Whether you've already got a gas station and want to add services, such as a car wash or mini mart, or you're new to the gas station game and need help financing your purchase, finding a company that is willing to make a loan can be tricky. Financial companies can sometimes be reluctant to finance small businesses such as gas stations, because they focus on the personal credit score of the owner, and not the true business fundamentals. Luckily, On Deck specializes in gas station financing. Our gas station loans are ideal for purchasing additional inventory or taking on additional employees during the busy holiday season, when many drivers are traveling to see family and friends. Visit On Deck today to learn more about how to get a small business loan for your business.
If your dining establishment is doing reasonably well, but you lack the extra capital to push your business to the next level, then restaurant financing may be just the ticket to get you over the hump. The most important aspect of restaurant financing is envisioning a plan for how best to use the extra money. As the saying goes, failing to plan is planning to fail. Discuss with your team what the restaurant needs to boost revenue, improve the decor, or whatever might be necessary to get more people through the door. Make a list of priorities for your business, and agree on how you might use any restaurant loans. Come up with a rough estimate as to the amount of restaurant loans you need to fully realize your goals. When you show a loan officer how much thought and effort you've put toward securing restaurant financing, you put yourself in the best position to earn fair terms.
Before you even think about restaurant loans, however, you'll want to do your homework. Franchise Times is one of the premier online trade publications for franchises in the restaurant and hospitality industry. They publish numerous informative articles about small business and restaurant loans, and the finer points of franchising in general . Learn everything you can about the nuts and bolts of securing restaurant financing before you sign any papers.
Equipment World is an excellent resource for staying abreast of the latest best practices and industry trends in the equipment world. If your manufacturing business is in need of equipment financing and leasing, be sure to visit On Deck. Our manufacturing financing and manufacturing loans work great with small business owners looking to spearhead a new purchase or repair. Let On Deck be your source for small business credit.
With winter looming, it's important that vehicle owners are ready to winterize their vehicles. For auto repair shops, it's a perfect time to stock up on inventory and other equipment in order to accomodate your customer base. On Deck's auto repair shop loans are perfectly tailored for small business owners. If you are looking for small business financing, don't forget to check out On Deck.
A study from the The Quebec Longitudinal Study of Child Development has found that while children in day care get sicker more often in their younger years, are often more healthy once they reach elementary age. If you own your own day care center, it’s more important to take the right sanity precautions to ensure your students are healthy. On Deck offers day care financing for business owners to stock up on inventory or spearhead a facility upgrade. Check out On Deck’s website to learn more about our small business loan programs.
Indianapolis chiropractor Dr. David Bax, owner of Bax Injury & Rehabllitation Center, issued a press release today announcing his newly launched website. The release details the websites features, including articles on check-ups for kids, human physiology and even an interactive 3D Spine Stimulator that explains the relation to organs and nerves throughout the body. Dr. Bax’s publicity campaign exhibits how marketing is important for all small businesses – regardless of industry. Overhauling a website is certainly an investment, and that’s precisely the reason On Deck has loans for chiropractors available. Online business loans are a hassle-free way to get your next marketing project out the door - check out the website for more information.
According to new data from The Thomson Reuters/PayNet Small Business Lending Index, private business loans for small companies rose in March, but at a slower pace than in the preceding months. Measured by overall volume of financing to U.S. small business, March witnessed a 12% increase while February had a 17% increase. While the study didn't cite a reason for the drop off, William Phelan, PayNet's president and founder noted that demand still needs to catch up with the current financial landscape, which is ripe for growth. At On Deck, we are dedicated to increasing the availability of capital to small businesses everywhere to get demand back on track. Our short term business loans not only help small businesses achieve their goals, but also on a larger scale keep the economy moving forward.
According to Bill Sell, vice-president and general manager of CrossTechMedia, face-to-face selling is still the best way for small business professionals to test out their marketing strengths. With about 2,200 trade shows and industry expos annually, any small business can certainly find one to suit their needs. Attending a small business event – and taking full advantage of the networking opportunities – can increase your profile within your industry, foster introductions to new clients or new partnerships, as well as provide time to getting up to speed on new trends.
Sell recommends thinking about industry networking events proportionally: if there are 220 business days a year, every small business owner should spend one day devoted solely to business development. On Deck’s small business loans are geared towards helping small business achieve their goals. If you’re looking for a small business loan source to increase your marketing budget, visit our website to learn more about our online tools.
WSJ.com reported this week that new data from the Federal Reserve shows that more than 70% of new small businesses are still relying on personal savings or assets as their primary source of funding. At a conference focusing on small business credit in Washington, DC, Federal Reserve governor Elizabeth Duke noted that many small businesses tap their own funds in lieu of applying for a small business loan because they“…were so convinced that their requests would be denied that they did not even apply.” In fact, a whopping 80% of small businesses haven’t even applied for a loan in the last five years.
If reaching into your own pocket every time your business needs capital is getting to tiresome, On Deck is the place for you. Our mission is to make small business financing simple and easy: in about 10 minutes, you can have a clear idea of what your loan options are. Check out our website for more information about how in as fast as seven business days, we can connect you with a small business loan online.
Google’s recent changes to its search algorithm have sent many small businesses scrambling. The search giant – which accounts for nearly two-third of all Web searches – rolled out a new initiative to weed out any sites that posts inaccurate and copied content. However, many small businesses with product descriptions from manufactures or government descriptions are being recognized as inaccurate, and are therefore witnessing a steep drop off in Web traffic. For example, after sales dropped 50% online supply company M2commerece LLC, founder Miles Young launched a brand new email-marketing campaign to explain the situation to its customers. The company doesn’t use original product descriptions for it’s over 40,000 items, but is urging customers to post product reviews in order to get around Google’s new algorithm.
If you’re small businesses is looking for a short term source of finance to update its website or launch its next marketing campaign, On Deck is the place for you. We can connect your company with a small business loan in order to keep you on the cutting edge of your internet marketing.
Restaurant owners typically use On Deck cash flow loans to help purchase equipment, buy inventory, hire employees and launch marketing campaigns.
While doing some industry research this afternoon, I came across some interesting statistics provided by the National Restaurant Association.
2010 Restaurant Industry Overview
- Sales: $580 billion
- Locations: 945,000
- Employees: 12.7 million — one of the largest private-sector employers
- Restaurant-industry share of the food dollar: 49%
Additional Restaurant Industry Facts:
- $1.6 billion: Restaurant-industry sales on a typical day in 2010.
- $2,698: Average household expenditure for food away from home in 2008.
- 40 percent of adults agree that purchasing meals from restaurants and take-out and delivery places makes them more productive in their day-to-day life.
- 73 percent of adults say they try to eat healthier now at restaurants than they did two years ago.
- 57 percent of adults say they are likely to make a restaurant choice based on how much a restaurant supports charitable activities and the local community.
- 78 percent of adults say they would like to receive restaurant gift cards or certificates on gift occasions.
- 52 percent of adults say they would be more likely to patronize a restaurant if it offered a customer loyalty and reward program.
- 57 percent of adults say they are likely to make a restaurant choice based on how much a restaurant supports charitable activities and the local community.
- 56 percent of adults say they are more likely to visit a restaurant that offers food grown or raised in an organic or environmentally friendly way.
- 78 percent of adults agree that going out to a restaurant with family or friends gives them an opportunity to socialize and is a better way to make use of their leisure time than cooking and cleaning up.
The article addresses some very important points about franchising, and the cost of business today. Specifically discussing a franchisor and their initiative to make it easier for restaurateurs to open up a Main Street business. For only a small initial fee, an experienced individual is given a turnkey store, and sent on their way. Down the road they have the ability to purchase their store and take over complete ownership.
Restaurant owners, just like most other Main Street business owners today have had a rough couple of years, and in some cases they have accrued debt, possibly impacting their business credit report. This may limit their business financing options, and in doing so will cause them to explore bad credit business loans.
The good news is, there are options for small business owners to access capital, and restaurant financing is available. The first step for a small business owner to obtain financing is to understand where their personal credit is, and where their business falls in the lending spectrum. On Deck offers a free tool for business owners to get a snapshot of their business credit report, and gives them insight into what small business financing is available for them.
The Chamber of Commerce event allowed On Deck to meet with Main Street business owners, discussing everything from dental practice financing to hair salon loans. These regional events don't represent any particular industry, but instead have true small business owners from every industry, looking to network and grow their business.
There was a lot of conversation at the small business banking event about bad credit business loans. Credit score is a large part of the approval process when applying for bank or SBA small business loans, and there are millions of businesses that do not have the credit necessary to get approved. This is where On Deck works to provide business financing options based on the cash flow and health of the business as opposed putting a large emphasis on credit score.
The restaurant financing event was a great opportunity to learn more about the needs of restaurant owners, and help them understand their business financing options. A good portion of the restaurant owners talked about how important new equipment can be, and business equipment financing can be difficult to find. Helping owners to understand their financing options, including information about how important a business credit report can be to obtaining the financing they need was a major point of conversation.
These events allow members of the On Deck team to get out to Main Street and have real conversations with Small Business owners all over the country. Our goal is to provide fair financing to healthy Main Street businesses, and these shows are a great way of spreading the word!
Repair Shop Loans. He informed me that he was preparing to purchase inventory for the winter and was exploring his business financing options. The conversation gave me some good insight into how seasonal inventory purchases affect small business owners cash flow.The repair shop owner said that the winter inventory of snow tires, windshield wipers, and extra batteries cost more money than the other seasons. The owner also noted that though he had to stock up on some extra inventory, he did not mind the snow because the collision rates went up which leads to more business for him!
Because we were discussing business financing options, he asked me what the opportunities were for auto repair shop micro business loans. He was interested in the importance of his business credit report, where to find SBA small business loans, and if there were online business loans he should explore.
A good amount of his questions could be answered through the On Deck Capital free tool. By taking 5 minutes, a small business owner can get a snapshot of their business credit report, track their recent cash flow, and find out what sources of business finance are right for them.
From a lender's perspective, business credit is a measure of the ability of a business to pay back a loan. Your business credit is based on many factors including your past payment history, the amount of debt your company has incurred, and the amount of credit your company has available.
Your business credit report is important when you apply for a small business loan, and not knowing what yours looks like before it is to late could cause you to look for a bad credit business financing. On Deck Capital has a free tool that allows you to see your business credit profile online. It only takes a few minutes, and could save you some time when applying looking to get a small business loan.
Above: The type of ad business owners hate to see...
As a business owner, you are probably (and rightfully!) a bit wary of putting your business lending in the hands of a website littered with big flashing dollar signs or a guy in a snorkeling mask holding wads of cash.
As you begin the process of evaluating small business loans online, we invite you for a much more enjoyable and helpful experience. Register for free with On Deck and quickly gain insights into your business financing options as well as your business credit report.
In just a few minutes, the On Deck service will:
- Work to find the best loan for you and your business
- Identify your options based on your business information
- Provide free insights into how lenders view your business (a sort of business credit report)
- Analysis of your cash flow and credit from a lender's perspective
Getting started with On Deck is free, no obligation and takes just a few minutes - click here to get started!
This means that 1 out of 10 small business owners does not understand how bad business credit will have an effect on business financing. When applying for a small business loan, a lender looks at both your business and your personal credit score, so knowing where you stand is important to what your business financing options are.
On Deck has a free tool that will show you where your business credit stands, and in doing so will show you what sources of business finance are right for you. Once you understand your business credit you can work to improve it by paying bills on time and making sure that the companies you work with report your payment behavior to the business credit bureaus.
The author noted these stats in the article, " Nearly 60% of the small businesses surveyed said they applied for credit during the first half of 2010, but only half were successful. Nearly two-thirds of companies seeking new business lines of credit — the most sought after form of financing — were rejected.
Nearly 70% of the companies that sought business loans were denied. Construction and retail businesses applied for credit at higher rates, but neither was more or less likely to obtain credit compared to other sectors."
On Deck Capital CEO, Mitch Jacobs, was quoted in the article saying, “We’ve been seeing very strong businesses seeking capital and not being able to get it from banks,” said Mitch Jacobs, founder and chief executive of On Deck Capital Inc., a New York-based alternative lender. “The banks have been telling this story line of weak demand for loans,”he said. This survey shows “that’s not true.”
You can read the full story in the Metropolitan section of the WSJ online.
Some of the quotes that hit home with us here at On Deck Capital:
"Yes, the banks all mouth pieties about how credit scores are just one of many factors that go into their underwriting decisions. But every day she receives notices from banks and other lenders showing just the opposite: as they fiddle with the terms for one or another of their loan products (something they do constantly, by the way), invariably, the credit score is the dominant — and sometimes the only — criterion mentioned. "
and...
"There are people with low credit scores who are quite creditworthy. There are people with high scores who aren’t. Treating credit scores as if they were infallible — which is what the banking industry is now doing — is beyond foolish. It is hurting the recovery."
These personal credit score / mortgage issues are exactly the same in relation to small business lending – banks use the credit score as a hard line for providing small business loans. They don’t attempt to learn the true health of a business –they simply make a judgement on a very subjective number. And as a result of this reliance on credit score, perfectly healthy busineses are prevented from growing and creating jobs on a daily basis. On Deck has underwritten thousands of loans to small businesses nationwide – and we know based on significant research of our data that personal credit score is simply not indicative of the ability of a small business to repay a loan. And most business owners don't realize that a key piece of building small business credit is improving their personal credit score.
Unlike the banks, On Deck judges the health of a business based on their cash flow and financial data. We have used this model to lend over $85 million to thousands of American Main Street businesses, and with each month better than the last we look forward to continuing to help small businesses grow with our small business loans.
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