To increase the success of your business, you need to make more money — and sometimes you need to borrow money to increase cash flow and unlock better opportunities for revenue growth. However, taking out a small business loan may seem like a bigger risk than it’s worth.
Whether you’re starting up, expanding, or need a quick injection of cash, a small-business loan can be a lifesaver and a dream-maker. Given the gravity of what a loan can do for your business, it should come as no surprise the process of securing one takes a careful, intelligent approach. If you know what lenders are looking for and how to...
Topics: Small Business Lending, Small Business, Entrepreneurship
First Federal Bank is committed to supporting our small business customers during these challenging times. In 2020, the SBA’s Paycheck Protection Program (PPP) authorized up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Over 1,000 small businesses secured $140 million through First...
Topics: Small Business Lending, Small Business
The fundamental difference between a secured and unsecured loan is the collateral requirement. But what is collateral? Why is it important? And what is a lien? Here’s everything you need to know:
Topics: Small Business Lending, Mortgage Lending, Personal Lending, Lending
Honored. Dedicated. Proud.
Topics: Small Business Lending, SBA Lending, COVID-19
Honored. Dedicated. Proud.
Topics: Small Business Lending, Small Business, SBA Lending, COVID-19
Whether your startup is already ready to expand, or will sometime in the future, it’s best to be prepared. Read this to learn the best options for funding business growth.
Topics: Small Business Lending, Small Business
A low credit score is a detriment to any individual or business seeking loans, but it doesn’t entirely eliminate your financing options. FICO defines bad credit as a score between 300 and 629. If you fall within that margin, you can still fund your business in a way that gets your score back on track and opens more doors in the future.
Topics: Small Business Lending, Small Business
We finally have our first glimpse of Congress’s Keeping Workers Paid and Employed Act. What an unusual time to be in SBA lending! I hope that this will pass and become law in the next two to three weeks. Here are the highlights:
Topics: Small Business Lending, SBA Lending, COVID-19
I know many of you have had SBA 7a customers calling and asking for loan deferments. Below is a guide of how to document your loan file.
Topics: Small Business Lending, SBA Lending, COVID-19