StreetShares Blog - The Resource Center for Veteran Small Businesses

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How Credit Score Affects Getting a Business Loan

By StreetShares on February 7, 2017

Veterans are well trained in the art of overcoming obstacles; military service capitalizes on the courage and bravery of its members to tackle and overcome any challenge head-on.

Your veteran-owned small business will encounter its own set of obstacles, and the success of your business may very well depend on your ability to surmount them.

One of the foundational hurdles every small business has to overcome are the muddy trenches of credit scores and the effect they may have on your business loan. We'd like to take you on a journey. This will be the first of several posts about credit scores and how they affect getting a small business loan. Get the credit score series of posts straight to your inbox by subscribing to the StreetShares blog

Personal and Business Credit Scores Explained

Credit scores are the numerical representation depicting a borrower’s creditworthiness – that is, their ability to pay back a loan. These sources are useful for lenders to judge whether or not they think they’d be able to afford the risk of loaning money to you or your small business by showing them how financially trustworthy you are.

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Business Taxes: Everything You Need to Know*

By StreetShares on February 3, 2017

Taxes. Filing taxes for yourself can be complicated, but when filing taxes for your business, the
complexities can multiply. To make tax season hassle-free this year, you need to understand the regulations and deadlines. Here are five tips to avoid audits, claim more deductions and reduce overall tax headaches:

1. Record Everything

The healthiest thing you can do for your business is to keep your books up-to-date, clean and accurate. Be sure to keep all of your receipts and preserve other important business documents. That way, you’ll not only be organized, you’ll be prepared in the case of any audits and be better equipped with the right files when claiming business expenses. If you use a bookkeeper make sure you're they're using the right cloud applications on your behalf – so your data is always accessible. That way you can breathe easy during tax season knowing that you are covered.

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Investing in StreetShares Means Investing in Veteran Small Business

By StreetShares on January 12, 2017

As a peer-to-peer lender, we fund veteran small businesses with small business loans and lines of credit that are backed by investors who support veterans. Here's the story of one of our many veteran investors who proudly supports veteran-owned small businesses. Furthermore, his member username is ISupportVets. He explains why he invests in businesses on StreetShares, as written in his own words.

What is the significance behind your username “ISupportVets”?  

The ISupportVets username accurately describes the primary reason that I invest as a StreetShares Pro member, because I do support veterans. I assist veterans through several organizations and see StreetShares as another way to support them. I really like being able to give veterans a hand up by promoting their veteran owned small businesses.

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How to Understand Business Loan Rates and Fees

By StreetShares on January 10, 2017

All veteran small businesses start somewhere. But, where do veteran business owners go to grow their small businesses? Most will need financing in the form of a veteran small business loan. However when it comes to financing a small business, there is no standard way loans are presented and plenty of online lenders use flashy marketing campaigns and bury the true cost of funding in the small print. As a borrower, it’s easy to become confused and overwhelmed by the various options.

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4 Smart Reasons to Secure a Small Business Loan for the Holidays

By StreetShares on December 20, 2016

Are you prepared for the holiday rush? While the holidays can bring excitement and joy, they can also be a stressful time for the unprepared small business owner, especially when it comes to finances.

Working capital is the lifeblood of a small business—it’s the money your business needs to manage the day-to-day operations and transactions. Your working capital affects your ability to meet your monthly expenses, like rent, payroll, inventory and others. While most small businesses expect a significant spike in sales over the holidays, if you’re not prepared to meet some of the short-term, upfront expenses needed to keep your business viable, your business could really struggle these next few months. If you’re concerned about the cash flow of your business, it might be time to consider taking out a small business loan or a line of credit to get you through the holidays.

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Veteran Small Business Owner Gets Decked by OnDeck: Prepayment Fees

By StreetShares on December 9, 2016

An important note to all veteran small business owners across America: the repayment terms of small business loans can vary greatly and be written in very small print. Just ask Air Force Veteran, Mike Dunn. 

A proud Budget Blinds franchisee, Mike was already seeing business take off in Temple and Killeen, Texas. In fact, due to increased customer demand, he needed a location to both display and store inventory. Like many small business owners, he suddenly had a working capital need. His new mission was to quickly build a new showroom. 

Mike started his research as many small business owners do: online. He filled out a survey to match him with the right small business loan. The survey recommended OnDeck as an option for his small business loan, and Mike called them. 

He reviewed the terms of the OnDeck loan carefully. Like most detail-oriented veterans, Mike wanted to ensure he maintained all protections for his scenario. When speaking with OnDeck, he specifically asked if he could pay the loan off early. 

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10 Finalists Announced for Veteran Small Business Awards

By StreetShares on December 1, 2016

The StreetShares Foundation presents the top 10 finalists for the December Veteran Small Business Awards. We had so many great businesses to review, everything from restaurants, subscription services for ammunition and tech startups. They were graded on a weighted scale based on five criteria including their business idea, how they plan to use the award funds, product-market fit, team and company history and their influence on the military and veteran community.

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Using a Credit Card to Fund Your Business: Good Idea or Bad?

By StreetShares on November 18, 2016

When you’re thinking of ways to get your business off the ground, you may be cringing at the idea of endless loan applications and the interminable waiting period to see if you’re approved. If you’re racking your brain trying to come up with a different route that doesn’t require so much time and hassle, you may be ready to consider using a credit card to fund your business.

Paying for your business capital using personal or business credit can have some huge perks, especially if you’re on top of making your payments and have a lucrative business. However, as great as the advantages are, there are also some weighty drawbacks to consider. Read on to see how these pros and cons measure up, so you can choose if this method is going to help or hinder you in the long run.

Why You Might Use a Credit Card

There are a number of reasons one might consider using a credit card as business funding. First, if you’re at the very outset of your venture, you may not have the credit score or business assets to qualify for a small business loan. But if you happen to have a credit card with a reasonable limit, that’s quick access to funds with no need to apply for a loan.

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Veteran Small Business Award Presented by the StreetShares Foundation

By StreetShares on November 10, 2016

Veteran businesses have become the backbone of the United States economy since World War II. Veterans have a wealth of knowledge and experience to create opportunities for themselves in entrepreneurship. They have the leadership skills, the hard work ethic and ability to think strategically among other skills. Veterans have opened businesses such as government contracting, suppliers, restaurant franchises, retail shops and more. How do we continue to support these veteran-owned businesses to be successful?

StreetShares announces the formation of the StreetShares Foundation just before Veterans Day 2016. “The goal of the Foundation is to provide a new generation of veteran small business owners with the support they need to thrive,” said Mark L. Rockefeller, CEO/Co-Founder of StreetShares and an Iraq War Veteran.

The mission of the StreetShares Foundation is to inspire, educate and support veteran small business owners. The Foundation has partnered with JPMorgan Chase to provide up to $10,000 each month in Veteran Small Business Awards.

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Saluting Military Veterans Elected for Public Office 2016

By StreetShares on November 9, 2016

StreetShares salutes the following military Veterans elected to public office last night, representing all military branches and voters across our nation. See their names below and congratulate them with us.

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