Monthly Archives: February 2017

Save on interest and fees

As a small business owner, every dollar you save on interest and fees paid for a small business loan is a dollar back into your business. That’s why it’s so important to make sure you’re getting the best deal that your business can qualify for and fulfills your business’s needs.

But with over 44 different financing options, the research involved in finding that best deal and how to get it could take days, if not weeks. That’s not easy, especially when you’ve got a business to run.

To save you time, we’ve put together a list of what we think are the best small business loans for business owners. Check out the list below and sign up for a free Nav account to find out if you qualify.

Funding Circle sits at the top of our list as one of the only online lenders as a lender that has consistenly improved their loan offerings by lowering costs for the best borrowers and expanding what they can offer. Their loans range $25,000 – $500,000 with 1 – 5 year repayment terms. Funding Circle’s interest rates range from 5.49% – 22.79%. Their origination fees range from 0.99% – 4.99%. If you miss a payment, there is a missed payment fee charged at 10% of the total missed payment, and if your payment bounces, there is a  $35 insufficient funds fee.

Businesses can be funded in under two weeks. Funding Circle requires collateral on their loans in the form of a lien on your business assets and a personal guarantee from the primary business owners.

Requirements to qualify:

  • 2 years in business (or qualified franchises)
  • $150,000+ in annual revenue
  • Owner must have a personal FICO score of 620 or above
  • Owner must have a history free of bankruptcies, current tax liens, judgments or criminal activity.

Credit Cards for Travel

Business road warriors are used to packing their bags. But wouldn’t it be more exciting to get ready for your upcoming trip if you knew there were sweet rewards involved?

That’s where business credit cards come in. You probably know of or have a personal credit card that rewards you for your purchases with miles or points that you can spend on flights or hotel stays. But business credit cards for travel sometimes offer even better rewards than personal cards, along with a host of other perks including helping you separate your personal and business finances and build business credit.

Here are some of the best business credit cards for travel we’ve identified for frequent flyers that could be a big win for your business.

The Platinum Delta SkyMiles card from American Express is a great card for frequent Delta travelers who plan to make a large amount in purchases ($50,000+) on their card each calendar year. This card has a killer signup offer—Earn 35,000 bonus miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $1,000 in purchases on your new Card in your first 3 months. Earn a $100 statement credit after you make a Delta purchase with your new Card within your first 3 months. MQMs help you get closer to reaching Medallion status in the Delta SkyMiles program.

Added benefits:

  1. Two miles per dollar spent on Delta purchases, and one mile per dollar on all other purchases.
  2. No foreign transaction fees.
  3. Earn more miles with boost programs: 10,000 bonus miles and 10,000 MQMs after $25,000 in purchases each calendar year, as well as another bonus after $50,000.
  4. Earn a domestic, round-trip companion pass each year you renew the card.
  5. Added Delta bonuses: free checked bag, priority boarding, 20% savings (via a statement credit) on eligible purchases made in-flight.

Business Credit Cards Expert Review

Business credit cards are an underutilized option when it comes to making purchases for your business. In addition to providing a great source for emergency cash, business credit cards offer a few additional perks.

1. Minimize the impact on your personal credit. Businesses tend to make larger purchases than individuals. If you end up with large outstanding balances on your personal card because of business expenses, your personal credit score could take a hit. Use a business credit card that doesn’t report to personal credit bureaus and, as long as you are on time with your payments, your personal credit will not be affected. (Some business credit card companies will report your business credit information to personal credit bureaus. Find out which ones do here.)

2. Build your business credit. Making on-time payments on your card will help you build strong business credit scores, allowing you to secure lower rates and longer repayment terms on business financing, as well as better terms with your vendors and suppliers.

3. Protect your business. Business credit cards offer more protection than business debit cards. They are covered by the Truth in Lending Act, which caps maximum liability for fraudulent purchases at $50.

 

The Best Business Credit Cards

Business credit cards offer a variety of different features from rewards points to miles to freebies. The following are some of this year’s top business credit cards for four popular categories: cash back, travel rewards, low APR/balance transfer cards and credit builder cards.

Chase’s Ink Business Cash Credit Card makes sense for business owners who make significant purchases of office supplies and telecommunications services. The card has a 0% introductory APR for 12 months and no annual fee. The rewards system is structured as follows:

  • 5% back per dollar spent on office phone, internet and cable (on up to $25,000 in purchases annually).
  • 2% back per dollar spent on gas and dining, up to $25,000 annually.
  • 1% back elsewhere without limit.

 

One of the neat perks of this card is that cash-back rewards are offered as points in Chase’s Ultimate Rewards program. This means your points can be redeemed for one cent each as cash back, but if you also have a Chase Sapphire Preferred or Sapphire Reserve card, you also have the option to transfer your points to airline and hotel partners.