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Small Business Finance All-in-One For Dummies
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Small Business Finance All-in-One For Dummies
Stephen L. Nelson, CPA, MBA, is a Certified Public Accountant in Redmond, Washington where he provides accounting, business advisory and tax planning and preparation services to small businesses. He has authored over 100 books about how to use technology to manage personal and business finances.
Stephen L. Nelson, MBA, CPA, MS in Taxation, is a CPA in Redmond, Washington, where he provides accounting, business advisory, and tax planning and preparation services to small businesses. He is the bestselling author of 100-plus books about how to use computers to manage personal and business finances.
Eric Tyson, MBA, has been a personal financial writer, lecturer, and counselor for 25 years. He is the author of the award-winning Personal Finance For Dummies and several otherFor Dummies bestsellers. Jim Schell has successfully launched and operated several small businesses. He has written other books and numerous columns on entrepreneurship.
The federal 504 loan program through the Small Business Administration (SBA) is a versatile option for small businesses. At the state level, MassDevelopment offers a broad range of funding options through its loan programs for Massachusetts businesses.
Texas's small businesses drive big business dreams. Texas is the leading job creator in the country and has the second largest state economy. Learn how to start and grow your business with the right information and resources.
In addition to small business loan guarantees, IBank will use approximately $200 million of its SSBCI funds to launch the new Venture Capital program, designed to create a more-inclusive venture capital ecosystem by investing in underrepresented VC managers, underrepresented and underserved entrepreneurs and business owners, and geographic areas that are socio-economically disadvantaged or that receive very limited venture capital funding. The program will also promote climate equity and climate justice.
Many online stores start out as a one-person show. But as a small business owner, there comes the time where it makes sense to hire outside help. To do this, you need to establish whether that individual is an employee or an independent contractor.
For independent contractors, be sure to track how much you're paying each person. US small business owners may be required to file 1099s for each contractor at year end (you'll also need to keep their name and address on file for this).
If you need a little extra financial planning help or guidance, many small business accountants and financial professionals can help you get more control of your money. There are a few individuals you might want to consider enlisting:
There are many user-friendly accounting software options for small businesses, ranging from free to paid models. You can also browse the Shopify App store for an accounting software that will seamlessly integrate with your ecommerce store.
Wave is a web-based accounting solution built for small businesses. With its bank reconciliation feature, you can link your bank accounts, PayPal accounts, and other data sources to see real-time business transactions. You can also generate reports such as accounts receivable, balance sheets, sales tax reports, and accounts payable.
The City of Atlanta offers a multitude of funding opportunities. Learn more about the different types of loans, funding programs, and tax benefits that may be available for you and your small business.
Term loans are one of the most popular types of small business loans. If you've ever taken out a mortgage or financed a vehicle purchase, then you're probably familiar with the mechanics of a term loan. Term loans are delivered via a lump-sum of capital from a lender and paid off in fixed installments according to a schedule until you pay back the principal plus any applicable interest (and any fees). Repayment periods can vary from short term (12 months or less) to medium term (1 -3 years) to long term (3+ years). Term loans are typically secured by a lien on your business assets (a right for the lender to seize those assets if you default on the loan) and may require a personal guarantee, which means your personal assets may be liable if your business defaults on the loan. One of the perks of a term loan is that the interest rate, which could be either fixed or variable, tends to be competitive and lower than other types of small business financing. This is especially true when you consider that you may be repaying the loan over a number of years. Business owners have flexibility with regards to how they can use the funds. For instance, one could use a small business term loan to expand to a new location, replenish inventory, or hire new employees.
Merchant cash advances (MCAs) aren't exactly small business loans. Instead, they're a cash advance against your future credit card revenue delivered to you in a lump-sum. The advanced amount, which can be a minimum loan amount of $2,500 to a maximum loan amount of $400,000 is determined by the issuer and based on your average monthly credit card sales. For example, through Funding Circle's network of lending partners, this amount is between $5,000 and $500,000. Because the cash advance is repaid as a percentage of your daily credit card revenue, it may take anywhere from 90 days to two-and-a-half years to repay. One of the key risks of MCAs is piling on too many of them - known as stacking - which may completely deplete your cash flow. You should also be aware that interest rates (often expressed as a factor rate) can be very high, ranging between 40-350%. Learn more about applying for a merchant cash advance through Funding Circle's network of lending partners.
A working capital loan is a short-term loan meant to help a business cover its everyday operations needs. It can be directed toward expenses such as payroll, paying rent, or making monthly payments towards debt. A working capital loan is not meant to buy long-term assets or investments. You can apply for a working capital loan through Funding Circle's network of lending partners and receive a decision in as little as 24 hours.2 The speed of approval is one of the best aspects of this small business loan. Learn more about applying through Funding Circle's network of lending partners.
Hello Alice is a free platform designed for AND by small business owners. We're here to guide and support you at every turn on your adventure in entrepreneurship. We work on behalf of over one million small business owners like you to secure relevant business solutions and funding opportunities for you and your business.
Keep in mind that not all assistance flows directly from the federal government to small business. Some funds are distributed to state and local governments and agencies, nonprofit organizations and institutions of higher learning. These entities, in turn, distribute the funds, or use them to provide technical or educational assistance on a local level.
The federal government spends billions of dollars on goods and services each year. A lot of that money is spent through a competitive bidding process. Programs have been put in place to assist some small businesses with the process, allowing them a better chance to compete for those federal dollars.
In addition to the billions of dollars spent purchasing goods and services, the federal government also sells large amounts of natural resources and surplus property. The SBA Natural Resource Sales Assistance Program sets aside a percentage of these goods for bidding by small businesses only. In addition, federal agencies sometimes divide surplus materials into smaller parcels, making it easier for small businesses to purchase. The five categories are:
There are many nonprofit and corporate entities offering grants and other assistance to small businesses. Here are a few such programs that are open to qualifying small businesses in any industry:
Some small business grant programs are confined to a specific entrepreneur demographic or business profile and they often have an application process that is easier to navigate. This is a sample list, so be sure to check with nonprofits and large corporations in your geographic area or industry.
This roundup was written by Dawn Papandrea, a personal finance reporter who covers small business topics. As a full-time freelancer with nearly two decades of writing experience, she's become a pro at keeping track of her own accounting, taxes, and a host of other financial concepts.
The dedicated NYC BEST team will serve as a single point of contact between City agencies and small businesses operating in the five boroughs. The initiative aims to save small businesses time and money by streamlining the many interactions required with City agencies and providing key advice to help business owners expedite permit and licensing processes and resolve or avoid fines and violations.
The COVID-19 pandemic and the corresponding economic crisis are devastating families across the country. More than 20 million Americans have contracted COVID-19, and at least 370,000 have died. From big cities to small towns, too many Americans are barely scraping by, or not scraping by at all. And the pandemic has shined a light on the persistence of racial injustice in our healthcare system and our economy. The need to act is clear in the lines at food banks, the small businesses that are closed or closing, and the growing number of Americans experiencing housing insecurity. After nearly a year of the public health crisis, our nation remains in this dark winter of the pandemic and facing a deep economic crisis.
Provide small businesses with the funding they need to reopen and rebuild. Small businesses sustain half of the private sector jobs in America, and they have struggled in the wake of COVID-19. Black- and Brown-owned small businesses, and those in hard-hit industries like restaurants, hotels, and the arts, have suffered disproportionately. Nationally, small business revenue is down 32 percent, and at least 400,000 firms have permanently closed. To help hard-hit firms survive the pandemic and fully recover, President Biden is calling on Congress to: 59ce067264
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