The U.S. Small Business Administration (SBA) Payroll Protection Program (PPP) served as a lifeline for small business owners facing hardships from the COVID-19 pandemic. The funds can be used toward eligible business expenses such as payroll, mortgage interest, rent, and utilities. The program closed on August 8th, 2020, and is no longer accepting applications. New guidance … [Read more...]
Credit Discrimination – What You Can Do To Protect Yourself
Credit discrimination is the act in which a creditor prevents access to loans, credit cards, mortgages, or other types of financing based on a person's race, color, sex, national origin, religion, marital status, age, source of income, and other “protected classes.” This practice is illegal, and a creditor cannot prevent access to financing, refuse an application, close an … [Read more...]
COVID-19: Research Shows Women and Minority-Owned Businesses Hardest Hit by the Pandemic
Recent research shows that women and minority-owned businesses in the U.S. have been hardest hit by the COVID-19 pandemic. The impacts have been drastic, according to research conducted by the Stanford Institute for Economic Policy Research (SIEPR). African American business owners suffered the greatest level of losses with a 41% drop in revenue. Hispanic business owners … [Read more...]
Will the Next Stimulus Package be Enough to Help Women and Minority Owned Businesses?
On Monday July 27, 2020, the U.S. Senate Republicans proposed a new stimulus package for eligible Americans. The GOP proposal will be called the Health, Economic Assistance, Liability Protection and Schools Act (HEALS Act). Though the existing programs and pending proposals under the HEALS Act have been helpful to struggling small business owners, was there enough done by the … [Read more...]
5 Tips for Women to Access Business Funding
Whether you're launching a startup or seeking funding to keep your established business going, Kathryn Petralia, co-founder of Kabbage---a leading provider of online loans for small businesses, has five tips that you should follow. The truth is that it's harder for women to get business funding than men. Kathryn shares, "I've been in more than 100 meetings with venture … [Read more...]
Why Your Credit Score Matters as a Small Business Owner
Sponsored by Lexington Law: Your credit score is calculated by credit bureaus, such as Experian, Equifax, and TransUnion, to determine your likelihood to repay debt. Lenders and credit card companies use this score to make a decision as to whether or not they’ll extend credit to you. In other words, your credit score matters when you want to borrow money personally or to … [Read more...]
Bitcoin Basics Infographic – What Is Cryptocurrency and Why Should You Care?
Bitcoin is a word you've undoubtedly heard in the news lately, but it's still a confusing term that is often associated with nefarious transactions. The truth is that Bitcoin and other virtual digital currencies (referred to as cryptocurrencies) are becoming more mainstream, and more businesses are accepting Bitcoin for purchases every day. It's important that you understand … [Read more...]
Using Financial Analysis to Diagnose Your Company’s Health
How well is your company really doing financially? Do you truly know the answer to that question? Do you know how to conduct the right financial analysis tests to get an accurate answer? Don't worry. Many business owners don't know the full story of the financial health of their companies. The problem with not knowing is that disaster could be looming. If you don't … [Read more...]
3 Ways to Use Excess Working Capital to Increase Profits
Many companies struggle to find ways to improve working capital, but others find themselves in the opposite position. They're sitting on excess working capital. If your company is sitting on large amounts of cash, you're missing opportunities! That money could be reinvested into the company to improve profits and shareholder value. During an economic downturn, having extra … [Read more...]
6 Ways to Improve Your Company’s Working Capital
Working capital represents the money your company has to meet its day-to-day business expenses. It's the amount of cash in your company’s pocket. Effectively managing working capital is critical to ensure your business can meet its obligations and avoid bankruptcy. Working capital is calculated by subtracting current liabilities from current assets. Yes, you want to have … [Read more...]