By Madhur Grover
By Madhur Grover
We have the privilege of meeting so many great applicants each month for the StreetShares Commander’s Call Veteran Business Award. Thank you to all the awesome veteran and military spouse owned businesses that participated in August! We are proud to announce the five finalists:
Sometimes life throws a wrench in your small business plans. Unexpected expenses can come up that make it increasingly difficult to keep up with the demand of loan payments. You might have every intention to repay your business loan during economically hard times, but when push comes to shove and money is tight, it’s easy to fall behind. So what should small business owners to do if they find themselves in a tight spot? And how should you expect to be treated by your lender if you default on your loan?
Recent upswings in the U.S. economy combined with legislation promoting business ownership means more minorities than ever are choosing the path of entrepreneurship over traditional careers. According to The 2014 State of Women-Owned Businesses report, there are more than 22 million minority owned businesses in the U.S. In addition to African Americans, Hispanics, Native Americans and women business owners, veterans are increasingly using their talents and creativity to create new businesses and new opportunities for their fellow Americans.
Remember those kids at school that called people names, knocked them down on the playground and stole their lunch? Turns out, it doesn’t matter how old you get—there are still bullies in the world, they just look a little different—bigger, meaner and slightly more sophisticated.
In the slow and gentle rhythm of her father’s music shop in California, Stephanie Brown’s passion for entrepreneurship was ignited. Stephanie’s father, a Vietnam veteran, had retired from the military and built a business that would allow him to cultivate his love of bringing music to people. He opened his doors to the community and offered free lessons to any veteran that passed through. Stephanie worked in the music store on the weekends as a teenager, soaking up every minute and quietly observing everything her father did.
In a world where hype is huge and companies fail to deliver, it’s more important than ever to have confidence in those handling your finances. Especially when it comes to small business financing. We’ve all heard the stories of businesses stuck in the black abyss of debt because their lender was not upfront with the true cost of the loan. No business wants to there—no business should have to be there. Your lender should be your biggest advocate, believing more in your success than in the bottom line.
The way small businesses borrow money is being transformed, making the funding process faster and easier than ever. But at what cost? See if you're up to snuff on your rights as a potential borrower.