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Traditional banks and regulations have made it challenging for small businesses to secure loans since the beginning of the Great Recession. But that may be changing: As of May of 2014, Wells Fargo has agreed to lend $100 billion to small businesses by 2015.
Not All Businesses Qualify for a Merchant Cash Advance
While your chances of obtaining a merchant advance are far greater than securing a small business loan, there still is the possibility of rejection. A merchant cash advance isn’t for every business. Here’s some advice you can follow to help make sure your small business qualifies.
Restaurateurs | To Go Debt Free, or Not to Go Debt Free?
Some restaurants are going debt-free, but does that make sense for your business? Although some debt is decidedly “bad debt,” other investments can help accelerate your restaurant’s growth. Careful consideration of debt options is essential; read on for questions you can ask for a quick debt self-evaluation.
A Single Digit Percentage Can Double Your Restaurant Profits
A Restaurant Report article demonstrates how a restaurant can double its profit margin when it cuts expenses by a single digit percentage point. The authors assert that the “restaurant industry is a penny business—some would even say a half-penny business,” and as a result, cost-cutting strategies can be tricky. Restaurant owners are rightfully reluctant to sacrifice quality menu items and … Read More
There is No “One Size Fits All” Approach to Small Business Financing
There is no such thing as an “one size fits all” approach to small business finance, although standard loan applications may try to dictate otherwise. What’s your strategy for getting money for your business?
Crowdfunding Growing Increasingly Popular – But Not Without Risk Potential
Crowdfunding provides a way for small business owners to raise funds when traditional financing sources leave a shortfall…but now without its own risks.
Serve Up a Great Meal and a Strong Financial Plan
In September 2013, QSR wrote, “in the quick-service industry, the path to success is straightforward: offering good-tasting, quality food prepared quickly in a clean and courteous environment.” That seems clear enough; quick-service and fast-casual restaurants got into business with this objective at the top of their lists.
Government Shutdown Means Access to SBA Loans Limited
When the Federal government shut down on October 1, 2013, “non-essential federal employees” were furloughed—meaning they could not go in to work. And while many Americans don’t necessarily feel that effect on a day-to-day basis, small business owners who were considering SBA loans will definitely see the impact.
Would Your Business Meet the Banks’ 5Cs of Credit?
If, like many small business and restaurant owners, your business is operating in an environment where you can’t meet the banks’ rigorous credit requirements, you’re not alone. But you do have alternative financing options to consider. Read more.
Outsource Development To The Crowd In The Cloud.
Running a small business is expensive and a lot of work. You need to develop new products; you need to resolve customer complaints; you need to optimize pricing to hit your revenue targets; you need to have experts on staff to handle certain areas of the business, and you need money to keep it all going. There is a way … Read More