How prudent business owners weigh their options for accessing capital - Denver Business Journal

How prudent business owners weigh their options for accessing capital - Denver Business Journal


How prudent business owners weigh their options for accessing capital - Denver Business Journal

Posted: 09 Oct 2020 07:46 AM PDT

[unable to retrieve full-text content]How prudent business owners weigh their options for accessing capital  Denver Business Journal

What is a Business Line of Credit? – North Denver News - North Denver News

Posted: 08 Oct 2020 08:30 AM PDT

When it comes to launching a business, there is so much everyone involved needs to know that it can seem a little overwhelming. Plenty of research will need to be conducted to make a new business a success, but the same also goes for maintaining a business and keeping it afloat long term.

There is a likelihood that you will find you need a cash injection either as an emergency or an investment somewhere along the line of owning a business. It can be somewhat confusing with the varying financial routes, which is the best to go down. Because of this, this piece will let you know what a business line of credit is and what you require to qualify for them.

 What is a Business Line of Credit?

The first important piece of information to know about a business line of credit is that a business line of credit is more akin to a small business credit card than it is a small business loan.

A business line of credit offers 24/7 access to a specific amount of money that can be used for anything that a business might need.

Many places offer a business line of credit, so make sure to do some research to find the best deals and pick a trustworthy company such as biz2credit.

 How to Get a Business Line of Credit?

Becoming eligible for a business line of credit is a similar process to qualifying for any format of borrowing money; however, some factors are different, such as some banks require businesses to have been under ownership for a specific amount of time.

Business lines of credit tend to have a lower interest rate than a business credit card or other business loans, which can have some pretty hefty APR% rates for purchases, which can be even higher for cash advances.

There is a high chance that you might have to borrow some money while running a business. This does not have to be due to an emergency but can also be for investing in the latest equipment or something that can help your business run much more smoothly. Because of this, it is better to prepare your business and credit score to be the perfect candidate for a line of credit.

The easiest way to do this is to pay all of your bills on time, make sure deadlines pay off any borrowed money, and organize all important paperwork so everything can be on hand immediately.

 Why Get a Business Line of Credit?

There are some good advantages to taking out a business line of credit. These include but are not limited to a lower interest rate than other borrowing channels. They are flexible, and revolving, which means a business easily accesses it at any time and available 24/7.

A business line of credit is also an excellent way of building up a solid credit rating, helping you access larger loans further along down the line.

RJio allows new postpaid users to start with existing credit limit - BusinessLine

Posted: 09 Oct 2020 08:54 AM PDT

Reliance Jio Infocomm Ltd (RJio) has rolled out a new scheme allowing postpaid users of other telecom operators to carry forward their existing credit limit while moving over to its network.

Under the scheme-- carry-forward your credit limit -- the operator has also waived off security deposit required for a new postpaid connection, an RJio official told BusinessLine.

Read the story: RJio expands presence in post-paid segment with JioPostpaid Plus

This would enable existing users of other operators to join RJio's PostpaidPlus scheme without losing their existing credit limit. The credit limit is generally the lowest for a subscriber while taking a new connection, but increases as usage rises and on prompt payment of bills.

Also Read: RJio eyeing bigger foothold in postpaid with new plan launch: Reports

The new scheme would also help RJio, which already has a user base of 397 million customers, to increase its subscriber numbers.

Also Read: TPG will invest ₹ 1,837.5 crore into Reliance Retail

Earlier on September 22, RJio launched had launched new postpaid plans that enable access to entertainment OTTs and data roll-over, with plans starting from ₹399.

Also Read: India will play a leading role in the Fourth Industrial Revolution: Mukesh Ambani

RJio, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has launched five tariff plans under its new JioPostpaid Plus. Till date, RJio had only one post-plan of ₹199.

'Let's do it': How these entrepreneurs braved the pandemic to open new businesses - Financial Post

Posted: 09 Oct 2020 04:06 AM PDT

Article content continued

Opening a business during the pandemic was not without its challenges. For one thing, it was difficult to find a smaller place to rent, and financing options were almost non-existent.

"Everywhere I went, they said no," Etchegoyen said. "They wouldn't even increase my line of credit."

Fortunately for her, friends stepped in to help out.

COVID-19 restrictions also required extra investments in ventilation systems and UV light cleaning equipment. On top of that, there were unexpected extra charges that came with importing the product from China via the United States that added to her costs.

Still, Etchegoyen persevered. From the concept stage in April, she was able to officially launch October 1. Now her efforts are focused on setting up campaigns and generating sales for Christmas.

"There are great opportunities for families, friends and employees, as well as teachers and health-care workers," she said.

Statistics Canada reported that Canadians opened about 52,700 businesses in June.
Statistics Canada reported that Canadians opened about 52,700 businesses in June. Photo by Azin Ghaffari/Postmedia files

One might think opening a new venture in uncertain times is a rare occurrence, but the numbers say otherwise. Statistics Canada reported that Canadians opened about 52,700 businesses in June, 40 per cent more than the monthly average between January 2015 and February 2020, though it should also be noted that 56,000 closed in the same month.

Business registration service Ownr, part of RBC Ventures, also noted a large rise in new Canadian entrepreneurs, reporting 100-per-cent growth in its volumes since the start of COVID-19. (Ownr has recently teamed with Staples, Shopify and Moneris to award 40 new entrepreneurs with $5,000 in seed money.)

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