Month: November 2023

This post from CNN Underscored is a helpful piece that discusses the steps small business owners can take to secure funding through loans. It highlights the importance of determining the type of loan that best suits the business’s needs, considering factors such as the required amount, purpose of funds, and the business’s size. The article suggests comparing lenders, including traditional banks, online lenders, and microlenders, based on factors like interest rates, fees, loan terms, and funding speed. It also emphasizes the importance of gathering necessary documents, submitting a comprehensive loan application, and reviewing the loan agreement before finalizing the funding process. It is a grate reference piece if you are looking to use loans as a source of capital to grow your business.

A recent article in TechCrunch discussed the challenges faced by female founders in the startup journey, emphasizing the need for a different approach to fundraising. The author, Andrea Sommer, shares her experience co-founding Hive Founders, a global network and accelerator for women entrepreneurs, highlighting the importance of collaboration, adaptability, and well-roundedness for women seeking investment. She also addresses the unique challenges women face in fundraising, such as different behavioral patterns from investors, and emphasizes the importance of building genuine relationships with investors. Sommer advocates for female founders to embrace their scrappy side, be disciplined with resources, and seek guidance from other women who have successfully navigated the fundraising process.

In this article in Entrepreneur, five common pitfalls that small businesses should avoid when establishing business credit are highlighted. These include not regularly monitoring business credit scores, using outdated or inaccurate business information, paying business expenses with personal accounts, choosing the wrong business structure, and using vendors that don’t report trade credit. By addressing these issues, small businesses can build a strong credit foundation essential for accessing funding, fostering growth, and building partnerships.