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Business Advice Blog Posts

By First American Merchant

Feel free to give us a call for more info 1-800-210-5649

Hard Vs Soft Credit Inquiries. Do They Impact Your Credit?

Those who have applied for a small business loan, taken out a mortgage, or signed up for a business credit card, know what credit check or credit inquiry is. A credit inquiry helps lenders and financial entities determine whether you can be eligible for loans or whether they can approve you for home rental, credit card, and so on. Credit Inquiries and Credit Scores Credit inquiries stay on credit reports for a maximum of 24 months (2 years). They’ll only affect your FICO credit score for a maximum of 12 months. To get a better idea of how credit inquiries […]

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Credit History and Credit Scores | The Best Way to Build Credit

Good credit history can play a crucial role when trying to get a mortgage, loan, apartment lease, or credit card. Your credit score is key to determining how much interest you’ll pay. Good credit demonstrates you’ve been financially responsible in the past. So, the higher your score, the more chances you’ll have to get approved for a loan with favorable terms. Credit History and Credit Scores The credit scores of Americans may undergo fluctuations over time. Different scoring systems may show slightly different results. FICO scores, which is the most commonly used model, range between 300 to 850. You must […]

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Applying for Financing After Having Been In Operation for Over a Year

About 2/3 of business survive 2 years in business, half of all businesses will survive 5 years, and 1/3 will survive 10. According to a US Bank study, 82% of businesses fail because of cash flow problems. However, 75% business owners say that they’re confident in their own business. Even though you aren’t a starter and think your business is near to perfect, your business may still have room for improvement. Let’s find out what advantages businesses have when applying for financing after being operational for more than a year: You Know Your Financial Patterns New businesses have a fluctuating […]

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5 Truths about Working Capital and Small Businesses You Need to Know

Working capital is the lifeblood of every business, big or small. However, it isn’t always easy to know where to find it – or is it? Consider the following five truths about working capital. You might be pleasantly surprised to discover how simple it can be to find and secure working capital for your small business. Banks are not your only – or even best – solution Banks are rarely an effective solution for small businesses in need of financing. In reality, banks are routinely reducing the lines of credit they are willing to extend to small businesses. Even if […]

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Why Was I Denied A Small Business Loan?

Receiving a rejection letter for a business loan you were counting on can be discouraging. Data from the Small Business Administration (SBA) reveals that nearly 50% of small business loan applications are rejected for a variety of reasons. Understanding the most common reasons banks decline loan applications can be useful for your own business endeavors. 1. You applied for the wrong loan product Some banks may specialize in a certain type of lending or industry. For example, a lender may choose to fund large corporations that reach a certain revenue threshold or carry a specific number of assets. Other banks […]

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How You Can Get Business Funding Without The Bank

Whether you are a newbie in the business building process or an experienced entrepreneur launching into a new venture, one thing is for sure- startup capital is necessary. Business funding is usually one of the toughest stages for the new entrepreneur and the truth is not many pass this stage. One common misconception is that building a brick and mortar business (offline business) is tougher than bringing up a software company Well, sorry to burst your bubble but they both have their risks and intensities accrue to them. There are various ways to source for capital for your new business. […]

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The BEST Small Business Opportunities for Small Town USA

When planning a startup, entrepreneurs may be tempted by the innovative atmosphere of the Silicon Valley or other large urban landscapes. But plenty of opportunities for entrepreneurs exist in small town America too. There are whole new sets of challenges, trends and other factors for small town entrepreneurs to consider. But there are advantages as well like lower costs and lower competition. And with the internet there is, of course, the option of reaching those larger markets while you and your staff enjoy a lower standard of living where your money goes further — especially in the lean years. Merchants, […]

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How To Make Your Employees Feel Comfortable At Work

Every business owner occasionally worries about their employees. For everyone to do their best, it’s your job as the manager to maintain a great working environment. The overall feel, from the office layout to co-worker relations and company culture has a huge impact on the performance of your business. If your employees are uncomfortable, their output will likely be unsatisfactory. Here are some effective tips to build a pleasant work environment and maintain a motivated and productive staff. Communication If you want to foster a transparent and hardworking base of employees, the first step to take is to enhance your […]

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6 Possible Reasons Why Your Small Business Loan Application Was Rejected

There are many situations that call for a business owner to look elsewhere for business funding. Financing startup costs, fueling growth, funding expansion and covering operating costs, to name a few. When a business finds itself in a tight situation, the first place the owner typically turns is their bank. However, the task of securing a small business loan can be a very long, drawn-out process. Applying for a bank loan requires extensive documentation and long wait times for funding. To make matters worse, many of the businesses turned down for financing have no idea why their application was rejected. […]

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13 Small Business Trends to Follow at Your Office

Companies should keep an eye on key trends and new developments if they want to remain competitive and reach more success. According to the US Small Business Administration, the 28 million small businesses in America account for 54% of all U.S. sales. The number of small businesses in the United States has increased 49% since 1982. What are the key trends that small business owners should follow? On-Demand Business Models Will Become Widespread Technology companies fulfilling consumer demand via the immediate provisioning of goods and services will become more common. New Loan Options Available to Small Businesses Mobile wallets will […]

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