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10 Can't-Miss Business Credit Profile Tips for Small Business Owners

Blogged By: 
Marco Carbajo, Guest Blogger
Created on July 18, 2014
 

Originally posted on the SBA.gov Blog

Credit RatingIf you run a company, your business credit profile is related to your reputation. With a strong business credit profile, you have access to much greater financing opportunities with favorable terms and lower interest rates.

For lenders, a company with a creditworthy profile is considered a good risk. Whether you own a startup or existing business, managing and protecting your profile with all three major business credit reporting agencies is crucial.

Here are ten essential tips for establishing, maintaining and protecting your business credit profile:

  1. Keep all company data identical – Whether applying for a D-U-N-S Number, submitting a credit application or opening a business bank account, provide all the same information in order to avoid any potential issues. Inconsistent data can cause a denial of credit due to mismatched data or even cause your company to have a duplicate credit file.

Why Business Loans Get Rejected

Blogged By: 
Doug Devereaux is a Senior Industrial Specialist at MEP
Created on July 14, 2014
 

Reason for Declined Loans

Originally posted on the Manufacturing Innovation Blog

Access to capital, especially access by small privately held companies, is a component of growth.

According to an article in Forbes magazine, citing data from Pepperdine University’s  2014 Capital Markets Report, while nearly 89% of business owners report having the enthusiasm to execute growth strategies, only 46% report having the necessary capital resources to successfully execute the growth strategies. Among the smallest businesses (those with less than $5 million in revenue) that sought bank loans in the previous three months, only 39% in the same study reported they were successful in securing a loan. It is also quite common for these small company owners to be turned down for loans and not know exactly the reasons why.

The Reasons Business Loans are Rejected

The President of New Markets and Community affairs at Northside Bank in Adairsville, Georgia, acknowledges that he often hears from business owners whose loan applications have been rejected by other banks and many times they are not told the reason for the denial.   His bank is currently working with those clients to help them understand any credit-related shortcomings.

Where to Begin with Sustainable Business Practices

Blogged By: 
Martha Young, SBA Guest Expert
Created on July 14, 2014
 

Sustainability AheadSmall businesses that use sustainable business practices as part of their operating and marketing strategy often realize significant economic gains.  However, creating market messaging for greening a business operations can be intimidating, or worse, lead a small business owner to think moving to a sustainable business model will require large capital outlays. That is a flawed perception. The challenge for many companies, then, is identifying where the greatest opportunities are for them at the lowest cost to implementation.

A large number of firms start with internal practices, which may include process efficiencies, reducing landfill destined waste, reducing water use and implementing recycling programs. Each of these practices has a direct, measurable financial impact on a company. For example, improving process efficiencies may result in moving products and services to market more quickly. Reducing waste will also reduce the expenses associated with waste removal and disposal. A water bill declines with less water usage. A recycling program contributes to reducing waste removal and other associated expenses.

Small business owners should also look at maximizing economic and sustainability benefits through building and physical structure improvements. Specific types of sustainable business practices that fall into this category include upgrading lighting and windows; installing better or additional insulation; adding building wraps to facility expansions; and cleaning, maintaining, and upgrading HVAC systems.

Two-time MED Week Award Winner Builds Successful Business

Blogged By: 
Justin Chang, MBDA Intern
Created on July 2, 2014
 

With the 2014 National Minority Enterprise Development (MED) Week Conference fast approaching, we wanted to take the time and spotlight a past conference honoree to give an insight into the current state and outlook of a two-time MED Week award winning firm.

2011 METCON AwardMetcon, Inc. is a general contracting and construction management firm headquartered in Pembroke, NC with offices in Raleigh, Charlotte, and Columbia, SC. Metcon is certified by the North Carolina Office for Historically Underutilized Businesses as an American Indian-owned general construction business. Founded in 1999, Metcon received the National Minority Construction Firm of the Year award in 2011 and 2013. Below is our interview with Aaron Thomas, the president of Metcon Inc.

Chang: Congratulations on 15 years in business! What are some of the values that have allowed Metcon to grow rapidly into the successful business it is today?

Thomas: Our core values are on-time delivery, diversity and inclusion, environmental sustainability, client satisfaction, quality, safety, and innovation. We have continued to live by these principles throughout our growth and hired individuals that also believe and operate in this fashion.

Chang: Speaking of success, Metcon has received a number of awards in the last few years including awards at MBDA’s MED Week. How has this recognition furthered Metcon’s brand image?

Thomas: Our recognition by MBDA as national minority construction firm of the year has been a huge thing for us.  It has enhanced our image and created dialogue for future opportunities.

Government Contracting and Certification – What It All Really Mean?

Blogged By: 
SBA.gov Community
Created on June 30, 2014
 

SpotlightOriginally posted at SBA.gov Community

“Government contracting.” “Small business certification.” You’ve heard the phrases before, but what do they really mean? And does it really matter for your small business? Maybe – and maybe not. Let’s cut through all the noise and define these phrases in a meaningful way for your entrepreneurial endeavors.

What is government contracting?

Government contracting is the process that lets you sell your goods or services to the government and its various agencies. The government has a contract, or agreement, with you whereby it purchases what you do or make. And U.S. government agencies buy a lot from small businesses – nearly $100 billion worth of goods and services each year! From market research to janitorial services, if you want to make the government your customer, there’s a good chance there’s a need for what you offer.

Did you know...

Between 2002 and 2007, minority-owned firms outpaced the growth of non-minority firms in gross receipts, employment, and number of firms. Minority firms are an engine of job creation.
Graph for MBE Growth

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