What Else You Need To Know About Flexible Business Loans

With the flexible repayment options available for the loans, these days’ people can actually focus on the many important issues of their life. As in some point of our lives especially when it is about starting your own company, we require huge finances, having flexible loans with easy repayment options can actually become helpful.

Individuals think about loans in order to meet the different requirements or get rid of financial crisis that takes place due to different reasons. And a small business loan in such situation can be a convenient option when it comes to filling the many requirements. Nowadays, most of the banking agencies offer such loans as it helps people to meet their funding requirements along with fulfill their dreams.

Starting a business initially require huge investment, which not everyone cannot afford. In such a crisis situation, banks can be a great choice as they help to raise funds immediately and let you start your business. With the different types of loans available with the bankers, owners can choose depending on their business needs. Flexible business loans are actually the loans which enable customers to deposit and withdraw money from loan account as per requirements without paying any additional charges.

Let’s Understand In Details About Flexible Loans:

Flexible business loans are often known as an innovative and unique offering made by banks and the lending companies. For an instance, a borrower has applied for $6000 loans for a time of 36 months. In case the borrower is finding it a problem to pay back, he or she can easily opt for changing terms and conditions to 60 months in order to reduce the monthly payments.

The best part about it is this does not cost you an additional penny or fees. But you need to keep in mind that when you are reducing the monthly payments, your loan cost will go higher as the charged interest for the amount every month is getting extended

Well, there are different advantages of flexible loans and here are some of them:

  • Unlike the traditional loans, these flexible loans proffer huge number of advantages than you can actually think of.
  • It offers flexible repayment options depending on cash flow requirements which are the major advantage of opting for such a loan.
  • Transact conveniently as per the needs and requirements.
  • It is a highly secure and so far a great flexible loan repayment option.

With its array of advantages in today’s highly challenging and competitive market, Flexible business loans are getting much popularity. If you are thinking to start your venture or you are the sole trader, you can always choose from the many loans available with various repayment options. Flexible Business Loan can obviously become a great choice to secure your range of business funding requirements like asset purchase, business expanse, working capital and much more.

If you are looking for one such agency, check with the professionals of Bottom Line Bankers. Their different Small Business Loans can help you start and expand your business by securing the funding needs.

Major Differences Between Line of Credit Loan & Standard Loan

When you are thinking of starting your own business, you definitely need to have idea about the various kinds of Small Business Loans available. This will give you in-depth knowledge of the business finance and make the right decisions in terms of financial growth and debt. Well, from the different types, the two common types are lines of credit and standard term loans.

Being a small business owner, you need to know about the differences between the two financial options. You need to understand the purpose of loan, the things to take into consideration while choosing, how the finance will be used and much more.

  • Standard Term Loan:

This is the type of loan used by most of the people for purchasing a major asset to a property or a car. With this, the total cash is loaned to borrower during loan closing. It is then paid back usually regularly, monthly or equally. These are generally fixed-rate loans.

  • Line of Credit:

This is not like outright loan that comes as an agreement between the bank and the business owner about maximum credit a bank can extend without any collateral. However, it is more similar to credit card. For an instance, if a business owner opts for line of credit to $25, 000, it is similar to obtaining credit card that has a limit if $25, 000.   The owner can get cash upto $25, 000 or the set limit.

Prime Differences:

  • Payment terms: The primary difference between lines of credit and term loans is payment schedule or amount. Most of the loans have a fixed monthly payment which has both interest and principle with it along with loan is available for a period of time. When borrowed via line of credit, the payment will vary each month which depends on the available credit accessed by the borrower.
  • Processing Fees: Here are different fees related to loans that include credit check fee, processing fee along with appraisal fee. Line of credit generally include credit fee, processing fee along with an amount is charged every time borrowers draw additional charge against the credit. This is the reason why borrowers need to take into account the financing needs in order to draw less frequently and keeping the fees minimum. However, closing costs for loan is much higher than line of credit.
  • Draw Schedule: With small business loan, it can be issued as soon as the loan documents are completed. All loans proceed can be issued and business owners will never get any additional proceeds. With the business line of credit, they take out line same to credit card that will give an opportunity to draw required mount.

Well, different financial options have different set of advantages and disadvantages. All you need is to check in details about each of them in order to comprehend the best choice for your business. Standard term loans are great when it is about long term needs while line of credit fits best with short-term expenses. Talk to an expert, fill in Small Business Online Application form and you are all set to fulfill your business funding needs.

Top 5 Small Business Ideas That Will Rule in 2018

Do you want to have your own business? If you think you are born for being an entrepreneur, you definitely need to have some of the unique yet great ideas. People who have always wanted to become an entrepreneur are independent in nature and are extremely hard working as they have the zeal to succeed.

For most of the wanna-be entrepreneurs, one of the most significant challenges is deciding what kind of business they want to do and how much chances of being successful do they have. Since it is such a competitive world, where everything is already there, choosing the right type of business is probably one of the toughest jobs.

However, if you are determined about starting your own business, you definitely know these two things: one is you want to make a huge profit from your business, and you definitely want to be your own boss.

Are you still finding it a challenge to sketch perfect small business ideas? Well, let us have a look at some of the most rewarding businesses of 2018.


Idea #1

Mobile Businesses

In today’s smart world, mobile app development industry is one of the top most industries earning a huge profit every year. Here we are not only talking about offering smartphones but also we are focusing on businesses which offer services and products to their customers at their doorstep.

With every passing day, we are getting used to acquiring services easily and conveniently, and a business which does that are at the top priority list of the customers. So if you are interested in mobile businesses, here are some of the ideas for it that can offer definite results.

Auto repair, car wash service, food trucks, electronic repair, IT support, personal trainers are some of the unique yet rewarding mobile service ideas for starting a new business. All of these are a necessity to the owners and offering doorstep service can help your business earn great on ROI. Now you can also get small business loans to secure your funding needs.

Idea #2

Child Oriented Businesses:

Well, something related to children is never going to see a reduction. Since people across the world are busy in their lives, therefore businesses related to children will definitely observe a huge on ROI. For small business owners, this can be a great opportunity and idea to start one.

Let us see what child-oriented business can be a great choice for you:

Post pregnancy and newborn services, enrichment activities, child entertainment service are some of the most rewarding ideas for people. As a small business owner, you definitely will never want to invest a huge, whereas you would want to keep it affordable and then earn profit from it. These child services can be an excellent go for making a kick start.

Idea #3

Online Education:

If you have the knowledge and want to share it with the world, then nothing like online education can be a great choice. In recent times, it can be observed that online business owners are earning huge bucks by offering online courses via different platforms.

The overhead expenditure is almost negligible in comparison to the profit earned. So, if you want to earn profit from your business, use your knowledge as a medium. You can offer academic courses, business courses, language courses, personal wellness online training and earn from your business.

Idea #4

Sharing Economy

Economic necessity, environmental concerns or simply human connection can be a great idea as a small business opportunity. In the last few years, this has probably become one of the easiest ways to start a business. The growth opportunity is huge, which makes it a great choice for starting a small business.

sharing economy

You might have an idea that will become the next Uber, but starting from a simple one can be a great choice. Starting with a sharing economy on a small scale will take less investment but can help you to understand whether the business is going to see profit in the coming days or not.

Some of the most popular sharing economy businesses that have observed huge profit include Attire and accessories, home decorative equipment and vacation rentals. People rent your stuff for a few days and pay the amount you ask from them against the belongings. This does not require huge investment while can offer immense profit from sharing.

Idea #5

Freelance Services

After bouncing back from the big recession, small businesses are finding ways to run their business in a seamless manner. But due to huge overhead expenditure, more and more business are hesitating to hire full-time employees.

This is the reason why freelance professionals are much in demand. Not only because they work like the same way, but also because the overhead cost is much lesser than a fulltime employee. So if you have the skill that business can get benefitted from, it is better to opt for offering freelance services to the clients.

freelance services

You can offer freelance consulting, graphic design, social media management, virtual assistant service, marketing copywriter and other digital marketing service. If you have the knowledge, you can get your client and become your own boss. As an employer, you don’t have to go for long-term commitment and as an employee; you can work from home without facing the managers ever day.

If you want to dominate the market, you need to have a good idea for businesses. Since the market is full of competition, you need to have an idea that is out of the box along with that will become convenient for the people. Moreover, it requires enough funding which can be managed from Small Business Funding offered by different agencies. From the many ideas that are ruling the market, here are the top 5 most rewarding business ideas to start your business.

So don’t keep your passion underneath your necessity. Find an idea from these and let your dreams transform into reality.

Smart Ways Of Cash Flow Management For Small Businesses

One of the most difficult and challenging aspects of small businesses is cash flow management. Having continuously nudging customers for paying, take the valuable time of people along with can be really disheartening. Indeed it is tiring! If you are also exhausted of consistently being on such a journey of chasing customers for payments, you definitely need to consider these few tips of ways to improve the cash flow for small businesses.

1:   Make Use of Tools That helps To Stay On Track

Keeping a constant track of the available cash along with expected outflow and inflow of money throughout the entire month can be a crucial step for managing the cash flow. Even when it is a great step, it can really become time-consuming for any busy business owners.

In order to get over this tedious and tiring job, all you need is to make use of the online cash-flow management tools. There are numerous options open for you like UpYourCashFlow, Pulse, Float or Cushion. Ensure making in-depth research on these tools and use one of them as per your business requirement and budget.

An eagle’s eye on the cash flow is one of the preliminary steps of improving the small business cash flow.

2:   Open Several Modes of Payments For Customers

While examining different ways to speed up the cash flow or looking for ways to enhance small business cash flow, you need to find ways to speed up customer paying procedure.

You really cannot force your customers every single day, the only thing you can do is to find out different other payment options like credit cards, Automated Clearing House (ACH) or debit cards. Also take into consideration about the mobile payment or digital wallet solution like Apple Pay, PayPal, Venmo, Square and even Bitcoin.

The more options you open for your customers, the faster and timely cash you can observe appearing on your account.

3:     Check the receivable to the payables

One of the most common things where owners hardly pay attention is to check the payment terms for the suppliers along with comparing those with the customer payment terms. Make sure you pay attention to enhance the small business cash flow.

In case it is necessary to pay the supplier within the next 30 days and you are giving your customers the time of paying within 45 to 60 days, it is creating a break in the cash flow. When you are looking for better cash flow management procedure, you definitely need to focus on it.

Don’t forget to match the terms of payment with the suppliers to the customer terms. Also, consider checking the penalties for late payments. Make sure you take the same step for the customers in order to stay away from late payments. This will make sure that your suppliers are getting the amount on time along with you can easily keep an account on the cash flow.

When it comes to cash flow management, make sure you keep a track on everything. You will definitely find some customers who are habituated to late payment, to maintain the cash flow consider late payments fee. Moreover, you can also opt for working capital loans if you don’t have enough funds for your small business.

What Do You Need To Know Before Getting an SBA Loan

Have you decided to apply for the SBA loan to secure your small business funding? Indeed, it is a common choice, as it’s cheap. Before you walk down the path, today we will discuss and collect some useful information about it.

Firstly, thinking like Bankers Do:

This will help to save your time and anxiety.

All you need to realize that these are bank loans. Even when we address these loans as, “SBA loans”, these are not. SBA or Small Business Administration does not make loans, while it helps in issuing partial guarantees of the entitled loans initiated by banks. This is the only difference.

Regulators will never want banks to take any reckless loans. In case of an SBA, it helps the borrowers fulfill credit requirement of the bank when the credit is poor.

Check This To Understand What It Actually Means:

  • Even when you are eligible for the SBA guaranty, the primary thing you need to sell is the creditworthiness. The respective bank needs to trust that your proposal makes sense to them.
  • This is not a layup; it is also rigid and bureaucratic. You need to know the rules of this game to be a part of it.

What Will They Need From You?

Just like any other business, bankers need profit. Well, it’s apparent that we all are here to make money – not by keeping a high margin but a decent margin. They need to earn revenue in order to fulfill the costs. This is why they can opt for different ways like fees or interest income.

Banks are more like the grocery stores which have high volumes and narrow margins. Their net interest varies from 3% to 5% — which is as thin as paper.

Improve Your Chances of Success:

SBA loans are so far the cheapest money and offer smart terms that you can find besides your friends and family. Since it is a lengthy procedure, you can cut and abridge the process while improving the odds of success.

  • Undoubtedly you have maintained a great deposit relationship with the local bank for several years or decades. They will always treat you good from their tiny teller window — because they love you. And, why not? You are going to lend to them. Even after maintaining such a relation, don’t be sure that they will lend to you. All you need is to know what they are looking for along with making a candid evaluation regarding your ability to deliver.
  • Make a detailed study to anticipate the financial needs in advance. Taking more time for yourself will help you to understand the better and wider options available to you.
  • You will find in details about the SBA loan programs online. Make sure you know your chances before consulting with a banker. Preparing with knowledge and logic enhances the perceiving capacity.

Well, undoubtedly SBA and the bank loans are one of the most common and hardest loans for the small business owners.

We, at Bottom line Bankers, can successfully meet your funding needs. Check with our banking experts about your SBA loan and other fast approval loans that will keep the consistency in your funding system.