Using a business credit card responsibly can help build your business credit score, which can help you access other types of financing in the future. Business credit cards are also great tools for managing your cash flow. Logistically speaking, here’s how to use a business credit card:Charge business expenses to the card.Receive a statement that specifies how much you borrowed over the statement period and how much you need to pay back.Make at least the minimum payment before the due date.Earn rewards, such as cash back or points. But the following tips can help you get the most value out of…

How we chose the best secured business credit card NerdWallet rates business credit cards on their overall value. Factors in that evaluation include fees, rewards, bonus offers and other noteworthy perks. Secured business cards typically aren’t rich with features. Instead, their primary purpose is establishing a trade line for a company and building its business credit. Of course, entrepreneurs can do that by using almost any business credit card responsibility. But unlike most of those cards, secured options extend that opportunity to applicants with thin or poor personal credit (typically considered a FICO score below 630). With that in mind,…

A closer look at the best short-term business loansBluevineBluevine – Line of creditMinimum credit score: 625. Minimum time in business: 12 months.Minimum annual revenue: $120000. No bankruptcies in the past year.ProsCash can be available within 12 to 24 hours.Can be used to build business credit.Low minimum credit score requirement.ConsRequires weekly payments.Requires personal guarantee.Not available in North Dakota, South Dakota or Nevada.Rates can be high compared with traditional lenders.FundboxFundbox – Line of creditTerm length: 3 or 6 months. Minimum credit score: 600. Minimum time in business: 3 months.Minimum annual revenue: $30000. ProsFinancing available within one business day after approval.Simple application with…

Not telling your lender that you’re in a hurry. Knowing your ideal timeline can be tremendously helpful to your loan officer in how they prioritize their files and advocate for you to their underwriting team.Not reading loan agreements and terms thoroughly. I worked on many pandemic-relief loans that were processed and closed quickly. After the fact, I saw some business owners get caught off guard by basic terms like payment dates, amounts or methods. Even when you’re in a rush, it’s important to read through your loan agreement.Not staying prepared or up to date with financials. The businesses that did…

Best business credit cards for bad credit 250+ small-business products reviewed and rated by our team of experts. 95+ years of combined experience covering small-business and personal finance. Objective comprehensive business credit card ratings rubric (Methodology).NerdWallet’s business credit card content, including our ratings, reviews and recommendations, is overseen by a team of writers and editors who specialize in business credit cards. Their work has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet’s strict editorial guidelines to ensure fairness and accuracy in our…

Small-business lenders can be traditional financial institutions, such as banks or credit unions, government agencies, nonprofit organizations or online fintech companies. Individual lenders vary in the types of small-business loans they provide, as well as their application processes and eligibility criteria for borrowers. The best small-business lender offers the products you need, has requirements you can meet and charges affordable interest rates and fees.Learn about each of your lender options below, and compare some of the top loan products from NerdWallet’s highest-rated small-business lenders.What is a small-business lender?A small-business lender is a third-party entity that loans your company money under…

Commercial real estate loans help small-business owners buy, renovate or refinance commercial property without having to pay for it all upfront. But commercial mortgages come at a cost, and calculating those costs can be tricky, especially if you’re trying to compare multiple business loan offers. Use our commercial real estate calculator and the instructions that follow to estimate monthly payments, interest costs, balloon payments and more.How to use our commercial real estate loan calculatorStep 1. Enter the loan detailsBalloon payment. Select whether or not your loan has a balloon payment. Balloon payments are common with commercial mortgages. They allow you…

Key takeawaysA prepayment penalty is a fee a lender charges when you pay off a loan before its term ends. It is typically assessed as a percentage of the remaining balance of your loan. You may be able to avoid a prepayment penalty by negotiating with your lender.Paying off your small-business loan early can help free up cash flow for your business, obtain financing for new purchases and save you money. But if your loan has a prepayment penalty, it’s important to run the numbers and consider what it would mean for your business before you commit. What is a prepayment penalty?…

The Federal Trade Commission received more than 330,000 reports of scammers impersonating businesses in 2023.Some of these scammers pretend to be major corporations like Amazon or Best Buy, the FTC says. But small businesses are at risk too, says Scott Taber, a cybersecurity awareness program specialist at the Michigan Small Business Development Center.“There’s always been this idea that small businesses are too small. But we know that’s not true — that cyber criminals specifically target small businesses because of that fact,” Taber says. “Small businesses typically don’t have the same resources as the larger organizations.” You can take steps to…

Getting an SBA loan with bad credit will likely be very challenging, but it may not be impossible. Ultimately, your ability to qualify depends on your credit score, the lender, the type of SBA loan you’re trying to get and a host of other factors.The only SBA loan you’ll likely be able to get with bad credit is an SBA microloan. You can increase your chances of qualifying for other SBA loans in the future by improving your credit score, having good collateral on-hand and writing a strong business plan.Minimum credit score requirements for SBA loansFor SBA loans, you’ll typically…