Does Your Company Qualify for These Unique SBA Loans?

Does Your Company Qualify for These Unique SBA Loans?

Many people know about the Small Business Administration’s flagship loan programs because they have been operating for decades, refining and expanding their criteria over time to accommodate issues like franchise financing and changing definitions of small business income. What is less well-known is the wide range of additional programs offered for everything from credit building to disaster relief.

Over the last 15 years, several loan types have emerged, including microloans for short-term business needs, but many of them are niche programs compared to SBA loans for major asset purchases. Two of the more important newer loan types for startups and companies with limited resources have been around since 2018, though, and it’s important that the companies who could benefit from them learn about what they can do.

Community Advantage Loans

This program was piloted in 2018 and was designed to connect borrowers with credit obstacles to 7a program lenders by providing both application support and additional lender guarantees. When you work with the Community Advantage program, you aren’t necessarily applying for a new type of loan, but for help accessing the loan types that other businesses have benefited from. If you have been turned away through the traditional 7a program for issues with your business plan or supporting documentation, this could be your path to approval as well.

Express Bridge Loans

While the SBA is most well-known for its long-term lending, the administration has worked on making short-term lending more accessible. The microloan program is one version of this initiative, and express bridge loans are another. Where traditional SBA loans often have long approval times due to the dual approval process by the government and lender, the EBL program is designed for fast approvals.

The EBL application process is designed to identify your financial needs and the ways they have been impacted by recent disasters. It is vital to many companies’ disaster recovery efforts because Express Lenders approved by the SBA can move quickly based on application information, but your business does have to be operating in a disaster zone to qualify. Even if it is not an everyday loan you can always use, companies that operate in disaster-prone areas should consider it as part of a response plan.

Learn More About Additional SBA Loans

If you are interested in finding out about the half dozen or so additional programs beyond the SBA’s flagship offerings, all you have to do is check out the administration’s official web page. You will find resources on everything from which franchises work with the SBA to what approval times average for different programs.

Abundant Wealth Financial offers a wide range of SBA solutions for working capital, equipment, large business assets, acquisitions, and more. As a financial firm in good standing, we have the ability to expedite loan requests for our clients. Contact our offices today to get the funding your business needs.


Everything You Need to Know About PPC Ad Solutions

Marketing your business online can prove as complicated as it is costly. In order for you to reach a wide audience, you need to exercise caution in order to ensure that you don’t spend a small fortune along the way. Though it can seem like the most effective services are the most expensive, this is not always the case. In fact, you can see some impressive results by looking at services like pay-per-click ads. PPC solutions can help you see results without breaking the bank, so it can be wise to take a closer look at the service.

What Is Pay-Per-Click Advertising?

Basically, pay-per-click advertisement services are a cost-effective alternative to traditional ad options. In the past, the common way of advertising a business was by renting ad space. This could be a space that exists in the physical world, like a magazine or bus stop, or it could be a space in a digital sense like a website or social channel. Pay-per-click revolves around digital environments and removes the need to pay for the space itself. Instead, you only pay when a visitor successfully clicks one of your ads.

What Are the Benefits?

There are a number of immediate advantages that you can expect when it comes to using PPC ad solutions. For one, you will not need to worry about wasting your money. Instead of putting out cash for advertisement services that yield no results, you will be able to control your budget and apply funds only when you see success. What’s more, pay-per-click solutions offer you the opportunity to analyze your success. Review data surrounding which ads are seeing the most clicks and it can help you make better decisions moving forward. 

What to Consider in Advance

You may also find it useful to conduct a bit of research in advance in order to see the most success with your ads. Dive into the interests of your target audience, paying close attention to what websites your customers frequent most. This can make it easier for you to determine which sites will yield the best results in terms of ad placement. The more you know about what your customers prefer, the easier it will be to find a great fit for where to put your ads online. 

Getting the most from a digital marketing plan is all about learning what services are available to you. Learn to see better results and save money by pursuing sensible options like PPC ads and getting more out of your experience.  Contact Abundant Wealth Solutions today to learn more about our PPC solutions.

5 Common Pitfalls to Avoid When Flipping Home

5 Common Pitfalls to Avoid When Flipping Home

Flipping homes has gained a lot of popularity and attention over the years. The ease and viability of these projects are often inflated by depictions on television and social media. If you want to keep this from turning into your worst nightmare, here are five pitfalls you’ll want to avoid if you want to get into the home-flipping game.

Underestimating the Size and Scope of the Project

A Fix and flip project is often a far more arduous undertaking than many people realize. While social media and television may give you a false sense of timeline and assurance, you must understand that investment properties take a significant amount of time, energy, money, and patience.

Waiting to Explore Your Financial Options

Fix and flipping homes require different financial backing than it would for your primary residence. You will want a reliable lender who offers loans for flipping projects or hard money loans. Waiting to the last minute can produce poorly informed options and loans with unappealing terms.

Assuming You Can Do it on Your Own

Many potential home flippers are surprised to learn how aggressive the housing market is and how many options there are. If you try to embark on this journey on your own, you are bound to fail. You need a knowledgeable real estate agent to help you navigate the stressful process of finding the right property. They will not only negotiate your deal, but their expertise can prove invaluable in locating the right property to flip.

Lacking an Understanding of the Housing Market

Doing your research is also a must. Don’t rely solely on your real estate agent. While they will be an essential partner in your process, you should also understand the trends in the housing market to give you your best chance at turning a profit. Timing your fix and flip project correctly will play a pivotal role in the resale and profit of the overall process.

Relying on a Single Contractor

If you are going to make flipping homes a habit, you need more than one contractor in your arsenal. Contractors can often be incredibly busy, especially during months with more temperate weather. By relying on a single contractor, you can all too easily find yourself stuck in the flipping process with little leeway. If you want to avoid unnecessary and costly delays, you need more than one contractor.

Fix and flip properties are often not the silver bullet in your financial portfolio; however, they can prove to be far more successful and profitable if you avoid these all-too-common pitfalls. Don’t let the flipping process get the best of you. Instead, set yourself up for the most successful process you can.

Abundant Wealth Financial provides financing solutions designed specifically for property flippers. Contact our offices today to learn more about our fix and flip loans, as well as our fix and flip lines of credit.


5 Benefits of Leasing Instead of Buying New Equipment

5 Benefits of Leasing Instead of Buying New Equipment

When your business needs new equipment, you have a few different options. You can lease it, get a loan or buy it outright. While there are certain situations in which owning your equipment may be the better choice, there are several benefits to equipment leasing.

1. Lower Upfront Payment

Buying equipment outright can put a dent in your company’s savings and, even with a loan, you may need to make a downpayment. With leasing, this is not usually the case. Most often, you are only required to make your monthly payments which can reduce the financial burden on your business.

2. No Added Debt

A lease is a rental agreement and, because you are not taking out a loan, there is nothing to pay back. This means that there are no interest fees to worry about, and it won’t affect your credit-to-debt ratio.

3. Easier Upgrades and Replacements

Depending on the kind of equipment your business uses, you may find that it quickly becomes outdated. If this is the case, then equipment leasing is likely a much better option for you than purchasing. With a lease, you are only required to keep the equipment for the length of the agreement; after this, you can switch it out for something more recent.

4. Included Repair Costs

Even if the equipment is not something that will become obsolete quickly, that does not mean it will last forever. As it ages, your equipment will likely start having issues and require repairs more often. If you own it, then this work will come out of your own money. With a lease, repairs are often included. This makes it easier for you to get the necessary work done and reduces the need for emergency spending.

5. Lower Tax Payments

You probably already know that you can claim business expenses on your taxes. This includes your lease payments. Because these payments are the same every month, it makes it easier for you to prepare. In comparison, the amount that you can claim for equipment you own will lessen as the value goes down over time.

Equipment is an essential asset for any business. From furniture to computers to large machinery, these items are necessary for you to run your company on a day-to-day basis. Equipment leasing can simplify the process of getting what you need and is often a more convenient option compared to applying for a loan. If you don’t want to increase your debt or the technology you use is continually improving, then a lease may be the way to go. Contact Abundant Wealth Financial today to explore our equipment financing options.

4 Ways Your Small Business Can Stay Within Budget

4 Ways Your Small Business Can Stay Within Budget

Is your small business lacking a bit when it comes to money? It can be stressful when you feel as though you don’t have the funds to operate your business properly, but there are some things you can do to make the situation easier. Even with a tight budget, you can still grow and create a successful business.

1. Keep Track Of Your Monthly Finances

One of the most important things for any business is to keep track of your money. You need to know how much you’re making and how much you’re spending each month. When you do this, you have a better idea of any extra funds you may have and will know what you can spare if there is an emergency or useful investment opportunity.

2. Use Low-Cost Marketing

Many forms of advertisement require money. Some cost less than others, and some won’t cost you a thing. With the rise of social media, many businesses have chosen to create their own accounts to interact with consumers and reach a larger audience. You can hire someone to operate an account for you or you can keep costs down by doing it yourself.

3. Reduce Unnecessary Expenses

If you notice that you are spending too much in certain areas, cutting back on these can make room in your budget. Whether it’s equipment that you no longer use or a workspace that is too large for your needs, cut out anything that isn’t necessary. You can also work with lenders to refinance any loans you may have to reduce interest rates or improve your terms.

4. Apply For Credit

While it may not necessarily put money in your pocket, having a business credit card or line of credit can be incredibly useful to your company. You will eventually need to pay it back, but it can help you get through a difficult financial period with a bit less stress. If you do a good job of making your payments on time or early, it can also improve your credit score and make it easier to get a loan or other financing in the future. Be careful, however, that you don’t spend more than you will be able to pay back as this can have the opposite effect.

Trying to stick to a budget when you don’t have much money can be difficult, but there are steps you can take to reduce your spending. Cut unnecessary costs where you can and keep an eye on your finances to make sure you know where your money is going and how much you have.

Abundant Wealth Financial offers unsecured lines of credit to both established and new businesses. Contact our offices today to get the financing you need.