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10 Reasons You Don’t Qualify for an SBA Disaster Loan

Up and Running

Luckily, the SBA has created a separate COVID-19 Disaster Loan, with less stringent eligibility criteria and a streamlined application process to hopefully make more funds available for more businesses. . Most banks will not issue traditional SBA loans to brand new businesses. Your business is brand new.

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The Right Ingredients: SBA Loan Prep Steps

YoungUpstarts

Small businesses often seek out SBA loans for assistance with working capital because these loans have the lowestsingle-digit interest rates, and best repayment terms with lower monthly payments compared to other options. However, there are several challenges a small business faces when attempting to secure an SBA loan.

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What Small Businesses Can Do To Survive And Thrive During The Pandemic

YoungUpstarts

On their website, you can learn more about the Paycheck Protection Program or PPP, the EIDL Loan Advance, the SBA Express Bridge Loans, and the SBA Debt Relief. The Express Bridge Loan enables small businesses that have a business relationship with an SBA Express Lender to get up to $25,000.

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Vital Tips For Small Businesses And Entrepreneurs During Covid-19  

YoungUpstarts

How can businesses understand their options and develop a cash flow timeline? As individuals, we instinctively keep a running check in our heads about when our bills are due and when we have money coming in. Make a list of bills you owe each month ­­— it could be rent, payroll, utilities, inventory, software subscriptions, etc.

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8 Things You Need To Start a Business During a Recession

Up and Running

Recessions, or even a volatile market like we’re currently experiencing due to COVID-19 , are difficult times. Current businesses are finding ways to pivot their business models, revisiting their budgets, and developing new forecasts to minimize their burn rate and maximize their available cash runway. More room for competition.

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What’s an SBDC and Why You Want to Know

Up and Running

That stands for Small Business Development Center. Our local SBDC, for example, has 29 workshops on its website, most of them two-or-three-hour workshops in essentials such as basic bookkeeping, QuickBooks, Quicken, Getting an SBA Loan, etc., I’ve been a guest speaker at that one several times; it gets great reviews.

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Tips for Writing a Successful Business Plan for a Daycare Center

Up and Running

As someone who owns eight successful daycares in the Chicago area, I know the strategies and approaches that work when it comes to developing a sound business plan for a daycare center. You want to review all the different components of your business model. Up-to-code kitchen with three-compartment sink and grease trap.