StreetShares Blog - The Resource Center for Veteran Small Businesses

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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Veteran Business Award Finalists Announced at Governor McAuliffe’s Visit

We’re kicking off the third month of the Veteran Small Business Award program with a bang. Today, Virginia Governor Terry McAuliffe visited the StreetShares office to announce his new initiative for the Virginia Values Veterans (V3) Program.

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Government Contracts & Contract Financing Landscape for Veterans

As the world’s largest customer, the U.S. federal government represents an incredible business opportunity for veteran small business owners. And recent signs point to this opportunity only increasing for 2017 and beyond.

Generally speaking, for everything from defense to healthcare, the government constantly needs all manner of products and services. Veteran small business owners serving this area have always been a natural fit given that veterans once worked for the federal government in defense.

Naturally, this means veterans have acquired valuable contacts, skills, and know-how regarding the needs of this huge customer. Veteran contractors find themselves involved in everything from providing essential cyber security work for the Department of Defense to selling medical devices to the Department of Veterans Affairs.

It is crucial that veteran small business owners understand the large-scale opportunity that exists, the resources at their disposal, and then some fundamentals on contract financing options. Regarding the latter, this type of funding option is one they may not have heard before or be familiar with. 

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Recognizing Veteran Entrepreneurship with Veteran Business Grants

The second month of the Veteran Small Business Awards from the StreetShares Foundation and JPMorgan Chase was another success. We had several innovative and inspiring organizations who are involved in the military community directly. Thank you to all of the applicants and finalists for participating in the January 2017 round.

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How to Compare Your Small Business Loan Options

By Madhur Grover, Chief Credit Officer on January 20, 2017

So you’ve scoured the internet for loan options, flipped through offer letters in your mailbox and received dozens of calls from lenders. You’re ready to make a decision on a small business loan—but how do you choose?

We will show you how to use a helpful table—similar to the Schumer Box— that will help you break down your loan options side-by-side so you can make the most well-informed decision for your business.

What is the Schumer Box?

If you receive a consumer lending product—such as a mortgage, auto loan or a credit card—you have probably seen a table that breaks down key metrics like APR and fees. This is a Schumer box. Unfortunately, this table is not common for small business loans, which can make it really hard for you to lay out and compare your loan options. So I’ve created what I call the Grover Box to help you out.

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5 Reasons Why Veteran-owned Small Businesses Get a Small Business Loan

 

Seeking funding for your veteran small business can be one of the biggest hurdles you overcome as a business owner. There are many ways to go about it. Depending on the stage of your business, you may be looking for equity financing, debt financing or you may be bootstrapping and doing it all on your own with your savings and/or with money from friends and family.

When you have money, you can make more money. It’s a vicious cycle, but it’s one of the most important factors in running a small business. In fact, 82 percent of businesses fail because of cash flow problems, according to a U.S. Bank study. Cash flow is the movement of money in and out of your business. Not having enough cash or inaccurately analyzing your cash flow can affect everyday operations.

Once you have enough cash flowing in and out of your business, you’re probably at the stage of growing your business. If your cash flow is steady, how do you get more money to boost your business even more? Let’s look at a few veteran small business owners who took the debt financing route to grow their businesses with small business loans and lines of credit.

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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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10 Veteran Business Owners Made Final Round for Veteran Business Awards

Since the StreetShares Foundation launched on Veterans Day last year, we've had tons of Veteran small business owners get equipped with educational resources as well as apply for the Veteran Small Business Award. 

Last month, we awarded Chris Dyer, Marine Veteran and owner of Grunts Frozen Yogurt & Ice Cream with the first place award of $5,000. Amy Crispino, military spouse and co-owner of Chameleon Kids, and Melissa Washington, Navy Veteran and founder of Women Veterans Alliance put up a good fight and came in second and third place, respectively. 

Congratulations to this month's award finalists! 

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