The COVID-19 outbreak has wreaked financial havoc around the globe, leaving many business owners struggling in its wake. According to the National Federation of Independent Business (NFIB), as of March 30th—still early in the crisis—92% of small businesses said they had suffered negative effects as a result of the pandemic. Just 5% of small-business owners said they had experienced no effects at all.
As the US and countries across the world start to ease COVID-19 stay at home orders, government officials have cautioned that the transition back to “normal” will be slow. So while retail and other brick and mortar stores start to open, small business owners should still be prepared for lower than usual traffic. One way to ease the pain? Focus on your online strategy.
The last few months have been all about survival. Small businesses across the country have been in crisis mode, scrambling to stabilize and stay afloat amid COVID-19. But we are slowly starting to see signs of transition – Payment Protection Program (PPP) loans are being distributed, states are starting to reopen, and many nonessential employees are headed back to work.
Military retirement changes are happening for many of our nation’s service members in the form of a new, blended retirement system. Anyone who joined the military after January 1, 2018 was automatically enrolled in the Blended Retirement System (BRS), so it’s important to understand exactly what it is and how it might impact you.
According to the DoD, only about 19 percent of active duty members and 14 percent of reserve members actually hit the 20-year service mark previously required to receive retirement benefits from the military – about 1/6 of our military population.
To alleviate this problem, the Department of Defense rolled out the Blended Retirement System to serve the remaining 80 percent of service members left without military retirement benefits. The goal of the BRS is to offer a retirement system that aligns more closely with a civilian 401(k) plan, as well as to offer military benefits for those who serve their country in uniform, but not for a full 20-year career. While these new military retirement changes are designed to save the government money, many benefits are available for military members who understand the new system. It’s perfect for veterans who want to build their savings for retirement, those who may be seeking to open a small business, or those who want to become a certified, veteran-owned, small business government contractor.
If you’re a new small business owner requiring a loan to get your business off the ground and where it needs to be financially, but you haven’t accumulated collateral to borrow against in the event that your business suffers a downfall, you may find yourself in a situation where getting a small business loan without collateral seems nearly impossible.
Starting a business with no money and no collateral to secure a business loan can be tough. However, there are ways around getting a business loan without collateral by implementing the following tips. With so many lending options available for small businesses to grow and flourish, you can easily get your business on its feet.
In an ideal world, you’d be able to determine the exact average small business loan interest rate in order to scope whether a financial institution is taking you for a ride or being extremely generous. Unfortunately, there is no such thing as one specific average interest on a small business loan or even an average SBA loan interest rate due to many contributing factors.