Are you looking to secure a loan to grow your business? The numbers aren’t exactly encouraging when it comes to approval rates. Alternative lenders approve around 56 percent of small business loans, while traditional banks (who have less experience with non-collateralized loans) only approve around 27 percent. Despite these somewhat disheartening statistics, there are several […]
5 Keys to Qualifying for a Small Business Loan Read More
Many business owners haven’t had the opportunity to attend fancy college programs in business and finance. Nonetheless, there are many terms related to loans and credit that you need to understand, especially if you are about to apply for your first business loan. Here is IOU Financial’s rundown of important lending terms. ACH Transfer: An
Lending Terms Business Owners Need to Know Read More
There are a plethora business opportunities in the world today, many of which did not exist decades ago. As technology advances, many digital trends influence the types of businesses that pop up. Even on social media platforms, there are businesses that cover how best to manage social walls and increase followers. One thing is important
4 Ways Business Loans Support Your Financial Status & Help You Achieve Your Goals Read More
Applying for a business loan is a significant undertaking, and it’s a good idea to get your business operating as efficiently as possible before asking for a loan. The amount of preparation you’ll have to do really depends on whether you borrow from a bank or a commercial lender. A bank is going to grill
Business Credit Basics: 3 Things You Need to Know Before Applying for a Loan Read More
Alternative, or non-bank, lending got a big boost in 2008 when the mortgage meltdown caused banks to roll up their welcome mats. In that era of recriminations, no bank wanted to go out on a limb and lend to anyone other than the most creditworthy customers. Today, businesses have learned that alternative lending, which includes
5 Common Misconceptions About Alternative Lending Read More
With 2017 upon us, it’s an important time for taking stock of your business’ finances and setting right whatever issues are unresolved. Here are 9 tips you can execute right now to get your finances straight: Update your business plan: Several sections may need updating. What was the last time you analyzed your competitors or
Get Your Finances Straight for 2017 Read More
The demand for business lending in Canada is red hot, according to official statistics from the Canadian government. The Biannual Survey of Suppliers of Business Financing, last updated for the second half of 2014, shows business lenders disbursed 9.6 percent more money compared to the first half of 2014. That reflects the highest growth rate
IOU Financial is Expanding Its Fast, Easy Loans to Canada Read More
In order to grow your business, capital is critical. While larger businesses might have stock offerings or equity loans from major investors, small businesses often have to rely on loans. A loan can be the key to accelerating business growth – it means a small business owner can buy new equipment that will increase production, hire
How Alternative Lenders Can Help You Get a Loan, Grow Your Business, and Build Good Credit Read More
Banks operate under a different set of specifications when it comes to business lending. They often offer many additional services, and as such, have traditionally taken a more conservative approach to selecting businesses to lend to. The most obvious characteristic that banks emphasize is credit score. Less than 800 (out of 850), and they’re usually
Why Your Business Might Wow an Online Lender but not a Bank Read More