Whether acquiring an existing business or buying out partners from your current one, a Small Business Administration (SBA) 7(a) loan could be an excellent option, offering competitive interest rates and longer repayment terms to qualifying buyers. However, while the SBA guarantees a significant portion of the loan, collateral is usually required of the borrower. Here…
Have you been considering financing to purchase a business or perhaps to grow your present one? A lot goes into securing a Small Business Administration (SBA) loan. However, approved borrowers can get their financing faster by taking a few proactive steps: Have your historical and current financials ready – along with your seller’s – and…
Most of us use a credit or debit card multiple times a day for business or personal reasons. That makes it vitally important to be aware of what “skimming” is and how you can protect yourself from fraud. Card skimmers gather data from your card’s magnetic strip when you insert or swipe it at point-of-purchase…
Platform Banking Platform banking refers to banks using fintech services to complement their existing product offerings. In a broad sense, platform banking can be described as the opposite of Banking as a Service (BaaS). In the BaaS model, the primary customer relationship is maintained by the fintech/non-bank, while integrating a variety of products or services…
It wasn’t all that long ago that new (or fairly new) businesses had few options when it came to being seen by potential customers. Direct mail was, and remains, an option, but the return on investment has historically been frustrating. And, of course, there was traditional media: newspapers, magazines, tv and radio, but relatively few…
Open Banking Banking as a Service (BaaS) and open banking are often confused because the latter also involves banks connecting to non-banks via API. However, the two serve entirely different purposes. In BaaS models, non-bank businesses can integrate complete banking services into their own products. This allows them to offer virtually any traditional bank product,…
As the fintech era brings significant change to the financial industry, it seems that even corporate insiders are constantly being exposed to new ideas and terms – and just as often left on their own to make sense of them. For example, many businesses are just now coming to fully understand and utilize “Banking as…
Do you have a big idea? Or, better yet, THE big idea? It just might be the way to kick off your best year ever. Maybe it’s a brand-new product or service that you’re certain your target market needs and wants. Perhaps it’s a line extension that will further enhance your present offerings. Whatever it…
Thanksgiving is coming soon. And that means the holidays are rapidly bearing down on us. Before you get overwhelmed, think about this: the best way to eliminate the stress associated with the season is to get an early start. And now is the ideal time. When you want to make the stretch from Thanksgiving to…
When you’re a business owner, meetings can be either the most valuable part of your day – or a complete waste of time that keeps you from more important tasks. Well-run meetings provide an opportunity to collaborate and learn from one another, but when they start to feel overwhelming or pointless, it can negatively impact…
