by Kenbry Capital | Nov 30, 2022 | Blog
Growing your small business is far from an easy journey. In order for you to see success, you need to make sure you follow the right steps. Rushing into expansion can easily deplete your funds and force you into a worse position than you began. In almost all cases, a company’s budget dictates whether or not it is time for growth. This means that you will be able to establish a practical strategy if you look at your business financing solutions in advance. Consider these tips to learn more.
Traditional Solutions
When it comes to finding appropriate financing for your small business, you want to start by looking over the most common and dependable solutions. In most cases, this will involve visiting a larger lending institution like a bank or credit union. Though one of the easiest routes to consider, there are a few snags that come along with this solution. If you don’t meet the qualifications of the lender, such as demonstrating impeccable credit, you will likely not see an approval on the loan. This is where alternative options can come in handy.
Coveted Financing Services
If you do have a solid credit rating, then a good alternative to traditional loan options can be pursuing business financing through the SBA. The Small Business Administration approves lenders all over the country in order to offer sensible financing services to companies of smaller sizes. Not only are the rates and terms more appealing, but there is also a lot of flexibility when it comes to repayment options. Before assuming bank loans are the only choice available to you, review the requirements of financing released through SBA-approved lenders.
Alternative Options
Alternative financing solutions can take many forms. If you don’t have the credentials needed to acquire bank financing or SBA loans, there are still plenty of choices to examine. If your company does not have the capital for growth due to delayed payments from clients, for example, accounts receivable financing could prove to be a great solution. With a service like this, you can sell qualifying invoices to lenders for an advance on money you are owed. From factoring to equipment financing, there are endless alternative services aimed at helping your company succeed.
While growing your small business might require working capital, there are many ways to stimulate cash flow to see the results you’re after. Contact Kenbry Capital LLC today to explore the financing solutions available for your business.
by Kenbry Capital | Nov 17, 2022 | Blog
Entrepreneurship can often feel like an isolating experience. This is why it is even more important to spend time and energy networking. You can rely on your networks for advice, mentorship, community support and business connections, all of which can inform your path to success. If you want to expand your network to develop a vibrant community of like-minded professionals, here are six tips.
Keep Track of Those You Know
Building your network requires new connections; however, you also need to invest in those connections. Establishing new relationships can expand your network, but you also need to fortify the relationships you have if you want a robust and vibrant community.
Reach Out Through Social Media
With the dawn of the digital age, networking is easier than ever. Dive into social media and connect with others through messages, groups, or online events. You may be surprised at the strong relationships you can build through these platforms.
Make a Name for Yourself
Another great way to make connections as an entrepreneur is to make a name for yourself at speaking engagements, online publications, or events. Whether you prefer podcasts, panels, articles, or event planning, take the initiative to get your name out there.
Connect Through Existing Networks
There are a vast number of resources available to entrepreneurs. Whether you tap into online resources, in-person meetups, or professional organizations, there are an endless number of avenues through existing networks to connect with like-minded professionals. Don’t feel like you need to recreate the wheel to build up a formidable network.
Check out Local Resources
Although you can connect with professionals with similar pursuits from all over the world, don’t be afraid to engage with those a bit closer to home. Local resources, especially those offered by small business communities in your area can be immensely useful. Not only can these be valuable relationships and support networks, but they also are often attuned to the local politics, concerns, and trends in your community that may influence your business.
Mentor and Be Mentored
Mentorship is a valuable tool for any professional; however, it is even more important for entrepreneurs. You can learn so much from more seasoned business owners and implement their learned lessons to guide your decision-making processes. Although having a mentor can be valuable, mentoring others can also expand your network. You may be surprised by how valuable these relationships can be toward your future success.
Networking is one of the most important tools for any entrepreneur. Not only can it help you feel less lonely, but it can also influence and support your success. Build a vibrant network with these six must-try tips.
by Kenbry Capital | Nov 10, 2022 | Blog
It is not always easy to know how to help your business through financial setbacks. This can be especially true for small businesses. A tiny hiccup with the budget might not destroy an established brand, but it can spell out certain disasters for startups. Though it can seem overwhelming, there are a number of steps you can take in order to avoid disaster. One of the more effective solutions to consider is pursuing SBA loans. Use this guide to gain insight into the service and see how easy it is to get started.
What Is the SBA?
The Small Business Administration is an organization that exists to provide funds to startups and companies of a smaller size. However, this trusted establishment does not release the loans in a direct way. Instead, the SBA assesses and approves specific lenders to take on the task of finding eligible candidates. If you want to pursue financing opportunities through the SBA, you must first research lenders in your area that have received approval. Once you have done this, you can start looking at the specific requirements set forth.
How Do Lenders Determine Approval?
Loans through the Small Business Administration tend to appeal to business owners for several key reasons. Typically, the impressive terms and lower interest rates attached to SBA loans make them both enticing and quite difficult to attain. To ensure only the best candidates receive funding, lenders tend to put forth strict qualifications. On average, you will need to be able to showcase a solid business plan, an exceptional credit score, and data related to the size and scope of your company. By doing this, you’ll have an easier time seeing approval on your application.
What Are the Advantages of SBA Financing?
There are several key advantages that are attached to loans from the SBA. As mentioned, this financing option tends to come with much more appealing interest rates when compared to traditional loans. Additionally, you will have the advantage of pursuing a variety of flexible repayment options. The average loan from the SBA also tends to offer elongated timeframes for borrowers to make payments. It is also easier to qualify for a loan of this nature than it is to obtain financing through more traditional means.
Though running into a financial obstacle can be frustrating, there are many solutions worth exploring. Taking out a loan through the Small Business Administration can be one of the best decisions you make. Take a look at how to apply for SBA loans and discover the best financing solution for your future. Kenbry Capital LLC is a recognized provider of SBA loans, nationwide. Contact our offices today to explore our SBA offerings and get your application expedited so you can access funds quickly and efficiently.
by Kenbry Capital | Nov 3, 2022 | Blog
Financial troubles can come out of nowhere for business owners. No matter how long your company has been around, you may find that a slight setback with the budget can lead to massive repercussions. However, not all of your financial needs will come in the form of a problem. In many cases, you may require additional funds in order to tackle plans that you have arranged for the future. This is why you may find it helpful to look at options like business lines of credit instead of traditional loans.
Why Credit Lines Are a Great Fit
Understanding the benefits of a credit line begins with taking a look at how it differs from standard financing options. A loan, for example, is usually one of the more popular choices available to business owners. However, a loan is distributed as a lump sum. This means that you must use the funds right away, then begin paying back what you have borrowed almost immediately. A credit line, however, can be used whenever the borrower wants. Payments are only made when the balance has been touched.
The Advantages of Credit Lines
There are plenty of reasons why business owners opt for lines of credit. Since financial troubles can come out of nowhere, having access to a credit line can make a world of difference when an issue does appear. Instead of scrambling to find a solution after your budget has taken a hit, you can use your available credit to cover any pressing expenses that might have come about. Some business owners will even use credit lines as a way of funding future growth opportunities, making it easier to expand or invest in new solutions.
How To Best Approach the Solution
Taking out a credit line might have a number of advantages, but you must always remain mindful of the details in order to see the best results. Though you won’t be expected to pay the balance off immediately, you should still create a repayment schedule for yourself. Pay higher than the minimum required of you, too. Failing to do this can lead to a massive amount of interest. By paying the balance off consistently, you can continue to use the credit line for whatever purposes you might have.
Though there are plenty of financing solutions available to business owners, some tend to offer more benefits than others. Kenbry Capital LLC offers unsecured lines of credit to both established and new businesses. Contact our offices today to get the funding you need.
