Archive for the Banking

Tips When Applying for a Small Business Loan

When you are applying for a small business loan, lenders look at your credit. Since the business is likely owned only by you, no other factors play a significant role in credit worthiness. Lenders take several items into consideration, with the three most relevant being discussed below. View your Credit Report First Before you even complete a loan application it is important to review your personal credit report. If it is not perfect or near perfect, work on correcting the entries by making payment arrangements on larger sums. Pay off small balances first. This will help to quickly improve your credit score. When a potential lender sees that you are making payments on larger sums, it shows financial responsibility in the efforts to recover your good credit standing. Have a Specific Business Plan in Place When you approach a lender for a small business loan, they need to see that you have a proper business plan. The plan should discuss the type of business it is, why the area needs your specific business, the potential for profit and how you […]

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Opening Business Bank Account Tips

When I worked at the bank, I opened many business accounts for clients.  They do take a little more time to open when compared to just a personal checking account. I learned a lot about businesses and business checking accounts after opening a bunch of them!  If you’re thinking of starting a business or opening a business account, I can share with you some tips and tricks that will help expedite the experience with your banker.  Here are some of the things I learned: -Checks made payable to a business must be deposited to a business account.  For example, if you are a dog walker and a client writes the check to Joe Smith Dog Walking, an account must be set up that way to negotiate the check.  If you don’t anticipate receiving more checks made out that way, I’d personally recommend asking the client to re-write the check just in your personal name. -You don’t have to have a business set up through the state to open a business account.  A DBA, or “doing business as” is a business […]

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