In the wake of the great recession, many business owners have had their FICO damaged to the point that they are no longer eligible for small business loans. Dips in sales due to less consumer spending, lack of collateral to back small business loans and other issues compound the problems faced by those with bad credit, shutting them out from SBA backed loans and grants, the most obvious option for business owners seeking capital. In order to gain access to the funding necessary to fuel job growth, business owners with these problems should move to repair their credit scores. Horizon Business Funding works with many small business owners who need access to bad credit business loan alternatives, and our advice to them as they build up a relationship with us is to consult a professional who can aid them with their credit repair. While many would counsel them to avoid credit cards at all costs, which could in fact have been the reason that they

According to a recent Forbes article, only 65% of small business owners report having access to adequate financing. This statistic is particularly alarming considering the majority of business that employ 5 people or less are even less optimistic about their financial futures. The broad range of what constitutes a small business only does more to confuse the issue. While high growth ventures are becoming more and more alluring, often with backing from angel investors and even larger corporations, they do not represent the financing experiences of more traditional brick and mortar main street ventures, which, in the words of SBA administrator Karen Mills, “make up nearly 70 percent of the jobs in our country.” The fact of the matter is that even with SBA lending, many of these business owners are considered to be bad credit risks or are operating in “high risk loan” industries which can bar them from access to capital, even capital backed by the SBA. This disturbing trend has made alternative

How to Go Green With Your Small Business

Wednesday, 14, August , 2013 by

As a small business owner, there are many concerns that you deal with on a day to day basis. Often times, independent business owners feel that they simply don’t have the time or the know-how to make their business more environmentally friendly. The top causes of small businesses not working to increase their environmental sustainability are concern that it will stop them from being profitable, apathy and costs. What many business owners do not realize is that there are many different tax breaks that energy efficient businesses can qualify for, offsetting some of the cost of updating your business. Another way to cut back on the energy consumption of your business is to try and reduce paper waste as much as possible. a good way to do this is to begin relying on cloud technology and a scanner to make as many of your documents digital as possible. This is especially handy for sharing applications, invoices, or other forms that many of your employees will be using.

The most visible collateral damage in trucking is the aftermath of a crash, where roads, vehicles, and their occupants can be catastrophically destroyed. However, the driving forces behind this kind of an accident account for a much more subtle and far reaching type of problem. Driver health has been an increasingly topical issue, with new regulations in place mandating more rest periods for drivers with the rationale being that chronic driver fatigue, sleep apnea and over consumption of nutritionally poor foods and caffeine are leading causes in many of the fatal crashes that occur each year. In the aftermath of these regulations, many drivers are reporting dissatisfaction with the way that their now mandated rest periods affect their schedules and the number of billable miles they can claim. In particular, driving at night, when traffic is lightest, is now much more difficult as drivers are required to get a good night’s  sleep. Aside from effecting the schedules of drivers, the new regulations in conjunction with

For business owners with bad credit, the idea of a prepaid card loans piece of mind, as these cards do not rely on credit to obtain, and the limit on how much you can spend is set by how much money you load into the card. However, the media has recently turned its lens on the debit card alternatives, and brought up some concerning aspects of how the cards work. For one thing, there are no legal regulations in place when it comes to the cards, meaning that most are not insured against loss or theft. Another troubling aspect of how the cards work is that they are laced with many hidden or seemingly excessive fees. These fees can include monthly flat fees, fees for recharging the card with money as well as fees for ATM usage and even fees if the card is lost. Taken all together, these charges can incrementally add up to wind up costing hundreds of dollars. The card consistently ranked

Social media marketing is one of the hottest topics in small business at the moment, with many entrepreneurs and media coaches touting the benefits of a social media strategy that spans multiple platforms. Social media can be a huge boon to small businesses, but at a certain point, one has to wonder where the time investments become to much to justify the ROI. In a recent op-ed piece by Rhonda Abrams, she gets to the heart of the debate around time spent versus potential reward, summed up nicely in the first few lines of her piece “Here’s what I used to do first thing in the morning: check and respond to email, read news and industry info (including USA TODAY), get to work. Here’s what I must do now: check and respond to email; check, respond and post to Twitter and Facebook and LinkedIn and GooglePlus. There goes the morning!”  She goes on to rationalize the time spent to create a presence by pointing out

Many small business owners report having difficulty financing their businesses. Whether because of a lack of collateral, bad credit, or anything in between, there are many roadblocks that can stand in the way of business owners and their dreams of improvement. However, there are a few things that business owners should know that can help them get over the first mental hurdles they will face when it comes time to start looking for financing. Small business funding is more scarce now than it used to be, but it has not simply gone away. the American entrepreneurial spirit will always find a way to fill the gaps left in the economic climate, and small business owners in particular are a hardy bunch. When it seems as if business funding from loans and grants is a pipe dream, and that every lender and credit union you visit is eager to turn you away, take a deep breath and consider these three key points. 1) First of all, there is

According to a recent article from, many minorities, especially those in lower income areas, struggle when it comes time for them to apply for small business loans. The article goes on to state that a mere 3.4% of SBA loans go out to entrepreneurs in low-income neighborhoods. One woman was turned down by banks multiple times before she could open her salon. Despite this, Forbes  reports high rates of growth, in particular among minority women business owners, citing a growth rate of 156% from 1997 to 2013. According to the article, one of the main reasons why it is still difficult for minority and female entrepreneurs to get a loan is a lack of collateral that banks would use to back their assets. Proposals to use business experience and know-how as “soft” collateral may sound attractive on paper, but in reality will be hard to implement in ways that will be both satisfactory to banks and fair to the entrepreneurs who need capital. Getting a business

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