Small Business Financing Blog · Page 7
Practical articles on small business loans, credit building, SBA, equipment and working capital, written for owners rather than bankers.
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Are Business Loans Fixed or Variable: Understanding the Differences and Choosing the Right Option
Business loans can be either fixed or variable, depending on the terms the lender sets. A fixed rate stays the same for the whole term, so payments are predictable; a variable rate follows a benchmark such as the prime rate, so payments can fall or rise. Choose based on your budget, risk tolerance and market conditions.
Do SBA Loans Impact Your Credit Score?
Yes, an SBA loan can affect your credit score in both directions. SBA loans are made by participating lenders, reported to credit bureaus and shown as debt on your report. On-time payments build a positive history over time, while late payments or a default can damage your score and make future financing more difficult to get.
How Much Do Business Loan Brokers Make: A Comprehensive Guide
Business loan brokers usually earn a commission on each loan they help arrange, set as a percentage of the loan amount, and some also charge fees or earn bonuses from lenders. There is no fixed average income: earnings vary with deal volume and size, experience, location, network and the industries a broker serves.
Are SBA EIDL Loans Assumable?
Yes, but only with the SBA's approval. A buyer can take over an existing EIDL loan once the SBA consents to a servicing request backed by the documents its requirement letter lists, such as the sale agreement and a business plan. Until the SBA approves, the original borrower remains responsible for repayment, and the loan's terms generally stay unchanged.
How to Get Business Credit Without Personal Guarantee: A Step-by-Step Guide
Build the company's own credit first: separate business and personal finances, open trade accounts with suppliers that report to business credit bureaus, use a secured business card and pay every bill on time. As the business shows steady cash flow and history, some providers may extend credit without a personal guarantee, though many lenders still require one.
Do Business Loans Require a Down Payment: Everything You Need to Know
Some do and some don’t. Whether a business loan requires a down payment depends on the lender, the loan type, your creditworthiness and the collateral you can offer. Commercial real estate, SBA and startup financing often call for one, while equipment financing and some alternative lenders may ask for less or none.
Do Commercial Loans Get a 1098: Everything You Need to Know
Only sometimes. A lender files Form 1098 when it receives mortgage interest above the IRS reporting threshold from an individual, including a sole proprietor, on a loan secured by real property. Loans to corporations or partnerships, and loans not secured by real estate, usually get none. Keep your own interest records and consult a tax professional.
How Long Does SBA Loan Approval Take?
SBA loan approval usually takes anywhere from a few weeks to a few months, and there is no single set timeline. The pace depends on the loan type, how complete the application is, the applicant’s credit and financials, and the lender’s workload and authority. A complete, accurate application and quick replies to document requests help avoid delays.
How Many Business Loans Can You Get: A Comprehensive Guide to Financing Options
There is no set limit on how many business loans you can have. Each lender decides whether to approve another one based on your credit, existing debt, cash flow, collateral and repayment history. Before taking on several loans, weigh whether your business can comfortably carry every payment, since too much debt can strain finances and future financing.
How Hard is it to Get a $100k Business Loan?
Getting a business loan of this size can be challenging, but it is within reach for well-prepared businesses. Lenders look closely at credit scores, steady revenue and cash flow, time in business and collateral. Banks tend to be stricter and slower, while alternative lenders are often more flexible but may cost more. SBA programs are another path.
How to Sell Business Loans: A Comprehensive Guide
Selling business loans comes down to finding and qualifying businesses that need financing, building trust, and matching each one to a fitting option, such as a term loan, line of credit or equipment financing. Then help with the application, explain rates, terms and fees clearly, follow lending and licensing rules, and stay in touch after funding.
What Happens to Business Loan if Business Fails: Explained
If a business fails, the loan usually still has to be repaid. The lender can call the full balance due, seize and sell any collateral, send the debt to collections or sue, and pursue any owner who signed a personal guarantee. Default also damages credit, so talking to the lender early matters.
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