After calculating the cost to start a business, you’ve finally got the funding. The SBA backed your idea and solid business plan to get you a bank loan. Your dream of having your own company is finally coming true. But what happens when loan bills outweigh the business revenue? If you’ve gotten behind and default on your SBA loan forgiveness could be an option.
To understand what happens when you default on a loan, we first have to understand what defaulting on a loan means. “Defaulting” on a loan is a catch-all term that means the borrower has failed to adhere to the terms of the loan, and so in absence of the regularly scheduled payments, the lender will...
At its most basic level, an Annual Percentage Rate (APR) is generally defined as the “current cost of borrowing.” Most would agree, though, that this definition is not terribly helpful in its attempt to explain the meaning of an Annual Percentage Rate . Fortunately, there are other definitions. For instance, an Annual Percentage Rate is also...
If you’re considering using credit card financing to fund your small business it’s important to understand how to use them properly if you want to experience the biggest benefits they have to offer. Most other blogs and articles focus solely on using credit cards properly from the perspective of choosing the credit cards with the...
If you are an entrepreneur or small business owner in need of capital for your business and you don’t want to pledge your assets to obtain financing, it’s important that you fully understand what funding options are available to you. Unsecured financing is going to be your best bet. The major difference between secured business...
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