feel comfortable with.

Look at a new location

Perhaps your business is struggling simply because of where you are. The market for your product or service may be tired in your area. If the community is suffering from economic hardship, it may be in your best interests to pack up and move to where there are consumers eager to purchase from you. Relocating might be just what you need to find a qualified workforce. If there is a shortage of workers in your field, go where they congregate. Research cities that are hot spots in your industry—maybe even reach out to recent graduates who are looking for work if there are schools that specialize in teaching what you do.

Look at your marketing strategy

One of the reasons your business struggling may be that you are not reaching potential customers effectively and efficiently. It might be time to upgrade your marketing approach: are you fully leveraging social media? Are you participating in community events? Do you have an SEO strategy? Google favors websites that update regularly, so starting a blog is one way to share intriguing content that establishes you as an expert in your industry. Consumers crave connection now more than ever, and they are fond of sustainable brands, so remind them that human beings are working on your end and you have their best interests at heart.

Look to your personnel

Many business problems result from people-related issues, not capital or financial. If your staff is not performing as you want them to, ask what will motivate them. Do they need encouragement from you? Better pay? A more lively workplace? Your business’s culture can dramatically influence what effort your employees are willing to put in. Don’t forget to assess yourself, too. It’s possible that your management style is not what your employees need (and remember, a business is only as good as the people who work for it—you cannot forcibly shape people to be what you want). A healthy relationship with your staff members will not only make all of your lives smoother, but it will also help make them more excited to come to work in the morning.

Look at your equipment

It’s possible that customers are turning away from you because they consider you outdated. Whether you are brick-and-mortar or strictly online, people love convenience, and they also love what is new. You do not have to break your bank purchasing high-tech equipment that makes it look like you belong on a spaceship, but you might be missing a piece of technology that simplifies your daily operations or helps you connect with consumers. Do your best to avoid looking archaic.

Apply for a loan

If you believe a little financial boost is what you need to get you back up and running, consider applying for a small business loan. You have several borrowing options at your disposal, like turning to a commercial bank, applying for an SBA loan, approaching an angel investor, and more. We at Currency Capital usually approve qualified applicants within days, and we will match you with the best lender from our extensive network. Businesses have numerous integral components, and any one (or more) of them could be the source of your problems. Where will you look to first to save your business? Contact us today if you have any questions about strategies to improve the health of your small business. We’re always available for a call at 877-358-4595, and would love to answer your questions and guide you toward the best option for your business." ["post_title"]=> string(49) "6 Places to Look When Your Business is Struggling" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(49) "6-places-to-look-when-your-business-is-struggling" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:02:43" ["post_modified_gmt"]=> string(19) "2019-05-16 01:02:43" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2110" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [2]=> object(WP_Post)#2029 (24) { ["ID"]=> int(2112) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-08-01 00:25:32" ["post_date_gmt"]=> string(19) "2018-08-01 00:25:32" ["post_content"]=> string(5783) "Running a business requires a significant amount of work, and growing one necessitates even more. Many entrepreneurs can tell you stories about sleepless nights, neglecting personal relationships, and maybe even going back to school to bridge skill gaps. Perhaps you have a few of your own. While your business is important to you (as it should be), you shouldn’t put the rest of your life on hold to run it. If you believe it’s time to grow, but do not have more time to spare, here are a few ways to do so without feeling overwhelmed.  

 Don’t do everything yourself

One of the worst mistakes entrepreneurs make is attempting to handle everything themselves. There’s inventory to oversee, customer relationships to manage, marketing to do, bills to pay, operations to streamline, and more. It’s tempting to fall into this trap because no one knows your business as well as you. However, taking on more responsibility than you can handle is a sure way to overwhelm yourself, and your company will pay for it. So hire qualified employees and use proper tools. You probably do not have the expertise to do everything alone anyway, so lean on the knowledge and skills of others.

Take advantage of technology

Technology can have its problems, but it still intends to make your life smoother. Online accounting software like QuickBooks can help you easily keep track of your cash flow. Store your data in the “Cloud” so relevant parties can access it. You will save time printing, sharing, and searching for lost documents this way. Automate available processes. Use an email management system to keep track of your communications. If there is a device or program that can reduce the time you spend performing a task, leverage it.

Focus on customer retention

Business owners sometimes become so preoccupied with reaching new customers that they neglect their current ones. Harvard Business School reports that increasing customer retention rates by five percent increases profits by 25 to 95 percent. Returning customers should be dear to you, so pay proper attention to them. Offer them special deals, give them sneak-peeks at upcoming products, and reward them for their loyalty. You do not want to lose them, and when new customers see how you treat consistent ones, they will be more inclined to stay with you.

Use social media

For reaching out to customers you have not met yet, social media is an excellent way to grab their attention. Billions of people browse their social channels every day. Instead of dealing with the intricacies of organizing a TV commercial or cold calling folks, use platforms like Facebook, Twitter, Pinterest, Tumblr, Snapchat, and Instagram to interact with people. They each offer paid options for advertising, but you can still build a community for free—and you can schedule your posts with services like HootSuite.

Reduce risk

Mike DeHetre, Vice President of Product Development at Travelers, says: “Small businesses need to manage their growth to avert disruptions that can bring business to a grinding halt… the theft of employee data, customer records, and product designs can destroy a small business… Not every small business owner's policy covers data breaches or other cyber losses. Small businesses should be prepared by seeking insurance products that help them recover, including those that cover the cost of remediation lawsuits.” Having the best security available will save you a great deal of hassle should disaster strike.

Acquire other businesses

One way to grow without opening up another storefront is acquiring another business. If a fellow entrepreneur is selling their enterprise and you have the funds to buy it, you can adapt it and all of its revenue into your own business family. The business does not even need to be related to your own; if you are prepared to handle the complexities of another industry, this could be an opportunity to expand your brand into new fields.

Foster strategic partnerships

You can always partner with another business so that what benefits them, benefits you. If your partner offers customers a deal that gives them a discount at your place, that’s easy marketing right there. You are tapping into their customer base without having to build another one from scratch. Do you want to grow your business without overwhelming yourself? Contact us today if you have any questions about strategies to grow your small business." ["post_title"]=> string(68) "7 Ways to Grow Your Business Without Investing Too Much of Your Time" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(68) "7-ways-to-grow-your-business-without-investing-too-much-of-your-time" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:02:48" ["post_modified_gmt"]=> string(19) "2019-05-16 01:02:48" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2112" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [3]=> object(WP_Post)#2028 (24) { ["ID"]=> int(2246) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-07-30 00:32:10" ["post_date_gmt"]=> string(19) "2018-07-30 00:32:10" ["post_content"]=> string(6847) "Launching a successful startup is the new American Dream. Professionals of all age groups, backgrounds, and areas of expertise are no longer satisfied just toiling away at a large corporation for the entirety of their careers. Many dream of striking out on their own. There’s even a trend for Boomers to launch their own ventures after retiring from lifelong careers. While market saturation is what keeps some hopeful entrepreneurs from ever fulfilling professional fantasies, the expense of launching a new business is an even more prominent road block. Contrary to startup lore, it’s rare for a new entrepreneur to walk into a VC or Angel meeting and come out with a check big enough to bring their idea to life. Investors are inundated with pitches and many budding entrepreneurs have a difficult time just landing a meeting without already having a product prototype. Furthermore, securing a standard bank loan can be equally as difficult for new entrepreneurs. Traditional loans often require strong business credit and can take months to come through, two things many entrepreneurs don’t have. Luckily for today’s startups, there’s an abundance of new financing options available to feed their entrepreneurial dreams - and quickly, for that matter. Online lenders provide value that traditional loans lack, including immediacy, data-based approvals, and, of course, full company control.

Breaking down the online lending landscape

Lines of Credit - Many startups and small businesses choose to apply for business lines of credit when they need short-term support to stabilize their business against dynamic cash flow. Unfortunately for many growing ventures, cash flow is not a given. Seasonal ventures battle periods of being flush with cash and times of virtually no customer sales or revenue. Lines of credit keep businesses afloat by supplying short-term cash flow to support everyday expenditures. Term Loans - Term loans are provided by banks or alternative lenders with a predetermined repayment period and fixed APRs. Most startups, however, due to low or non-existent business credit history, secure term loans through online facilitators.  Most term loans from online lenders do not exceed $500,000. This is a strong solution for new companies looking to make a significant, one-time investment to launch the business or introduce a more streamlined service offering with the help of advanced technology. Merchant Cash Advance - Merchant cash advances essentially allow startups to trade a portion of daily credit card sales for cash. For new businesses low on cash flow, merchant cash advances can offer day-to-day security. Another bonus is that, unlike loans, there is no timetable required for repayment. However, some businesses shy away from this option because it means that as customer sales pick up, daily credit card payments also rise. Equipment Financing - Most startup ventures rely on equipment to facilitate the production of goods or operational management of services. Equipment ranging from desktops to oven, refrigerators and vehicles are a financial burden on any business. The weight of these purchases is especially felt by new-to-market ventures. Luckily, startups can apply for equipment financing solutions to either buy (with a down payment) or lease equipment for a given amount of time. Determining whether leasing or purchasing is the best option for your company comes down to the specific tools and resources you need to obtain, as the useful life expectancy for equipment varies greatly.

 How to determine the right loan for your needs

Not all loans are created equal. Some loans require shorter repayment periods and some are accompanied by APRs and interest rates some would label egregious. Understanding how and why you need a loan is the best place to start. Knowing the answers to these questions can save you from taking on extra expenses. Before applying to an online lender, startup owners should consider the following questions: How much capital do I need to launch my business/introduce a new offering or solution to increase customer sales? Is it possible for my business to thrive without obtaining this loan? Based on my sales projections, how long it will it take for me to repay the loan? Is the purpose of this loan to support a short-term problem like seasonal cash flow? Mapping out how much you need, what you need the money for, how long it will (likely) take you to repay your loan, and the collateral you have available will help you determine the best source from the online financing pool to get your business off the ground. In today’s startup environment, most burgeoning companies have difficulty securing funding via VCs and independent investors without first building and launching some semblance of the company. Luckily for them, new entrepreneurs have more access to financing options due to a proliferation of alternative online lenders. These online financing providers give entrepreneurs the gift of time. Most startups cannot afford to wait months, or even weeks, for bank funding to come through, as the market is too competitive and fast-paced to allow such a luxury. Many online lenders provide approval in as few as five days following an online submission. Furthermore, online lenders give new entrepreneurs a fighting chance to make their business dreams come true, even without a strong credit history to fall back on. There’s even an emergence of online lending startups revolutionizing financing assessment through mobile and social media data. By offering the opportunity of financing to new companies, these lenders are giving new entrepreneurs the chance to build a strong credit background. At some point in the lifespan of most businesses, significant, bank-approved loans, are needed to expand, and the only way to obtain these loans is with good credit. By taking on loans via online lenders, and strictly adhering to repayment timelines, startups can steadily create solid financial foundations. Ready to make your startup dreams a reality? Contact the Currency team to begin the financing process. No piles of paperwork and no months of waiting. Our platform and vast lender network offers easy and fast solutions for your new business." ["post_title"]=> string(47) "Why Startups Need Alternative Financing Options" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(47) "why-startups-need-alternative-financing-options" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:02:54" ["post_modified_gmt"]=> string(19) "2019-05-16 01:02:54" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2246" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [4]=> object(WP_Post)#2027 (24) { ["ID"]=> int(2146) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-07-27 01:33:29" ["post_date_gmt"]=> string(19) "2018-07-27 01:33:29" ["post_content"]=> string(4916) " There’s a high chance that right now, you’re reading this article on your phone. After all, 77% of Americans own a smartphone, a device which has become a primary source of information for most owners. Smartphones are not only used to keep up with friends and news, but many people handle their finances on mobile as well. Over 41% of banking consumers use a smartphone to track finances. Our phones have become the main way many Americans keep up with and manage personal finances, and businesses are now following suit. There are numerous resources out there meant to help businesses. Beyond just borrowing money, firms are now able to streamline their forecasting, accounting, and tracking in real-time, creating a level of efficiency not possible in previous years. With economic reports showing that equipment financing is on the rise in 2018, we thought we’d share a few insights into how mobile has played a role, as well as how it will expand given current innovations going on in the industry.

The Basics

 Mobile has given us a wide range of financial tools and services right at our fingertips. In fact, many of these services are probably ones you’re already using in your day-to-day, such as mobile banking. The coming years are going to see a significant change in how these services expand. With an efficient stream of data available in real time, expect products and services to integrate with one another more fully in order to accurately balance out other processes, such as in-depth financial forecasting and analysis needs. For example, let’s say one of your pieces of equipment has broken down and you need to perform a cost-benefit analysis to decide if it’s better to repair or buy another piece. With mobile technologies working together, you can break down all your data points into the pros and cons of each scenario, have a decision based on data, and begin looking for a repairman or shopping for a new piece in a matter of minutes. Expect these technologies to follow the current trend and become increasingly prevalent in all facets of business, including entrepreneurship. The world of entrepreneurship can be a volatile one, so having access to funds from your phone can make or break your business.

 Make Room for AI and Machine Learning 

As all of Silicon Valley gets giddy with excitement when any story flashes about machine learning and AI, its usage with mobile is going to entirely change the business landscapeforever. The possibilities are nearly endless. With AI/Machine Learning, business owners are now able to track efficiency, improve processes, and keep up with maintenance like never before. For example, a coffee shop owner can use sensors to measure the weight of each espresso shot, as well as see how many shots are being poured per hour. Additionally, AI can judge when a machine needs new parts, a cleaning, or even replacement. With all this information available, business owners can approve buying replacement parts or a new machine in a matter of seconds. Perhaps one of the most exciting developments in the small business world is how accurate AI/Machine Learning is getting while simultaneously becoming much cheaper. Affordable tracking and managing of these processes with pinpoint accuracy on a smartphone is much closer than most would imagine.

Final Thoughts

 The future of our finances on mobile is going to bring us into an unprecedented time in business. Not only will we have access to a plethora of information right at our fingertips, but we will also be able to synchronize data to work together like clockwork. This upcoming era of innovation seems to be moving toward one thing: cutting out the middlemen to make our decision-making process much easier. Businesses will soon be able to aggregate all of the information they’ll need to make a strategic, well-informed decision in a matter of seconds. In such a competitive marketplace, we’re here to help you get the tools you need to be successful instantly." ["post_title"]=> string(56) "How Mobile is Changing How We Look at Business Financing" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(56) "how-mobile-is-changing-how-we-look-at-business-financing" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:03:00" ["post_modified_gmt"]=> string(19) "2019-05-16 01:03:00" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2146" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [5]=> object(WP_Post)#2026 (24) { ["ID"]=> int(2187) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-07-24 22:16:26" ["post_date_gmt"]=> string(19) "2018-07-24 22:16:26" ["post_content"]=> string(6138) "When it comes to financing your business, there are plenty of options out there, and you’ll likely be given more than enough advice. With so much information flying around, though, it can be hard to sort through it all and make a decision on what’s best for you and your business—especially if it’s your first time looking into business financing options. There are a lot of myths and rumors when it comes to business financing, and if you aren’t familiar with it already, it’s easy to take those myths as truth. For example, many people think that if their business is new, they can’t get the financing they need, or if they have bad credit, they won’t qualify. While the age of your business will be a factor that lenders consider, and your credit score will be taken into account, neither will automatically disqualify you from getting the financing that you need. There is other information you’ll be given by other entrepreneurs as well, like, “It’s too risky to take on debt when you’re just starting out,” but sometimes that debt and financing can be the difference between barely surviving and thriving. If you’re new to business financing and are having a hard time sorting through all of the information that’s out there, here are five facts that can help you better understand it all:

The Main Sources of Funding are Banks and Credit Unions, but You Don’t Have to Take Out a Loan

Many entrepreneurs and business owners will turn to banks and credit unions when they want to take out a loan to start or boost their business. While both banks and credit unions offer pros (and cons), they are often mistaken as the best or one of the only sources of financing. Sometimes, first-time applicants will panic if their loan application is rejected by a bank or credit union and wonder what their options are. Luckily, banks and credit unions aren’t the only options at all—in fact, they may not even be the best option for you. And there’s nothing that says you have to take out a loan to finance your business. Other options like crowdfunding, investors, bootstrapping, and the SBA are all viable financing options that can help you fund your business.

Re-Investing is a Good Idea

Re-investing means that you take the profits from an investment and put some of these profits back into the same investment. When you start your business, you make an initial investment, and as it grows, you will begin to profit. While there are likely a hundred different ways you could use that money, it’s a good idea to re-invest at least some of it. While the amount you choose to re-invest is completely up to you, some recommend re-investing at least 50 percent—re-investing in your business is a way that you can kind of self-finance, keep things running smoothly, and propel your growth.

Lenders Want to Know What’s in it for Them

When you go to apply for a loan or approach a lender for an investment of some sort, they’re going to want to know what’s in it for them. You may have your business plan perfectly outlined, your financials all in order, and a perfect credit score, but if you don’t make it clear what’s in it for your lender or investor, they may not be interested in giving you financing. While you don’t need to offer them a new car or a stake in the company to get them to invest, making sure they know they’ll get their money back with interest within a certain amount of time or letting them know what’s in it for them some other way will help.

Your Personal Information and Credit Score Factor Into Decisions

When you go to apply for financing, it’s important to be aware that your personal information and your credit score will factor in. Lenders don’t strictly look at the business side of things—they’ll want to see your work history, your financials, be made aware of any outstanding debts you have, check on your personal and business credit, and ask other questions that may seem like they’re too personal to apply to a business loan application. The better your lender gets to know you, the more confident they’ll be in making their decision to accept or deny your application.

Getting a Business Loan Takes Time, but Not as Much as You Think 

Getting a small business loan can take a lot of things, and one of those things is time. It’s important to start the application process to get the financing you need as soon as possible to help you get the funding on time, but the good news is that getting a business loan doesn’t always take as long as you might think. With today’s technology, including the ability to do background checks and sort through data almost instantly, the approval process is much shorter than it used to be. It still does take time, though, so don’t expect to get your funds right after you apply.

Final Thoughts

There is a lot of information out there about business financing that can be confusing for beginners. With different advice being thrown your way, and tons of different options to sift through, it can be difficult to figure it all out. However, if you have any questions about the loans that are available, the application process, or time frames, you can contact us today as we would be happy to go over the information that you need." ["post_title"]=> string(79) "Re-investing into Your Business and Other Business Financing Tips for Beginners" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(79) "re-investing-into-your-business-and-other-business-financing-tips-for-beginners" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:03:07" ["post_modified_gmt"]=> string(19) "2019-05-16 01:03:07" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2187" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [6]=> object(WP_Post)#2025 (24) { ["ID"]=> int(2232) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-07-20 00:06:44" ["post_date_gmt"]=> string(19) "2018-07-20 00:06:44" ["post_content"]=> string(5009) "As you know, a lot of different loan options are available to small business owners who need extra money to either get their business off the ground or take it to the next level. Depending on your needs, however, one type of loan may be better than another. Microloans are one of the best options for business owners who don’t need a large loan, may not have the best credit, or who want a shorter term than traditional loan options.

What is a Microloan and How Can They Be Used?

Put simply, a microloan is exactly what it sounds like—a small loan for small businesses. A microloan does not exceed $50,000 but can be as small as $500, depending on your lender. The interest rate for a microloan is usually between eight and 13 percent, and the term length is six months at most. Microloans can be used in a number of different ways. They can be used to push your startup forward, purchase equipment or inventory, furnish an office, buy supplies, or cover other general business expenses. Naturally, you need the loan because you don’t have enough money of your own to fund a project or get the supplies that you need. That said, if you are applying for an SBA-backed microloan, your lender may require financial statements that show your income level to determine your actual need, since SBA-backed loans are only given to those who need them most.

What are the Benefits?

Microloans help build credit. If you’re just starting your business and don’t have a perfect credit score already, a microloan can help you build your credit up to where you would like it to be. You’ll get the funding that you need and boost your credit score so that you can qualify for larger loans later as necessary. SBA-backed microloans come with business training. The US Small Business Administration (SBA) requires that SBA-backed microlenders offer business training and technical support to borrowers. The training may be required before you’ll be considered for the loan, but it can be a huge advantage if you don’t have much experience in the business world and can provide you with extra support. Microloans are easier to qualify for than traditional loans. Traditional loans will often have stringent requirements that are much higher than they are for microloans. This means that even if you wouldn’t qualify for a traditional loan due to less-than-stellar credit, not having enough collateral, etc. you can still get the capital you need. Microloans are available to everyone. No matter what type of business you’re in, you have the option to take out a microloan. Whether you’re a farmer, an e-commerce business owner, or even if you’re an individual wanting to do renovations on your home, microloans are an option for you. Microloans do not typically require collateral. Different lenders have different rules and requirements, but microloans do not typically require collateral. This means that you won’t likely have to put up your car or house in order to get the loan that you need, or if you have no collateral at all, you’ll still be able to get the funding necessary to get your business going.

How do You Qualify?

The qualifications for a microloan may depend on your lender and the status of your business. Businesses that have already been in operation must have positive cash flow, an acceptable credit score, and meet other requirements. New businesses must have capital in the business, a decent credit score, a realistic business plan, and so on. When applying, you should ensure your business plan is finalized, clean your credit report as best you can, consider offering collateral if you have any available, be prepared to put some of your own money into it, and show how you will repay your loan.

Where Can You Apply?

There are a wide variety of different microlenders you can choose from, some of which are backed by the SBA and some of which are independent. It’s important to contact a few different lenders to learn about their requirements and policies, current rates, and what the general terms of the loan might be. While an SBA-backed loan does have some benefits, they can be more difficult to obtain and some business owners may be able to find equally favorable terms with an outside lender. If you’re considering a microloan, contact us today. We work closely with trusted lenders, offer lending services, and would be happy to help you by answering any questions you may have. Let us connect you with a lender who would be a good fit for you." ["post_title"]=> string(77) "What is a Microloan, and How Should You Use One to Boost Your Small Business?" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(75) "what-is-a-microloan-and-how-should-you-use-one-to-boost-your-small-business" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:03:12" ["post_modified_gmt"]=> string(19) "2019-05-16 01:03:12" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2232" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [7]=> object(WP_Post)#2024 (24) { ["ID"]=> int(2189) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-07-05 22:22:40" ["post_date_gmt"]=> string(19) "2018-07-05 22:22:40" ["post_content"]=> string(7442) "The financial crash of 2008 hit small businesses especially hard, reports a new study from the Small Business Administration. Almost a decade after the crisis, lending to small businesses is at 40 percent of pre-crisis levels. As small banks have disappeared and big banks spend more and more of their time and energy on well-established customers, small businesses have been left out in the cold when it comes to essential financing for start-up costs or equipment purchases. Increasingly, though, small businesses have turned to alternative funding models, such as peer-to-peer lending. Is peer-to-peer lending right for your business? It certainly provides many advantages over banking alternatives, but it’s no magic bullet. Let’s take a look at this burgeoning finance field.

Is P2P the same as crowdfunding?

Most people are aware of crowdfunding by now, a type of fundraising conducted over platforms such as Kickstarter or GoFundMe. Individuals donate money to a project, often in fairly small amounts, and when it comes to fruition, they receive a gift in return for their donation whose value depends on the amount they gave. The key word here is “donate”--crowdfund contributors don’t receive any ownership in the company and aren’t guaranteed any repayment or profit. The gifts they may receive for their contributions are more analogous to a tote bag you might get in return for donating to PBS. While this is a great model for many charitable causes and has helped some promising new products get off the ground, it’s not an ideal model for day-to-day small business funding. The Oculus Rift VR headset was launched on Kickstarter, and when it was sold to Facebook for $2 billion dollars, many dismayed donors abruptly realized they had missed out on a 145x return on their contribution by donating rather than investing. The incentives of the crowdfunding world, in short, are fundamentally misaligned with many business purposes.

So, what is P2P?

 Peer-to-peer lending is a platform that replicates some mechanics of the crowdfunding world but uses true loans rather than donations. An issue brief from the Small Business Administration explains that if a small bakery needs $15,000 for a new oven, it could turn to peer-to-peer lending to get a $1,000 loan from fifteen people spread across the country. Because the money being exchanged is a loan rather than a gift, lenders are incentivized to invest larger amounts in less glamorous projects because they know they’ll receive repayment with interest. Though true peer-to-company loaning is illegal in the US--you have to meet certification requirements with the SEC in order to invest directly in businesses--many peer-to-peer loans are given to individuals who use them for business purposes. While most peer-to-peer platforms have minimum income requirements for joining as an investor, the bar to entry is still much lower than for true business investing. Forbesreports that the typical maximum loan size for P2P lenders in only $25. Borrowers gain access to multiple small loans rather than clearing the onerous application requirements of getting one large loan from a bank that is more interested in well-established business customers, and lenders enjoy the safety of a highly diversified loan portfolio. According to the Small Business Administration, loans developed through P2P are often more appropriately designed for small business needs than loans straight from banks. Small businesses often require smaller loans over shorter periods of time. And though, as one would expect, potential borrowers do have to provide credit scores and other business information to make a case for the validity of their request, the SBA reports that P2P applications are generally far less onerous for borrowers than bank applications. And it’s much quicker--while the process of searching for a traditional small business loan can take an average of 26 hours, many P2P loan decisions go through in a matter of hours. Because P2P is done through an online marketplace rather than through a series of bank encounters, the process is much lower friction and allows for an easier matchup between borrower and lender needs.

What’s the Catch?

 Sounds amazing, right? But there are some things to consider. For one, P2P loans tend to have much higher interest rates than bank loans, and there’s ongoing debate on the long-term health of the market. A late 2016 analysis of the German P2P market found that interest rates are higher in P2P platforms than bank loans, and the Wall Street Journalrecently reported on high default rates in P2P marketplaces. Because most P2P loans are unsecured, when a borrower defaults, investors are usually left with no recourse. TechCrunch reports that many lending experts believe as interest rates rise, loan defaults will also rise, and “this will cause the bubble in the lending space to pop.” Peer to peer lending probably isn’t going anywhere soon, but it’s a flawed financial tool like any other, and it might change significantly over the next decade.

Currency

Currency’s model is a kind of marketplace lending, a term that applies to both peer to peer lending and online lending by large banks. But Currency doesn’t exactly follow the P2P model. Its lenders are verified institutional investors, rather than individuals, and third-party checks assess borrowers’ credit histories. These factors contribute to Currency’s default rate being under 1 percent. The speed and flexibility of the online Currency platform allow small businesses and investors to find each other quickly, much like standard P2P networks. In fact, Currency’s search algorithm does much of the finding and matchmaking itself. Because the friction of matching lenders to borrowers is still so much lower than going through a bank loan, the benefits of P2P loans are still in play: businesses can find smaller, shorter loans, and they can find them quickly. If you’re interested in learning more about lending options, please contact the Currency team today. We’re always available for a call at 877-358-4595, and would love to answer your questions and guide you toward the best financing option for your business." ["post_title"]=> string(41) "Should You Consider Peer-to-Peer Lending?" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(40) "should-you-consider-peer-to-peer-lending" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:03:16" ["post_modified_gmt"]=> string(19) "2019-05-16 01:03:16" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2189" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [8]=> object(WP_Post)#2023 (24) { ["ID"]=> int(2201) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-06-19 23:06:13" ["post_date_gmt"]=> string(19) "2018-06-19 23:06:13" ["post_content"]=> string(6232) "If you own any business that utilizes heavy equipment, you are going to face the question: to lease, or to finance? Both have their pros and cons: leasing does not require any down payment and tools are easier to update, but you also may end up paying more money than the equipment is worth due to month-to-month terms. With financing, your goal is to eventually outright purchase the machinery over a period of time—you need to accept the risks involved and have satisfactory credit. Let’s say you have decided on the latter option. Now that you are going to finance your equipment, what comes next? Many business owners apply for a loan to help with their down payments and use the equipment itself as collateral (this way, the lender takes the machinery back in case of your deal falling through). You have multiple options set before you, so here are a few tips for smart financing.

Be an attractive borrower

Regardless of who you borrow from, they will need to be confident in your ability to pay them back. When you apply for a loan, be ready to accurately describe how the equipment will benefit you. Equipment financing providers may wish to see your projected revenue growth and cost savings if they lend to you. It is frustrating, but it’s true: your credit matters. You are not synonymous with your business, but your habits are an indicator of how you will manage it. Be sure that you have credit you can be proud of when you present it to a financier. Hint: review both your personal and business credit reports. If there are cumbersome errors that are not your fault, you should address those with the reporting agency immediately. Reviewing your reports also prepares you to explain any periods of inactivity or issues.

Compare and contrast

You need to shop around a bit and compare prices, terms, and other factors. There are numerous different loan types, so it is also essential to determine which one is right for you: an equipment loan if you are a new business? If you have consistent revenue, perhaps a term loan? Maybe a small business line of credit if you need something quickly? Different sources also have different approval timelines, so you may wait weeks if you go through a bank. At Currency, we aim to approve applicants within minutes, and even if you do not meet our criteria, we will let you know.

Borrow from an SBA program

The Small Business Administration offers several loan programs with terms you cannot find elsewhere. The Certified Development Company (CDC)/504 Program is useful for covering equipment purchases. This program is available to businesses with a tangible net worth of less than $15 million and revenues of less than five million after taxes for the previous two years. This process can indeed take a while for approval, but the SBA’s guidelines guarantee you will pay lenders back, which is beneficial if your credit is not particularly reassuring.

Know what your rates will be

When you are shopping for a provider, you need to know how much a deal will cost you so that you can factor the number into your monthly budget. Heavy equipment finance rates, for example, depending on the price of the machinery, the money down, the equipment’s age, your credit histories, and how long you have been in business. Do not solely look at lenders’ timelines and interest rates, either—you want someone that you are excited to work with.

Include taxes in your terms

Here is a myth you might be falling for that bankers perpetuate, according to Construction Executive: “You can’t get 100 percent financing including the tax, title, and license (TTL). Bankers don’t want to finance TTL because it is a soft cost and puts the lender in a negative equity position the minute the equipment rolls off the lot. However, you are creating a partnership with the lender—not a one-sided relationship.” Your lender should have faith in you (not all lending is about avoiding risk, it’s about supplying you with the best terms), so if they tell you that they cannot finance your TTL, move on and look for someone who will.

Lease your IT

One of the drawbacks of financing is that technology changes, so if your machinery becomes outdated while you are still paying for it, it’s remarkably difficult to update it. Leasing avoids this problem, so renting IT equipment is usually a smart plan. IT technology advances so rapidly that you do not want to be stuck with something that will give you a disadvantage compared to your competitors. Equipment financing is an advantageous option for many business owners. To make it as beneficial as possible, though, you will need to be proactive and attentive regarding how you borrow. If you have any questions regarding equipment financing costs, don’t hesitate to reach out to our Funding Specialists at Currency. We’re always available for a call at 877-358-4595, and would love to answer your questions and guide you toward the best financing option for your business." ["post_title"]=> string(59) "Take Advantage of Equipment Financing — Read These 6 Tips" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(55) "take-advantage-of-equipment-financing-read-these-6-tips" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:03:22" ["post_modified_gmt"]=> string(19) "2019-05-16 01:03:22" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2201" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [9]=> object(WP_Post)#2022 (24) { ["ID"]=> int(2225) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-06-15 23:50:20" ["post_date_gmt"]=> string(19) "2018-06-15 23:50:20" ["post_content"]=> string(5984) "If you’ve gone this long without ever hearing about cryptocurrency or blockchain technology, then you’re probably living under a rock—or at least living without social media. In case you aren’t familiar with what they are, cryptocurrency is a digital coin or token that can be used in place of cash or to facilitate other transactions. Blockchain technology is the system that facilitates these transactions. Blockchain is a decentralized digital ledger that records cryptocurrency and other transactions, but its applications go far beyond that. Today, it is being used in a wide variety of industries, performing an even wider array of functions.  

What You Need to Know and How Blockchain can Help Your Small Business

Blockchain is changing businesses all around the world in every industry you can think of. Because of its potential for application in so many different situations, many businesses are adopting it and enjoying the benefits. Small businesses can benefit from the application of blockchain technology, and if you haven’t considered implementing it in your own business, here are a few reasons you should: ● Blockchain provides transparency. Blockchain is a digital ledger that records transactions chronologically and securely so they cannot be altered or changed, but the ledger can be published and shared with everyone for all to see. Transactions are recorded automatically, so there’s no need to enter information manually. What this means for your business is that all parties involved can have access to the ledger, which allows for everyone to keep track of previous and current transactions and eliminates the possibility of any confusion or misunderstanding. ● You can use blockchain to raise money. Many companies have begun using initial coin offerings (ICOs) as a way to raise money to fund their businesses and projects. ICOs are a type of crowdfunding that use cryptocurrency instead of cash and use the blockchain to record transactions. If you need extra capital, ICOs and blockchain could help you raise what you need to keep going or take the next step. ● You can use blockchain to send and receive money. Not only can blockchain be used to raise money, like through ICOs, but it can be used to send and receive money as well. You can use it to accept payments from clients or to send payments to vendors for any invoices you have unpaid. Again, since blockchain securely records transactions and offers transparency, sending and receiving money that way can help eliminate any lost or missed payments. ● Blockchain offers security. Although blockchain offers transparency, it also offers security. Transactions are not only securely and chronologically stored, but they can be stored cryptographically as well. This means that with blockchain, you can keep payment information, employee records, patient records, etc. stored safely in electronic files unauthorized individuals can’t access. If someone were to access the files without authorization, the blockchain would record the transaction so you would be able to see the breach and take necessary action. ● You can use blockchain to automate contracts. Smart contracts are powered by blockchain and can be used to automatically carry out a contract, enforce terms, and issue the penalty if breached (for example, automatically transferring funds from one person to the other if one party violates a section of the agreement). This makes contracts easier to enforce since it eliminates the need for mediators and potentially court should one party try to dispute the terms of the contract.

Examples of Businesses Already Using Blockchain

As mentioned, many businesses from all different industries are taking advantages of the benefits of blockchain. Some businesses have even put blockchain to use within their products and services. Here are a few examples of businesses that are already using blockchain: ImpactPPA – ImpactPPA is a company that is using blockchain to provide energy solutions to underserved and impoverished countries and communities throughout the world. Their blockchain-based platform is enabling them to get clean, consumable energy to those in need. Boon Tech – Boon Tech is using blockchain to revolutionize the job marketplace. They are using AI and blockchain to power a decentralized job marketplace that will include an intelligent review system to predict personality, needs, values, etc. and create a better job marketplace for employees and employers. Deedcoin – Deedcoin is a blockchain-based real estate company working to connect agents with sellers and buyers, and eliminate the high commission fees of agents to help both buyers and sellers save money when buying a house.

Will You Use Blockchain?

Whether you want to launch a blockchain-based business or simply want to incorporate blockchain into your operations, you’ll undoubtedly benefit from the power blockchain offers. If you have any additional questions about ways you can incorporate the latest technology into your business, don’t hesitate to reach out to our Funding Specialists at Currency. We’re always available for a call at 877-358-4595, and would love to answer your questions and guide you toward the best tech option for your business.  " ["post_title"]=> string(60) "What Every Small Business Owner Should Know About Blockchain" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(60) "what-every-small-business-owner-should-know-about-blockchain" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:03:27" ["post_modified_gmt"]=> string(19) "2019-05-16 01:03:27" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2225" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [10]=> object(WP_Post)#2021 (24) { ["ID"]=> int(2165) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-06-06 16:39:08" ["post_date_gmt"]=> string(19) "2018-06-06 16:39:08" ["post_content"]=> string(3928) "Whether you need funds to get started, get a new project moving forward, pay for inventory, or overcome any other sort of financial hurdle, there are small business loans you can apply for to get the funding you need to get your business over the hump. If you’re in need of a small business loan, here’s how you can apply in just five easy steps: 1. Decide what kind of loan you want or need. “SMB” is a general term that covers a number of different types of loans, each with its own pros and cons. If you’re looking to take out an SMB loan, you’ll need to do your research and decide what type of loan is best for you. You could take out a line of credit, get financing on account receivables, or take out a loan on equipment—there’s plenty of options you can choose from, you just need to decide which is best for you. 2. Figure out exactly how much you need. Do all of the necessary research and projections in order to get an accurate idea of how much money you’ll need. Be careful about borrowing too much, making it difficult to pay back—you don’t want to borrow too little either, though. Figuring out how much you need may take some work, but once you know, you’ll be able to present the amount and the reason for the loan to your lender and make the process smoother. 3. Decide on a lender. There are lots of different lenders out there, and they are not all created equal. Some of them cover all small business loans in general, while others specialize in one or a few specific kinds. It’s important to do your research before making your final decision. We make it easy to find the lender that fits you best since we are both a direct lender and have a large network of lenders available. 4. Gather up documents. Once you’ve decided on a lender, you can set up a meeting to discuss your options. In the meantime, you’ll need to gather up documents like financial statements, accounting records, and detailed business information like your company’s tax ID, business plan, projections, etc. Everything should be accurate and current so that you can present them to your lender to show why you need the loan and prove your ability to pay it back. 5. Apply. Once all that’s done, you’re ready to apply! You’ll meet with your lender, discuss your loan, get approved, discuss the terms, and then all you have to do is wait for the final approval to go through and the funds to make it to your bank account. Through other lenders, getting the final approval and having the funds transferred to you can take much longer than it should, which can cause some trouble for your business. Through us, though, thanks to our Express decision engine and ability to serve business owners with A-D credit, both approval and funding are streamlined, making the process simpler and easier than anywhere else. Whether you’re just getting started or need money to help you get over a roadblock, a small business loan could be the perfect solution for you and your business. Getting an SMB loan is fairly easy to do and can help you keep your business moving forward. With our business model and streamlined technology, the process is even easier and puts the money you need in your pocket faster. What kind of SMB loan are you considering? Contact us for more information about SMB loans, lenders, and how to get started with your application today. We’re always available for a call at 877-358-4595, and would love to answer your questions and guide you toward the best loan option for your business." ["post_title"]=> string(38) "How to Get an SMB Loan in 5 Easy Steps" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(38) "how-to-get-an-smb-loan-in-5-easy-steps" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:03:32" ["post_modified_gmt"]=> string(19) "2019-05-16 01:03:32" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2165" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [11]=> object(WP_Post)#2020 (24) { ["ID"]=> int(2116) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-05-30 00:35:31" ["post_date_gmt"]=> string(19) "2018-05-30 00:35:31" ["post_content"]=> string(4977) "Starting a small business is exciting. You can finally turn your ideas into an actual product or service. You can finally break free of your restricting day job. You can finally take control. There are a lot of benefits to starting and operating your own business, but it’s not without its challenges either. One of the biggest challenges of starting a business or keeping your business going is getting the capital or funds you need to get off the ground or keep things running smoothly. Whether you’re in need of money to get started or need funds to help with new equipment and inventory, a small business loan is a great way to get the money you need. If you’re considering taking out a small business loan, here are the steps you’ll need to take to get the funding you need.

The Traditional Way

  1. The first thing you’ll need to do is learn about all of the different loan options out there. “Small Business Loan” is a term that covers a few different types of loans; all are unique and some may be a better option for you than others. You’ll need to determine whether you want a small business line of credit, accounts receivable financing, a small business term loan, an SBA small business loan, etc.
  2. Once you know what kind of loan you want, you’ll need to check your credit score. Your credit score can determine what kind of a percentage rate you’ll receive, or if you’ll qualify for the loan you need at all. If your credit score isn’t where it needs to be to qualify for the loan you need, you may have to take some time and work at bringing it up.
  3. After you’ve looked at or brought up your credit score to where it needs to be, you’ll need to sit down and determine why you need the loan and exactly how much you’re going to need. When you go to a lender and ask for money, they’re going to want you to explain exactly how the funds are going to be used, and, of course, they’ll need to know the exact amount you expect to receive.
  4. Next, you’ll need to do your research on all of the available lenders. There are a multitude of different lenders out there, some of whom specialize in different kinds of loans. Don’t be afraid to call around and ask about general rates to see which lender will be the best fit for you and your business. You don’t have to go with the first lender you come across or the one you’ve heard about most on the radio.
  5. After you’ve decided on a lender, you’ll need to start gathering documents and information. When you go to sit down with your lender, you’ll need things like financial statements and accounting records, depending on the size of your loan. You’ll also need detailed information about your business from the name and tax ID to the legal structure, business plan, and financial projections. Make sure everything is in order and accurate since your lender will want to review the information thoroughly.
  6. Now you’ll be ready to apply for your loan. You can go and meet with your lender, submit all of the documents you need and request the money you need to get going or keep things running smoothly. Your lender will review and let you know whether or not you qualify—once approved, you’ll be able to sign an agreement and get the money you need.
  7. Once approved, be sure to read over the contract carefully before you sign. It’s important you fully understand what it is you’re agreeing to. The contract should have everything from the percentage rate to the terms of lending and repayment, so it’ll be important you understand and agree to all of that before taking the final step and signing.

The Easy Way

Although it is thorough and comprehensive, the traditional small business loan application process is long and tedious, and it can take quite a long time before you’ll hear back about whether or not you’ve been approved. Even if you are approved, it can still take far too long before you get the funding you need, which can be harmful to your business. That’s where we come in. Our technology streamlines both the approval and funding process, making it easier for both lenders to get qualified loan applicants and applicants to find easier, faster funding. If you need help finding a lender for a small business loan or streamlining the process, contact us today. We’re always available for a call at 877-358-4595, and would love to answer your questions and guide you toward the best loan option for your business. What kinds of small business loans are you interested in and how would one benefit your company?" ["post_title"]=> string(34) "Applying for a Small Business Loan" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(34) "applying-for-a-small-business-loan" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:03:37" ["post_modified_gmt"]=> string(19) "2019-05-16 01:03:37" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2116" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } [12]=> object(WP_Post)#2143 (24) { ["ID"]=> int(2179) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-05-23 21:54:00" ["post_date_gmt"]=> string(19) "2018-05-23 21:54:00" ["post_content"]=> string(5924) "While a bad credit score may be every entrepreneur’s worst nightmare, it’s not necessarily enterprise-ending, nor is it necessarily your fault. The financial landscape is complicated, and all too often poor credit scores are the accumulation of unlucky breaks and ill-advised financial choices, both personally and professionally. Bad credit, however, bears consequences, regardless of blame or circumstances. If you have a FICO score of 619 or below, banks may not trust you to pay back loans and close many doors in your face. You don’t have to stress out, though. Here are some ways to rebuild your credit up into a desirable range.

1. Examine your credit report

It’s tempting to close your eyes and pretend like your credit issues will magically solve themselves, but in order to rebuild your credit, you need to know what foundation you currently stand on. How many missed payments do you have? Do you pay exactly the amounts you owe or are you ever proactive and pay a little more? Checking your report will help you get a comprehensive look at your habits. Wise Bread notes that you “are entitled to a free report from each of the credit bureaus once a year (so, three total).” You can go to AnnualCreditReport.com for those free reports (which is the official site run by the ‘big three’ bureaus), or you can visit them each directly. They are Equifax, Experian, and TransUnion. If you need more than those three sources, you can also check out Credit Karma or Credit Sesame. There are also credit monitoring services available, but those are often for a price.

2. Look for errors in your credit report

Now that you have your report in front of you, look for any errors. The Federal Trade Commission discovered in 2013 that one in five consumers have a mistake on at least one of their credit reports. Far more common than anyone would expect, right? These errors could be impacting your score, which is beyond unfair. Why should you be paying for a mistake that’s not yours? You don’t have to live with those errors on your report, and it pays more often than not to dispute them. Look for potential errors, including accounts that don’t belong to you, duplicate items, late payments, collections, judgments, or bankruptcy notations that aren’t yours, and even the accuracy of your credit limits. Errors can happen to anyone, so make sure they are not happening to you. What should you do if you find inaccuracies? Make sure the proper people are aware of them. You can send a letter by mail or email, and it may help to use this dispute template.

3. Catch up on payments

Now that you’re aware of ways to remedy past credit mistakes (please also note that some negative items have fall off time limits, so check if you have debt that shouldn’t legally be on your report), you are equipped to start the process of rebuilding your credit with strong habits. For example, the first step you should take is to catch up on all outstanding payments. Tardiness is perhaps the biggest factor impacting your score, so bring as much as possible up to date and resolve never to be late again (on all your bills, not just what’s connected to your credit lines—some of your history can still be reported to your creditors). Set reminders for yourself if you have to and budget each month accordingly. If you can’t bring everything up to date, then you can discuss a payment plan with your creditors. Everyone has a unique situation, so by letting them know you are willing to put your best effort in and play fairly, rather than just missing payments and not letting them know why, they will be more likely to work out an arrangement with you.

4. Consolidate your debt

A balance transfer isn’t for everyone, but it may be possible to transfer all your debt into one payment, potentially saving a fortune in interest and better organizing your debt to avoid late fees and penalties. There are transfer fees involved (so make sure you don’t have too many accounts), but otherwise it may be in your best interest to get a new balance transfer credit card with a lower interest rate. This route can be beneficial for the scatterbrained! And don’t close your other accounts afterward—you still want them open so they can keep improving your score once you’re on top of your payments. If need be, you can also work with a credit repair service who knows the ins and outs of rebuilding credit—you don’t have to be alone in this (and a secured credit card may be a good idea, too). If you need more advice when it comes to improving your credit score, reach out to the Currency team for guidance today. We’re always available for a call at 877-358-4595, and would love to answer your questions and guide you toward the best option for your business." ["post_title"]=> string(26) "How to Rebuild Your Credit" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(26) "how-to-rebuild-your-credit" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:03:47" ["post_modified_gmt"]=> string(19) "2019-05-16 01:03:47" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2179" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } } ["post_count"]=> int(13) ["current_post"]=> int(-1) ["in_the_loop"]=> bool(false) ["post"]=> object(WP_Post)#2031 (24) { ["ID"]=> int(2175) ["post_author"]=> string(1) "6" ["post_date"]=> string(19) "2018-08-27 21:44:17" ["post_date_gmt"]=> string(19) "2018-08-27 21:44:17" ["post_content"]=> string(6597) "Opening up a new business venture is a costly affair. Entrepreneurs live by the motto, “To make money, you have to spend money.” But too often, many new business owners overspend on certain areas, including equipment. The cost of launching a business from scratch varies greatly. While many technology startups have the luxury of opening operations virtually with as little as $1,000, brick-and-mortar shops, as well as service-oriented businesses, are still saddled with an array of costs. These might include real estate fees, employee wages, inventory, equipment, and insurance. The best way to launch your business is to lead with a comprehensive business plan. Entering into a new business venture with a “we’ll just wing it” mentality is a surefire way to blow through an entire budget and bow out before you have the chance to really make a mark on the market.

Make a plan

Before applying for any financing or dipping into your bootstrapped budget to make early purchases, it’s best to take a step back and map out all of your spending needs in one sitting. Take stock of typical monthly budgets within your arena and think beyond big-ticket items. For example, it’s not enough to just budget for real estate rental fees; you should also be planning for monthly electrical fees and insurance fees. Taking the time to create an overarching plan and figure out every possible cost will save you a major headache down the road. Here are a few of the questions you should be asking yourself: How many employees will you need at the time of your launch? Can you purchase multiple inventory items from one vendor and possibly create a discounted package deal? Will you need to establish relationships with several vendors? What about technology? Will everyone on your staff require a personal computer, or will a few comprehensive workstations suffice? What do you project your sales to be in your first month, three months, and six months? Will you need to spend money on interior decorations? Does your business require home delivery? If so, how many vehicles will you need? Will you outsource cleaning? If not, what types of cleaning equipment are essential to buy? What kind of insurance will you need to purchase? Will you need to spend money training employees on equipment usage and safety? Is location integral to your business’ success? If so, will you need to spend more money to rent real estate in a highly desirable/accessible neighborhood?

Rent Functional Real Estate

Once you’ve mapped out all of your potential expenses, you’ll have to settle on a new business owner’s biggest decision and heaviest financial burden: the location of your business. The general rule of thumb when it comes to deciding between buying and leasing commercial space is that it depends on how long you expect to stay. If your answer is less than 7 years, which is the more common answer, then renting is your best option. However, if you plan to make a new space your business’ long-term home, then paying a mortgage is the smarter choice. For new business owners, though, this might all be a moot point. When you’re first starting off, you have no idea if your new company will resonate with consumers or not. Because of the uncertainty, it is likely safer to rent a space than to purchase one outright. Most new business spaces require some renovation, which, of course, tacks on to the already expensive process of launching a new business. However, it is possible to find highly functional spaces that require minimal construction. The restaurant industry is known for its high turnover, which can actually be a good thing for hopeful new owners. Rather than building a brand new kitchen, any restaurant owner will tell you it is far better to update an existing restaurant space. Once you’ve chosen a space to rent, it’s also in your best interest to negotiate the monthly rent with the landlord. If the space has been vacant for some time, it’s usually a signal that the landlord is desperate to find a lesser and may be willing to come down on the price. Some small businesses have had success in setting up agreements which don’t require them to pay rent until their doors officially open for business.

Buy Used Equipment

Next to real estate, equipment is one of the biggest expenses any new business will take on. While most small businesses cannot afford to buy or lease equipment with their own bootstrapped savings, there are a variety of online lenders dedicated to helping new businesses across industries find the right financing to purchase equipment and get their businesses off the ground. After finding a lender, there are still several ways to save with the money you receive, including opting for pre-owned equipment whenever you can. Buying completely new equipment for business is generally not worth it. Some pieces of equipment have longer lifespans, or don’t experience as many technological updates as others. For example, office equipment is typically relegated to a lifespan of five years.  Rather than paying full price on a new suite of office equipment every five years, it may be worth it to purchase previously-owned monitors or printers. As long as your equipment functions and meets typical industry standards, you might end up saving 25%-50%. Although financial planning for a new business is a daunting task, there are ways to get your business off the ground and save money while doing it. At the early stage of your business’ life, it is not always feasible to spend top dollar on every piece of equipment or business function. Knowing when to spend and when to save is a major component of successful entrepreneurship. If you’re looking for equipment financing options for a new business, contact the team at Currency today!" ["post_title"]=> string(50) "How to Launch a Business Without Breaking the Bank" ["post_excerpt"]=> string(0) "" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(50) "how-to-launch-a-business-without-breaking-the-bank" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2019-05-16 01:02:38" ["post_modified_gmt"]=> string(19) "2019-05-16 01:02:38" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(54) "https://www.gocurrency.com/?post_type=blog&p=2175" ["menu_order"]=> int(0) ["post_type"]=> string(4) "blog" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" } ["comment_count"]=> int(0) ["current_comment"]=> int(-1) ["found_posts"]=> string(2) "78" ["max_num_pages"]=> float(6) ["max_num_comment_pages"]=> int(0) ["is_single"]=> bool(false) ["is_preview"]=> bool(false) ["is_page"]=> bool(false) ["is_archive"]=> bool(true) ["is_date"]=> bool(false) ["is_year"]=> bool(false) ["is_month"]=> bool(false) ["is_day"]=> bool(false) ["is_time"]=> bool(false) ["is_author"]=> bool(false) ["is_category"]=> bool(false) ["is_tag"]=> bool(false) ["is_tax"]=> bool(false) ["is_search"]=> bool(false) ["is_feed"]=> bool(false) ["is_comment_feed"]=> bool(false) ["is_trackback"]=> bool(false) ["is_home"]=> bool(false) ["is_404"]=> bool(false) ["is_embed"]=> bool(false) ["is_paged"]=> bool(true) ["is_admin"]=> bool(false) ["is_attachment"]=> bool(false) ["is_singular"]=> bool(false) ["is_robots"]=> bool(false) ["is_posts_page"]=> bool(false) ["is_post_type_archive"]=> bool(true) ["query_vars_hash":"WP_Query":private]=> string(32) "03ebe3857198e25559eb1e14ce41a225" ["query_vars_changed":"WP_Query":private]=> bool(false) ["thumbnails_cached"]=> bool(false) ["stopwords":"WP_Query":private]=> NULL ["compat_fields":"WP_Query":private]=> array(2) { [0]=> string(15) "query_vars_hash" [1]=> string(18) "query_vars_changed" } ["compat_methods":"WP_Query":private]=> array(2) { [0]=> string(16) "init_query_flags" [1]=> string(15) "parse_tax_query" } }

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