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Milestone 1,099th win for Stanford's VanDerveer

Stanford coach Tara VanDerveer, 67, became the all-time leader in wins across Division I women’s basketball.

The post Milestone 1,099th win for Stanford's VanDerveer appeared first on Buy It At A Bargain – Deals And Reviews.

Get a Recession Business Loan for a Restaurant

Need a Recession Business Loan a Restaurant?

If you love to cook or you love to eat but know you can do better than the restaurants and cafés in your area, you might be dreaming about opening your own restaurant. But to grow a restaurant, you are going to need business capital. In a bad economy, that means a recession business loan for a restaurant.

Like all businesses, getting started with a restaurant is probably going to mean you will need to borrow capital. Often, that will be a business loan.

Recession Age Funding

The number of US financial institutions and also thrifts has been decreasing slowly for 25 years. This is from consolidation in the marketplace as well as deregulation in the 1990s, reducing obstacles to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets focused in ever‐larger banks is troublesome for small business owners. Big banks are a lot less likely to make small loans. Economic downturns suggest financial institutions come to be much more mindful with financing. The good news is, business credit does not rely on banks.

The SBA

Many credit line varieties that most business owners imagine come from conventional banks and conventional banks use SBA loans as their key loan product for small business owners. This is because SBA assures as much as 90% of the loan in the case of default. These credit lines are the most challenging to get approval for because you must qualify with SBA and the bank.

Get a Recession Business Loan for a Restaurant from the SBA

There are two fundamental sorts of SBA loans you can commonly get. One kind is CAPLines. There are in fact 4 types of CAPLines that can work for your business.

You can also secure a lesser loan amount more quickly using the SBA Express program. A lot of these programs offer BOTH loans and revolving lines of credit.

From the SBA … “CAPLines is the umbrella program under which SBA helps business owners meet short-term and cyclical working capital needs”. Loan amounts are offered right up to $5 million. Loan qualification prerequisites are the same as with other SBA programs.

Seasonal Line

This one advances against anticipated inventory and accounts receivables. It was created in order to help seasonal businesses. Loan or revolving are on offer.

Contract Line

This one finances the direct labor and material costs of performing assignable contracts. Loan or revolving kinds are available.

Builders Line

This one was made for general contractors or builders constructing or renovating industrial or residential buildings. This line is for fund direct labor-and material costs, where the building project acts as the collateral. Loan or revolving types are on offer.

Working Capital

Borrowers must use the loan proceeds for short term working capital/operating needs. If the proceeds are used to acquire fixed assets, lender must refinance the portion of the line used to acquire the fixed asset into an appropriate term facility no later than 90 days after lender discovers the line was used to finance a fixed asset.

Get a Recession Business Loan for a Restaurant from SBA Express

You can get approval for right up to $350,000. Interest rates can be different, with SBA enabling banks to charge as much as 6.5% over their base rate. Loans above $25,000 will call for collateral.

Approval Details

To get approval you’ll need great personal and company credit. Plus the SBA states you must not have any blemishes on your report. An acceptable bank score demands you have at least $10,000 in your account over the very last 90 days.

You’ll likewise need a resume showing you have market practical experience and a well put together business plan. You will need three years of business and personal tax returns, and your business returns should show a profit. And, you’ll need a current balance sheet and income statement, therefore showing you have the funds to pay back the loan.

Collateral

To get approval you’ll need account receivables, but just if you have them. As for the collateral to offset the risk, normally all business assets will serve as collateral, and some personal assets including your home. It’s not unheard of to need collateral equivalent to 50% or more of the loan amount. You also need articles of incorporation, business licenses, and contracts with all third parties, and your lease.

Let’s look at credit lines.

Get a Recession Business Loan for a Restaurant from Credit Lines

A credit line, or line of credit (LOC), is an agreement between a borrower and a bank or private investor that establishes a maximum loan balance that a borrower can access.

A borrower can access funds from their line of credit anytime, so long as they don’t go beyond the maximum set in the arrangement, and as long as they meet all other requirements of the bank or investor including making on time payments.

Advantages

Credit lines deliver many unique benefits to borrowers including flexibility. Borrowers can use their line of credit and merely pay interest on what they use, in contrast to loans where they pay interest on the sum total borrowed. Credit lines can be reused, so as you acquire a balance and pay that balance off, you can use that accessible credit again, and again.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Details

Credit lines are revolving accounts similar to credit cards, and compare to various other types of funding including installment loans. Oftentimes, lines of credit are unsecured, much the same as credit cards are. There are some credit lines which are secured, and for this reason easier to qualify for

Credit lines are the most commonly requested loan type in the business world although they are preferred, authentic credit lines are rare, and tricky to find. Many are also very hard to get approval for calling for good credit, good time in business, and good financials. But there are other credit cards and lines that few people know about that are attainable for startups, bad credit, and even if you have no financials.

Get a Recession Business Loan for a Restaurant from Private Investors and Alternative Lenders

Private investors and alternative lenders also offer credit lines. These are less complicated to qualify for than conventional SBA loans. They also demand much less documentation for approval. These alternative SBA credit lines frequently need good personal credit for approval.

Unlike with SBA, many of them don’t call for good bank or business credit approval. Most of these kinds of programs call for two years’ of tax returns. Tax returns need to demonstrate a profit. Rates can vary from 7% or greater and loan amounts range from $25,000 into the millions. Loan amounts are frequently based on the revenues and/or profits on tax returns. At times lenders may ask for other financials such as a profit and loss statement, balance sheets, and income statements.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Get a Recession Business Loan for a Restaurant with Merchant Cash Advances

Merchant cash advances have quickly become the most popular way to get financing, in large part due to the effortless qualification process. Businesses with $10,000 in earnings can get approval, with the business owner having scores as low as 500.

Some sources have now even begun to offer credit lines that accompany their loans. You must have at least $10,000 in revenue for approval. You should be in business for at least one year, however three years is better. Lenders usually want to see a credit score of 650 or better for approval.

Loan amounts are usually around $20,000. Lenders normally will pull your business credit, so you ought to have some credit already and at times lenders will want to see tax returns.

Rates vary, due to the risk for this program, and there typically aren’t a lot of funding sources who offer it.

Get a Recession Business Loan for a Restaurant with Stocks/Bonds as Collateral for Financing

You can get financing despite personal credit if you have some sort of stocks or bonds. You can also get approval if you have somebody wishing to use their stocks or bonds as collateral for financing.

Personal credit quality doesn’t matter as there are no consumer credit requirements for approval. You can get approval for as much as 90% of the value of your stocks or bonds. Rates are often lower than 2%, making this one of the lowest rate credit lines you’ll ever see. You can still earn interest as you generally do on your stocks and bonds.

Credit Cards and Lines are Very Similar

Credit cards ordinarily offer 0% intro rates for up to two years. This is also rather useful for startups in particular. And credit lines let you take out more cash at a more affordable rate than do cards. These are the main two differences which will have an effect on you between credit cards and credit line.

Investopedia even says that “lines of credit are potentially useful hybrids of credit cards.”

Both cards and lines are revolving credit. Credit lines are tougher to get approval for as card approvals are often very quick, many times automated, while line require an in-depth underwriting review. Lines usually offer lower rates, according to Bankrate card rates average 13% while lines average 4%.

Get a Recession Business Loan for a Restaurant with Unsecured Business Credit Cards

Recession Restaurant Financing Credit SuiteThe majority of these cards report to the consumer credit reporting agencies. They all require a personal guarantee from you. You can get approval in general for one card at the most as they discontinue approving you when you have two or more inquiries on your report.

Most credit card companies feature business credit cards including Capital One, Chase, and American Express. These have rates similar to consumer rates and limits are also similar.

Some of them report to the consumer reporting agencies, some report to the business bureaus. Approval requirements resemble consumer credit card accounts.

Inquiries

Frequently, when you apply for a credit card you put an inquiry on your consumer report. When other lenders see these, they won’t approve you for more credit for the reason that they do not know how much other new credit you have lately obtained.

So they’ll only approve you if you have less than two inquiries on your report within the most recent six months. Any more will get you refused.

Get a Recession Business Loan for a Restaurant with Our Hybrid Credit Line

With this form of business financing, you work with a lender who concentrates on securing business credit cards. This is a very rare, very few know about program which few lending sources offer. They can typically get you three to five times the approvals that you can get on your own.

This is because they are familiar with the sources to apply for, the order to apply, and can time their applications so the card issuers won’t reject you for the other card inquiries. Individual approvals frequently range from $2,000 – 50,000.

The end result of their services is that you generally get up to five cards that resemble the credit limits of your maximum limit accounts now. Multiple cards create competition, and this means they will raise your limits, often within 6 months or fewer of first approval.

Approvals

Approvals can go up to $150,000 per entity such as a corporation. With our hybrid credit line you get three to five business credit cards that report only to the business credit reporting agencies. This is huge, something the majority of lenders don’t offer or advertise. Not only will you get cash, but you build your business credit also so within three to four months, you can then use your new company credit to get even more money.

Rates

The lender can also get you low introductory rates, typically 0% for 6-18 months. You’ll then pay normal rates after that, typically 5-21% APR with 20-25% APR for cash advances. And they’ll also get you the very best cards for points. So this means you get the very best rewards.

Like with just about anything, there are significant benefits in teaming up with a source who focuses on this area. The results will be far better than if you attempt to go at it by yourself.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Qualifications

You must have excellent personal credit now, ideally 685 or higher scores, the same as with all business credit cards. You shouldn’t have any negative credit on your report to get approval. And you must also have open revolving credit on your consumer reports now and you’ll need to have five inquiries or less in the last six months reported.

Fees

All lenders in this space charge a 9-15% success based fee and you only pay the charge off of what you secure. Remember, you get a lot of extra advantages and about three to five times more cash in this program than you could get on your own, which is why there’s a fee, the same as all other lending programs.

You can get approval using a guarantor and you can even use various guarantors to get even more money. There are even other cards you can get making use of this very same program but these cards only report to the consumer reporting agencies, not the business reporting agencies. They are consumer credit cards versus business credit cards.

Benefits

They offer similar benefits such as 0% intro annual percentage rates and five times the amount of approval of a solitary card but they are much easier to get approval for.

You can get approval with a 650 score and seven inquiries (or fewer) in the last six months and you can have a bankruptcy on your credit and other negative items. These are a lot easier to get approval for than unsecured business credit cards.

With all preceding cards above, you ought to have good consumer credit in order to get approval but what happens if your personal credit is not good, and you don’t have a guarantor?

This is when building company makes a great deal of sense even if you have good personal credit, developing your business credit helps you get even more money, and without having a personal guarantee.

Get a Recession Business Loan for a Restaurant with Building Business Credit

Company credit is credit in a company name, in connection with the company’s EIN number, and not the owner’s Social Security Number. When accomplished correctly, you can acquire business credit without a personal credit check and without a personal guarantee. This is something all other cards above can’t deliver.

You can get three types of business credit cards. First is vendor credit, which offers net 30 terms to set up a business credit profile. Then is retail credit, where you will get credit cards with high limits at most stores.

Next is fleet credit. It’s credit to fuel, service, and maintain business vehicles. And then there’s cash credit, which includes Visa, MasterCard, and American Express cards that you can use anywhere. You can obtain these with no credit check or guarantee. Limits are oftentimes $5,000 – $10,000 to get started, and can exceed $50,000.

Takeaways for How to Get a Recession Business Loan for a Restaurant

Your business can get credit cards and financing, if you know where to look. Learn more here and get started toward establishing business credit. Get a recession business loan for a restaurant. And grow a business you can be proud of!

The post Get a Recession Business Loan for a Restaurant appeared first on Credit Suite.

How to Get a Commercial Line of Credit Right Now

Covid-19 has turned the world topsy turvy.  There is no way around it.  Most businesses need a little extra financial cushion at the very least.  Most need much more than that.  What happens in this post COVID-19 economy is literally unfolding as we watch.  A commercial line of credit could be just the thing to keep your business going during a recession.

Get a Commercial Line of Credit Fast

The thing is, most business owners need money right now.  That means you need the fastest, most cost-effective commercial line of credit that you can get. Why a line of credit rather than a loan?  There are a few reasons, but one main reason. 

Commercial Line of Credit vs. Loan

The most basic definition of a commercial line of credit is that it is a revolving credit, similar to a credit card. You have a limit and continuous access to that limit while making payments only on the portion you use each month. 

For example, if you have a $10,000 line of credit, you can use however much of those funds you need each month for whatever you want, unless your lender issues some sort of restriction. If you use $2,000, then when you get your statement you will have to pay $2,000 plus the interest, rather than a payment plus interest on the entire amount of the loan.

If you were to pay $1,000, then spend another $500, you would pay on the $1,500 balance the next month. Your payments change as your balance changes. Just like with a credit card. 

What is the advantage of a line of credit over a term loan?  Flexibility, hands down.  With a line of credit, you do not have to repay or pay interest on any amount that you do not use.  You have access to the funds as needed, but you do not have to repay the entire amount unless you use the entire amount.

commercial line of credit Credit Suite

Credit Line Hybrid Financing:  Get up to $150,000 in financing so your business can thrive.

Commercial Line of Credit vs. Credit Cards

Now, you’re probably thinking that credit cards are super easy to get, and they work the same way.  It’s revolving credit.  You only use what you need.  You only pay back what you need. 

Why is one better than the other? In some cases, a credit card may be the better option. This is a choice to make based on several different factors. 

The main difference between the two that most borrowers need to know is that a line of credit typically has a lower consistent interest rate.  However, there are no perks like 0% interest or cash back that you sometimes see with credit cards. 

Another benefit with a credit card is that it is typically unsecured credit, meaning you do not have to have collateral.  Many credit lines do require security, or collateral. 

Middle Ground: Credit Line Hybrid

There is middle ground between unsecured and secured credit, and between a commercial credit line and credit cards.  It’s called a credit line hybrid.  A credit line hybrid is revolving, unsecured financing that allows you to fund your business without putting up collateral, and you only pay back what you use.  It’s quickly accessible, lower interest, and high limit. It’s the best of both worlds. 

Who Qualifies for this Type of Commercial Line of Credit?

Who qualifies for a credit line hybrid?  Well, if you have a personal credit score of at least 685, you’re off to a good start.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit.

If you do not meet all of the requirements, it’s okay. You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. 

What are the Benefits of This Type of Commercial Line of Credit? 

There are many benefits to using a credit line hybrid.  First, as already mentioned, it is unsecured.  That means you do not have to have any collateral to put up.  Next, the funding is “no-doc.”  You do not have to provide any bank statements or financials.  

Not only that, but typically approval is up to 5x that of the highest credit limit on the personal credit report. Furthermore, frequently you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business. 

The process is pretty fast, especially with a qualified expert to walk you through it.  One other benefit is this.  With the approval for multiple credit cards, competition is created.  That means it’s likely if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months. 

Private Lenders: Another Way to Get a Commercial Line of Credit Fast

Private lenders generally operate online.  They typically offer lines of credit to those with credit scores that are lower than what is generally required by traditional banks.  In addition, often you can get the funds within a few days of application, rather than a few weeks. Here are a few examples. 

Kabbage

Kabbage offers a credit line of up to $150,000 with no credit score required. The catch is that the interest rate is between 32 and 108%. The business must have been in existence for at least one year and have revenue of at least $50,000. 

Due to the extremely high interest rate, this is really only an option for those businesses that cannot get financing due to a low or nonexistent credit score and need something immediately. 

StreetShares

The credit line that StreetShares offers goes up to $100,000 for those who have a business credit score of at least 600.  You also  have to have been in business for at least one year, and have at least $25,000 in revenue. It requires weekly repayment. 

This is a good option for smaller businesses that are okay in the credit department but have trouble meeting higher revenue criteria. Also, the interest rate minimum is lower than some.  The low end at 9%.

OnDeck

If you have a credit score of at least 600 you can get a credit line of up to $100,000 with OnDeck . The interest rate is a little higher than some that require a higher credit score minimum. It ranges from 13.99 to 39.99 percent. 

Again, due to the higher interest rate, this should only be an option if you cannot meet the higher credit score requirement with a lender that offers a lower interest rate.

commercial line of credit Credit Suite

Credit Line Hybrid Financing:  Get up to $150,000 in financing so your business can thrive.

Lending Club

The credit line  at Lending Club goes up to $300,000. It requires a credit score of 600, at least one year in business, and $50,000 or more in revenue. The repayment term is 25 months. In addition, they require collateral for limits over $100,000. 

This is a good option for those who meet the requirement as there is a higher limit available with collateral, and the interest rate can go as low as 6.25%. Also, the repayment terms are more manageable. 

Credit Card Options

Of course, while not the perfect solution, credit cards are an option.  You have to be careful, and you want to research to ensure you get the best rates and terms possible.  Here are some to start with. 

Brex Card for Startups

The Brex Card has no yearly fee.  Also, you will not need a personal guarantee. However, this card does not work for every industry. 

To determine creditworthiness, Brex checks a company’s cash balance, spending patterns, and investors. Rewards include 7x points on rideshare and 4x on Brex Travel. Also, you can get  triple points on restaurants and get double points on recurring software payments. Get 1x points on everything else.

Capital One® Spark® Classic for Business

The Capital One® Spark® Classic for Business is another good one to consider. It has no annual fee, but there is also no introductory APR offer. The regular APR is a variable 24.49%. However, you can get unlimited 1% cash back on every purchase for your company and there is no minimum to redeem.

While this card is within reach if you have fair credit scores, beware of the APR. If you can pay promptly, and completely, it’s a good deal.

Ink Business Unlimited℠ Credit Card

The Ink Business Unlimited℠ Credit Card has no annual fee and a 0% introductory APR. After that expires, the APR is a variable 14.74 to 20.74%. 

Earn unlimited 1.5% cash back rewards on every purchase made for your company and get $500 bonus cash back after spending $3,000 in the initial 3 months from account opening. Rewards rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need superb credit to get approval for this card.

Blue Business® Plus Credit Card from American Express

The Blue Business® Plus Credit Card from American Express has no  no annual fee and either, and it also has  a 0% introductory APR for the first year. After that, the APR is a variable 14.74 to 20.74%.

Get double Membership Rewards® points on everyday business purchases like office supplies or client dinners.  This applies to the first $50,000 spent each year. You get 1 point per dollar after that.  Your credit has to be really good to qualify.

American Express® Blue Business Cash Card

Another one to check out is the American Express® Blue Business Cash Card. It is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash instead of points. You get 2% cash back on all eligible purchases up to $50,000 per calendar year. After that, it’s 1%.

There is  no yearly fee, and there is a 0% introductory APR for the first one year. Afterwards, the APR is a variable 14.74 to 20.74%.  You will need awesome credit to qualify for this card.

commercial line of credit Credit Suite

Credit Line Hybrid Financing:  Get up to $150,000 in financing so your business can thrive.

Capital One ® Spark® Cash for Business 

The Capital One® Spark® Cash for Business card is another great option. It has an introductory $0 annual fee for the first year. After that, it costs $95 per year. There is no introductory APR deal. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Also, you get unlimited 2% cash back.  YOu can rRedeem any time without any minimums.  You will need fabulous credit scores to qualify.

Discover it® Business Card

Another good one is the  Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for twelve months. Then, the regular APR is a variable 14.49 to 22.49%. 

You get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. Also, they double the 1.5% Cashback Match™ at the end of the first year. There is no minimum spend requirement either.

You can download transactions easily to Quicken, QuickBooks, and Excel. This one also requires great credit scores. 

The thing with credit cards is, you have to be so careful.  As with all debt, payments must be made on time.  However, the higher interest rates make this a little harder than it typically is with a commercial line of credit. 

A Commercial Line of Credit Can Help You Right Now

In this post COVID world, most business owners need money fast.  A commercial line of credit is the best way for that to happen, especially if you can get a credit line hybrid.  Truly, with the ability to use a credit partner, virtually everyone can access this type of funding.  It’s low interest, high limit, fast access to the funds you need to make sure your business thrives regardless of the state of the economy.

The post How to Get a Commercial Line of Credit Right Now appeared first on Credit Suite.

McLaughlin's 14th Supercars win in 2019

Supercars star Scott McLaughlin has made no mistake from pole position to clinch his 14th win of the season in race two of the Ipswich SuperSprint.

The post McLaughlin's 14th Supercars win in 2019 appeared first on Buy It At A Bargain – Deals And Reviews.

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