What Is Business Loan? A Complete Guide – With so many financing options out there, many entrepreneurs don’t know where to begin their search for a small business loan. If that’s you, this free ebook can help. We’ll guide you through everything you need to know to find the right financing for your business, including:
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What Is Business Loan? A Complete Guide
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Working Capital Sba Loan Definitive Guide That Can Help Your Business Grow
Our unbiased reviews and content are supported in part by partner collaborations, and we adhere to strict guidelines to maintain editorial integrity. The editorial content on this page is not provided by any of the aforementioned companies and has not been reviewed, endorsed or otherwise endorsed by any of these entities. The views expressed here are solely those of the author. Small and medium-sized enterprises (SMEs) face more problems when applying for business loans than large companies. In fact, a study of MSMEs that have secured financing from digital lenders shows that 74% of them are unable to secure a loan from traditional lenders. This left a financial gap of more than US$270 billion in…
Did you know that the 3R concept of Reduce, Reuse, and Recycle are the basic characteristics of waste management? By 2030, the United Nations Department of Economic and Social Affairs (UNDESA) aims to significantly reduce waste generation by preventing, reducing, recycling and reusing waste. It corresponds to Target 12.5 of the Sustainable…
On October 20, Vietnam celebrated its Women’s Day and we celebrated with them as a company. In this issue of #MakingHERStory we sit down with one of the incredible Financial Operations Managers, Kate Nguyen, from our Vietnam team. Read on to find out what you can do…
Digital financing has revolutionized access to funding by making it easier and more convenient to access funds. However, traditional banking is still the old fashioned financial practice, with a recent survey showing that 69% of Singaporeans prefer it over digital. This article takes a closer look at the intricacies of digital finance…
How To Get A Small Business Loan: An In Depth Guide
Many of you may have seen our Elevate brand campaign video and targeted ads appearing on social media. Elevate is the virtual business solution of Funding Communities, which consists of a virtual card and a line of credit for small businesses to get more working capital and quickly open many business opportunities. …
What is it like to manage the Singapore Funding Communities team? How long have you been with Funding Communities? 5 years What is your professional background? I was previously a General Manager for a debt-based investment company, and a registered CEO of a fund management company owned by RFMC (Registered Fund…
We are aware of email and social media scams disguised as legitimate business communications. Scammers target potential customers of Financial Communities and trick them into accessing fake websites and/or social media platforms to deposit or provide sensitive personal information. Financial institutions are actively working with the authorities to…
With World Mental Health Day celebrated every year on October 10, it is important to recognize the value of both physical and mental health by walking alongside the World Health Organization’s efforts in making mental health and well-being a reality. a universal priority for all. In Funding Communities Modalku (FSMK),…
Cares Act Small Business Loans
Here in the Funding Communities | Modalku (FSMK), we are big believers in a culture that allows our people to work smart and build strong bonds as one ‘FSMK’; and having fun is the key to maintaining it! For that, on September 2, around 35 members of our FSMK…
Influences and inspirations Tell us about a leadership lesson you’ve learned that is specific to being a female leader? My former supervisor once told me, ‘Wherever you go, leave a legacy’. This simple but powerful statement motivates me to work harder, so that my contribution has a lasting impact…Editor’s note: Lantern by SoFi strives to provide objective, independent and accurate content. Authors are independent of our business operations and do not receive direct compensation from advertisers or affiliates. Read more about our Editorial Guidelines and How We Get Paid.
As the COVID-19 pandemic continues, many businesses are looking for help to stay open. If you are a small business owner who needs support, help is available. Learn more about the CARES Act passed by Congress in 2020, which provides support measures to help small business owners like you successfully navigate these challenging times. After paying off business loans for a period of time, you may find that there are options to reduce your debt. even more. This is where business loan refinancing comes in. When a business owner refinances a business loan, they often do so to secure a better interest rate and business loan terms that better align with their financial goals. Finally, business debt refinancing can help free up cash flow (or save you in interest in the long run), giving your business more room to breathe and grow, in other ways. But do the benefits of refinancing a business loan outweigh the potential costs of the restructuring itself? And what does refinancing mean? Before you decide on business loan refinancing, read this guide to learn about: What business loan refinancing means The pros and cons of business loan refinancing Loan options for refinancing Steps to apply for for business loan refinancing Business Debt Refinancing vs. Debt Consolidation It’s not uncommon for people to use these terms interchangeably, but there is a difference between refinancing and simply consolidating your debt. Debt consolidation is the process of combining multiple debts into one, ideally more manageable, business debt consolidation loan that usually has a lower interest rate, thus saving you money. in the life of the loan. Business loan refinancing is the process of taking out a whole new loan to pay off one original loan, hopefully with a lower interest rate than the original loan or with a different term (longer or shorter), thus saving. money on a monthly basis or over the life of the loan. When is a Good Time to Refinance a Business Loan? There are many factors that may contribute to your choice of refinancing, but here are a few to consider: You have improved your credit score Your business has increased revenue You have significant business history You want to pay off an expensive business loan short term -short Business loan financing can save you money In general, if your qualifications have improved, you may be eligible for cheaper financing, in which case refinancing your business loan can be a good option. .What is business loan refinancing? Business loan refinancing allows a business owner to potentially lower the total cost of debt by paying off an existing loan with a new loan. The goal is to secure a new loan at a more favorable rate or terms than the original loan. In essence, you’re getting a new business loan to replace the original one—so the loan doesn’t go away, but hopefully at a lower cost to the lender. By refinancing a business loan, and depending on your personal and/or business financial picture, you may be able to: Secure a better interest rate depending on the original purpose of the loan. For example, equipment loan refinancing may result in a shorter period of time if the “life” of the equipment is shortened to years of use. Lower monthly payments by extending your loan term You can refinance business loans with a variety of lenders like banks, credit unions, and alternative online lenders. Pros and Cons of Financing a Business Loan As with any type of small business loan, there are pros and cons to consider in order to make the right choice for your business. The following are some pros and cons of refinancing a business loan. ProsLower monthly payments Better monthly payments due to lower payments Can help prepare for growth – with more debt to pay, you can focus on expanding your business instead of just trying to break even Credit terms can be help you pay off the loan faster. A bad credit check (which is required as part of the application process) can affect your short-term credit score, which may not be favorable if you already have a lower credit rating. original loan. Check with your lender to see if there are any penalties before refinancing a business loan A business loan refinance may require collateral. You can use personal or business assets, but you should consider whether you are ready to lose those assets in the event that you default on your loan or not. Longer credit terms can mean more interest paid over the life of the loan. refinance a business loan,
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