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August 29, 2020

SBA Small Business Grant, Business Grants for Women Texas, Houston

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If you are start up small business owner, women entrepreneur and looking for business grants, Money Man 4 Business in Houston can help you getting your loan grant for you.

Are you thinking to run or start a business? If yes, then nothing sounds better than “free money”. Unlike business loans, here you don’t have to repay small business grants, as such, there’s nothing to worry over refinancing, interest rates or over term length. Rather you only have to apply, quality and boom.

Now, to help you with caveats, you can find here some pre-compiled list of verified startup grants and small business grants for you to check out. This is in a categorized form so that you can figure out which grant is best for you to begin. Get to know more about application process, timelines, eligibility criteria and more for each grant.

How to get Grant for a Small Business loan

A quick Google search will pull up millions of result for business grants. You can find a lot many possibilities that will seem impossible to narrow down the prospects. You can find certain resources that will not only help you find the right grants, rather also assist in application procedures. These will in-turn help you determine grant opportunities that cannot be missed.

Grants.gov

Everybody would want free money from the government. Now, Grant.gov is the federal govt. landing page for the entire federal govt. grants across agencies. This is a great resource to find grant opportunities, however you will find small businesses that are disappointed to find many grants closed to them. This website includes grants for nonprofits, individuals, local governments, school’s system, and so you’ll have to sift through to fine one that is best fit for you.

Nonprofit, private, and Government agencies can also choose to set aside grants for small business grants covid-19 or for any other reason they chose. These agencies set up grants to encourage the development of upcoming minority entrepreneurship in the country or the community. They will also fund the research to develop a specific industry, and others might go after innovation. Whatever might be the reason a business or agency will set up grants by setting upside funds, qualifications, and the required process.

You can receive a business grant particularly a govt. funded one. This is tricky and so get to know some of the needs and general guidelines that the federal govt. uses to identify business grant eligibility.

  • Grants are not given to start a business
  • Grant money is not for business to pay-off debt or cover operational expenses
  • Local and state grants maybe awarded to organization that assists with economic development

Once you are eligible for small business grants Houston tx, the agencies will notify you about the funding along with all the processes regarding the accountability and reporting. Once all the terms are agreed upon by the small business, you will receive the requisite funding.

Small Business Development Centers

After you have done lot many trials for federal govt. business grants, the forward thing to consider here is state and local business grants. Here, you can hit and find some on your own, but you can also be funded by government grants that will help you out.

One crucial aspect where this grants can help is by navigating the grant process. You can get an appointment to make while searching for small business grants.

SCORE.org

This is a nonprofit organization backed by small business administration that promotes mentoring and free tools for small business owners. They serve as free resource for entrepreneurs seeking for expertise having many local experts that you can connect with.

Your Local Librarian

With so many things alongside, local libraries do render for free at lower cost to business owners in finding grants. The librarians are trained researchers and have access to hundreds of databases. As such they can help you in narrowing down the search. As they work in conjunction with local chambers, they know the local pay of the land and will help you find business grants that are particular to your community.

How to Apply for a Small Business Grant

One best way to go through this is by working smart and hard. So, instead of filling out an individual grant application, you can create a resume for your business that outlines your answers to common queries business grant givers. Here, certain applications will vary based on what is needed. For instance, a local govt. grant will need an explanation of how the business growth and development will gain local commerce directly.

If you wish to apply for small business grants first, you need to become familiar with the required process. It is generally time-consuming as it has a detailed process, and there is no guarantee that your business will be selected for the grant. So, understanding the process and what is involved in it will help you decide whether it is worth taking the fund from the said agency.

Enquire and inspect about the number of grants that are available for the small businesses in your area. You will be required to fill up an application with the purpose and the type of industry to which your business belongs. If you are a woman, veteran, or a minority, it will help your chances in securing the fund.

Some common assets you might need to provide while applying for a business grant are:

  • Time in business, number of employees, monthly revenue, how the funds will be used, your business elevator pitch, your employer identification number, your social media handles, a photo, a business plan,

Federal small-business grants for women

There are certain federal govt. grants for small business owners who are designated for particular purpose like the research and development projects for rural and business regions. These grants are used for day to day expenses and other startup costs.

  1. Grants.gov

This is a database of federally sponsored grants that includes grants for small businesses. In order to apply for it, you must have a unique identification number and register to do business with the govt. in website. It will be only then where you can create an account at grants.gov.

  1. Transfer programs for Small Business Innovation Research and Small Business Technology

The small business administration facilitates two competitive programs, that render grants to small businesses to contribute into federal research and development. The federal agencies including the health and human services, defense, department of agriculture, post grant opportunities on their websites. You can search for current grant opportunities on their site. Here, to qualify for it, you should operate a for-profit business with no more than 500 employees and meet other eligibility criteria’s.

  1. The Girlboss Foundation Grant

Here, each grant recipient receives funding that are exclusive to female business owners working in arts, music, fashion and design. The selections are judged by innovation and creativity, demonstration, business acumen and planning of a financial need.

State and local small-business grants

Since federal small business grants are limited in number and even very competitive, you can seek for grants at the municipal and state levels. All you have to do is research and pin point particular grant programs in your regions.

  1. Women’s Business Centers

The small business administration sponsors women nationwide designed to help female entrepreneurs with business development and access to capital. Some lend money directly while other help find small business grants and loans that you may qualify for.

  1. Economic development administration

Many cities and states have economic development resources focused to promote strong local economics. For instance, you can find cities and states having several economic development districts that render financing to local entrepreneurs.

  1. Small Business Development Centers

There are numerous small business administration sponsored centres around the country usually housed at colleges and universities. You can find one on one business consulting that including helping with developing finding financing, researching markets and developing business plans.

Private small-business grants for women

There are certain businesses and private organizations that offer national grant programs for women small business owners.

Best Alternatives to Small Business Grants

Small business grants have one main benefit over business loan as you don’t have to pay back a grant. Here, a loan has to be paid with interest and can be tough on new businesses with flow struggles. Here, qualifying for grant is hard and in case thing doesn’t plan out for you; you can find traditional financing option as the best option.

Grants are one of the unique ways to fund a startup business grants, but that is not the only way; there are other options available to secure funds for the operating capital, which includes business loans, angel investors, selling assets, partners, etc. Another source of funding is crowdfunding which has become popular among the startup business.

 

Given here are some loan options you can seek in case you don’t qualify for grant

Micro loans

Micro loans usually have reasonable interest rates and easy eligibility criteria. Many organizations that render grants like govt. organizations and nonprofits, also provide micro loans. So, if you don’t qualify for a grant, you can ask the organization if they give loan.

Crowd funding

There are a range of crowd funding websites where your business can access funding. Here, you have to create an account, pitch your product/service and wait for people to donate to your organization. In exchange for money, you can render prizes like a free product or coupon. So, if you’re opting for crowd funding, you must ensure to read all the rules as this platform takes a small cut of your capital.

SBA Loans

SBA loans are another alternative in case you don’t qualify for grant, mostly a federal govt. grant. This guarantee small business administration loans and works with banks to get them in hands of small business owners. You can find any local bank and check whether they give sba loans.

Business Credit Cards

Even if you don’t think of business credit cards as a financing option, these are very convenient way to finance start-up costs and other business expenses. Business credit cards usually have high credit limits and other perks and so you must make sure to use them wisely without trying to carry a big balance months after months.

August 28, 2020

Business Credit Cards for Bad Credit, Best Small Business Credit Card

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The best business credit cards are prepared to help business owners to get benefit from everyday expending. Expense tracking, make benefited rewards programs and money saving interest can profit nearly each type of small business owner, from the irregularly freelancer. If you are a freelancer and have a gig work you might be a candidate for small business credit card. To have a dedicated credit card for your money making company helps you keep business and personal finances different.  And most of best small business credit card offers rewards and interesting things to competing some of the best consumer cards.

Small Business credit cards are comparable same to personal credit cards, only designed as business needs. They can offer businesses with rewards on their everyday expending, help cover expenses during seasonal time and assist in making business credit, preparing it easy to borrow in the future and qualify for a low credit card APR.

What is a business credit card? To give you a simple explanation in brief, business credit cards are credit cards meant to use by businesses instead of using in personal use. These cards are meant for businesses of all sizes. They do help businesses built a credit profile for improving future credit borrowing terms. Here, the small business credit cards are backed by personal guarantee that integrates personal liability to help in structuring credit terms.

These business credit cards Texas are intended to be used by small businesses rather for any personal or individual use. These credit cards are made available to businesses of all sizes which will help them to build their credit profile and improve their future borrowing terms. The most prominent takeaway of these cards that are specifically designed for business and not for individual use.

For small businesses a credit card can be very advantageous to keep their business expenses and personal expenses separate. Though the best business credit cards come with special perks, but they will not be providing the consumer protection that is provided against personal credit cards.

How a Business Credit Card Works?

Various lending institutions do offer business credit cards. The method of applying is same like the standard credit card application where the borrowers do apply with/without any employer identification number. As such, the process makes it easy for every type of business to avail business credit cards.

A business credit cards for small business will have slightly higher interest rates compared to traditional personal credit cards. The main reason is that the credit card debt is generally unsecured which creates higher risk for lenders. There are some lenders who will provide secured credit cards which will be much beneficial for a business which has little or no credit history.

Advantages and Disadvantages of Business Credit Cards

Are you thinking to obtain the best business credit cards for travel? If yes, then you should complete an application. Usually, these cards are easier to apply than non-revolving business loans as the method is automated with an immediate credit decision. They do come with various advantages and so have high interest rates unlike the conventional loans. Here, the credit card debt is unsecured that raises financing costs because of high risks for lenders.

A business credit card helps in a good way to itemize the expenses that is meant for business. Along with all the perks that are associated along with startup business credit cards it also helps these business to maintain separate details spending of business and personal spending. The credit card also provides an easy access to employees to purchase for business and employers to keep a track of the same.

These business credit cards for small business also provide another perk and that is regarding the traveling. Many business have traveling as a significant expense. A business credit card allows them to utilize the VIP lounge at airports or get discounts while staying at hotels during the business trips.

Business owners can apply the form through an employer ID number if they have one established. However, they can also use their personal social security number. The lenders will go through some under writing analysis over the entire info that are present in a new credit application. Business has credit reports and establishes a credit history in the way that individual does. As such, any activity that makes use of employer ID number will reflect on the business credit report.

Some essential points to note down

  • Business credit cards are used by firms for professional expenses, as opposed to personal credit cards that are used by individuals
  • The cards do help small companies to build credits in order to have better credit borrowing terms in upcoming days.
  • The cards are easy to apply than non-relieving business loans and come with gains and high interest rates than conventional loan types.
  • The cards are helpful for small businesses, for bookkeeping and keep professional expenses separate than personal one.

Business Credit Cards for startups

Business credit cards for new business is sometimes misleading. The age of your business here doesn’t matter and your odds of approval usually depend on the personal credit standing. This is the reason why issuer requests the social security number and is why you cannot get a new business credit card without a credit check.

Bearing that in mind, you can find best business credit cards for startups of all credit levels displayed. The customization of offers is based on the credits that stands and the desired rewards and rates to make it easy for finding the best card according to your requirement.

Business credit cards for bad credit

If you require a business credit but you have bad credit, a secured card may likely be the top choice. Secured credit cards generally producing big profit like welcome bonuses or rewards of the best small business credit cards. But they can provide instant access to funding, can help you establish business credit and keep your personal and business expense separate.

Business credit card will not solution your personal credit. Many business credit card providers do not inform positive behavior to consumer credit bureaus. If bad or poor credit is holding your business back, look for ways to rebuild or build your score. So you can qualify for better options in the future.

Instant Approval Credit Cards

Instant approval business credit cards are cards that determine the application in real-time. Now, many applicants can decide – either approved or denied the right way that depends on the credit card company’s ability to validate your identity. In case the issuer is unable to validate your identity, they will request some additional info and take a few days to process the application.

If you’re thinking to raise the odds of getting instant approval, you need to focus on cards that are suitable to make your credits stand out. the more high is your credit score, more there will be.

Understanding business credit cards

Firstly, the small business credit card seems more like consumer cards. It comes with same signup fees, rewards and bonuses. However, the consumer and business cards are unlike in some ways. Below is given some tips you ought to know prior to applying.

You’ll have to sign a personal guarantee

Virtually, all small business credit card application includes personal guarantee and clause that states that you’re liable for the debt accrued. This means you are responsible for the balances even if your business goes belly-up. Bear this is mind while applying and prevent borrowing more than you are able to payback.

Your personal credit may be affected

While applying for small business credit card, the application will show up as an inquiry on the personal credit report. This will cost you some point on the credit score for less duration. This is because your issuer will ensure that you are over the solid financial footing prior to letting you borrow money.

These cards usually fall into two categories: some report to both commercial bureaus; while other to your account payment history only to commercial credit bureaus. In the former case, your good/bad spending habits affect both of your business and personal credit.

Who can apply for a small-business credit card?

Anyone who operates a business, can apply for business credit card

Here, you do not require incorporating or have a formal structure like LLC or partnership. Sole proprietors are eligible and your business can be your full time job, a side hustle, or a part time operation. You should be prepared to answer queries over the application that includes things like:

  • Your business name and contact info
  • The industry you are in, how long you have been in business and how many staffs you have
  • Your business spending and annual revenue

How to choose a best small business credit card

There are times where you will use your small business credit card so little, so ensure you get one with some favorable terms. Some tips to consider here like:

Take stock of your business’s spending habits

If you plan to carry balances months after another, getting a card with 0% APR period or less ongoing interest is crucial than seeking for generous rewards. Otherwise, in case you plan to pay in full every month, a card with lucrative rewards and big signup bonus can be perfect.

Figure out what type of rewards you should go for

Is earning higher rewards you goal? If yes, then you should give more concern to your costs. For businesses that spend more on office supplies and travels, a card that renders bonus rewards will serve a good choice. Also, for companies with spending that doesn’t fit into category, you can opt for flat rate reward.

How to compare small-business credit cards

You can narrow down your choices according to the business’s requirement. This is how to determine and compare the features of various cards.

Annual fee

Many best small business credit cards charge annual fees in hundreds of dollar range. The rewards you earn here from your total sending can easily makeup. So, you shouldn’t miss the idea to pay fees out of your hand. Here, high volume businesses gets rewards that dwarf the fee and so annual fees get deductible business expenses.

Rewards structure

In case you go for rewards credit card, you will have two choices viz:

  • Flat rate card
  • Bonus category card

Another choice is whether you want your rewards as points or cash back.

Points card gives you miles or points for each dollar you spend, rather with bonus points of flat-rate categories. These rewards will be redeemed for travel even if you have other options like cash back or merchandise. Whereas, the cash back card pays you back a certain percentage of every purchase and this is most commonly redeemed like credit against your account.

We are associated with some of top companies those are provide the best business credit cards for bad credit. You can apply here at Money man 4 Business to get qualify and approve for best small business credit cards, for startups business and if you have bad credit history.