With a line of credit, you can make use of monies up to a maximum amount set by the bank. You pay interest only on the amount that you use. The interest rates on these loans are variable. In addition, lines of credit have renewable periods from 90 days to several years; but for extended [...]
These are one of the most common loans offered to small businesses. These programs are available through qualified lenders. Most banks and non-bank lenders offer these types of loans, but some are much better than others with SBA loans. Because these programs are offered through a non-bank lender or bank, if the institution does not [...]
Loans are a time-tested way of raising capital for your business. We would love to tell you that it is as easy as going to the bank and asking for money, but as you probably know by now it is quite the opposite. Some banks, however, have streamlined the application process to make it easy [...]
There are many types of loans available through banks. These include term loans and lines of credit.
Term Loans (Long-Term and Short-Term Loans)
Term loans have a fixed interest rate (although some loans offer a variable rate). A personal guarantee from the borrower and/or collateral (business, personal, or both) is usually required to secure the loan. If [...]
A letter of credit (LOC) is a guarantee of payment upon proof that the contract terms have been met. This is commonly used in international trade transactions. In a letter of credit, your bank guarantees (for a fee) that it will pay the purchase price on behalf of the buyer upon completion of the contract. [...]
This term refers to getting a short-term loan based on the financial strength of your accounts receivable. This means that you sell the accounts receivable of your business to the factoring company at a discount in exchange for getting money now. Factoring is useful when you have to meet your business obligations, such as paying [...]
Insurance can cover a variety of catastrophes including natural disasters, fire and theft. Providing good health coverage for your employees can help you retain them. However, these are not the only types of insurance available. You may be required to carry life, business interruption, or auto insurance depending on the nature of your business. Other [...]
Types of coverage:
Traditional Indemnity Plans, these plans simply reimburse the employee for covered expenses. Due to the high cost of this plans, employers are opting for manage care plans.
HMO (Health Maintenance Organization), this organization offers a large selection of doctors, hospitals, and other health care providers. In this plan, all treatment is referred to in-network [...]
US Business Advisor www.business.gov, this is the federal government’s guide to international trade for small businesses. In this website, businesses can find essential information on laws and regulations, finance, trade leads, and associations and agencies that promote international trade.
US department of Commerce, Trade Information Center www.ita.doc.gov offers the business community information on all US Federal [...]
Most commercial banks will shy away from clients with credit problems. However, there are organizations that specialize on clients with bad credit, no credit, or with a short credit history. These lenders have the most flexibility when lending and their loans usually carry a higher interest rate. These institutions lend lower amounts and in most [...]
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