# OnDeck

> OnDeck is the largest online small business lender in the U.S. issuing over $6 billion dollars in loans and trusted by over 60,000 small businesses providing them business loans an lines of credit.

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## Pages

- [Sitemap](https://www.ondeck.com/sitemap): Visit OnDeck's sitemap for quick access to all our pages, including business loans and lending resources. Easily navigate to find the information you need.
- [Bad Credit Business Loans](https://www.ondeck.com/loantype-bad-credit-business-loans): Business loans can be hard to obtain for borrowers with bad credit. OnDeck can offer funding to business owners with fair credit, starting at a FICO score of 625.
- [No Credit Check Business Loans](https://www.ondeck.com/loantype-no-credit-check-business-loans): Looking for business funding with no credit check? Discover easy options for small businesses looking for same day business loans no credit check.
- [Small Business Cash Flow Trend Report](https://www.ondeck.com/small-business-trends): Get key insights into small business trends across America. See how owners are feeling about the future and discover trends revealed by cash flow data.
- [FAQs](https://www.ondeck.com/faqs): Find answers to the most common questions about OnDeck’s products, process and more. Get troubleshooting tips to help manage your account.
- [About Us](https://www.ondeck.com/company): OnDeck provides flexible financing, dedicated loan advisors, and a hassle-free experience for small businesses. $13B+ delivered since 2007.
- [Contact Us](https://www.ondeck.com/contact-us): At OnDeck, you get real people to talk to. Whether you need help with a new or existing loan, OnDeck Support can answer all your questions.
- [CCPA/CPRA Request Form](https://www.ondeck.com/privacy-request): Submit a CCPA/CPRA privacy request with OnDeck. Access, delete, correct your data, or opt out of sharing. Protect your privacy today.
- [Business Funding](https://www.ondeck.com/business-funding): Fuel growth with business funding from OnDeck. Explore fast, flexible funding options including business lines of credit and term loans.
- [Short-Term Business Loans](https://www.ondeck.com/short-term-loans): Short term business loans from $5,000 to $250,000, term lengths up to 12 months, and Prepayment Benefits. Apply in minutes and get Same Day Funding.
- [Homepage](https://www.ondeck.com/): Term Loans up to $250K and Lines of Credit up to $100K. Get funds as soon as the same day.
- [Business Cash Flow Loans](https://www.ondeck.com/loantype-temporary-cash-flow-loans): Business cash flow loans are a type of small business financing used to cover cash flow shortages. They can provide working capital for operating expenses.
- [Working Capital Loans](https://www.ondeck.com/loantype-working-capital-loans): Working capital loans are used to cover day-to-day costs and short-term business needs. Stock up on inventory. Start a new project. Apply in just minutes.
- [Unsecured Business Loans](https://www.ondeck.com/loantype-unsecured-business-loans): Get fast unsecured business funding with no collateral required from OnDeck. Explore flexible terms and competitive rates to fund small business growth.
- [Business Line of Credit up to $100,000](https://www.ondeck.com/business-line-of-credit): Business lines of credit provide working capital to manage cash flow, business growth and expenses. Apply now to get instant funding with OnDeck.*
- [OnDeck Card Terms & Conditions](https://www.ondeck.com/terms): Terms of Use Updated and effective December 07, 2022 1. OnDeck Terms and Conditions The OnDeck Services and websites (each as defined below) are operated
- [Loans for Cleaning Services](https://www.ondeck.com/loans-for-cleaning-services): Learn more about loans for cleaning services. OnDeck offers several types of small business loans for your cleaning services company.
- [Business Term Loan](https://www.ondeck.com/business-term-loan): Grow your small business with a term loan offering predictable payments and flexible options. Apply online with OnDeck to secure business funding today!
- [Restaurant Financing](https://www.ondeck.com/loantype-restaurant-financing): Restaurants can use financing to fuel growth and fund business initiatives. Here's what you need to know about restaurant business loans.
- [Trucking Business Loans](https://www.ondeck.com/loantype-trucking-business-loans): Trucking business loans help to fuel growth and fund other business initiatives. Here's what you need to know about business loans for trucking companies.
- [Retail Business Loans](https://www.ondeck.com/loantype-retail-business-loans): Retail businesses often consider retail business loans to fund growth and other initiatives. Here's what you need to know about loans for retail businesses.
- [Loans for Contractors](https://www.ondeck.com/loantype-loans-for-contractors): Contractors often consider financing to purchase equipment and fund other business initiatives, here's what you need to know about loans for contractors.
- [Loans for Doctors and Physicians](https://www.ondeck.com/loantype-medical-practice-loans): Medical practices often consider financing to fuel growth and fund other business initiatives, here's what you need to know about medical practice loans.
- [Microloans for Small Businesses](https://www.ondeck.com/loantype-micro-loans): Microloans enable small businesses to turn relatively small loan amounts into big results. Here's what you need to know about microloans for small businesses.
- [Small Business Loans](https://www.ondeck.com/small-business-loans): Get fast small business funding with term loans or lines of credit. Apply online with OnDeck for flexible business loans and funding in as soon as 24 hours.†
- [Inventory Loans for Small Businesses](https://www.ondeck.com/loantype-inventory-loans): Many businesses use inventory loans to purchase quick-turnaround inventory to increase profits and ROI. Here's what you need to know.
- [Merchant Cash Advance](https://www.ondeck.com/loantype-merchant-cash-advance): A merchant cash advance (MCA) provides quick access to working capital based on future sales. Find the right funding option with OnDeck’s fast financing.
- [Invoice Factoring Loans for Small Businesses](https://www.ondeck.com/loantype-invoice-factoring): Invoice factoring for small businesses has been around for a long time. Here's what you need to know about factoring loans to make an informed decision.
- [Equipment Financing and Leasing](https://www.ondeck.com/loantype-equipment-financing-and-leasing): From construction machinery to daily business tools, get the equipment you need with funding from OnDeck. Apply for an equipment loan with same-day funding.†
- [Business Line of Credit vs Business Credit Card](https://www.ondeck.com/loantype-business-line-of-credit-vs-business-credit-card): Many businesses use a business credit card to pay for business expenses. A business line of credit could be a good complement to a credit card. Learn more.
- [Commercial Loans for Small Business](https://www.ondeck.com/loantype-commercial-loan): Many businesses rely on commercial financing, or commercial loans, to fuel growth and meet other business demands. Here's what you need to know.
- [OnDeck Loan Comparison Tool](https://www.ondeck.com/transparency): OnDeck is dedicated to business loan transparency.
- [Reviews From Small Business Customers](https://www.ondeck.com/reviews): Read why small business owners choose OnDeck. Learn about our customer success stories and reviews.
- [Loan Qualifications](https://www.ondeck.com/loan-qualifications): Qualifying for a business loan is straightforward and simple at OnDeck. Our minimum loan qualifications are less intensive than those of banks. We’re focused on getting you approved so your business can thrive.
- [Security Policy](https://www.ondeck.com/security-policy): Learn how we protect your information and data. Get tips to avoid scams and see how you can keep your customers safe.
- [Privacy Policy](https://www.ondeck.com/privacy): We take privacy seriously. Read our privacy policy to learn what information we collect and how we keep it safe.
- [In The News](https://www.ondeck.com/in-the-news): Check out OnDeck in the News. Read the latest media, news articles, and press releases about OnDeck, small business, fintech and more.
- [Partner](https://www.ondeck.com/partner): Partner with OnDeck to deliver incredible financial experiences for your customers. Enterprise, Affiliate, and Accountant partnerships available.

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## Resources

- [Business Line of Credit vs. Term Loan](https://www.ondeck.com/resources/business-term-loan-vs-line-of-credit): A business term loan provides a fixed sum up front. A line of credit provides ongoing access to funding that borrowers can draw as needed up to a credit limit.
- [What You Need To Know About Seasonal Businesses](https://www.ondeck.com/resources/seasonal-small-business): Learn how to start and manage a seasonal business with expert off-season tips. Discover profitable business ideas for year-round growth.
- [18 Ways To Increase Sales for Your Small Business](https://www.ondeck.com/resources/how-to-increase-sales): Discover 18 ways to increase sales. 1. Nail down your value proposition. 2. The sales funnel method. 3. Engage with customers
- [17 Employee Retention Strategies to Keep Your Top Talent](https://www.ondeck.com/resources/employee-retention): Learn how the biggest companies retain thKeep your top talent with these popular employee retention strategies. Plus, check out these retention lessons from 14 of the world’s largest companies.
- [12 Ways To Increase Restaurant Sales](https://www.ondeck.com/resources/increase-restaurant-sales): Drive restaurant sales with these 12 strategies. Explore everything from customer experience to marketing.
- [Business Loan Calculator: Estimate Payments, Borrowing Costs and Loan Amounts](https://www.ondeck.com/resources/business-loan-calculator): Use the business loan calculator to figure out how much you can borrow, estimate your payments and determine the cost of borrowing.
- [12 Tips and Tricks to Help You Manage a Successful Restaurant](https://www.ondeck.com/resources/restaurant-management-tips-and-tricks): Use these practical restaurant management tips and tricks to help you build a sustainable model of restaurant success.
- [Secured vs. Unsecured Business Loans](https://www.ondeck.com/resources/secured-vs-unsecured-business-loans): Discover the key differences between secured and unsecured business loans, including pros and cons and how to choose the best option for your business needs.
- [What Is a Business Term Loan and How Does It Work?](https://www.ondeck.com/resources/what-is-a-business-term-loan): A business term loan provides you with a lump sum of money that you repay over a fixed period of time, or “term.”
- [What is Operations? And Why Does My Business Need It?](https://www.ondeck.com/resources/what-is-operations): Efficient business operations is key to running a business that’s always getting better and better at what it does. Here's what you need to know.
- [Small Business Employee Benefits: What You Need To Know and Why It Matters](https://www.ondeck.com/resources/small-business-employee-benefits): Discover how small businesses can build competitive benefits packages, including health insurance, retirement plans and perks that attract top talent.
- [Is a Small Business Loan Secured or Unsecured?](https://www.ondeck.com/resources/are-small-business-loans-secured-or-unsecured): Starting and growing a small business often requires access to capital. While some entrepreneurs might have savings to invest, many turn to business loans A small business loan can be secured or unsecured. Here’s what you need to know before you apply.
- [Business Structures: How to Choose the Right One](https://www.ondeck.com/resources/business-structure): Review common business structures such as LLCs, sole proprietorships, and corporations to help you choose the right business structure for your needs.
- [14 Ways to Advertise Your Small Business Effectively](https://www.ondeck.com/resources/small-business-advertising): Learn how to advertise your small business effectively with these 15 proven strategies, from social media to SEO and more. Boost your reach today!
- [Business Financial Management: What It Is and How To Improve It](https://www.ondeck.com/resources/business-financial-management): Discover small business financial management tips. Learn how to streamline finances, boost cash flow and plan for success.
- [14 Ideas to Celebrate Small Business Week](https://www.ondeck.com/resources/celebrate-small-business-week): Celebrate Small Business Week with these 14 ideas — from hosting events to leveraging social media and more. Discover ways to support and grow your business.
- [5 Actionable Business Growth Strategies for Small Businesses](https://www.ondeck.com/resources/business-growth-strategies): Discover proven growth strategies to help your business thrive. Learn how to expand marketing, retain customers, improve products and scale effectively.
- [How to Write a Business Plan: 10 Steps for Small Business Owners](https://www.ondeck.com/resources/how-to-write-a-business-plan): Want to write a winning business plan? Use these 10 simple, easy-to-follow steps as your guide for crafting a solid business plan.
- [Small Business Management: What It Is and How To Do It](https://www.ondeck.com/resources/small-business-management): Discover essential strategies, skills and tools for effective small business management. Learn how to streamline operations and drive growth with confidence.
- [How To Get a Small Business Loan Without Collateral](https://www.ondeck.com/resources/how-to-get-a-small-business-loan-without-collateral): No collateral? No problem! Discover how to secure a small business loan without risking your assets. Explore tips, loan types and eligibility requirements.
- [What Is Collateral and Do I Really Need it for a Business Loan?](https://www.ondeck.com/resources/what-is-collateral-and-do-i-really-need-it-for-a-business-loan): Collateral is an asset that you, as a borrower, pledge as security for a loan. Learn how collateral works, its types and whether you need it for financing your small business or startup.
- [How to Create a Budget for Your Business: 4 Steps Made Simple](https://www.ondeck.com/resources/business-budget): Learn how to create an effective business budget. See how budgeting can help your business achieve long-term success and stability.
- [11 Essential Small Business Goals and How to Achieve Them](https://www.ondeck.com/resources/small-business-goals): Take on your goals head first. By setting objectives and following through on these key strategies, you’ll be well-positioned to achieve them.
- [How to Establish Business Credit: A 7-Step Credit Building Guide](https://www.ondeck.com/resources/how-to-establish-and-build-business-credit): Learn how to establish business credit and boost your small business's credit score. Visit OnDeck for tips on building business credit and business banking.
- [The Cities with the Highest-Rated Independent Coffee Shops](https://www.ondeck.com/resources/best-coffee-shops-in-america): Learn which cities are home to the best independent coffee shops in America and where you can find the best coffee in your state.
- [What You Need to Know About Short-Term Financing](https://www.ondeck.com/resources/short-term-business-financing-all-you-need-to-know): Identify how short-term funding can support immediate business financing needs. Explore the benefits and how to apply for short-term business funding.
- [Business Loan Requirements: What You Need to Get a Business Loan](https://www.ondeck.com/resources/business-loan-requirements): Minimum requirements for a business loan vary but many lenders will look at your personal and business credit scores, annual revenue and time in business.
- [End-of-Year Checklist for Small Businesses: 11 Things to Do Before the Year Ends](https://www.ondeck.com/resources/end-year-checklist-small-businesses): The end of the year can be a busy time for small business owners. Use our small business end of year checklist to help you get organized.
- [The Places in America Where Small Businesses Are Thriving](https://www.ondeck.com/resources/best-place-to-start-a-small-business): Discover the U.S. cities and states where small business is thriving.
- [Small Business Saturday 2024: Key Details You Need to Know](https://www.ondeck.com/resources/small-business-saturday): Small Business Saturday is Nov. 30, 2024. For small and independent business owners, it's an opportunity to attract new customers. Use this overview to get started.
- [5 Ideas for a Small Business Holiday Party and How to Plan It](https://www.ondeck.com/resources/how-to-throw-the-ultimate-work-holiday-party): Get inspired with unique holiday party ideas for small businesses! From themed parties to gift exchanges, learn how to plan a festive, memorable event.
- [7 Surefire Ways to Increase Sales This Holiday Season](https://www.ondeck.com/resources/how-retailers-can-maximize-holiday-season-sales): Boost holiday sales with these strategies. From staffing to promotions, get ready for a successful season with actionable tips for small businesses!
- [How Many Business Credit Cards Is Too Many?](https://www.ondeck.com/resources/how-many-business-credit-cards-is-too-many): Discover how many business credit cards you should have, the benefits of multiple cards, and how they impact your business credit score.
- [The Cities with the Most Loved Independent Stores](https://www.ondeck.com/resources/favorite-small-businesses): Discover the U.S. cities with the most loved independent stores, where unique boutiques and local shops thrive.
- [How to Get a Business Credit Card: What to Know Before You Apply](https://www.ondeck.com/resources/how-to-get-a-business-credit-card): Learn what you need to do to get a business credit card that is right for your small business.
- [What Is a Business Credit Card and Is It Right for You?](https://www.ondeck.com/resources/understanding-business-credit-cards): A business credit card is a financial tool business owners use to cover expenses and manage cash flow. See if it’s right for your business.
- [7 Types of Business Bank Accounts and How to Choose One](https://www.ondeck.com/resources/types-of-business-bank-accounts): Types of business bank accounts include checking, saving, money market and merchant accounts.
- [Women’s Small Business Month 2024: 5 Ways to Celebrate](https://www.ondeck.com/resources/national-womens-small-business-month): Celebrate Women's Small Business Month with events, resources and tips for women entrepreneurs.
- [What You Need To Open a Business Bank Account and Why You Should](https://www.ondeck.com/resources/what-do-i-need-open-business-bank-account): If you’re weighing whether or not you need to open a business checking account, you’ll want to understand what you’ll need and how it can help your business.
- [What Is Revenue-Based Financing and Is It Right for Your Small Business?](https://www.ondeck.com/resources/revenue-based-financing): Revenue-based financing is a non-traditional funding option with some pros and cons. See if RBF could be right for your small business.
- [Uncovering the Least and Most Competitive Types of Restaurants to Open in 2025](https://www.ondeck.com/resources/what-is-the-most-popular-type-of-restaurant): Discover which types of restaurants face the fiercest competition across the U.S. and in major U.S. cities.
- [78 Business Terms Small Business Owners Should Know](https://www.ondeck.com/resources/business-terms-to-know): Common business terms include A/B testing, accounts receivable, acquisition, actuary, affiliate marketing and more.
- [12 Best Merchant Cash Advance Alternatives for Small Businesses](https://www.ondeck.com/resources/merchant-cash-advance-alternatives): Alternatives to merchant cash advances include online business loans, lines of credit, SBA loans, equipment loans and more. See what works best for you.
- [What Is Operational Effectiveness and How Do I Improve It?](https://www.ondeck.com/resources/effective-operations): Operational effectiveness is about optimizing business processes, resources and talent to gain a competitive edge and succeed. Use these expert tips to start.
- [A Step-By-Step Guide to Operations Manuals: What They Are and How To Create One](https://www.ondeck.com/resources/5-reasons-you-need-a-documented-operations-manual): An operations manual can take your small business to the next level. Learn what they are and how to write one.
- [The Pros and Cons of Merchant Cash Advances](https://www.ondeck.com/resources/pros-and-cons-merchant-cash-advances): Discover the pros and cons of merchant cash advances, how they work, their impact on credit, and explore alternative financing options for your business.
- [Merchant Cash Advance Consolidation: How It Works and What You Need to Know](https://www.ondeck.com/resources/merchant-cash-advance-consolidation): Consolidating merchant cash advances could simplify your repayments, lower factor rates and help improve credit history. Understand the process and potential risks before deciding if it’s right for you.
- [How To Determine the Amount of Your Business Line of Credit](https://www.ondeck.com/resources/how-to-determine-business-line-of-credit-amount): Our small business resource center features hundreds of informative articles written by industry experts. Topics range from building credit to small business insights and beyond.Learn how to determine the right line of credit amount for your business, including assessing needs, improving limits and budgeting for payments.
- [5 of the Best Ways To Use Your Business Line of Credit](https://www.ondeck.com/resources/uses-for-business-line-of-credit): A business line of credit is commonly used for short-term operating expenses. This may include covering emergency business needs and filling cash flow gaps.
- [Working Capital Formula: What It Is and How To Calculate It](https://www.ondeck.com/resources/working-capital-formula): Learn how to calculate working capital and stay on top of your business finances.
- [Sale-Leasebacks: How to Use Your Assets to Increase Cash Flow](https://www.ondeck.com/resources/sale-leaseback): A sale-leaseback is when a company sells an asset (typically real estate or equipment) to an investor or leasing company and leases it back for a set period.
- [The States Where Small Businesses Pay the Highest Wages](https://www.ondeck.com/resources/small-business-employee-salary): Massachusetts small businesses offer the highest wages, at an average annual salary of $72,151.
- [Leasing vs. Buying Business Equipment: What Makes Sense for Your Business?](https://www.ondeck.com/resources/leasing-vs-buying-makes-sense-business): Leasing and buying equipment both have their pros and cons, but which is right for your business?
- [Business Tradelines: What They Are and How They Can Help You Build Credit](https://www.ondeck.com/resources/business-tradelines): Learn what business tradelines are, why they're crucial for building business credit, and how to effectively establish and manage them for financial success.
- [SBA Loan With Bad Credit: What You Can Expect](https://www.ondeck.com/resources/sba-loan-with-bad-credit): Getting an SBA loan with bad credit is hard. Here’s what you should keep in mind when you apply.
- [Business Credit vs. Personal Credit — What’s the Difference?](https://www.ondeck.com/resources/business-credit-vs-personal-credit): Learn about the difference between business credit and personal credit — and why it’s important.
- [Minimum Credit Score for Business Loans: Answers and Options](https://www.ondeck.com/resources/minimum-credit-score-for-business-loan): Learn about the minimum credit score needed for business loans, options for bad credit, and how your personal credit score affects your chances of approval.
- [What To Do When a Business Partner Has Bad Credit](https://www.ondeck.com/resources/business-partner-with-bad-credit): Learn how to navigate your business partner’s bad credit to successfully manage and grow your business.
- [Do Credit Checks Lower My Business Credit Score?](https://www.ondeck.com/resources/do-credit-checks-lower-my-business-credit-score): As a small business owner, your credit score is a crucial part of your financial identity. Establishing and maintaining strong business credit can help Understanding how credit checks impact your business credit score is important for your financial health.
- [What Is a Soft Credit Check for a Business Loan?](https://www.ondeck.com/resources/what-is-a-soft-credit-check): A soft credit check for a business loan usually means the lender is pulling a small overview of your personal credit history.
- [Calculating Your Working Capital Needs](https://www.ondeck.com/resources/how-much-working-capital-do-i-need): Your working capital ratio can help you determine how much working capital you need.
- [Opening a Business Credit File: A Step-by-Step Guide](https://www.ondeck.com/resources/create-small-business-credit-file): Establishing and nurturing a small business credit profile is a crucial step toward building healthy business credit.
- [Working Capital Optimization: Strategies for Small Businesses](https://www.ondeck.com/resources/working-capital-optimization): Working capital optimization is the process of managing a business’s short-term assets and liabilities to maintain liquidity.
- [The Most Innovative American Companies, Based on Patents](https://www.ondeck.com/resources/most-patents-by-company): IBM is America’s most innovative company, with 3,953 patents granted in 2023. California is the most innovative state.
- [What Is Working Capital and Why Does It Matter?](https://www.ondeck.com/resources/what-is-working-capital): Working capital is a measure of a company’s liquidity. It’s defined as the difference between your current assets and current liabilities.
- [Which States and Metros Have the Most Family-Owned Businesses?](https://www.ondeck.com/resources/states-metros-family-owned): Despite what Succession and the Godfather movies have taught us, the family that works together, thrives together. From the kitchen table to the
- [7 Smart Small Business Tax Planning Strategies to Help You Save Money](https://www.ondeck.com/resources/high-value-tax-strategies-for-small-business-owners): See how everything from your business structure to your retirement plan can help you save money on your business taxes.
- [Fixed Capital vs Working Capital: What’s the Difference?](https://www.ondeck.com/resources/fixed-capital-vs-working-capital): Fixed capital includes long-term assets such as real estate, while working capital comprises liquid assets for covering operating expenses.
- [What Is a Good Working Capital Ratio?](https://www.ondeck.com/resources/what-is-a-good-working-capital-ratio): A good working capital ratio is generally between 1.5 and 2, but your company’s financial picture doesn’t end there.
- [The Freelancer Pay Gap by State](https://www.ondeck.com/resources/pay-gap-gig-economy): On average, a female freelancer charges just 79 cents for every dollar a male freelancer charges. However, the freelancer pay gap varies significantly between categories.
- [Gross Revenue vs. Net Revenue](https://www.ondeck.com/resources/gross-revenue-vs-net-revenue): Gross revenue describes earnings before expenses are subtracted, and net revenue describes earnings after expenses are subtracted.
- [The Most Trusted American Companies, Based on 14 Million Customers](https://www.ondeck.com/resources/most-trusted-brands): While big business behemoths like Target and Walmart are ubiquitous across the U.S., America likes to shop small, with nine in 10 of the country’s
- [10 Steps to Hire the Right Employees for Your Small Business](https://www.ondeck.com/resources/make-sure-youre-hiring-the-right-people): Hiring good employees takes more than just posting a job opening. Here are some steps you can take to get the top talent.
- [Understanding Personal Guarantees in Small Business Financing](https://www.ondeck.com/resources/understanding-personal-guarantees): A personal guarantee makes a borrower personally responsible for a business loan. Lenders use it to create an additional layer of security when considering a loan application.
- [Atlanta Florist Blossoms During Busy Seasons](https://www.ondeck.com/resources/atlanta-florist-blossoms-during-busy-seasons): Conquer seasonal rushes with these success strategies from Royal Petals ATL.
- [Financial Terms: 77 Essential Words for Business Owners](https://www.ondeck.com/resources/21-financial-terms-you-should-know): Discover essential finance terms every business owner should know. Use our finance terms cheat sheet to make informed financial business decisions.
- [The Highest-Rated Independent Restaurants in Every State](https://www.ondeck.com/resources/most-popular-restaurants-in-america): From early morning pancakes to lavish dinners, learn what makes these independent restaurants the most beloved dining spots in America.
- [7 Key Factors to Build a Good Pricing Strategy](https://www.ondeck.com/resources/7-key-keys-to-building-a-good-pricing-strategy): Here’s what to consider when developing your business’s pricing strategy.
- [Facebook vs. Website: Which Should You Use?](https://www.ondeck.com/resources/facebook-page-vs-website-which-use): A Facebook page is easier to use and cheaper. A website, however, offers your business SEO benefits.
- [Corporate Transparency Act: What Businesses Need to Know in 2024](https://www.ondeck.com/resources/corporate-transparency-act): The Corporate Transparency Act marks a major shift in reporting requirements. Noncompliant businesses can face civil or criminal penalties.
- [Generative AI for Small Businesses: Uses, Tools and Examples](https://www.ondeck.com/resources/ai-for-small-business): Put AI to work for your small business with our comprehensive guide to generated text, images, audio and video.
- [The 9 Most Essential Questions To Ask Your Accountant This Year](https://www.ondeck.com/resources/6-questions-absolutely-must-ask-accountant-year): Your accountant is a valuable resource. Here’s what you should be asking them.
- [How Long Can You Finance Equipment?](https://www.ondeck.com/resources/how-long-can-you-finance-equipment): The term length of equipment financing can depend on many factors. Here’s what you should know.
- [The Global and American Companies Generating the Most Revenue Per Employee](https://www.ondeck.com/resources/revenue-per-employee-ranking): Find out which companies in America and around the world make the most money for each person they hire.
- [Annual Operating Plan: How to Build One in 8 Easy Steps](https://www.ondeck.com/resources/annual-operating-plan): Do you have big business goals? An annual operating plan can help you allocate financial and operational resources.
- [Can I Get Financing for Used Equipment?](https://www.ondeck.com/resources/can-i-get-equipment-financing-for-used-equipment): Yes, you can get financing for used equipment, but there may be a few key differences than financing new equipment. Here’s what you need to know.
- [How Long Does It Take To Build Business Credit?](https://www.ondeck.com/resources/how-long-does-it-take-to-build-business-credit): Building business credit is a crucial step for any business owner. It can help to establish financial stability and credibility. However, the timeline for
- [The Countries and Cities With the Highest Proportion of Business Founders](https://www.ondeck.com/resources/countries-with-the-most-entrepreneurs): Does where you live make a difference in how likely you are to start a business?
- [How To Build Your Business Credit Fast](https://www.ondeck.com/resources/build-business-credit-fast): Building business credit is a process. Here are 6 simple ways to speed it up.
- [Invoice Factoring vs. Line of Credit: Weighing Your Options](https://www.ondeck.com/resources/factoring-vs-line-of-credit): Invoice factoring and lines of credit are business funding options, but when it comes to usage, repayment and cost there are some big differences.
- [America’s Highest Value International Exports, by State](https://www.ondeck.com/resources/biggest-us-exports): The U.S. trade deficit hit nearly $1 trillion in 2022, as America imported some $948.1 billion more than it exported. This $103 billion increase on the
- [Personal Line of Credit vs. Business Line of Credit: What’s the Difference?](https://www.ondeck.com/resources/personal-line-of-credit-vs-business-line-of-credit): A business line of credit is a flexible form of financing tailored to serve your business. Learn why getting a line of credit designed for businesses and not personal use is important.
- [Does a Business Line of Credit Affect Personal Credit?](https://www.ondeck.com/resources/does-a-business-line-of-credit-affect-personal-credit): Discover how and when a business line of credit can affect your personal credit.
- [What Is a Revolving Line of Credit?](https://www.ondeck.com/resources/what-is-a-revolving-line-of-credit): As a small business owner, you're no stranger to the ups and downs of cash flow. There are times when you need immediate funds to seize opportunities or A revolving line of credit is a form of funding that allows you to draw funds again and again. As you repay what you borrow, the funds become available to borrow again.
- [Is a Small Business Loan Installment or Revolving?](https://www.ondeck.com/resources/is-small-business-loan-installment-or-revolving): A small business loan can be either installment or revolving. Learn the differences so you can pick the right one!
- [The Companies That Produce the Most CEOs](https://www.ondeck.com/resources/which-company-produced-the-most-ceos): They’re three ordinary letters that convey a world of power: CEO. But every CEO has their own origin story, some more humble than others. Still, one thing
- [From Rio to Kauai: Gisele’s Entrepreneurial Journey](https://www.ondeck.com/resources/from-rio-to-kauai-giseles-entrepreneurial-journey): Learn how Gisele Gardner’s beachwear business, The Bikini Room, supports her home country of Brazil and her current community in Hawaii.
- [The Net Income Formula Explained](https://www.ondeck.com/resources/net-income-formula): The net income formula helps you determine how much your business nets. To calculate net income, subtract total expenses from total revenue.
- [The Most Popular Business Industries in Every Country and U.S. State](https://www.ondeck.com/resources/biggest-industries-in-the-world): In today’s globalized world, industry production overwhelmingly dictates the health of our economies. Institutions like the International Monetary Fund
- [Content Marketing for Small Business: What You Need To Know To Succeed](https://www.ondeck.com/resources/small-business-owners-need-know-content-marketing): Learn how to market your business and gain an edge over your competitors by creating compelling content.
- [What Is a Good Business Credit Score?](https://www.ondeck.com/resources/business-credit-score-actually-mean): Discover the key factors that define a good business credit score and unlock potential for growth and financial success.
- [Email Marketing for Small Business: A 10-Step Guide for Success](https://www.ondeck.com/resources/small-business-best-practices-email-marketing): Email marketing can have a big impact on your business. Learn how to create an effective strategy with our guide.
- [Social Media Marketing for Small Business: The Ultimate Guide](https://www.ondeck.com/resources/5-tips-to-evaluating-your-small-business-social-media-marketing): Master social media marketing with our comprehensive guide. Discover effective strategies, tips and tools to boost your online presence and drive business growth!
- [The Most Loved Consumer Brands From Every State, Based on 2 Million Tweets](https://www.ondeck.com/resources/most-loved-brands): Branding has always been territorial. First, America’s cowboys branded their cattle to warn others to keep their hands off. Then, industrial-era
- [Is Business Loan Interest Tax Deductible?](https://www.ondeck.com/resources/is-business-loan-interest-tax-deductible): Business owners may be able to deduct the interest on their small business loans on their taxes. Here’s what you need to know.
- [What Is a Good Profit Margin?](https://www.ondeck.com/resources/good-profit-margin): What’s considered a good profit margin varies by industry. Here’s how to calculate and increase your business’s profit margin.
- [Small Business Challenges: 58% “Very Concerned” About the Economy](https://www.ondeck.com/resources/small-business-challenges): The pandemic is in the rearview (knock on wood). Consumers are spending and life has returned to something resembling normal. But a new set of challenges Business owners are mostly feeling good about the future, but they still have big concerns about the economy.
- [The U.S. States and Metro Areas With Highest Percentage of Female-Owned Businesses](https://www.ondeck.com/resources/what-percentage-of-businesses-are-owned-by-women): Owning your own business is the epitome of the American Dream. The freedom of self-employment and control of your own income is an allure for many, a
- [8 Marketing Ideas for Small Business — Easy, Creative and Inexpensive!](https://www.ondeck.com/resources/6-cost-effective-small-business-marketing-ideas): Grow your small business with these 8 creative and cheap marketing ideas.
- [The Reasons People Start Businesses in Every U.S. State and Metro Area](https://www.ondeck.com/resources/reasons-to-start-a-business): Every year, about 1 million new businesses spring up in America, according to the Bureau of Labor Statistics. Something inspires the nation’s
- [ACH Payments: What They Are and How They Work](https://www.ondeck.com/resources/ach-payments): ACH payments are designed to make things quick and easy. The money is taken straight from your bank account, which allows for same-day, direct payments between two parties.
- [Check Business Credit: How to Get Your Score and Read Your Report](https://www.ondeck.com/resources/how-to-read-business-credit-report): Checking your business credit can be complicated, but it’s an important number to monitor if you’re a business owner. Here’s what you need to know to get started.
- [Cost of Debt Formula: What It Means and How To Calculate It](https://www.ondeck.com/resources/cost-of-debt-formula): To calculate cost of debt, divide your total interest by your total debt. This formula tells you how much you’re spending on repaying your debt.
- [Balance Sheet vs. Income Statement: How Are They Different?](https://www.ondeck.com/resources/balance-sheet-vs-income-statement): The difference between a balance sheet and income statement is the information they cover, plus the period of time they account for. Let’s define a balance sheet and income statement, explain what goes on each document, and review their differences.
- [Small Business Marketing: A Step-by-Step Guide to Grow Your Company](https://www.ondeck.com/resources/small-business-marketing): Rock small business marketing with leading-edge strategies for social media, email, SEO and more.
- [A Small Business Guide to Growth Hacking](https://www.ondeck.com/resources/growth-hacking): Every business has to start somewhere, whether a Silicon Valley tech start-up coding from a garage or a local store selling to its first customers. 2021
- [The Companies That Produce The Most Business Founders](https://www.ondeck.com/resources/companies-that-produce-the-most-business-founders): After reaching a certain level of experience in your career, the allure of starting your own business can be all too tempting. Many successful
- [Should You Go Into Business With a Co-founder?](https://www.ondeck.com/resources/do-you-need-a-cofounder): Getting a business off the ground is no easy task. You may have had your dynamite idea and constructed a watertight business plan, but now it’s time for
- [The Most and Least Stressful Business Software](https://www.ondeck.com/resources/stressful-business-software): Stress is one of the largest impediments to business productivity. Research from The American Institute of Stress discovered that 94% of workers report
- [10 Delegation Strategies From Famous Leaders (And How to Apply Them)](https://www.ondeck.com/resources/how-to-delegate): In any workplace and in any industry, effective delegation skills are considered essential. As a manager of a team, you are trusted to assign the right
- [How OnDeck Can Help Your Small Business](https://www.ondeck.com/resources/how-ondeck-can-help): Running a business can be challenging, but OnDeck is here to help. As an OnDeck customer, you get access to valuable benefits right from the start. Read
- [A Small Business Guide to Starting a Newsletter](https://www.ondeck.com/resources/business-newsletter): A lot has happened since email went out of fashion. Media went social. Memes went viral. Influencers influenced. But now, marketing has come full circle.
- [What Documents Do I Need to Apply for Small Business Financing?](https://www.ondeck.com/resources/documents-apply-financing): When making a decision to approve or deny a loan, lenders look to answer one main question: Will you repay what you borrow? Your lender will ask for
- [How Cash Flow Affects Your Small Business Loan Application](https://www.ondeck.com/resources/cash-flow-affects-application): Lenders consider a lot of factors when reviewing a loan application. They look at things like your credit score, your business plan and what you can offer
- [How Business Loans Can Help You Build Your Credit](https://www.ondeck.com/resources/loans-build-credit): Good business credit can open doors. Just like your personal credit score, a good business credit score can make it easier to get funding and to get it at
- [7 Reasons to Support Small Businesses](https://www.ondeck.com/resources/reasons-support-small-businesses): Without small businesses, every town would feel more or less the same — the same restaurants, the same coffee shops, the same big-name retailers. Small
- [The Business Apps That Collect The Most and Least Data](https://www.ondeck.com/resources/apps-collect-most-least-data): If you’ve ever consented to a privacy policy without fully reading through its terms, then you belong with the majority of app users. A recent Pew survey
- [11 Common Side Hustle Mistakes (And How to Avoid Them)](https://www.ondeck.com/resources/common-side-hustle-mistakes): Somewhere along the way, the workforce switched its ideals from “a job for life” to “my life is my own.” The side-hustle is all about taking back control,
- [What Is Loan Stacking?](https://www.ondeck.com/resources/loan-stacking): When you run a small business, estimating your funding needs can be a difficult task. Occasionally, you may require funds beyond your initial business
- [Improve Your Cash Flow With Stripe and OnDeck](https://www.ondeck.com/resources/improve-cash-flow-stripe-ondeck): Stripe provides a simple way to accept payments, whether you connect with customers online, in person or across the globe. Now, you can use Stripe to
- [What Questions Are Asked on a Small Business Loan Application?](https://www.ondeck.com/resources/business-loan-application-questions): If you’re in need of a small business loan, it’s helpful to know what to expect when you apply. While lenders vary, you can generally expect the same
- [5 Factors To Consider When Choosing a Small Business Lender](https://www.ondeck.com/resources/5-factors-to-consider-when-choosing-a-small-business-lender): Securing small business financing is often a necessary step in running and growing your company. However, with so many small business lenders to choose
- [What To Do if Your Loan Application Was Declined](https://www.ondeck.com/resources/if-loan-application-declined): Small business financing is often necessary to help grow and expand your business. If you recently applied for a small business loan but received an
- [What to Consider Before Sharing Your Financial Data](https://www.ondeck.com/resources/consider-before-sharing-financial-data): Data security is of the utmost concern for small business owners, particularly when it comes to financial information. Though you likely protect sensitive
- [How to Dispute Errors on Your Credit Report](https://www.ondeck.com/resources/dispute-errors-credit-report): Business and personal credit can affect your small business in several ways. Good credit can help you secure more affordable funding to help run and grow
- [Every State’s Top Import and Export](https://www.ondeck.com/resources/every-states-top-import-export): No matter what’s going on in the world politically and economically, people will always need to trade – and the US will still rely on imports and exports
- [Why You Should Develop a Relationship With a Lender](https://www.ondeck.com/resources/why-develop-relationship-lender): Although you may not have immediate plans to secure additional funding after taking out a small business loan, it’s important to consider your future
- [Understanding Electronic Bank Statements](https://www.ondeck.com/resources/understanding-electronic-bank-statements): Business bank statements are critical to the business lending process. Before a lender can make a decision on a small business loan application, they will Business bank statements are critical to the business lending process. Find the answers to common questions about sending and receiving bank statements electronically.
- [Why Your Personal Credit Matters When You Apply for a Business Loan](https://www.ondeck.com/resources/why-personal-credit-matters): When you apply for a business loan, you can expect to answer a variety of questions about your business’s revenue, financing goals and credit history.
- [How To Prepare for Your Next Round of Financing](https://www.ondeck.com/resources/prepare-next-round-financing): Running a business often means assessing your needs for the future. If you’re looking to expand or pivot, you may need to add another round of business
- [How to Choose the Right Type of Business Loan for Your Needs](https://www.ondeck.com/resources/how-to-choose-loan): If you’re in the market for business funding, you may find that there are several different types of business loans available to suit varying capital
- [How Small Businesses Are Taxed in Every Country](https://www.ondeck.com/resources/how-small-businesses-taxed-every-country): As global trade becomes more interdependent, countries have increasingly used corporate tax rates as a way to attract international business and support
- [Thriving Through the Dry Spells: An OnDeck Success Story Video](https://www.ondeck.com/resources/thriving-through-the-dry-spells-an-ondeck-success-story-video): Mark runs a consulting company that helps businesses improve their applications. His business, CF Webtools, would regularly hit a dry spell during the
- [The BIPOC Business Report: Where is the BIPOC Population Most Underserved?](https://www.ondeck.com/resources/bipoc-business-report): Minority-owned businesses strengthen local economies and communities. They diversify choice and opportunity and challenge industry norms. And the
- [How Do You Qualify for a Business Loan?](https://www.ondeck.com/resources/qualify-business-loan): Running a business often requires additional funding to help see your vision through. However, qualifying for a business loan involves more than simply
- [Can I Open a Business Bank Account Without a Deposit?](https://www.ondeck.com/resources/can-i-open-business-bank-account-without-deposit): While many business banks require an opening deposit to open a new account, you can still find financial institutions that do not require a minimum
- [What Type of Business Bank Account Do I Need?](https://www.ondeck.com/resources/what-type-business-bank-account-do-i-need): If you’re a small business owner, the U.S. Small Business Administration recommends opening a business bank account to manage your business expenses
- [The Oldest Business In 89 US Cities](https://www.ondeck.com/resources/oldest-business-89-us-cities): It took more than toughness for a small business to survive Covid-19. Business leaders needed to be nimble, bold, and yet careful. Each company needed its
- [Customer Story: C and C Automotive](https://www.ondeck.com/resources/customer-story-c-and-c-automotive): For many small business owners, providing top-notch customer service is what keeps them coming in to work every day. For C and C Automotive of Bullhead
- [Customer Story: Bilingual Child Care and Education Center](https://www.ondeck.com/resources/customer-story-bilingual-child-care-and-education-center): Our customer Leah Retamozo, founder of Bilingual Child Care and Education Center, shares some of the challenges she's faced growing her business as a female entrepreneur.
- [How a Business Bank Account Can Help Grow Your Business](https://www.ondeck.com/resources/how-business-bank-account-can-help-grow): Running a successful small business takes a great deal of patience, dedication and hard work. Occasionally, nonurgent tasks may take a back seat to other
- [Do You Need a Business Bank Account?](https://www.ondeck.com/resources/do-you-need-business-bank-account): If you’re opening a new small business, you have a lot to manage. From creating a business plan to budgeting, tracking income and finding funding for your
- [15 Leadership Lessons from Female Founders and CEOs](https://www.ondeck.com/resources/15-leadership-lessons-female-founders-ceos): See how 15 successful female leaders learned from successes and failures, and the advice they have to share from that process.
- [Top Sources of Capital for Small Businesses](https://www.ondeck.com/resources/sources-of-capital-for-small-businesses): According to pre-pandemic data published by Federal Reserve Banks, 85% of small business applicants who sought funding in the past year applied for a loan
- [A Small Business Guide to Shopify](https://www.ondeck.com/resources/small-business-guide-shopify): Read our guide for small businesses getting started on Shopify, including tips to bring customers to your store and keep them coming back!
- [The Work Routines of 40 Successful Business Leaders](https://www.ondeck.com/resources/work-routines-40-successful-business-leaders): Curious how your productivity compares to others? Here's what 40 successful business leaders are doing during each hour of the day.
- [How the American Rescue Plan Can Benefit Your Small Business](https://www.ondeck.com/resources/how-american-rescue-plan-benefits-small-business): On March 11, 2021, the American Rescue Plan Act advanced emergency COVID-19 relief programs and assistance for individuals and small businesses across the
- [What Are the Most Popular Small Business Funding Options?](https://www.ondeck.com/resources/popular-small-business-funding-types): Without a sizable savings account balance and/or reliable monthly revenue, most small businesses need some sort of funding to operate successfully.
- [Today’s Small Business Loan Rates](https://www.ondeck.com/resources/todays-small-business-loan-rates): Running a small business in today’s economy requires a great deal of dedication, persistence and hard work. Sometimes, you might need additional funding
- [Everything You Should Know About Installment Loans](https://www.ondeck.com/resources/everything-you-should-know-about-installment-loans): If you’re at all familiar with loan products, you know that there are often different names for the same type of product. For example, “payday loans”
- [Operating a Small Business in the ‘New Normal’: Musicians Headquarters](https://www.ondeck.com/resources/operating-a-small-business-in-the-new-normal-musicians-headquarters): We recently spoke with OnDeck customer Henry Lee, who owns Musicians Headquarters in Balch Springs, TX. He has used his OnDeck financing to stock up on inventory and manage cash flow through slow sales periods.
- [Operating a Small Business in the ‘New Normal’: NirvanaNour](https://www.ondeck.com/resources/operating-a-small-business-in-the-new-normal-nirvananour): We recently spoke with OnDeck customer Melissa Diabate, who owns NirvanaNour in Houston, TX. She has used her OnDeck financing to stock up on inventory to meet demand during the pandemic.
- [Operating a Small Business in the ‘New Normal’: Gyro Oasis Deli & Grill](https://www.ondeck.com/resources/operating-a-small-business-in-the-new-normal-gyro-oasis-deli-grill): We recently spoke with OnDeck customer Ghassan Bilaih, who operates Gyro Oasis Deli & Grill in Irving, TX. Ghassan used his OnDeck financing to upgrade his equipment and to have his restaurant operate safely during COVID.
- [Survey: How Coronavirus Has Impacted Small Businesses ](https://www.ondeck.com/resources/survey-how-coronavirus-has-impacted-small-businesses): The COVID-19 (coronavirus) pandemic has hit small businesses in the U.S. particularly hard. Many are facing issues such as forced closures due to lockdown
- [What is an SBA Economic Injury Disaster Loan and How Do I Apply?](https://www.ondeck.com/resources/what-is-an-sba-economic-injury-disaster-loan-and-how-do-i-apply): An intro guide to SBA economic injury disaster loans and COVID-19. Learn how your small business can benefit from these solutions.
- [5 Ways to Solve Small Business Cash Flow Problems During COVID-19](https://www.ondeck.com/resources/5-ways-to-maximize-cash-flow-during-the-covid-19-outbreak): The coronavirus pandemic and resulting lockdowns can be very challenging for small business owners. Keep reading for 5 ways to keep small business cash flow as strong as possible during the COVID-19 outbreak.
- [Local and State Government Assistance Programs for Small Businesses Impacted by COVID-19](https://www.ondeck.com/resources/government-assistance-programs-for-small-businesses-during-the-covid-19-outbreak): The worldwide COVID-19 outbreak is an especially challenging situation for small business owners. Learn more about the different support programs available at a local, state and federal level.
- [Risks Small Businesses Face and How to Avoid Them](https://www.ondeck.com/resources/risks-small-businesses-face-and-how-to-avoid-them): Running a small business comes with a lot of liability, no matter what industry you work in. Even the most optimistic entrepreneur should be prepared for
- [Why Small Businesses Are Important to Their Local Communities](https://www.ondeck.com/resources/why-small-businesses-are-important): In honor of Small Business Saturday, we conducted our second annual Small Business Community Impact Survey to highlight all the ways small businesses are an important part of their local communities.
- [How to Get a Veteran-Owned Business Certification](https://www.ondeck.com/resources/how-to-get-a-veteran-owned-business-certification): Getting a veteran-owned business certification can help you win more business from both government agencies and corporations - learn more about how to get certified.
- [How to Prepare Your Business for the Holiday Season](https://www.ondeck.com/resources/how-to-prepare-your-business-for-the-holiday-season): Want to make this your most successful holiday season yet? Check out these top four ways to prepare your business for the holiday season.
- [How The William Everett Group Grew 10x in 5 Years](https://www.ondeck.com/resources/how-the-william-everett-group-grew-10x-in-5-years): Learn how Ellen Rozelle Turner has grown the William Everett Group to 100 consultants and 10 times the size in 5 years by tapping into her family values.
- [Bookkeeping Habits That Can Increase Your Cash Flow](https://www.ondeck.com/resources/bookkeeping-habits-that-can-increase-your-cash-flow): A solid bookkeeping system is essential to running a successful business. Implement a few key bookkeeping habits to increase cash flow and decrease stress.
- [Streamline Your Small Business Finances With These 5 Tools](https://www.ondeck.com/resources/5-tools-to-streamline-your-small-business-finances): The right technology is critical to track of your small business finances - check out 5 ways to use technology to streamline your small business finances.
- [How to Use Discounts in Retail Without Cutting into Profits](https://www.ondeck.com/resources/how-to-use-discounts-to-drive-retail-sales-without-cutting-into-your-profits): Running a discount offer can be one of the most effective ways to boost sales. Learn how to use discounts in retail businesses without cutting into profits.
- [How Wild Women Winery Built a Thriving Boutique Business with Financing](https://www.ondeck.com/resources/how-wild-women-winery-built-a-thriving-boutique-business-with-financing): Charlene and Ross Meriwether own Wild Women Winery in the heart of downtown Denver, Colorado. The couple built a thriving business in a challenging
- [2019 is the Summer of Small Business at OnDeck](https://www.ondeck.com/resources/summer-2019): We're celebrating the Summer of Small Business by spotlighting the hard work and achievements of our customers all summer long.
- [Managing Your Finances as a Seasonal Business](https://www.ondeck.com/resources/managing-your-finances-as-a-seasonal-business): Cash flow ebbs and flows, but it's more pronounced for a seasonal business. Here's what you need to know about managing financing for a seasonal business.
- [Don’t Mess Up Your FICO Score: Manage Your Revolving Credit Usage](https://www.ondeck.com/resources/dont-mess-up-your-fico-score-manage-your-revolving-credit-usage): Next to reducing delinquencies, managing revolving credit usage is critical to building a strong FICO score. Here are 3 tips on how to optimize your credit score.
- [Does it Make Sense for my Business to Prepay a Loan?](https://www.ondeck.com/resources/does-it-make-sense-for-my-business-to-prepay-a-loan): Repaying a business loan early may sometimes seem like a good option, but before you prepay a business loan or take out a new one with a prepayment option, it’s important to consider whether it makes sense for your business.
- [Lessons Learned from Other Small Business Owners: Celebrating National Small Business Week](https://www.ondeck.com/resources/lessons-learned-from-other-small-business-owners): In celebration of National Small Business Week, read some of the best advice we’ve gathered from small business owners on building a successfgul business.
- [Don’t Mess Up Your FICO Score: Managing Delinquencies](https://www.ondeck.com/resources/dont-mess-up-your-fico-score-managing-delinquencies): A strong FICO score depends upon staying current on your personal debt obligations, but managing delinquncies will help minimize the damage to your score.
- [Your Ultimate Checklist for Small Business Operations](https://www.ondeck.com/resources/your-ultimate-checklist-for-small-business-operations): Here are 8 simple small business operations, procedures and processes that are necessary to keep your business running smoothly.
- [Cash-Based Accounting vs. Accrual Based Accounting](https://www.ondeck.com/resources/cash-based-accounting-vs-accrual-based-accounting): Small Business accouting can go two ways. The main difference between accrual and cash-based accounting relates to the timing of revenue and expenses.
- [How to Calculate the Cost of a Business Loan](https://www.ondeck.com/resources/comparing-the-costs-of-different-business-loans): Comparing different types of financing can be difficult - here are five metrics to help you calculate the cost of a business loan so you can compare options.
- [Why Should I Buy from You? Creating A Sales Strategy](https://www.ondeck.com/resources/why-should-i-buy-from-you-creating-a-sales-strategy): Creating an effective sales strategy should fulfill your business goals to increasing your company’s customer or client base.
- [Demystifying Business Insurance](https://www.ondeck.com/resources/demystifying-business-insurance): A lot of entrepreneurs are put off when the topic of insurance comes up. They think it’s another item to be added to the already long list of expenses. It
- [Keeping it Simple: How Staying Organized Will Save You Time](https://www.ondeck.com/resources/keeping-it-simple-how-staying-organized-will-save-you-time): You are probably familiar with the saying “time is money,” but you may not really understand how true it is. Studies show that the average executive
- [The Pros and Cons of Small Business Holiday Bonuses, Gifts, Parties and Time Off](https://www.ondeck.com/resources/the-pros-and-cons-of-small-business-holiday-bonuses-gifts-parties-and-time-off): Tis the season to show your employees you care. The holiday season bring out the warm and fuzzies no matter which holiday people are celebrating. If you
- [401(k)s for Small Businesses](https://www.ondeck.com/resources/401ks-for-small-businesses): 401ks for small busiesses are no longer as cost prohibitive as they once were. Technology has helped lower the paperwork and the cost of these plans.
- [A Small Business Owner’s Guide to Choosing and Using CRM Software](https://www.ondeck.com/resources/a-small-business-owners-guide-to-choosing-and-using-crm-software): Customer Relationship Management software can be a valuable tool for small businesses. Here's how your small business can leverage the value of CRM software
- [How To Get Happy Customers To Write You Online Reviews (2018 Update)](https://www.ondeck.com/resources/how-to-get-happy-customers-to-write-you-online-reviews): Online reviews of your business are extremely important and easier than ever for customers to write, and for potential customers to access.
- [From Journalist to Nurse: Meadowlark Home Care](https://www.ondeck.com/resources/meadowlark-home-care): I banked with them for so long, and they knew how much money I had! It was very frustrating. But then I found OnDeck and they took me on.
- [How SWOT Analysis and Other Tools Can Help Your Small Business](https://www.ondeck.com/resources/swot-analysis-tools-can-help-small-business): Help your company stay ahead of the competition and making sure your company is doing everything it can to compete by using a SWOT analysis.
- [6 Steps to Improve Your Company’s Competitor Analysis](https://www.ondeck.com/resources/6-steps-improve-companys-competitor-analysis-2018): Competitor analysis is an important part of staying ahead of the competition. Here are six tips for a common sense approach to market analysis.
- [A Comprehensive Guide to a Small Business Loan](https://www.ondeck.com/resources/guides-small-business-loans): Many small businesses rely on a small business loan to fuel growth and fund working capital needs. Here's what you need to know about business loan options.
- [Small Business Loan Application Checklist - 2019 Update](https://www.ondeck.com/resources/small-business-loan-application-checklist): Before you fill out your online small business loan application, Here's a checklist of items and qualifications you may need to have ready.
- [Parental Leave in Small Businesses](https://www.ondeck.com/resources/parental-leave-small-businesses): Parental leave doesn't have to be a challenge to your small business. Here are 3 things to consider as you contemplate parental leave in your business.
- [How Your Small Business Can Strategically Invest in Automation](https://www.ondeck.com/resources/small-business-can-strategically-invest-automation): You don't need to be a big company with a big budget to invest in automation. Here are 5 places your small businesses can automate with ideas for how.
- [4 Winning Strategies to Speed Up the Sales Cycle](https://www.ondeck.com/resources/4-winning-strategies-speed-up-the-sales-cycle): Your sales cycle length has a critical effect on your company’s performance. Here are four winning strategies to speed up the sales cycle in your business.
- [Cash Flow: What Business Owners Should Know](https://www.ondeck.com/resources/cash-flow-business-owners-know): Managing cash flow is a critical part of building a successful business. Here's what you need to know about your cash flow and how to best manage it.
- [4 Ways to Recover From A Rejected Loan Application](https://www.ondeck.com/resources/4-ways-to-recover-from-a-rejected-loan-application): Your business loan application was rejected. Now what? Learn what you can do to make sure you have a better chance to get your loan approved next time.
- [3 Effective Sales Tactics for Small Businesses](https://www.ondeck.com/resources/3-effective-sales-tactics): Sales is the heartbeat of most small businesses. These effective sales tactics allow you to run your business efficiently and increase your productivity.
- [11 Effective Small Business Efficiency Tools to Increase Your Revenue](https://www.ondeck.com/resources/11-effective-efficiency-tools-increase-revenue): Maximize your time and revenue with these effective efficiency tools. Run your business smarter and gain time to work on your business growth.
- [Maximizing Small Business Efficiency](https://www.ondeck.com/resources/maximizing-small-business-efficiency): Creating business efficiency may not require a major initiative, relatively small and incremental actions can make it happen. Here's what you need to know.
- [Smart Business Growth Strategies for Small Business Success](https://www.ondeck.com/resources/smart-business-growth-strategies): Pursuing Smart Business Growth Strategies. As a small business owner, I observed that my business seemed to either be growing or struggling.
- [What You Need to Know About an SBA Loan](https://www.ondeck.com/resources/sba-loans): SBA loans can be a good financing option for small business owners. Here's what you need to know about getting an SBA loan, and your SBA lending options.
- [Making the Most of Friends and Family Business Loans](https://www.ondeck.com/resources/friends-and-family-business-loans): Friends and family business loans can be challenging without the right approach. Here are 7 ways to make borrowing from friends or family a success.
- [Important Small Business Financial Metrics You Need to Know](https://www.ondeck.com/resources/financial-metrics): You don't need to be an account to run a successful business, but there are 5 important small business financial metrics you need to know. Here they are.
- [Building a Virtual Sales Team from the Ground Up](https://www.ondeck.com/resources/building-virtual-sales-team-ground): In today’s mobile economy, workforces are increasingly deployed remotely, and a virtual sales team is becoming the norm. Here's what you need to know.
- [12 Free Online Small Business Resources You Shouldn't Ignore](https://www.ondeck.com/resources/online-small-business-resources): Here are 12 free online small business resources you can use to make your businesses run more efficiently—from customer service to digital design.
- [Small Business, Smaller Small Business Budget?](https://www.ondeck.com/resources/small-business-smaller-budget): You don't need a big bankroll to build a successful small business. Many small businesses can find success with a smaller small business budget. Here's how.
- [Why is Your Personal Credit Score Part of a Business Loan Decision?](https://www.ondeck.com/resources/why-is-your-personal-credit-score-part-of-a-business-loan-decision): For most small business owners the need to have a good personal credit score never goes away. Learn how it's calculated, how you can improve it, and why it's a part of your business loan application.
- [Understanding Non-Profit Lenders](https://www.ondeck.com/resources/understanding-non-profit-lenders): Non-profit lenders can be a good fit for very small businesses that can leverage smaller loan amounts to create a big impact—sometimes at zero interest.
- [Understanding Equity Financing](https://www.ondeck.com/resources/understanding-equity-financing): What is equity financing and does it make sense for my business? What types of equity financing is available and what businesses that have the most success?
- [Why was my loan application denied?](https://www.ondeck.com/resources/loan-application-denied): If you've ever asked the question, "Why was my loan application denied?" Check out this list of answers and the actions you can take to improve the odds.
- [What You Need to Know About Invoice Factoring](https://www.ondeck.com/resources/need-know-invoice-factoring): Although factoring has been around for a long time and is the way many businesses acquire short-term capital, it isn't a loan. Here's what you need to know.
- [Small Business Success: Vortic Watch Company](https://www.ondeck.com/resources/small-business-success-vortic-watch-company): Tips for Making Smart Inventory & Equipment Purchases: An Interview with RT Custer, Co-Founder of Vortic Watch Company Let me introduce you to the
- [5 Ways to Re-Energize and Push Your Business Forward](https://www.ondeck.com/resources/5-ways-to-re-energize-and-push-your-business-forward): Business growth doesn't just happen. Check out these small business tips from Barbara Corcoran that will help you build a healthy and thriving business.
- [Insurance 101: Insurance Your Business Needs Now](https://www.ondeck.com/resources/insurance-101-insurance-your-business-needs-now): Starting a new business isn’t easy. Many first-time business owners do not realize how much goes into starting a new venture. Branding, logo-creation,
- [OnDeck Seal of Approval Winners](https://www.ondeck.com/resources/ondeck-seal-of-approval-winners): We are so excited to share the winners for the OnDeck Seal of Approval Contest. For the second year in a row, OnDeck worked with Barbara Corcoran to give
- [7 Better Ways to Train Small Business Employees](https://www.ondeck.com/resources/7-better-ways-to-train-small-business-employees): Here are seven essential parts for creating a quick and effective training system for your business by OnDeck.
- [5 Crucial Elements of the Perfect Elevator Pitch](https://www.ondeck.com/resources/5-crucial-elements-of-the-perfect-elevator-pitch): It’s tempting to prioritize your startup’s elevator pitch somewhere between watering the office ficus and ordering extra paper towels for the break room.
- [OnDeck's Seal of Approval Contest](https://www.ondeck.com/resources/ondecks-seal-of-approval): Take your business to the next level! Enter with OnDeck to win $10K and a coaching session with Barbara Corcoran from Shark Tank.
- [26 Productivity Tips for Small Business Owners](https://www.ondeck.com/resources/33-productivity-tips-for-small-business-owners): According to the Federal Reserve Bank of New York, the average business owner spends 26 hours in total looking for financing. With that number in mind, here are 26 productivity tips for small business owners to make their days as efficient as possible. 
- [The Pros and Cons of Taking On a Business Partner](https://www.ondeck.com/resources/the-pros-and-cons-of-taking-on-a-business-partner): Many business owners consider taking on a business partner a good idea. Is it right for you and your business? Here are some pros and cons to consider.
- [A Guide to OnDeck Business Credit Reporting](https://www.ondeck.com/resources/a-guide-to-ondeck-business-credit-reporting): A quick guide on OnDeck business credit reporting.
- [7 Ways the Government Could Help Your Small Business](https://www.ondeck.com/resources/7-ways-the-government-could-help-your-small-business): Federal, state, and local governments offer several services designed to help small businesses—here are seven of them
- [14 Questions You Should Ask Before You Get a Small Business Loan](https://www.ondeck.com/resources/14-questions-you-should-ask-before-you-get-a-small-business-loan): There are 14 questions you should ask before you get a small business loan.The answers will help you know where to apply and how muchto ask for.
- [Should You Sell Your Goods at a Flea Market or Crafts Fair?](https://www.ondeck.com/resources/should-you-sell-your-goods-at-a-flea-market-or-crafts-fair): Handmade crafts are enjoying a heyday in the U.S. Etsy is seeing $2 billion in sales a year, which may soon be eclipsed by the fast-growing newcomer,
- [5 Keys to Delegating as a Small Business Owner](https://www.ondeck.com/resources/5-keys-to-delegating-as-a-small-business-owner): Delegation is an important skill a small business owner needs to have to be successful. Here are 5 keys to delegating every owner needs to master
- [6 Small Business Podcast Recommendations](https://www.ondeck.com/resources/6-small-business-podcast-recommendations): You might think of podcasts as pure entertainment, stories to listen to on your commute or at the gym. But today’s heyday of podcasting is bringing a
- [20 Business Tasks That Can Be Automated](https://www.ondeck.com/resources/20-business-tasks-you-can-easily-automate): Taking routine, recurring tasks off your to do list is essential for your productivity. Some of these business tasks can be automated, while others on your list may need to be delegated to employees. Read on for 20 business tasks that can be easily automated.
- [Meet the Barbara Corcoran Seal of Approval Contest Winners](https://www.ondeck.com/resources/barbara-corcoran-seal-of-approval-contest-winners): This is a sponsored post written by me on behalf of On Deck Capital, Inc. My passion is business, and I am especially passionate about helping
- [Open or Shut? How Small Businesses Owners Pick Business Hours](https://www.ondeck.com/resources/open-or-shut-how-small-businesses-owners-pick-business-hours): A sign with opening hours is one of the fixtures of a small business storefront. But “open” and “closed” are not quite as black and white as they appear
- [5 Clues to Help You Know if You May Qualify for an SBA Loan](https://www.ondeck.com/resources/5-clues-to-help-you-know-if-you-may-qualify-for-an-sba-loan): Fiscal year 2015 was a good year for SBA lenders. While the SBA is not a direct lender, they guaranteed 63,000 loans totaling $23.6 billion—that’s 22
- [A Guide to Financing for Women-Owned Businesses](https://www.ondeck.com/resources/5-financing-tips-women-business-owners): Women-owned businesses are the fastest growing small business segment in the country. Here are some tips on how to get financing for women-owned businesses.
- [When Should Small Businesses Decorate for the Holidays?](https://www.ondeck.com/resources/when-should-small-businesses-decorate-for-the-holidays): 40 percent of shoppers start their holiday gift buying before Halloween. If your customers are ready for Santa in October, should you be too?
- [How to Start a Veteran-Owned Business](https://www.ondeck.com/resources/start-veteran-owned-business): Founding new business can be difficult; for military veterans, however, the process of starting a business will seem quite natural, since your military training and service gives you advantages many entrepreneurs lack. Here are some tips on how to start a veteran-owned business.
- [Improving a Good Credit Score to Make it Great](https://www.ondeck.com/resources/improving-good-credit-score-make-great): There’s no question, in many situations a business owner’s personal credit score has an impact on his or her ability to get a small business loan. While
- [Loan Stacking is Bad for Your Business](https://www.ondeck.com/resources/loan-stacking-bad-business): Have you heard of loan stacking? If you’re unfamiliar with the term, loan stacking is where a loan or cash advance is approved on top of a loan or advance
- [3 Common Business Payroll Mistakes to Avoid](https://www.ondeck.com/resources/3-small-business-payroll-mistakes-avoid): Handling payroll for your small business can be stressful. Here are some of the most common business payroll mistakes and how you can overcome them.
- [Cash Flow Problems? Here’s What You Need to Know](https://www.ondeck.com/resources/cash-flow-problems-heres-need-know): We all know how important cash flow is. A steady stream of income that’s more than enough to cover expenses is what helps us stay in business--it’s what
- [Looking for a Small Business Loan? Loan Purpose Matters](https://www.ondeck.com/resources/looking-small-business-loan-loan-purpose-matters): There are more options available today for a small business loan, but understanding your loan purpose will help you find the right loan.
- [How to Create a Small Business Budget](https://www.ondeck.com/resources/budgeting-forecasting-whats-difference): Create a small business budget by tackling these two important tasks: budgeting your dollars and forecasting how your business will behave in the year ahead.
- [Protect Your Business Against Identity Theft](https://www.ondeck.com/resources/protecting-business-identity-theft): Identity theft is a hot topic and a big concern for many people these days. It seems like we regularly hear about personal data being stolen from one
- [6 Outstanding Online Invoicing Tools for Your Business](https://www.ondeck.com/resources/6-outstanding-online-invoicing-tools-business): Invoicing is an essential part of business operations. Whether you run a one-person shop, a brick-and-mortar operation, or a growing business with
- [Got Student Loans? You Can Still Own a Small Business](https://www.ondeck.com/resources/got-student-loans-can-still-small-business): Student debt can create a daunting financial maze for would-be small business owners. Recent research shows that regions where the population carries
- [5 Success Stories that Prove Economic Crises Aren’t Always Bad for Business](https://www.ondeck.com/resources/economic-crises-business): Boom times don’t last forever. But In fact, economic recessions are not all bad news for businesses. Find out why and see which companies make the most...
- [3 Ideas to Tackle a Slow Summer Slump](https://www.ondeck.com/resources/4-ideas-tackle-slow-summer-slump): Experiencing a summer sales slump? Here are 4 tips to tackle a slow summer slump and keep on track with your business goals.
- [5 Tips to Help You Qualify for a Business Credit Card](https://www.ondeck.com/resources/5-tips-help-qualify-business-credit-card): The temptation to use personal credit to pay for business expenses can be tempting for many small business owners—particularly when other small business
- [4 Rules for Handling Conflicts With Your Business Partner](https://www.ondeck.com/resources/4-rules-handling-conflicts-business-partner): Working with a partner has it rewards and its challenges—you might not always agree. So here are 4 rules for handing conflicts with your business partner.
- [When You Need to Get a Business Loan Fast](https://www.ondeck.com/resources/fast-small-business-loans-2): There are times when a small business owner can't wait weeks or months to find a loan for his or her business—they need a fast business loan.
- [Is a Business Debit Card a Good Idea?](https://www.ondeck.com/resources/corporate-debit-card-good-idea): San Francisco startup, Bento, think their new prepaid MasterCard (that acts like a debit card) is just the ticket for startups whose employees purchase equipment, supplies, services, or company travel.
- [Where Do Startups Really Get the Money to Start?](https://www.ondeck.com/resources/startups-really-get-money-start): If you’ve put your faith in what I call the “Myth of the Shark Tank,” you may be surprised at where most start-ups get cash to start...
- [3 Likely Reasons Your Business Loan Application Got Rejected](https://www.ondeck.com/resources/three-likely-reasons-business-loan-application-got-rejected): Not all lenders look at the same criteria when evaluating whether or not they’ll approve a small business loan, but here are three red flags
- [The #1 Way to Up Productivity for Your Small Business that You’re Probably Not Doing](https://www.ondeck.com/resources/1-way-productivity-small-business-youre-probably-not): It’s a proven fact: employees who are engaged at work (meaning that they are motivated, committed, and satisfied) are more productive at their jobs.
- [How Do You Pay Your Salespeople?](https://www.ondeck.com/resources/pay-salespeople): How do you compensate a sales team? Salespeople can make or break your business. But knowing how to property incentivize them can be tricky.
- [5 Business (Types) That Are Perfect For Crowdfunding](https://www.ondeck.com/resources/5-business-types-perfect-crowdfunding): Crowdfunding is one of the more empowering developments of the Internet age. Through the connected power of the masses, aspiring entrepreneurs can get
- [Small Business Lending: Does Your Business Qualify for an SBA Loan?](https://www.ondeck.com/resources/small-business-lending-business-qualify-sba-loan): Will your business qualify for an SBA loan? Here are four questions the loan officer will ask before he or she says "Yes."
- [Does My Age Affect My Personal Credit Score? (2019 Update)](https://www.ondeck.com/resources/age-affect-personal-credit-score): It's not the number of birthdays, but the age of your oldest credit account and the average age of all the others that affect your personal credit score.
- [Ask These 4 Questions to Find the Right Loan for Your Small Business](https://www.ondeck.com/resources/ask-4-questions-find-right-loan-small-business): Finding the right loan just isn’t as simple as going into the bank anymore. Here are 4 important questions to ask before you start looking.
- [Will Credit Monitoring Hurt Your Credit Score?](https://www.ondeck.com/resources/will-credit-monitoring-hurt-credit-score): Credit monitoring will not hurt your credit score and is a good idea to do at least annually.
- [9 Current NFL Players Who Run Small Businesses](https://www.ondeck.com/resources/10-current-nfl-players-run-small-businesses): Kudos to these 10 current NFL players who are also small business owners.
- [3 Ways to Win Government Contracts](https://www.ondeck.com/resources/3-ways-win-government-contracts): There are roughly 30,000 active government contracts available right now, amounting to thousands of opportunities for small business owners
- [The 3 Most Effective Ways to Get Vendor Discounts](https://www.ondeck.com/resources/leverage-vendor-discounts-increase-profits): Creating successful relationships with vendors is every bit as important as the relationships you build with your customers.
- [7 U.S. Presidents Who You Never Knew Ran Small Businesses](https://www.ondeck.com/resources/7-u-s-presidents-never-knew-ran-small-businesses): You might be surprised to learn there have been several US Presidents who ran small businesses —in addition to President Trump. Here are seven more.
- [4 Reasons Small Businesses Don’t Rely On Black Friday](https://www.ondeck.com/resources/5-reasons-small-businesses-dont-rely-black-friday): While you may be inundated with emails and ads about Black Friday, Small Business Saturday is the real focus for small businesses in the U.S. Learn why small business owners tend to bypass Black Friday promotions.
- [8 Celebrities You'll Be Surprised to Know Own Small Businesses](https://www.ondeck.com/resources/8-celebrities-youll-surprised-know-small-businesses): As Us Weekly would put it, “Stars: they’re just like us!” – and that’s true in business too. These eight celebrities have created and grown small
- [7 Awesome Facts about Veteran Small Business Owners](https://www.ondeck.com/resources/7-awesome-facts-veteran-small-business-owners): In honor of Veteran's Day, OnDeck is celebrating veteran small business owners all month long. Here are seven awesome facts about veteran small business
- [4 Small Business Certifications You Might Not Know About](https://www.ondeck.com/resources/4-small-business-certifications-might-know): Certifications are important for many types of organizations, especially small businesses that want to work with the U.S. government or receive special
- [Business Financing Through Unconventional Methods](https://www.ondeck.com/resources/business-financing-through-unconventional-methods): For those small business owners that think a small business loan is out of their reach – prepare to be inspired. Jake Fitzsimmons, opened a hamburger bar
- [How the Gender Gap Affects Small Business Loan Approvals](https://www.ondeck.com/resources/how-the-gender-gap-affects-small-business-loan-approvals): If you're looking to get a small business loan, there are many factors that come into play. Your credit history, your business' cash flow and numerous
- [3 Foolproof Ways to Show Lenders you're a Low-Risk Borrower](https://www.ondeck.com/resources/3-foolproof-ways-to-show-lenders-youre-a-low-risk-borrower): Whether you’re looking at a traditional bank, or a nonbank lender like OnDeck, applying for a small business loan is all about illustrating your overall
- [The Coolest Small Businesses in America](https://www.ondeck.com/resources/the-coolest-small-businesses-in-america): We think every small business is “cool”, but the list below takes cool to a whole new level. - The Blue Starlite Mini Urban Drive-In, a miniature drive-in
- [Crucial Guidance for Women Business Enterprise (WBE) Certifications](https://www.ondeck.com/resources/crucial-guidance-women-business-enterprise-wbe-certifications): Most public and private sector entities allocate a set amount of business to Women Business Enterprise - certified companies (WBE) - learn why this process is worth undertaking.
- [The 5 Best Compliments To Hear As A Small Business Owner](https://www.ondeck.com/resources/5-best-compliments-hear-small-business-owner): Small businesses like to be recognized by their customers. These 5 small business compliments, tell you your business is heading in the right direction.
- [Social Media Best Practices](https://www.ondeck.com/resources/social-media-best-practices): Social media offers businesses massive opportunities. It's a low-cost way to promote your business, engage consumers, and maximize your company's online
- [What is Receivables Financing?](https://www.ondeck.com/resources/receivables-financing): Small business owners have many options when it comes to financing. We have previously discussed peer-to-peer lending, business lines of credit, and
- [Paying Yourself? What Every Business Owner Needs to Know at Tax Time](https://www.ondeck.com/resources/paying-every-business-owner-needs-know-tax-time): Paying yourself as a small business owner can be tricky, but this important task deserves careful consideration. As an integral part of applying for small
- [What Is Peer-to-Peer Lending?](https://www.ondeck.com/resources/peer-peer-lending): There are numerous ways that small business owners can get financing for their business, and peer-to-peer lending is one option. What is peer-to-peer
- [What is a merchant cash advance?](https://www.ondeck.com/resources/merchant-cash-advance-2): Our small business resource center features hundreds of informative articles written by industry experts. Topics range from building credit to small business insights and beyond.

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#
# Detailed Content


## Pages

### Sitemap

> Visit OnDeck's sitemap for quick access to all our pages, including business loans and lending resources. Easily navigate to find the information you need.

- Published: 2024-11-19
- Modified: 2024-12-20
- URL: https://www.ondeck.com/sitemap



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### Bad Credit Business Loans

> Business loans can be hard to obtain for borrowers with bad credit. OnDeck can offer funding to business owners with fair credit, starting at a FICO score of 625.

- Published: 2024-04-22
- Modified: 2024-04-22
- URL: https://www.ondeck.com/loantype-bad-credit-business-loans



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### No Credit Check Business Loans

> Looking for business funding with no credit check? Discover easy options for small businesses looking for same day business loans no credit check.

- Published: 2024-03-18
- Modified: 2025-01-09
- URL: https://www.ondeck.com/loantype-no-credit-check-business-loans



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### Small Business Cash Flow Trend Report

> Get key insights into small business trends across America. See how owners are feeling about the future and discover trends revealed by cash flow data.

- Published: 2024-02-14
- Modified: 2024-05-30
- URL: https://www.ondeck.com/small-business-trends



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### FAQs

> Find answers to the most common questions about OnDeck’s products, process and more. Get troubleshooting tips to help manage your account.

- Published: 2023-08-07
- Modified: 2024-05-30
- URL: https://www.ondeck.com/faqs



---

### About Us

> OnDeck provides flexible financing, dedicated loan advisors, and a hassle-free experience for small businesses. $13B+ delivered since 2007.

- Published: 2023-08-04
- Modified: 2023-08-04
- URL: https://www.ondeck.com/company



---

### Contact Us

> At OnDeck, you get real people to talk to. Whether you need help with a new or existing loan, OnDeck Support can answer all your questions.

- Published: 2023-08-04
- Modified: 2023-08-04
- URL: https://www.ondeck.com/contact-us



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### CCPA/CPRA Request Form

> Submit a CCPA/CPRA privacy request with OnDeck. Access, delete, correct your data, or opt out of sharing. Protect your privacy today.

- Published: 2023-08-04
- Modified: 2025-03-27
- URL: https://www.ondeck.com/privacy-request



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### Business Funding

> Fuel growth with business funding from OnDeck. Explore fast, flexible funding options including business lines of credit and term loans.

- Published: 2023-08-04
- Modified: 2024-05-30
- URL: https://www.ondeck.com/business-funding



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### Short-Term Business Loans

> Short term business loans from $5,000 to $250,000, term lengths up to 12 months, and Prepayment Benefits. Apply in minutes and get Same Day Funding.

- Published: 2023-08-04
- Modified: 2023-08-04
- URL: https://www.ondeck.com/short-term-loans



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### Homepage

> Term Loans up to $250K and Lines of Credit up to $100K. Get funds as soon as the same day.

- Published: 2023-08-02
- Modified: 2023-08-09
- URL: https://www.ondeck.com/



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### Business Cash Flow Loans

> Business cash flow loans are a type of small business financing used to cover cash flow shortages. They can provide working capital for operating expenses.

- Published: 2023-06-08
- Modified: 2024-09-30
- URL: https://www.ondeck.com/loantype-temporary-cash-flow-loans



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### Working Capital Loans

> Working capital loans are used to cover day-to-day costs and short-term business needs. Stock up on inventory. Start a new project. Apply in just minutes.

- Published: 2023-06-01
- Modified: 2024-05-30
- URL: https://www.ondeck.com/loantype-working-capital-loans



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### Unsecured Business Loans

> Get fast unsecured business funding with no collateral required from OnDeck. Explore flexible terms and competitive rates to fund small business growth.

- Published: 2023-04-12
- Modified: 2025-05-22
- URL: https://www.ondeck.com/loantype-unsecured-business-loans



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### Business Line of Credit up to $100,000

> Business lines of credit provide working capital to manage cash flow, business growth and expenses. Apply now to get instant funding with OnDeck.*

- Published: 2023-02-07
- Modified: 2025-05-07
- URL: https://www.ondeck.com/business-line-of-credit



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### OnDeck Card Terms & Conditions

> Terms of Use Updated and effective December 07, 2022 1. OnDeck Terms and Conditions The OnDeck Services and websites (each as defined below) are operated

- Published: 2022-11-21
- Modified: 2024-11-13
- URL: https://www.ondeck.com/terms

Terms of Use Updated and effective December 07, 2022 1. OnDeck Terms and Conditions The OnDeck Services and websites (each as defined below) are operated by On Deck Capital, Inc. , its subsidiaries and affiliates operating under the OnDeck brand and its service providers (collectively, “OnDeck”, “we”, or “us”). OnDeck is in the business of providing customers with commercial credit products and related services (“Services”). OnDeck is not a broker, investment advisor or financial planner, and we do not provide financial, securities, legal or tax advice. Before making any decision or implementing any strategy you should consider obtaining additional information and advice from your accountant, attorney, and/or other advisors. “You” is defined as the owner of the company completing the application on behalf of the company seeking credit. Unless otherwise noted, any agreements, authorizations or consents made by you or permissions granted to you hereunder also apply and are binding on your company seeking credit directly from OnDeck, or from a bank that originates credit through one of the OnDeck platforms (“OnDeck Banking Partner”). 2. Accepting the Terms By using the information, tools, features and functionality located at ondeck. com or card. ondeck. com or any of their subdomains (the “Websites”) or by submitting an application for credit to OnDeck or an OnDeck Banking Partner, you signify that you have read, understand and agree to be bound by these terms and conditions (the “Agreement”) for any and all applications for credit to OnDeck or an OnDeck Banking Partner. You further...

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### Loans for Cleaning Services

> Learn more about loans for cleaning services. OnDeck offers several types of small business loans for your cleaning services company.

- Published: 2020-03-12
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loans-for-cleaning-services



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### Business Term Loan

> Grow your small business with a term loan offering predictable payments and flexible options. Apply online with OnDeck to secure business funding today!

- Published: 2019-06-06
- Modified: 2025-02-21
- URL: https://www.ondeck.com/business-term-loan



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### Restaurant Financing

> Restaurants can use financing to fuel growth and fund business initiatives. Here's what you need to know about restaurant business loans.

- Published: 2019-03-29
- Modified: 2024-01-19
- URL: https://www.ondeck.com/loantype-restaurant-financing



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### Trucking Business Loans

> Trucking business loans help to fuel growth and fund other business initiatives. Here's what you need to know about business loans for trucking companies.

- Published: 2019-03-29
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loantype-trucking-business-loans



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### Retail Business Loans

> Retail businesses often consider retail business loans to fund growth and other initiatives. Here's what you need to know about loans for retail businesses.

- Published: 2019-03-29
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loantype-retail-business-loans



---

### Loans for Contractors

> Contractors often consider financing to purchase equipment and fund other business initiatives, here's what you need to know about loans for contractors.

- Published: 2019-03-29
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loantype-loans-for-contractors



---

### Loans for Doctors and Physicians

> Medical practices often consider financing to fuel growth and fund other business initiatives, here's what you need to know about medical practice loans.

- Published: 2019-03-08
- Modified: 2024-02-08
- URL: https://www.ondeck.com/loantype-medical-practice-loans



---

### Microloans for Small Businesses

> Microloans enable small businesses to turn relatively small loan amounts into big results. Here's what you need to know about microloans for small businesses.

- Published: 2018-11-28
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loantype-micro-loans



---

### Small Business Loans

> Get fast small business funding with term loans or lines of credit. Apply online with OnDeck for flexible business loans and funding in as soon as 24 hours.†

- Published: 2018-11-28
- Modified: 2025-06-24
- URL: https://www.ondeck.com/small-business-loans



---

### Inventory Loans for Small Businesses

> Many businesses use inventory loans to purchase quick-turnaround inventory to increase profits and ROI. Here's what you need to know.

- Published: 2018-09-13
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loantype-inventory-loans



---

### Merchant Cash Advance

> A merchant cash advance (MCA) provides quick access to working capital based on future sales. Find the right funding option with OnDeck’s fast financing.

- Published: 2018-09-13
- Modified: 2025-05-06
- URL: https://www.ondeck.com/loantype-merchant-cash-advance



---

### Invoice Factoring Loans for Small Businesses

> Invoice factoring for small businesses has been around for a long time. Here's what you need to know about factoring loans to make an informed decision.

- Published: 2018-09-13
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loantype-invoice-factoring



---

### Equipment Financing and Leasing

> From construction machinery to daily business tools, get the equipment you need with funding from OnDeck. Apply for an equipment loan with same-day funding.†

- Published: 2018-09-13
- Modified: 2025-03-10
- URL: https://www.ondeck.com/loantype-equipment-financing-and-leasing



---

### Business Line of Credit vs Business Credit Card

> Many businesses use a business credit card to pay for business expenses. A business line of credit could be a good complement to a credit card. Learn more.

- Published: 2018-09-13
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loantype-business-line-of-credit-vs-business-credit-card



---

### Commercial Loans for Small Business

> Many businesses rely on commercial financing, or commercial loans, to fuel growth and meet other business demands. Here's what you need to know.

- Published: 2018-09-10
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loantype-commercial-loan



---

### OnDeck Loan Comparison Tool

> OnDeck is dedicated to business loan transparency.

- Published: 2018-05-07
- Modified: 2024-01-04
- URL: https://www.ondeck.com/transparency



---

### Reviews From Small Business Customers

> Read why small business owners choose OnDeck. Learn about our customer success stories and reviews.

- Published: 2017-07-27
- Modified: 2023-10-04
- URL: https://www.ondeck.com/reviews



---

### Loan Qualifications

> Qualifying for a business loan is straightforward and simple at OnDeck. Our minimum loan qualifications are less intensive than those of banks. We’re focused on getting you approved so your business can thrive.

- Published: 2017-07-27
- Modified: 2023-08-04
- URL: https://www.ondeck.com/loan-qualifications



---

### Security Policy

> Learn how we protect your information and data. Get tips to avoid scams and see how you can keep your customers safe.

- Published: 2017-07-25
- Modified: 2024-05-30
- URL: https://www.ondeck.com/security-policy



---

### Privacy Policy

> We take privacy seriously. Read our privacy policy to learn what information we collect and how we keep it safe.

- Published: 2017-07-24
- Modified: 2024-05-30
- URL: https://www.ondeck.com/privacy



---

### In The News

> Check out OnDeck in the News. Read the latest media, news articles, and press releases about OnDeck, small business, fintech and more.

- Published: 2017-07-13
- Modified: 2023-08-08
- URL: https://www.ondeck.com/in-the-news



---

### Partner

> Partner with OnDeck to deliver incredible financial experiences for your customers. Enterprise, Affiliate, and Accountant partnerships available.

- Published: 2017-06-15
- Modified: 2023-08-08
- URL: https://www.ondeck.com/partner



---


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## Resources

### Business Line of Credit vs. Term Loan

> A business term loan provides a fixed sum up front. A line of credit provides ongoing access to funding that borrowers can draw as needed up to a credit limit.

- Published: 2025-06-23
- Modified: 2025-06-23
- URL: https://www.ondeck.com/resources/business-term-loan-vs-line-of-credit
- Resource Categories: Small Business Financing

Running a business can often mean needing capital beyond what you have on hand. The right type of financing can help you maintain operations and invest in growth opportunities. Two of the most common business financing options are a business line of credit and a business term loan. However, there are some major differences between the two. Understanding how each of these types of business credit works can help you decide which is right for your small business. Business line of credit vs. term loan: what's the difference? Business Line of Credit Business Term Loan Funding Revolving credit that you can borrow again as you repay. Upfront lump sum of money you pay back in installments over a set term. Loan Amount Typically the credit limit is for a smaller amount. Often offers a larger amount of money. Interest Pay interest on the amount you borrow. Typically comes with a fixed interest rate. Repayment Payment frequency and amounts can vary depending on the lender and how much you draw. Set repayment schedule, often with a weekly, bi-weekly or monthly payment. Qualifications Varies by lender, but most will ask for the following: a business bank account, time in business, annual revenue and business or personal credit score. Varies by lender, but most will ask for the following: a business bank account, time in business, annual revenue and business or personal credit score. Future Funding Funds become available to borrow again as you pay down your balance. You can apply again for...

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### What You Need To Know About Seasonal Businesses

> Learn how to start and manage a seasonal business with expert off-season tips. Discover profitable business ideas for year-round growth.

- Published: 2025-06-17
- Modified: 2025-06-24
- URL: https://www.ondeck.com/resources/seasonal-small-business
- Resource Categories: Running a Business

If you’ve ever been to a beach town in July or a ski resort in January, then you’ve experienced the power of a seasonal business. These businesses capitalize on predictable changes in customer demand throughout the year. Whether it’s the influx of holiday shoppers in December or the lawn care boom in April, seasonal businesses offer unique opportunities — and challenges — for entrepreneurs. In this guide, we’ll walk you through what seasonal businesses are, explore profitable seasonal business ideas, examine the pros and cons, and share expert tips on managing them full-time, including what to do during the off-season. Let’s dive in! What is a seasonal business? A seasonal business is one that experiences the bulk of its activity during specific times of the year. These businesses align their products or services with the natural rhythms of the calendar, such as holidays, weather changes or school schedules. For example, a snow plowing service operates primarily during the winter months, while an ice cream stand might thrive in the summer. While some seasonal businesses shut down during the off-season, others pivot to alternative offerings or use that time for planning and maintenance. Businesses that experience seasonality changes aren’t necessarily the same as businesses that experience normal business ebbs and flows — or cyclical changes. Business cycles exist over longer periods of time, in which there can be both economic growth and contraction. So while seasonality and business cycles both involve changing conditions over time, business cycles occur over a longer...

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### 18 Ways To Increase Sales for Your Small Business

> Discover 18 ways to increase sales. 1. Nail down your value proposition. 2. The sales funnel method. 3. Engage with customers

- Published: 2025-06-10
- Modified: 2025-06-10
- URL: https://www.ondeck.com/resources/how-to-increase-sales
- Resource Categories: Running a Business

Running a business comes with ups and downs, and increasing sales can be one of the keys to success. Whether you want to attract new customers, optimize your sales process or strengthen your relationship with existing customers, there are strategies that can help you make a big difference. This guide outlines 18 ways to boost your sales, including leveraging marketing strategies, improving customer engagement and streamlining the checkout process. Let’s dive into some of the ways you can help your small business boost sales. How to increase sales 1. Set goals. Setting clear, measurable and achievable sales goals is one of the first steps when trying to increase sales. Consider outlining things like specific revenue targets or the number of customers you want to acquire in a certain period. Goals can help provide direction and make it easier to track progress. You can break big goals down into smaller milestones and celebrate wins along the way to motivate your team. 2. Nail down your value proposition. Think about what makes your business unique. Why would customers want to do business with you instead of competitors? This could be anything from the quality of your customer service, to price, to product design. You can use your unique value proposition to communicate to your target audience how your product or service solves a problem, satisfies a need or delivers benefits to them. 3. Create customer personas. Understanding your customers’ needs, interests and pain points can help you communicate with them more effectively....

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### 17 Employee Retention Strategies to Keep Your Top Talent

> Learn how the biggest companies retain thKeep your top talent with these popular employee retention strategies. Plus, check out these retention lessons from 14 of the world’s largest companies.

- Published: 2025-06-02
- Modified: 2025-06-02
- URL: https://www.ondeck.com/resources/employee-retention
- Resource Categories: Running a Business

A recent survey found that 93% of workers are looking for, or plan to look for, a new job in 2025. So how do you make sure your top talent sticks around? There are all sorts of reasons why people leave their jobs, from dissatisfaction with their pay to a feeling of being stuck. For a small business, it’s a blow whenever a talented employee hands in their notice — but it’s also a vital opportunity to analyze how your company can do better at keeping your current employees happy, motivated and less likely to leave. Higher retention rates can boost profitability, prevent high turnover, keep employee morale high and give you a competitive edge. Let’s review what employee retention means, how it works and what talent management strategies you can use to keep your best employees. 17 Effective employee retention strategies to keep your top talent. 1. Focus on culture and employee engagement. Engaged employees are more likely to stay long term, so build a workplace culture that values collaboration, recognition, and inclusion. 2. Conduct exit interviews. When team members leave your company, take the time to sit down with them and conduct an exit interview. Your employees are more likely to be honest with you at this point, and you can gain a lot of insight about the reasons employees leave in one-on-one meetings. 3. Hire the right people. Use thorough screening processes to ensure you’re hiring the right people and that new hires align with your team...

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### 12 Ways To Increase Restaurant Sales

> Drive restaurant sales with these 12 strategies. Explore everything from customer experience to marketing.

- Published: 2025-05-30
- Modified: 2025-05-30
- URL: https://www.ondeck.com/resources/increase-restaurant-sales
- Resource Categories: Running a Business

The restaurant industry can be challenging. With fluctuating food costs, changing customer preferences and rising competition, staying ahead can require coming up with some innovative strategies. Whether you’re looking to capture more foot traffic or increase customer loyalty, there are steps you can take to help increase restaurant revenue. Let’s explore some of the tactics you can use to help boost restaurant sales. Tips to increase restaurant sales Optimize your menu. Your menu is more than just a list of dishes — it’s a powerful sales tool. Here are a few ways to optimize your menu: Highlight profitable dishes. Your menu design can help you highlight the dishes with the best profit margins. Using bold text, boxes and placement can help draw customers' eyes to the dishes you want to sell more of. Write better descriptions. A good description should advertise the deliciousness of your food. Instead of just listing ingredients, describe the dish in a way that does some of the selling for you. Additionally, using words like “locally-sourced,” “organic” and “made in-house” can raise a menu item’s perceived value. Declutter and remove underperformers. You don’t want to overwhelm your guests with too many appetizers, entrees and desserts. You can analyze your sales and remove the menu items that are underperforming — helping cut costs and streamline operations. Invest in upgraded technology. Investing in technology can help you improve customer experience and keep your restaurant running smoothly. Consider upgrading your point of sales (POS) system, offering digital payment solutions...

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### Business Loan Calculator: Estimate Payments, Borrowing Costs and Loan Amounts

> Use the business loan calculator to figure out how much you can borrow, estimate your payments and determine the cost of borrowing.

- Published: 2025-05-29
- Modified: 2025-06-24
- URL: https://www.ondeck.com/resources/business-loan-calculator
- Resource Categories: Small Business Financing

Business Loan Calculator Disclaimer: The numbers entered into this calculator are for illustrative purposes only; this tool does not provide financial advice, nor does it guarantee specific outcomes. How to use the business loan calculator. Use our business loan calculator to estimate your payments and borrowing costs for a business term loan or line of credit. Just enter your loan amount, APR, desired term length and any applicable fees. Definitions Term Definition Loan amount This is the total amount of funds that you borrow. Because of deductions for fees such as origination fees, it may be more than the total amount of funds that you receive. Interest Rate A percentage of the outstanding loan amount that you pay to your lender for borrowing money. The interest rate is applied to the outstanding principal balance of the loan. Unlike APR, the interest rate does not incorporate fees or other finance charges. Annual percentage rate APR is the cost of your financing expressed as a yearly rate. APR includes the amount and timing of the funding you receive, interest and fees you pay and the payments you make. Your APR may be higher than your interest rate alone because APR incorporates interest costs and other finance charges. APR is not used to calculate your interest expense. Origination fee A percentage of the borrowed amount to cover the cost of assessing your application. This may be deducted at the time of disbursement. Draw fee A percentage of the amount advanced that can either...

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### 12 Tips and Tricks to Help You Manage a Successful Restaurant

> Use these practical restaurant management tips and tricks to help you build a sustainable model of restaurant success.

- Published: 2025-05-22
- Modified: 2025-05-22
- URL: https://www.ondeck.com/resources/restaurant-management-tips-and-tricks
- Resource Categories: Running a Business

Make no mistake — the food service and hospitality industry is more competitive than ever. From managing employees and suppliers to staying ahead of marketing and culinary trends, restaurateurs wear many hats. It takes hard work, but with the right strategies in place you can build or maintain a thriving operation — and make the most of your restaurant financing. These practical restaurant tips and tricks can equip you with ideas to help streamline operations, improve profitability and create memorable customer experiences. Restaurant Operations and Management Let’s start with the fundamentals — your day-to-day restaurant operations. The decisions you make here can keep your restaurant efficient and profitable. Buy and source wisely. Your restaurant’s food ordering expenses can quickly spiral out of control without proper inventory management. Build strong relationships with reliable vendors to negotiate better deals. Buy seasonal produce for cost savings, and utilize inventory management software to track stock and reduce food waste. Take care of your staff. A happy restaurant staff equals happy customers. Train your team well, offer competitive wages and incentives and create an environment where they feel valued. Employee satisfaction impacts efficiency and morale which, in turn, influences your service quality and overall guest experience. Review your menu pricing and design. Review your pricing strategy regularly to ensure there’s a good profit margin on all of your restaurant menu items. Factor in rising ingredient and food costs and adjust prices when necessary, but make sure your pricing aligns with customer expectations. Consider seasonal menu...

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### Secured vs. Unsecured Business Loans

> Discover the key differences between secured and unsecured business loans, including pros and cons and how to choose the best option for your business needs.

- Published: 2025-05-06
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/secured-vs-unsecured-business-loans
- Resource Categories: Small Business Financing

When you need extra working capital, choosing the right type of small business loan or business line of credit is crucial. Business financing generally falls into two main categories: secured and unsecured. Each has its benefits and drawbacks, and the right choice depends on factors like your business’s financial health, business plan, credit history and the level of risk you are willing to take. Let’s explore the differences between secured and unsecured business loans, and how to determine which funding option is best for your business. What’s the difference between a secured and unsecured business loan? A secured business loan requires the borrower to provide collateral — an asset that the lender can seize if the loan is not repaid. Common types of collateral include real estate, equipment, inventory or accounts receivable. Because these loans are backed by assets, they generally come with lower interest rates and higher borrowing limits. An unsecured business loan, on the other hand, does not require collateral. Instead, lenders approve these loans based on the borrower’s creditworthiness and revenue history. Since unsecured loans increase the lender’s risk, they often come with higher interest rates and stricter qualification requirements. What is collateral? Collateral is an asset that a borrower pledges to a lender to secure a loan. It serves as a form of protection for the lender, ensuring that if the borrower defaults, the lender can recover the funds by seizing and selling the collateral. Collateral can take many forms, including: Real estate. Business owners can...

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### What Is a Business Term Loan and How Does It Work?

> A business term loan provides you with a lump sum of money that you repay over a fixed period of time, or “term.”

- Published: 2025-04-30
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/what-is-a-business-term-loan
- Resource Categories: Small Business Financing

Business term loans are one of the most popular ways to secure funding for your business. Whether you're looking to expand, purchase new equipment, or simply cover cash flow gaps, term loans can provide the financial flexibility you need. But how do they work, and are they the right choice for your business? Let us guide you through business term loans: benefits, drawbacks, alternatives and what’s required to qualify. What is a business term loan? A business term loan provides you with a lump sum of money that you repay over a fixed period of time, or “term. ” Your scheduled payments are typically monthly or weekly and include a portion of the loan principal, interest and any fees the lender charges. Term loans are often used for long-term investments, such as growing operations, acquiring equipment, or purchasing real estate. Because this type of business financing usually comes with a fixed interest rate, term loans offer predictable repayment schedules, making financial planning easier for small business owners. Lenders that offer term loans include traditional banks, credit unions, and online lenders. How does a business term loan work? Here's how a business term loan typically works. Applying for a business term loan. The loan application process for a business term loan typically starts with a pre-qualification step to determine your eligibility. Lenders determine your eligibility based on factors like time in business, annual revenue and your personal or business credit score. Next, you’ll need to provide key documents — such as...

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### What is Operations? And Why Does My Business Need It?

> Efficient business operations is key to running a business that’s always getting better and better at what it does. Here's what you need to know.

- Published: 2025-04-23
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/what-is-operations
- Resource Categories: Insights and Stories

In simple terms, "operations" is the internal engine that powers your business. If you are currently trying to extend your product line, open a brand in an up-and-coming neighborhood, resolve a purchasing inefficiency or improve customer loyalty, then you should look at your company’s operations. In this article, we will explain the basics of operations and cover key differences in operations management for small businesses across different industries. What Is Operations? When we talk about "operations" in the context of a business, we are referring to the processes and inner workings that allow a company to run as efficiently as possible. Whether you make products, sell products or provide services, every small business owner has to oversee the design and management of the behind-the-scenes work that makes up their company’s operations. Well-run operations is a critical and often overlooked source of a business’s success. It can help streamline costs, allowing you to do more with less and maximize the impact of business funding such as a business line of credit or term loan. At a small business, you may not want to dedicate a single person to an operations role. Rather, both employees and owners should understand how the business works and how various processes impact day-to-day tasks. Regardless of your industry and type of business, your first approach to business operations will most likely include the design, planning, management and ongoing improvement of processes for the production of goods or provision of services, management of your team and management...

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### Small Business Employee Benefits: What You Need To Know and Why It Matters

> Discover how small businesses can build competitive benefits packages, including health insurance, retirement plans and perks that attract top talent.

- Published: 2025-04-23
- Modified: 2025-06-04
- URL: https://www.ondeck.com/resources/small-business-employee-benefits
- Resource Categories: Running a Business

Offering competitive employee benefits can help small businesses attract top talent. But how do you build an outstanding benefits package? Whether you're navigating healthcare options, trying to decide on retirement plans, or considering which perks will resonate with your employees, we’ll walk you through what you need to know. Here’s why employee benefits matter, and how you can structure yours to support your team and grow your business. What are employee benefits? Employee benefits are non-wage compensation provided to employees in addition to their regular salary. They can include health insurance, retirement savings plans, vacation days and even perks like gym memberships or paid volunteer days. These benefits play a critical role in boosting workplace satisfaction and employee well-being. For small business owners, building an effective employee benefits package isn’t just about ticking boxes. It’s about providing tangible value to employees, showing them they're appreciated, and fostering a positive, productive work environment. Why is offering benefits important for small businesses? 1. Attracting talent. Small businesses often compete with larger corporations for skilled professionals. Offering competitive benefits levels the playing field and allows you to stand out as an employer of choice. 2. Retaining employees. Strong benefits packages play a crucial role in improving employee retention. Employees are more likely to stay with a company that offers healthcare, retirement plans and flexible perks that align with their needs. Reducing turnover saves recruitment and training costs in the long run. 3. Boosting productivity. Happy employees are more motivated and productive. Offering benefits...

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### Is a Small Business Loan Secured or Unsecured?

> Starting and growing a small business often requires access to capital. While some entrepreneurs might have savings to invest, many turn to business loans A small business loan can be secured or unsecured. Here’s what you need to know before you apply.

- Published: 2025-04-21
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/are-small-business-loans-secured-or-unsecured
- Resource Categories: Small Business Financing

Starting and growing a small business often requires access to capital. While some entrepreneurs might have savings to invest, many turn to business loans to secure the necessary funds. When seeking financing, one crucial decision to make is whether to opt for a secured loan or an unsecured loan. So what’s the difference between the two? And which is better? Each option comes with its own set of advantages and drawbacks that can significantly impact your business's financial health. Let’s explore the differences between secured and unsecured loans, some pros and cons of each, and the types of collateral used for secured loans. Are small business loans secured or unsecured? Small business loans can be either secured or unsecured, depending on the type of loan and the lender's requirements. Secured loans require the borrower to offer collateral, such as equipment, real estate or inventory, which the lender can claim if the loan is not repaid. These loans often come with lower interest rates since the collateral reduces the lender's risk. Unsecured loans, on the other hand, do not require collateral but typically have higher interest rates and stricter eligibility criteria. The choice between secured and unsecured loans often depends on the financial situation of the business and the level of risk the borrower is willing to take. What is the difference between a secured and unsecured loan? The fundamental difference between secured and unsecured small business loans is in the presence of collateral. Collateral is an asset that a borrower...

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### Business Structures: How to Choose the Right One

> Review common business structures such as LLCs, sole proprietorships, and corporations to help you choose the right business structure for your needs.

- Published: 2025-04-16
- Modified: 2025-04-16
- URL: https://www.ondeck.com/resources/business-structure
- Resource Categories: Running a Business

Deciding on a business structure is a big step when starting a new business. It will affect your taxes, personal liability, how you raise capital, day-to-day operations and more. It’s an important decision, but it can be hard to know which is the right option. Luckily, with the right information you can be more confident in determining a business structure. Keep in mind, it’s also a good idea to consult with professionals, like accountants and attorneys, who can offer personalized guidance and advice. What is a business structure? A business structure is the way your business is organized. It determines many aspects of your business, including: Legal liability Taxation Operational flexibility Ownership and roles The Internal Revenue Service (IRS) requires most businesses to classify their structure when registering with their secretary of state. Keep in mind that your choice isn’t always permanent, and this could likely change as your business grows and evolves. What are some of the different types of business structures? Let’s break down some common types of business structures. You should also keep in mind that the laws, regulations and requirements for these common business structures may differ from state to state. Research your state's laws or consult a professional before making a decision. Sole proprietorship A sole proprietorship is a business that is owned and operated by one person. It is an extremely simple business structure. Legally, the small business owner and the business are the same — meaning the business is not a separate legal...

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### 14 Ways to Advertise Your Small Business Effectively

> Learn how to advertise your small business effectively with these 15 proven strategies, from social media to SEO and more. Boost your reach today!

- Published: 2025-04-10
- Modified: 2025-04-21
- URL: https://www.ondeck.com/resources/small-business-advertising
- Resource Categories: Running a Business

Marketing and advertising are crucial for growing and maintaining a successful small business. But with so many ways to advertise, figuring out the right marketing strategies can feel daunting. How do you maximize your reach without blowing your budget? And how do you ensure you're investing in small business advertising that actually brings results? This guide breaks it all down for you. Whether you're looking to boost your brand awareness online, connect with new customers or save on advertising costs, we've got proven strategies to fit your goals. Keep reading to discover practical marketing tools to effectively advertise your small business. How do I advertise my small business? From social platforms to paid ad campaigns, there are countless ways to grab attention and drive traffic to your business. Here are six popular options to consider for your marketing efforts: 1. Leverage social media. Social media is one of the most cost-effective and powerful tools for small business advertising. Platforms like Instagram, Facebook, TikTok and LinkedIn allow you to connect directly with your audience and promote products or services in creative ways. Consistently post engaging content, use high-quality images, and interact with your followers to build your online presence and relationships with your customers. 2. Create an email marketing campaign. Email marketing is a direct and personal way to build customer loyalty. Keep your audience updated on promotions, events and company news by sending thoughtfully designed newsletters. Be sure to include a call-to-action (like visiting your store or website) and segment...

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### Business Financial Management: What It Is and How To Improve It

> Discover small business financial management tips. Learn how to streamline finances, boost cash flow and plan for success.

- Published: 2025-04-04
- Modified: 2025-04-03
- URL: https://www.ondeck.com/resources/business-financial-management
- Resource Categories: Running a Business

Financial management is one of the most important parts of running a successful small business. Whether you’re launching a new business, or just looking to improve your existing systems, understanding and organizing your business’s finances helps to ensure the stability and growth of your company. Here are a few practical financial management strategies to help you handle your business finances with confidence. What is business financial management? Business financial management involves planning, organizing and monitoring your business’s financial resources. It’s about making informed financial decisions to ensure your operations and growth remains sustainable. From business budgeting and cash flow management, to understanding balance sheets and bookkeeping, effective financial management can be the key to your long-term success. Why is financial management for small businesses important? Managing the financial health of your business helps you make informed decisions and plan for the future. It’s important because without it, businesses can struggle with cash flow issues and other missed financial opportunities, or worse. By prioritizing good financial management, small business owners can build a strong foundation that helps them navigate challenges to achieve their goals. How to improve your small business’s financial management. 1. Create a business budget. A business budget is one of the most powerful financial planning tools available. Creating a budget, or revamping your old one, may be easier than you think. A detailed budget can help you keep track of where your money is going, identify savings and allocate resources more effectively. By keeping close track of your...

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### 14 Ideas to Celebrate Small Business Week

> Celebrate Small Business Week with these 14 ideas — from hosting events to leveraging social media and more. Discover ways to support and grow your business.

- Published: 2025-04-03
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/celebrate-small-business-week
- Resource Categories: Running a Business

National Small Business Week is an annual event dedicated to recognizing the contributions of small businesses to the economy and local communities. And for good reason — small businesses employ 45. 9% of American workers, and make up 43. 5% of the country’s gross domestic product. In 2025, this celebration will take place from May 4 - May 10. It's the perfect time for entrepreneurs, customers and communities to honor and support their favorite small businesses that play a pivotal role in driving innovation and job creation. Let’s go over some ideas to help your business stand out and celebrate National Small Business Week: Ideas to Celebrate Small Business Week 1. Host community events. Engage with your local community by organizing events such as “Shop Local” open houses, workshops or networking gatherings. These local events can showcase your products or services, provide value to attendees and strengthen community ties. For example, hosting a workshop on a topic related to your business can attract potential customers and establish your expertise in the field. 2. Run special promotions and offers. Attract new customers and reward loyal ones by offering exclusive discounts, limited-time offers or bundled deals during Small Business Week. Promote these marketing strategies through various channels to maximize reach. For instance, consider creating a "buy one, get one free" offer or providing a discount to customers who refer friends to your business. 3. Start a marketing campaign. Leverage the momentum of Small Business Week by launching a targeted marketing campaign. Utilize...

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### 5 Actionable Business Growth Strategies for Small Businesses

> Discover proven growth strategies to help your business thrive. Learn how to expand marketing, retain customers, improve products and scale effectively.

- Published: 2025-04-03
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/business-growth-strategies

Growing a small business requires strategic planning, adaptability and a strong focus on key areas of development. Whether you're just starting, or looking to take your business to the next level, implementing a solid growth strategy is essential. Let’s explore five actionable business growth strategies you can use to help your small business thrive and scale. How to Grow Your Business: 5 Actionable Strategies 1. Focus on your customers. Your customer base is the backbone of your business. Building strong relationships with them can significantly impact your growth. Emphasize customer retention. Retaining current customers is often more cost-effective than acquiring new ones. Providing excellent service, offering loyalty programs and engaging with customers regularly are great ways to build customer loyalty. Find new customers. Expand your reach through targeted advertising initiatives, networking and strategic partnerships. Conduct market research to identify new customer segments that could benefit from your products or services. Build a referral network. Encourage satisfied customers to refer new clients. Implement a referral program that rewards customers for bringing in new business. 2. Expand your marketing efforts. A strong small business marketing strategy is crucial for business growth. Diversifying and optimizing your marketing efforts can lead to increased brand awareness and sales. Social media marketing. Utilize social media platforms like Facebook, Instagram, LinkedIn and X (formerly Twitter) to engage with your audience. This type of content marketing is a cost-effective way to promote your products or services. Email marketing. Build and nurture an email list to stay connected with...

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### How to Write a Business Plan: 10 Steps for Small Business Owners

> Want to write a winning business plan? Use these 10 simple, easy-to-follow steps as your guide for crafting a solid business plan.

- Published: 2025-04-02
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-to-write-a-business-plan

Starting a new business is exciting. It comes with the freedom and flexibility to make decisions that impact not only your business, but also your financial well-being. While it can be an extremely rewarding experience, it can also feel completely overwhelming. So where should you invest your time to ensure your business’s success? A good place to start is writing a business plan. Crafting a solid business plan doesn’t have to be complex or intimidating, but it is an essential first step to ensure you have a strategic foundation for future success. And it can be used to help secure a startup loan or whatever funds you need to turn your vision into a reality. In fact, the best business plans follow a simple and straightforward format that you can easily adopt to suit your needs. It can be as brief as one page, or follow the more traditional business plan format — typically 10 to 15 pages in length. Whether you're a small business owner, entrepreneur, nonprofit leader or you’re simply looking to bring your idea to market, you can use this helpful business plan template for any business model. What is a business plan? A good business plan is a written document that goes far beyond your mission statement. It serves as a strategic plan that outlines your business goals, the methods for achieving those goals, and the timeframe for realizing them. Think of it as your roadmap — it tells you where you’re going, how you’ll get...

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### Small Business Management: What It Is and How To Do It

> Discover essential strategies, skills and tools for effective small business management. Learn how to streamline operations and drive growth with confidence.

- Published: 2025-03-06
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/small-business-management
- Resource Categories: Running a Business

Running and managing a small business is never boring. It comes with a unique set of challenges and opportunities, from overseeing financial responsibilities and day-to-day operations to planning for future growth and much more. Whether you’re managing a new business or a company that’s been around for a long time, managing all of these tasks can feel overwhelming. But with the right tools, mindset and strategies, you can successfully lead your small business toward success. What is small business management? Small business management is the process of overseeing, and making decisions for, your small business. It can involve things like coordinating human resources, handling bookkeeping and optimizing your marketing strategy. It also means doing some strategic thinking. You’ll have to keep an eye on market trends and business topics, set long-term goals, and navigate challenges as they arise. It’s an ongoing process that helps refine your business operations and ensures your efforts stay aligned with your business plan. When managing your business, you’ll probably encounter things like: Financial management. Tracking cash flow, managing expenses and increasing profitability. Human resources. Recruiting, training, and retaining the right team. Operations. Ensuring efficient processes for daily tasks and long-term goals. Customer relations. Building strong relationships with your clients or customers. Marketing strategy. Growing your brand through targeted campaigns and market research. Why do I need a small business management plan? A small business management plan helps provide structure and can act as a roadmap for your business. Here are a few key benefits of...

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### How To Get a Small Business Loan Without Collateral

> No collateral? No problem! Discover how to secure a small business loan without risking your assets. Explore tips, loan types and eligibility requirements.

- Published: 2025-02-28
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-to-get-a-small-business-loan-without-collateral
- Resource Categories: Small Business Financing

Securing a small business loan can be a game changer for entrepreneurs looking to expand operations, purchase inventory, or stabilize their cash flow. But what if you don’t have any collateral to offer? For many small business owners, putting up assets as security for a loan simply isn’t an option. The good news? You can still get the funding you need without risking your personal or business property. This blog will provide some tips for obtaining a small business loan without collateral, explore common unsecured loan options, and weigh the pros and cons to help you make informed decisions. How to get a small business loan without collateral. Getting a business loan without collateral may feel daunting at first, but the process doesn't have to be complicated. Many lenders now offer unsecured business loans, so you’re not required to provide assets like property, vehicles, or equipment as security for the loan. Instead, these loans often rely on your creditworthiness, business performance, and other financial indicators to determine eligibility. Here’s a step-by-step approach to securing a no-collateral loan: Assess your financials. Ensure you have accurate and up-to-date records for your business finances, including profit and loss statements, tax returns and cash flow projections. Build your credit score. A strong credit score (both personal and business) increases your chances of approval for unsecured loans. If your credit is less than ideal, work on improving it by paying off debt and fixing any errors in your credit report. Research lenders. Look for banks,...

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### What Is Collateral and Do I Really Need it for a Business Loan?

> Collateral is an asset that you, as a borrower, pledge as security for a loan. Learn how collateral works, its types and whether you need it for financing your small business or startup.

- Published: 2025-02-05
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/what-is-collateral-and-do-i-really-need-it-for-a-business-loan
- Resource Categories: Small Business Financing

As a small business owner, accessing the right financing is critical to grow — whether expanding operations, purchasing equipment or handling unexpected challenges. If you’ve started exploring your options for business loans, you’ve likely come across the term "collateral" more than a few times. But what is collateral, and do you really need it to secure funding? This guide will break down everything you need to know about collateral and how it impacts your financing options. Understanding collateral will help you make informed decisions about your business's financial future. What is collateral? Collateral is an asset that you, as a borrower, pledge as security for a loan. It acts as a safety net for the lender, ensuring that if the borrower defaults (fails to repay the loan), the lender can seize the collateral to recover their losses. Essentially, collateral reduces the risk for the lender and increases the chances of approval for the borrower. With business funding, collateral comes in many forms, depending on the lender’s requirements and the type of loan you're applying for. Common examples of collateral include real estate, equipment, inventory or accounts receivable. By offering a form of collateral, you reduce the lender’s risk, which can make it easier to qualify for a loan or receive more favorable terms. Do you need collateral for a small business loan? The short answer is: it depends. Whether or not you need to offer collateral for a small business loan varies based on several factors, including: The type of...

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### How to Create a Budget for Your Business: 4 Steps Made Simple

> Learn how to create an effective business budget. See how budgeting can help your business achieve long-term success and stability.

- Published: 2025-02-04
- Modified: 2025-01-31
- URL: https://www.ondeck.com/resources/business-budget
- Resource Categories: Running a Business

Creating a small business budget is an essential step that can help small business owners take control of their finances, make informed business decisions and set the stage for growth. However, creating an effective budgeting process for your business can feel overwhelming. Luckily, business budgeting doesn’t have to be as complicated as it seems. With a simple step-by-step approach, you can create a budget to reach your business’s financial goals and set yourself up for long-term growth and success. How to create a business budget. Step 1. Calculate business revenue. You can begin creating a business budget by calculating your business’s monthly revenue. Be sure to include all streams of income. Ideally, you should do this for the past 12 months. This can help you identify patterns and see how your revenue fluctuates throughout the year due to seasonal trends, market conditions and other factors. This is a key step to creating an effective budget. By having a detailed understanding of your revenue by calendar month, you can better evaluate your business’s financial health and forecast your future income. Completing this step means you’re already half-way toward having a business budget to help you set realistic and effective business goals. Step 2. Determine your business expenses. To create a business budget, you’ll also need to determine your business’s expenditures. Be sure to look beyond your normal operating expenses such as rent, utilities and raw materials. Consider other business costs that could impact your budget, such as taxes or interest charges....

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### 11 Essential Small Business Goals and How to Achieve Them

> Take on your goals head first. By setting objectives and following through on these key strategies, you’ll be well-positioned to achieve them.

- Published: 2025-01-28
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/small-business-goals

Running a small business is a challenging yet often rewarding venture, but success doesn’t happen by accident. It requires clear, actionable goals and a roadmap to achieve them. Whether you’re looking to streamline operations, boost revenue or enhance your marketing, setting the right goals can propel your business to new heights. To help your business grow, let’s go over 11 essential small business goals and how you can make them a reality. Small Business Finance Goals 1. Improve cash flow. Cash flow is the lifeblood of any business. Improving your cash flow ensures you have the resources to cover day-to-day expenses, invest in growth and weather unexpected challenges. How to achieve it: Track income and expenses regularly with accounting software. Invoice customers promptly and set clear payment terms. Consider offering discounts for early payments to encourage quicker collections. 2. Cut unnecessary expenses. Keeping a close eye on business expenses can significantly impact your bottom line. Eliminating wasteful spending can free up funds for more critical investments. How to achieve it: Audit your expenses quarterly to identify areas of overspending. Negotiate better deals with suppliers or switch to cost-effective alternatives. Leverage technology to reduce manual labor costs. 3. Create a tax strategy. Proactive tax planning can save your business money and prevent costly surprises during tax season. How to achieve it: Work with a tax professional to identify deductions and credits. Set aside funds monthly for tax obligations. Stay updated on tax laws and regulations to avoid penalties. 4. Explore financing...

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### How to Establish Business Credit: A 7-Step Credit Building Guide

> Learn how to establish business credit and boost your small business's credit score. Visit OnDeck for tips on building business credit and business banking.

- Published: 2025-01-15
- Modified: 2025-01-16
- URL: https://www.ondeck.com/resources/how-to-establish-and-build-business-credit
- Resource Categories: Small Business Financing

Establishing and building business credit is critical for the growth and sustainability of any business, whether it’s an early-stage startup or seasoned corporation. Just like individuals rely on personal credit scores, businesses also have credit profiles that lenders, suppliers and other stakeholders scrutinize to assess financial health and credibility. This guide will help you learn how to establish business credit, and provide you with actionable steps to navigate this important aspect of business finance. What is business credit? Business credit is a measure of a company’s creditworthiness and ability to meet financial obligations. Similar to personal credit, business credit reflects a business’s history of borrowing and repayment. Consistently paying bills on time, avoiding defaults and maintaining a solid credit profile can help your business grow without relying on your personal credit history. Having a good business credit score can also help your business secure more favorable financing options, such as lower interest rates, higher credit limits and flexible payment terms. Credit bureaus such as Equifax, Experian, and Dun & Bradstreet evaluate your business credit based on factors like payment history, outstanding debts and trade relationships. Key metrics like Dun & Bradstreet’s PAYDEX® score are specifically used by lenders and suppliers to assess your company’s financial health, making solid business credit one of your most valuable assets. Why is business credit important? With a strong business credit file, your company gains access to essential financial tools like loans and business credit cards, often at competitive interest rates and better terms. Separating...

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### The Cities with the Highest-Rated Independent Coffee Shops

> Learn which cities are home to the best independent coffee shops in America and where you can find the best coffee in your state.

- Published: 2025-01-06
- Modified: 2025-05-01
- URL: https://www.ondeck.com/resources/best-coffee-shops-in-america
- Resource Categories: Insights and Stories

Something strange is happening to coffee shops: the chains are getting smaller while the independents are getting bigger and bolder. Big chain cafés are saving money by opening smaller premises to minimize costs and concentrate on walk-through trade. Meanwhile, independent cafés are capitalizing on their already cozy premises by delivering personality, quality and good company to customers looking to sit down with a brew and a pastry — and maybe even return to the counter for more. The specialty coffee shop market is tipped to grow by $39. 17 billion from 2022 to 2027, driven by the indie sector. This is the dream of many indie café owners: to share not just their passion for coffee but a unique social space with their neighbors. However, with the pressure of rising prices and big-name competition, entrepreneurs must weigh every creative and business decision against the economic reality. To celebrate the ones doing it the best, we identified the areas with the top-rated independent coffee shops around America — and the indie cafés that customers love the most. What We Did Following our previous study celebrating the highest-rated independent restaurants in the country, we collected the five-star rating figures for every non-chain coffee shop in America’s biggest major cities. Then, we ranked the cities based on the weighted average five-star rating across their indie cafés. Finally, we identified the highest-rated independent coffee shops nationwide and in every state. Key Findings Knoxville, Tennessee, has America’s highest-rated indie coffee shops, with an average rating...

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### What You Need to Know About Short-Term Financing

> Identify how short-term funding can support immediate business financing needs. Explore the benefits and how to apply for short-term business funding.

- Published: 2025-01-03
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/short-term-business-financing-all-you-need-to-know
- Resource Categories: Small Business Financing

Financial management is a cornerstone of personal and business success. Whether you’re a small business owner navigating cash flow challenges or an individual facing unexpected expenses, understanding the options available to you is critical. Short-term business loans are a common financing solution designed for immediate needs, offering quick access to funds with relatively simple application processes. However, they also come with risks that borrowers should carefully consider. This guide will provide a deep dive into short-term financing, exploring their purpose, types, benefits and drawbacks to help you make informed decisions. What is short-term business financing? Short-term business loans are financial products designed to address immediate or temporary working capital needs. Unlike long-term loans, which are typically used for large investments or long-term projects, short-term loans are tailored for more immediate, short-lived financial requirements. These loans generally come with repayment terms ranging from a few weeks to two years, making them ideal for situations where cash is needed quickly and for a short period of time. Loan amounts vary but are often smaller than those offered through long-term loans. The accessibility of short-term business loans is one of their most appealing features. They are often available to small businesses owners and entrepreneurs with limited credit histories, making them a lifeline for those in need of fast cash. However, the convenience they offer can be offset by higher interest rates and fees, so careful evaluation is essential. When to consider short-term financing. Short-term loans are not a one-size-fits-all solution. They are most...

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### Business Loan Requirements: What You Need to Get a Business Loan

> Minimum requirements for a business loan vary but many lenders will look at your personal and business credit scores, annual revenue and time in business.

- Published: 2025-01-02
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/business-loan-requirements
- Resource Categories: Small Business Financing

For many small business owners, business financing can be critical — a means to fund growth, cover operating expenses or manage unexpected challenges. However, navigating the business loan application process can feel overwhelming, especially if you’re unfamiliar with the requirements. Lenders assess several factors before approving a loan, from credit scores to business history. Understanding these requirements will not only improve your chances of approval, but also help you secure the best possible terms. In this guide, we’ll cover the essentials of applying for a business loan, the importance of credit scores, ways to improve your eligibility and common pitfalls to avoid. What's required to apply for a small business loan? Business loan requirements vary depending on the lender and type of loan. However, most lenders assess the following key factors. Preparing for these in advance can streamline your application process. Personal and Business Credit Scores Your credit scores — both personal and business — play a crucial role in the loan approval process. Credit score requirements can differ greatly between banks and online lenders, but here’s what lenders typically expect: Personal credit scores. Personal credit scores show your ability to manage individual finances. It can be viewed as a safety net, especially if your business is new or lacks much credit history. A minimum of 600 is often required for basic loan products, though good credit scores can lead to better terms. Business credit scores. Business credit scores demonstrate your company’s financial reliability. If your business has a credit...

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### End-of-Year Checklist for Small Businesses: 11 Things to Do Before the Year Ends

> The end of the year can be a busy time for small business owners. Use our small business end of year checklist to help you get organized.

- Published: 2024-11-26
- Modified: 2024-12-02
- URL: https://www.ondeck.com/resources/end-year-checklist-small-businesses
- Resource Categories: Running a Business

Reflecting on the past year is an important step for small businesses. It allows you to evaluate your successes and figure out what worked well, while assessing the challenges you faced and helping pinpoint areas for improvement. Plus, making time to regroup and recharge can help you set clear business goals to start the new year strong. Since the end of the year is a hectic time for many small business owners, we’ve created a quick and easy checklist to help prioritize your tasks and make sure you get to the most important things. Small Business End-of-Year Checklist 1. Run and review your year-end financial reports. Your business’s financial health is important. With careful bookkeeping, reviewing certain financial records at the end of the year can give you valuable insights into your business’s performance. This can help you identify trends, assess profitability and make informed decisions about future growth. In addition to bank statements, here are some other financial statements you may want to review: Profit and Loss. A profit and loss statement (also called an income statement) gives you a snapshot of your business’s financial situation. It summarizes revenues and business expenses over a specific period. If your profits are high, it may be time to consider investing in growth strategies. If profits are low, you may want to identify where to cut back on expenses. Cash Flow Statement. Cash flow affects everything from day-to-day expenses to long-term planning. It shows how much cash you have on hand to...

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### The Places in America Where Small Businesses Are Thriving

> Discover the U.S. cities and states where small business is thriving.

- Published: 2024-11-25
- Modified: 2025-03-20
- URL: https://www.ondeck.com/resources/best-place-to-start-a-small-business
- Resource Categories: Insights and Stories

Small businesses are a big deal in America — and their share of the economic landscape is expanding. Companies with fewer than 500 employees have created more than 70% of new jobs since 2019, according to the Treasury, and now account for 51% of private employment in America. In 2024, there are 50% more new business applications per month than in 2019. There are more self-employed women than ever and near-record highs of Black, Asian and Hispanic entrepreneurs. “Every time someone starts a new small business, it’s an act of hope and confidence in our economy,” says President Joe Biden, while the press has credited the Biden-Harris Administration’s Investing in America Agenda for this bold moment in American entrepreneurship. But if new businesses are a sign of confidence, then confidence varies significantly from one part of the country to another — as OnDeck’s new study into the number of new small businesses in each state, county and metropolitan area demonstrates. What We Did We used Small Business Data from the U. S. Census to identify the states, metropolitan areas and counties across America with the highest percentage growth in the number of businesses with fewer than 500 employees according to the latest available figures (2020–2021). Key Findings Idaho is the state where small businesses are growing the fastest, with a +6. 55% increase year-on-year. The metropolitan area with the greatest increase in small businesses year on year is LaGrange, Georgia (+19. 85%). Sheridan County, Wyoming, is the county where small...

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### Small Business Saturday 2024: Key Details You Need to Know

> Small Business Saturday is Nov. 30, 2024. For small and independent business owners, it's an opportunity to attract new customers. Use this overview to get started.

- Published: 2024-11-18
- Modified: 2024-12-03
- URL: https://www.ondeck.com/resources/small-business-saturday
- Resource Categories: Insights and Stories, Running a Business

Small Business Saturday celebrates locally owned small businesses and encourages people to shop and dine at independent businesses. Read on to learn how small business owners can take advantage of this once-a-year initiative to attract new customers and help build a strong sense of community. What is Small Business Saturday and when is it in 2024? Mark your calendar — this year, Small Business Saturday is November 30, 2024. Each year, this annual event takes place on the Saturday after Thanksgiving and helps kick off the busy holiday shopping season for small businesses and customers alike. It also serves as a reminder to people about the importance of supporting local brick-and-mortar businesses to help keep dollars in their own communities. What is the history of Small Business Saturday? Small Business Saturday was invented by American Express in 2009 as a reaction to the Great Recession. The day also began as a counter to Black Friday and Cyber Monday, which typically benefits big box retail chains and e-commerce stores. Since its beginning, it’s grown in popularity and has turned into a powerful nationwide campaign that highlights the significance of supporting local businesses and the year-round Shop Small® movement. This year marks the 15th anniversary, and the 14th year that Small Business Saturday has been co-sponsored by the SBA. Now, this annual shopping tradition provides a boost for businesses of all kinds and helps people to feel more connected to their local economies. What types of businesses participate in Small Business Saturday?...

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### 5 Ideas for a Small Business Holiday Party and How to Plan It

> Get inspired with unique holiday party ideas for small businesses! From themed parties to gift exchanges, learn how to plan a festive, memorable event.

- Published: 2024-11-15
- Modified: 2024-11-15
- URL: https://www.ondeck.com/resources/how-to-throw-the-ultimate-work-holiday-party
- Resource Categories: Running a Business, Small Business Financing

Once you’ve prepared to ramp up sales this holiday season, you may want to plan a holiday party. It’s the perfect opportunity to reflect on the successes of the year, show appreciation to your team and foster a spirit of camaraderie within the workplace. For small businesses, a well-planned office holiday party can build team morale and company culture, all while having a bit of seasonal fun. With a bit of creativity and planning, you can throw a memorable holiday party that doesn’t break the bank. Let’s dive into some exciting ideas for a small business holiday party and tips on how to plan it. Small Business Holiday Party Ideas Consider these fun, festive company holiday party ideas to take your annual event to the next level and leave a lasting impression on your employees. 1. Throw a themed party. A holiday theme can add excitement and give employees a reason to dress up and embrace the season. Whether you go for a classic “Winter Wonderland,” a nostalgic “Ugly Sweater Party,” or a “Hollywood Glam” night, having a party theme helps set the tone for the event. You can also take it up a notch with a themed photo booth, decor, holiday music and food to immerse everyone in the holiday spirit. Themed parties are fun, easy to organize, and provide excellent opportunities for photo ops. 2. Plan a gift exchange. Gift exchanges are a holiday staple and offer a great way to get everyone involved. Consider different types of...

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### 7 Surefire Ways to Increase Sales This Holiday Season

> Boost holiday sales with these strategies. From staffing to promotions, get ready for a successful season with actionable tips for small businesses!

- Published: 2024-11-12
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-retailers-can-maximize-holiday-season-sales
- Resource Categories: Small Business Financing

The holiday season can bring a big surge in retail sales. But this revenue boost can come with challenges as well. Small business owners have to manage increased sales volume, deal with more customers, and handle increased work hours and labor expenses. With more sales comes more customers needing assistance, more support tickets, more shipping orders, and more exchanges and returns. This can leave small businesses short on staff, low on inventory and feeling like they’re missing out on a big opportunity. Let’s explore some ways you can prepare to take full advantage of the holiday shopping season. 1. Predict your sales activity. Having an idea of how holiday sales will impact your business is a good first step. You can use data from past years to make an informed estimate and project what your sales will look like (rather than just guessing). You’ll need a system to record your sales data. This can be done manually in a spreadsheet or with apps designed for business intelligence analytics. Some of these apps even integrate with your point-of-sale and accounting software so sales and inventory get automatically updated when you make a sale. This data can help you make informed decisions about staffing and inventory needs. You can look at data from past years and calculate your year-over-year growth to project how the upcoming holidays will compare to last year. 2. Plan for increased staffing and inventory needs. Your sales projection should help you plan how many seasonal employees you’ll need...

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### How Many Business Credit Cards Is Too Many?

> Discover how many business credit cards you should have, the benefits of multiple cards, and how they impact your business credit score.

- Published: 2024-11-07
- Modified: 2024-11-15
- URL: https://www.ondeck.com/resources/how-many-business-credit-cards-is-too-many
- Resource Categories: Small Business Financing

Business credit cards can serve as powerful financial tools for small businesses. They provide an opportunity to cover short-term business expenses, manage cash flow, earn bonus rewards and build business credit. But as your business grows, you may wonder: How many business credit cards should I have? Is one enough? Do I have too many? While there’s no one-size-fits-all answer, the decision depends on a combination of your business needs, credit habits and financial goals. Let’s explore the pros and cons of owning multiple business credit cards, how it can affect your credit and when it might make sense to apply for more. Should I have multiple business credit cards? Many small business owners are content with just one business credit card, while others find it beneficial to have several. The decision depends on your business’s specific needs. If your current card doesn’t offer all the rewards, perks or credit limits that you require, adding another card might make sense. On the other hand, managing multiple cards can be complex, especially if your spending patterns vary from month to month — or if you already struggle with managing debt. Multiple business credit cards may also offer financial flexibility, especially for businesses with seasonal revenue. They can also be appealing for businesses that frequently need to juggle expenses across various categories like inventory, travel or advertising. What are the benefits of having more than one business credit card? There are several potential advantages to having multiple business credit cards: Separation of...

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### The Cities with the Most Loved Independent Stores

> Discover the U.S. cities with the most loved independent stores, where unique boutiques and local shops thrive.

- Published: 2024-11-04
- Modified: 2024-11-14
- URL: https://www.ondeck.com/resources/favorite-small-businesses
- Resource Categories: Insights and Stories

In a consumer economy overshadowed by big chains and then by online shops — both indie and corporate — running a high-street boutique is a tricky balance of engaging with mass culture while differentiating from the norm. Indeed, the high street has become a complicated ecosystem of major and minor players who can benefit from observing or working with each other. Just look at how “superchain” Barnes & Noble is now celebrated as a hero by indie bookshops for helping “readers discover new titles and publishers stay invested in physical stores,” according to the New York Times. At the other end of the scale, the existence of online stores boosts the experience of IRL luxury shopping at brick-and-mortar indie stores, giving consumers an added sense of exclusivity. Indeed, the indie stores that do this the best balance a distinct personality alongside sturdy reliability. And those entrepreneurs who cultivate the strongest identity may stand the best chance of thriving — and keeping precious consumer dollars in local communities rather than among remote shareholders and executives. But how do you create and maintain a beloved independent brand? For inspiration and to identify the boutiques that Americans love the most and the cities with the highest-rated indies, OnDeck analyzed reviews of 17,411 independent stores across America’s 100 biggest cities. What We Did We collated the star ratings and review count for every store under Yelp’s “boutique shopping” filter in the 100 most populated U. S. cities and used these figures to calculate a...

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### How to Get a Business Credit Card: What to Know Before You Apply

> Learn what you need to do to get a business credit card that is right for your small business.

- Published: 2024-10-30
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-to-get-a-business-credit-card
- Resource Categories: Small Business Financing

A business credit card can be a great financial tool for small business owners. It can help you manage your cash flow and streamline your day-to-day expenses. It also helps separate your business finances from your personal finances. Additionally, many business credit cards offer rewards programs, which can provide things like cash back or other perks. So how do you get a business credit card? Let’s explore what it takes to get a business credit card and what type of card could be right for your business. How to get a business credit card. Getting a business credit card starts with doing some research. You can begin by evaluating your business needs and researching which cards may be the right fit. Look into the different types of cards available and pay attention to things like interest rates, annual fees and rewards. Once you've selected a card, gather any necessary documentation. That may include your business registration, employer identification number and financial statements. Next, submit your application. The lender will evaluate your business’s creditworthiness and make their decision. If approved, you should receive your business credit card in the mail within a week or two. What do you need to qualify for a business credit card? Different lenders and cards may have different qualification requirements. Be sure to do your research when selecting a card to apply for. Here are a few things that may affect your eligibility: 1. Business and Personal Credit Scores Your personal and business credit scores can...

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### What Is a Business Credit Card and Is It Right for You?

> A business credit card is a financial tool business owners use to cover expenses and manage cash flow. See if it’s right for your business.

- Published: 2024-10-24
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/understanding-business-credit-cards
- Resource Categories: Small Business Financing

Business credit cards are a popular way for small businesses to access credit. Here's what you need to know to take advantage of a business credit card.

Navigating the financial landscape as a small business owner or startup entrepreneur can be challenging, with unending decisions to make. One tool that can significantly impact your financial management is a business credit card. But what exactly is a business credit card, and is it the right choice for you? Let’s break down business credit cards by explaining what they are, how they operate, their advantages and disadvantages, and how to select the best one for your needs. What is a business credit card? A business credit card is a financial tool specifically designed to help business owners manage their expenses and cash flow more easily. Unlike personal credit cards, business credit cards tend to cater to the unique needs of businesses, providing features and rewards tailored to business spending habits. These cards can be used to make purchases, pay bills and earn rewards for everyday business expenses. Business credit cards often offer higher credit limits than personal cards, enabling business owners to cover larger expenses and manage cash flow more effectively. Additionally, they provide an opportunity to separate personal and business finances, making it easier to track and manage business expenses. This separation not only simplifies bookkeeping, but also helps maintain clearer financial records for tax purposes. Business credit cards can include various perks and benefits designed specifically for businesses, such as travel rewards, cashback on business-related purchases, and access to business tools and resources. These features can help small business owners and entrepreneurs save money and access valuable...

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### 7 Types of Business Bank Accounts and How to Choose One

> Types of business bank accounts include checking, saving, money market and merchant accounts.

- Published: 2024-10-17
- Modified: 2024-10-16
- URL: https://www.ondeck.com/resources/types-of-business-bank-accounts
- Resource Categories: Running a Business

Starting a small business is no small accomplishment, especially when it comes to managing your finances. One of the first steps many new business owners take is to open a business bank account. There are many different types of accounts available, and it can be hard to determine which is the right fit for you. Let’s take a look at some of the different types of accounts and how they could serve your business needs. Types of Business Bank Accounts 1. Business Checking Account Business checking accounts are used for managing day-to-day expenses such as paying vendors, ordering supplies and covering normal business operations. They operate like a personal checking account but are often tailored for business transactions. While every financial institution is different, business checking accounts typically come with a business debit card for easy access to funds. They may also include features like unlimited transactions. A business checking account is often essential to the daily management of your business. Plus, it helps keep your personal finances and business finances separate. When choosing a business checking account you may want to look out for maintenance fees, transaction limits, and other charges or fees. 2. Business Savings Account A business savings account can help your business save money while earning interest. It allows you to start a rainy day fund for your business, where you can have funds set aside to cover future business needs or unexpected expenses. It can be a helpful tool to save and grow your business’s...

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### Women’s Small Business Month 2024: 5 Ways to Celebrate

> Celebrate Women's Small Business Month with events, resources and tips for women entrepreneurs.

- Published: 2024-10-07
- Modified: 2025-06-09
- URL: https://www.ondeck.com/resources/national-womens-small-business-month
- Resource Categories: Running a Business

October is National Women’s Small Business Month, an annual celebration of women business owners and entrepreneurs. It’s a time to recognize their achievements and unique challenges, as well as highlight valuable resources to further their success. There were about 400,000 women-owned businesses in the U. S. in 1972, a time when women needed a male relative to co-sign their business loan application. That continued to be the case until 1988. The number of women-owned businesses has grown a lot since then, including a post-pandemic spike. Today, there are more than 14 million U. S. women-owned businesses — that’s nearly 40% of the businesses in the U. S. Whether you’re a female entrepreneur or an ally, take advantage of the events, resources and tips shared here to support women in business — this month and beyond. Ways to Celebrate Women’s Small Business Month Learn from webinars and workshops. Many organizations host webinars and workshops focused on women in business. These events cover a wide range of topics, from marketing strategies to financial management and leadership skills. Attend networking events. Attend local or virtual networking events to connect with other female entrepreneurs. These events provide a platform to share experiences and build valuable business relationships. Support initiatives. Look for initiatives like mentorship programs or crowdfunding campaigns that aim to support women-owned businesses. Shop women-owned small businesses. Use the power of your dollar to directly support women-owned small businesses. You can search for women-owned businesses near you using a directory, such as: We...

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### What You Need To Open a Business Bank Account and Why You Should

> If you’re weighing whether or not you need to open a business checking account, you’ll want to understand what you’ll need and how it can help your business.

- Published: 2024-10-03
- Modified: 2024-10-03
- URL: https://www.ondeck.com/resources/what-do-i-need-open-business-bank-account
- Resource Categories: Small Business Financing

Starting a business can be exciting, but it comes with a lot of responsibilities. One of the first steps to establishing a strong financial foundation is opening a business bank account. While some small business owners may question whether they need a business bank account, it’s almost always for the best. Let’s go over what you need to open a business bank account and why it can be critical for your company's success. What You Need to Open a Business Bank Account Opening a business bank account requires a little preparation, including gathering both personal and business-related documentation. Here’s a breakdown of what you’ll need. Personal Information Even though you’re opening a business account, the bank will still need personal details about the business owner(s) to verify identity and ensure compliance with regulations. Take note that this information will be required of each signatory, or person, listed as an account owner. Photo I. D. You’ll need to present personal identification in the form of a government-issued photo I. D. , such as a passport or driver’s license, to verify your identity. Banks must comply with federal regulations, including the USA PATRIOT Act, to ensure the account holder is not involved in illegal activities. Social Security number (SSN). Your SSN will be required if you’re a sole proprietor, or if your business is structured as a partnership or LLC without employees. The bank uses this for reporting purposes and to confirm your personal tax identity. Contact information. The bank will also...

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### What Is Revenue-Based Financing and Is It Right for Your Small Business?

> Revenue-based financing is a non-traditional funding option with some pros and cons. See if RBF could be right for your small business.

- Published: 2024-09-25
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/revenue-based-financing
- Resource Categories: Small Business Financing

Entrepreneurs have many options to consider when seeking funds to support growth. One of these options is revenue-based financing (RBF). This approach to funding offers small business owners a flexible form of financing without the traditional constraints of debt financing or venture capital. But what exactly is revenue-based financing, and is it the right fit for your business? Let's explore the ins and outs of this financing option so you can make an informed decision. What is revenue-based financing? Revenue-based financing is a financing model where lenders provide capital to businesses in exchange for a percentage of future revenue. Revenue-based financing is sometimes referred to as royalty-based financing. Unlike traditional loans, there is no fixed interest rate or repayment schedule. Instead, repayments are tied to the monthly revenue generated by the business, making it a more flexible solution for startups or companies with fluctuating cash flow. For small business owners, especially those in the early stages, RBF can be an appealing option. It offers growth capital without giving up equity or facing the risk of hefty monthly payments. The business repays the lender through a share of its future gross revenue, which means the repayment amount decreases during slow months, providing a buffer against financial strain. How does revenue-based financing work? The mechanics of revenue-based financing are relatively straightforward. Once a business enters into an RBF agreement with a lender, it receives an upfront cash infusion. In return, the business agrees to pay the lender a predetermined percentage of its...

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### Uncovering the Least and Most Competitive Types of Restaurants to Open in 2025

> Discover which types of restaurants face the fiercest competition across the U.S. and in major U.S. cities.

- Published: 2024-09-23
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/what-is-the-most-popular-type-of-restaurant
- Resource Categories: Insights and Stories

The restaurant trade is set to become a trillion-dollar industry in 2024. Along with those who enter the business for the joy of food and hospitality are plenty of entrepreneurs looking for a slice of that vast revenue. But with high set-up costs, average pre-tax profits of just 4% for full-service eateries and ongoing supply chain issues, foodies and entrepreneurs alike must strategize with care if their new restaurants are to break out of the red. As the lockdown pivot to pick-ups, deliveries and subscriptions demonstrated, flexibility is a key asset in the hospitality industry. Even now, “small but quick-moving brands are now routinely outperforming larger, more entrenched players” on delivery apps, according to McKinsey & Company. Flexibility means adapting not just to consumer behavior but to local market trends. And there is no bolder way of doing that than finding a cuisine concept that’s underserved in your neighborhood — and heading to the kitchen. To find out which restaurant cuisine types face the most and least competition around the U. S. , OnDeck compared the density of different food business types in each state and large city to the national average. What We Did We identified 32 food business types (e. g. , steakhouse, Korean, brunch, burgers, etc. ) and collected the number of establishments in 502 major U. S. cities across all 50 states. Then, we calculated the amount of each business type per 100k population to find the density of each type in each location. Finally, we...

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### 78 Business Terms Small Business Owners Should Know

> Common business terms include A/B testing, accounts receivable, acquisition, actuary, affiliate marketing and more.

- Published: 2024-09-18
- Modified: 2024-11-18
- URL: https://www.ondeck.com/resources/business-terms-to-know
- Resource Categories: Running a Business

Learning the language of business can feel overwhelming. There are a lot of different terms covering many different areas of business — from finance to operations. However, understanding key terms can play an important part in your success when it comes to strategy, operations and growth for small business owners. Here are some essential business terms you may want to know. Business Terms for Strategy & Operations Benchmarking. Benchmarking is a way to test and compare your business performance against a certain standard. You can compare against things such as a competitor’s metrics, industry performance or your numbers from last year. Best practice. Best practices are methods recognized in your industry as the most efficient and effective ways to complete a business process. Adopting these practices can lead to improved performance and a competitive advantage. Board of directors. The board of directors is a group of individuals selected to oversee the activities and strategic direction of a company, organization or business. They can make major decisions, represent shareholders and ensure the company adheres to its mission and vision. Business plan. A business plan is a formal document that outlines a company's goals, strategies, target market and financial forecasts. It can be helpful when securing funding and guiding the business's direction. Company culture. Company culture refers to the shared values, beliefs and behaviors within an organization. A good business culture attracts talent, fosters employee satisfaction and drives productivity. CRM (Customer Relationship Management). A CRM typically refers to a software that helps...

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### 12 Best Merchant Cash Advance Alternatives for Small Businesses

> Alternatives to merchant cash advances include online business loans, lines of credit, SBA loans, equipment loans and more. See what works best for you.

- Published: 2024-09-10
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/merchant-cash-advance-alternatives
- Resource Categories: Small Business Financing

For many small business owners, fast funding is crucial to seizing new opportunities and navigating cash flow challenges. While merchant cash advances (MCAs) are a popular choice for merchants with regular credit and debit card sales, they are not always the most cost-effective or flexible option. Let’s explore 12 alternatives to merchant cash advances that may better suit your business's financial needs. Merchant Cash Advance Alternatives 1. Online Small Business Loan Online lenders provide a convenient way for obtaining a small business loan. Because many online funding options are unsecured, they appeal to some of the same businesses as merchant cash advances. Online small business loans also often come with a straightforward application process, and approval times are usually much faster than traditional banks. This can make them a great choice for businesses that need fast funds. If approved, the business receives an upfront lump sum of money and repays in installments over a specific period of time. Online small business loans can be utilized for a wide variety of purposes, such as purchasing inventory, funding expansion or bolstering working capital. 2. Line of Credit A business line of credit is a flexible business financing option that enables you to borrow up to a predetermined limit as needed, similar to a credit card. This flexibility is particularly advantageous for businesses that may experience fluctuating cash flow situations. Generally, you only pay interest on the amount borrowed, which can make it a more cost-effective solution compared to other types of financing....

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### What Is Operational Effectiveness and How Do I Improve It?

> Operational effectiveness is about optimizing business processes, resources and talent to gain a competitive edge and succeed. Use these expert tips to start.

- Published: 2024-09-04
- Modified: 2025-06-10
- URL: https://www.ondeck.com/resources/effective-operations
- Resource Categories: Running a Business

Operational effectiveness means you are doing the right things well. When you’re a small business owner, it also means you are doing a hundred different things at the same time. If you’re a small business owner who finds themselves “too busy chopping wood to sharpen the ax,” as the expression goes, then it could pay to turn your attention toward operational effectiveness. What is operational effectiveness? Operating effectively helps both you and your employees work smarter — not just harder — in order to achieve business goals. It’s a concept that includes a wide range of business processes and functions, including quality management, process improvement, and efficient use of resources. It’s about utilizing resources and energy wisely to improve your business’s performance and productivity. Improving your operations has many benefits. This includes boosting your competitive advantage, reducing costs and increasing customer satisfaction. So how good is your company at doing the right things well? Let's explore ways to boost your operational effectiveness in the next section. How to improve operational effectiveness. Improving your business’s operational effectiveness requires a holistic approach. Here are some strategies and areas where you might want to focus first: Write an effective operations manual. An operations manual is a comprehensive document that outlines how tasks should be performed within your business. A well-crafted operations manual helps preserve organizational knowledge and serves as a template for employees to ensure that everyone can perform tasks consistently and correctly. It can also help your team improve communication and spot...

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### A Step-By-Step Guide to Operations Manuals: What They Are and How To Create One

> An operations manual can take your small business to the next level. Learn what they are and how to write one.

- Published: 2024-08-28
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/5-reasons-you-need-a-documented-operations-manual
- Resource Categories: Running a Business

A documented operations manual is a good idea. Here are five reasons you should consider creating one for your small business.

Running a business takes a lot of work. From team building to customer service to keeping an eye on the competition — it can seem like a never-ending to-do list. That’s where having a well-crafted operations manual comes in. An operations manual helps everyone stay on the same page so things run smoothly. Having your standard operating procedures well documented makes it easier to train new employees, scale your business, and ensure your company is performing efficiently and consistently. Here’s some things to consider when creating one. What is an operations manual? An operations manual is a document that outlines how your business should be run. It may also be referred to as a standard operating procedure manual (SOP). It serves as a reference guide for employees and describes the different processes and standards within your organization. It typically includes details about each process as well as information on job roles, organizational structure, company policies, best practices and more. Why is an operation manual important? An operations manual is a crucial tool for many organizations. It provides a clear framework for day-to-day operations, aligns team members with your company goals, and ensures everyone knows their roles and responsibilities. It helps maintain consistency, improve efficiency and reduce the risk of errors. Here are just a few of the reasons to consider creating an operations manual. Training new hires. One of the most popular uses for an operations manual is training new employees. By reading through the document, new hires can familiarize...

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### The Pros and Cons of Merchant Cash Advances

> Discover the pros and cons of merchant cash advances, how they work, their impact on credit, and explore alternative financing options for your business.

- Published: 2024-08-22
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/pros-and-cons-merchant-cash-advances
- Resource Categories: Small Business Financing

In the world of business financing, securing the right funding can be a significant challenge for small businesses. Traditional small business loans often come with stringent requirements, leaving many entrepreneurs in search of alternative financing options. One option that has gained popularity in recent years is the merchant cash advance (MCA). Ten percent of small businesses that sought financing in 2022 sought out a merchant cash advance, according to a survey published by the Federal Reserve. While MCAs offer small business owners quick access to capital, they come with their own set of advantages and drawbacks. Let’s delve into some of the pros and cons of merchant cash advances, how they work, their impact on credit and viable alternatives. Pros of Merchant Cash Advances Easy to qualify for. One of the most significant advantages of an MCA is the ease of applying. Traditional lenders often require a lengthy application and approval process, including a thorough review of credit history, financial statements and collateral. In contrast, MCAs offered by merchant cash advance companies are based primarily on the volume of credit card sales. This can make them accessible to businesses with bad credit scores or those without substantial assets to offer as collateral. Fast funding. Speed is another major benefit of merchant cash advances. The application process is straightforward, and once approved, funds can be disbursed quickly — sometimes within 24 to 48 hours. This rapid turnaround is ideal for businesses facing immediate cash flow challenges or unexpected expenses. No collateral....

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### Merchant Cash Advance Consolidation: How It Works and What You Need to Know

> Consolidating merchant cash advances could simplify your repayments, lower factor rates and help improve credit history. Understand the process and potential risks before deciding if it’s right for you.

- Published: 2024-08-14
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/merchant-cash-advance-consolidation

Managing cash flow isn’t always easy. In addition to lines of credit and business term loans, many small business owners turn to merchant cash advances (MCAs) to get quick access to capital. While MCAs can be a lifeline, they often come with high interest rates (expressed as factor rates) and frequent payments that can strain your finances. That's where merchant cash advance consolidation comes in. Consolidating MCAs could help simplify your payments, lower rates and potentially improve your credit score. But there are potential risks to consider as well. Let’s explore some of the benefits, downsides and what the process is like. What is merchant cash advance consolidation? Merchant cash advance consolidation is a financial strategy that allows you to combine multiple MCAs into a single loan with more favorable terms. Instead of juggling several high-interest business cash advances, you streamline your cash advance debt into one manageable payment. Having a simple repayment schedule can help you keep track of your business debt and plan for the future. Consolidating MCAs typically involves taking out a consolidation loan from a lender who pays off your existing advances. You then repay the new loan at a potentially lower factor rate and with longer repayment terms. This not only reduces your monthly payment, but also helps improve your overall financial health. If you find yourself overwhelmed by multiple MCA repayments, an MCA consolidation loan could offer a much-needed reprieve. It simplifies your repayment plan, making it easier to manage your cash flow and...

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### How To Determine the Amount of Your Business Line of Credit

> Our small business resource center features hundreds of informative articles written by industry experts. Topics range from building credit to small business insights and beyond.Learn how to determine the right line of credit amount for your business, including assessing needs, improving limits and budgeting for payments.

- Published: 2024-08-06
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-to-determine-business-line-of-credit-amount
- Resource Categories: Small Business Financing

Having a line of credit can be a lifeline for small businesses. It provides a safety net for unexpected expenses — and flexibility that traditional small business loans usually can’t match. However, determining the right amount of credit you need can be challenging. Overextending your credit can lead to financial troubles, while underestimating your needs can leave you short during crucial times. This guide outlines some of the steps of determining the appropriate amount of credit for your needs. How do I determine how much my business’s line of credit amount should be? Determining the right amount of credit for your business involves a thorough assessment of your short-term financial situation and long-term business needs. Here are some key steps to help you make an informed decision: Evaluate your cash flow needs. Start by analyzing your cash flow cycle. Determine the periods when you experience cash shortages and the amount needed to cover those gaps. This will give you a baseline for your needs. Consider your business goals. If you have plans for expansion, new projects or other significant expenditures, factor these into your calculations. Your credit line may need to be sufficient to cover not only day-to-day operations but also strategic investments. Assess your risk tolerance. Consider how much risk you are willing to take on. A higher credit limit can provide more flexibility, but also increase your financial obligations and risk if you can't repay. Review historical data. Look at your past financial performance. How much credit have...

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### 5 of the Best Ways To Use Your Business Line of Credit

> A business line of credit is commonly used for short-term operating expenses. This may include covering emergency business needs and filling cash flow gaps.

- Published: 2024-08-01
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/uses-for-business-line-of-credit
- Resource Categories: Small Business Financing

If you’re a small business owner, it’s important to have financial flexibility to see you through the ups and downs of entrepreneurship. You will probably encounter slow periods, or an emergency expense or two that will pop up. That’s where a business line of credit can help. A business line of credit has many uses. And while it is often used for short-term expenses, a business line of credit also puts funds right at your fingertips for times when you need to make small investments or upgrades — fast. Compared to a term loan, which provides funding in a single lump sum, a business line of credit gives you access to a credit limit that you can draw from as needed. Here are five of the best ways that business owners can use a line of credit. Uses for a business line of credit. In today's fast-paced world, having quick access to business financing can make all the difference. A business line of credit can function as a safety net, giving you the liquidity you need to manage your cash flow. And it can be used to pay for operational expenses that typically aren’t covered by a business credit card — vendor payments, monthly leases, payroll, for example. In no particular order, here are some of the standard ways that small business owners use a business line of credit to keep their business running smoothly. 1. Cover emergency business needs. A business line of credit gives you a financial cushion...

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### Working Capital Formula: What It Is and How To Calculate It

> Learn how to calculate working capital and stay on top of your business finances.

- Published: 2024-07-31
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/working-capital-formula
- Resource Categories: Small Business Financing

Working capital is an important indicator of a company’s liquidity and financial health. It’s essential for business owners to know how to calculate and interpret this metric. This financial metric shows how much cash and liquid assets a company has available to cover day-to-day expenses and short-term debts. In simple terms, you can calculate working capital by subtracting what the company owes (or its liabilities) from what the company owns (or its assets). However, there are variations in working capital and how it’s calculated that offer insight into the different levels of liquidity of a business. In this blog, we’ll break down the concept of working capital, explore its significance in assessing a company’s finances and provide different formulas you can use to calculate it. What Is Working Capital? Working capital is a financial metric that shows how much cash and liquid assets a company has available to cover day-to-day expenses and short-term debts. To calculate working capital, you’ll need to understand your business’s current assets and current liabilities. If you’ve ever created a balance sheet for your business, you may be familiar with assets and liabilities. “Current” refers to one year or one business cycle (whichever is shorter). Current Assets Current assets are anything the company owns that can be converted into cash (liquidated) or used within a year, including: Cash and cash equivalents Marketable securities (short-term investments such as stocks, bonds and mutual funds) Accounts receivable (money owed by customers) Raw materials Inventory Prepaid expenses Long-term investments, such...

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### Sale-Leasebacks: How to Use Your Assets to Increase Cash Flow

> A sale-leaseback is when a company sells an asset (typically real estate or equipment) to an investor or leasing company and leases it back for a set period.

- Published: 2024-07-24
- Modified: 2024-07-24
- URL: https://www.ondeck.com/resources/sale-leaseback

Maintaining a steady cash flow is crucial for the survival and growth of any business. Companies are constantly looking for innovative financial strategies to improve liquidity without cutting back on their operational capabilities. One such strategy that has gained traction is the sale-leaseback. This approach allows business owners to leverage their existing assets to generate immediate working capital while continuing to use those assets for ongoing operations. Let’s explore the concept of sale-leasebacks, the types of assets involved, the scenarios where they make sense, their advantages and disadvantages, and other methods to boost cash flow. What is a sale-leaseback? A sale-leaseback is a financial transaction in which a company sells an asset, typically real estate or equipment, to an investor or leasing company and simultaneously leases it back for a specified period. This arrangement enables the business to free up capital tied up in fixed assets while retaining the right to use them. Essentially, the company converts an illiquid asset into cash, which can then be used to meet various financial needs such as paying off debt, funding new projects or investing in growth opportunities. In a sale-leaseback transaction, the seller becomes the lessee, and the buyer becomes the lessor. The terms of the lease agreement are negotiated at the time of sale and can vary in length, rental payments, and other conditions depending on the parties' agreement. This type of transaction can be particularly beneficial for businesses that own significant assets but require an infusion of cash to maintain...

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### The States Where Small Businesses Pay the Highest Wages

> Massachusetts small businesses offer the highest wages, at an average annual salary of $72,151.

- Published: 2024-07-22
- Modified: 2024-10-25
- URL: https://www.ondeck.com/resources/small-business-employee-salary
- Resource Categories: Insights and Stories

The minimum wage rose in 22 U. S. states at the start of 2024, with 38 counties and cities implementing further increases. However, many small companies were already paying above these new limits to counter staff shortages following the pandemic. “Really tight labor markets are better for people at the bottom. When times are really good, they catch up,” David Neumark, an economics professor at the University of California, told the Wall Street Journal. “Wages got far ahead of minimums in many places. ” Currently, many small businesses looking to attract the brightest talents are paying above the going rate in a tight labor market. Job markets and economic conditions vary from state to state — and even between metros. So, where are small businesses paying the most to fill their roster? To find out, data analysts at OnDeck analyzed U. S. Census Bureau data for businesses with fewer than 500 employees. We ranked them by average annual salary, calculating this as the total annual payroll divided by the number of employees. Key Findings Massachusetts small businesses offer the highest wages, at an average annual salary of $72,151. California ($67,237) and New York ($66,924) small businesses offer the second- and third-highest average annual salaries. Mississippi small businesses offer the lowest average annual salary ($39,310). San Jose-Sunnyvale-Santa Clara in California is the metropolitan area where small businesses offer the highest average annual salary ($96,985). Massachusetts is the State Where Small Businesses Pay the Highest Wages Massachusetts businesses with fewer than 500...

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### Leasing vs. Buying Business Equipment: What Makes Sense for Your Business?

> Leasing and buying equipment both have their pros and cons, but which is right for your business?

- Published: 2024-07-16
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/leasing-vs-buying-makes-sense-business
- Resource Categories: Small Business Financing

Whether it’s heavy machinery, farm equipment, X-ray machines, phones, computers or office furniture — small businesses require some type of equipment to operate. The question is whether to lease or buy this equipment. Buying equipment is expensive, but it can also become a valuable asset for your business. There are also advantages to leasing equipment (like potentially lower upfront costs), but leasing also has its drawbacks. So which is the right option for your business? Let’s dive into some of the pros and cons of both leasing and purchasing, as well as the other options that may be available. Leasing vs. buying equipment — what’s the difference? Leasing and buying are two different approaches to equipment financing. The main difference lies in who owns the equipment. Leasing. If you decide to lease equipment, then you will not be the owner of that equipment. Instead, you’ll be renting the equipment from a leasing company. In general, a lease can last anywhere from a few months to several years. During that period you’ll make lease payments — the specific terms and cost will be determined by the leasing company. At the end of the lease, you may have the option to buy the equipment, renew your lease or return the equipment. Buying. When you buy equipment, you will be the owner. Because business equipment can come with a hefty price tag, many small business owners opt to take out an equipment loan. Depending on the lender, you may need to make some...

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### Business Tradelines: What They Are and How They Can Help You Build Credit

> Learn what business tradelines are, why they're crucial for building business credit, and how to effectively establish and manage them for financial success.

- Published: 2024-07-10
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/business-tradelines

In business, credit is crucial. It can make or break your ability to grow and sustain your company. For many entrepreneurs, understanding and effectively managing business credit is key to securing financing, negotiating favorable terms with suppliers, and maintaining a healthy cash flow. One fundamental aspect of building strong business credit is the use of business tradelines. So let’s delve into what business tradelines are, why they are important, and how they can help you build business credit. What are business tradelines? A business tradeline refers to any credit account listed on a business credit report. These accounts include loans, lines of credit, and payment terms extended by suppliers and vendors. Each tradeline contains detailed information about the account, such as the date it was opened, the credit limit or loan amount, the account balance, and the payment history. This information is reported to business credit bureaus and plays a significant role in determining your business credit score. In essence, business tradelines are the building blocks of your business credit profile. They provide a comprehensive view of how your business manages its financial obligations and interacts with creditors. Having a number of well-maintained tradelines contributes to a strong business credit profile. What’s the difference between a vendor tradeline and a financial tradeline? Business tradelines can be broadly categorized into vendor tradelines and financial tradelines: Vendor tradelines. These are credit accounts established with suppliers and vendors. They often involve payment terms such as “Net 30” or “Net 60,” which means you...

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### SBA Loan With Bad Credit: What You Can Expect

> Getting an SBA loan with bad credit is hard. Here’s what you should keep in mind when you apply.

- Published: 2024-07-03
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/sba-loan-with-bad-credit
- Resource Categories: Small Business Financing

Loans secured by the Small Business Administration (SBA) are highly sought after, but getting approved with a bad credit score can be complicated. While there are more than 33 million small businesses in the United States, only 57,632 SBA 7(a) loans were approved in 2023. Here are some things you can expect, and what you can do to raise your chances of approval. Can you get an SBA loan with bad credit? You may still be able to get approved for an SBA loan with bad credit, but it will depend on the lender. The Small Business Administration (SBA) doesn't set a minimum credit score requirement, but individual lenders who offer SBA loans often do. While it’s often more difficult to get approved for a loan with poor credit, it’s not impossible. Look for alternative lenders who match your needs and put more of an emphasis on things like annual revenue and time in business as opposed to the small business owner's credit score. What are the eligibility requirements to get approved for an SBA loan? The 7(a) loan program is the SBA’s main small business loan program. To be eligible, you’ll typically need to meet certain criteria such as: Operating business. Your business must be operational to be eligible for this loan. For-profit. Non-profit organizations are not eligible. U. S. -based. Your business must be located in the United States. Size requirements. You must be considered a small business according to the SBA’s size standards. Business type. Businesses operating...

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### Business Credit vs. Personal Credit — What’s the Difference?

> Learn about the difference between business credit and personal credit — and why it’s important.

- Published: 2024-06-26
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/business-credit-vs-personal-credit
- Resource Categories: Small Business Financing

As a small business owner, understanding the difference between your personal credit score and your business credit score is important. Both these numbers can impact you and your business’s finances. Learning how each score works, where to use them and why they’re important can help you grow your business to new heights and keep your personal finances on track. What’s the Difference Between Business Credit and Personal Credit? Business credit scores and personal credit scores are two different types of credit scores that lenders use to determine the creditworthiness of individuals and businesses. Your personal credit history can help you as an individual get credit such as personal loans or personal credit cards. Your personal score may be a factor when you’re applying for business lending as well, but having a good business credit history can help you keep them separated. A good business credit score can also help you get more favorable terms for small business loans, business credit cards or business lines of credit. Scores. A key difference between personal and business credit is the way the scores work. Personal credit scores (the most common type referred to as a FICO® score) range from 300 to 850. It’s calculated based on factors such as payment history, credit utilization, length of credit history, new credit accounts and credit mix. You can check your personal credit score on sites like Credit Karma. You can also get a free copy of your credit report every 12 months. On the other hand,...

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### Minimum Credit Score for Business Loans: Answers and Options

> Learn about the minimum credit score needed for business loans, options for bad credit, and how your personal credit score affects your chances of approval.

- Published: 2024-06-20
- Modified: 2024-06-10
- URL: https://www.ondeck.com/resources/minimum-credit-score-for-business-loan

Securing a business loan can be a crucial step for entrepreneurs looking to start or expand their businesses. However, one of the significant hurdles many face is meeting the minimum credit score requirements set by lenders. Credit scores play a pivotal role in the loan approval process, influencing both eligibility and the terms of the loan. Let’s explore the minimum credit scores required across different lenders and loan types, and the options available for those with lower credit scores. What Credit Score Do You Need to Get a Business Loan? The credit score needed to secure a business loan varies depending on several factors, including the type of lender, the loan amount, and the specific terms of the loan. Generally, a higher credit score increases your chances of approval and access to better loan terms. Here's a rough guideline for the personal FICO credit scores typically considered: Excellent credit (720 and above). With an excellent credit score, you can usually qualify for the best loan products with the most favorable terms. Good credit (680 - 719). Most lenders will typically approve your loan application, though the terms might not be as favorable as those for excellent credit. Fair credit (620 - 679). You may still qualify for a business loan, but your options will be more limited, and the interest rates will likely be higher. Poor credit (below 620). Securing a traditional business loan in this range can be challenging, but alternative lending options might be available. Minimum Credit Score...

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### What To Do When a Business Partner Has Bad Credit

> Learn how to navigate your business partner’s bad credit to successfully manage and grow your business.

- Published: 2024-06-13
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/business-partner-with-bad-credit
- Resource Categories: Running a Business

Around 28% of Americans have fair or poor credit — so it’s not uncommon for someone to have less-than-perfect credit. However, a business partner with bad credit can present some challenges to your small business. It can make it more difficult to do things such as secure financing from lenders and open new business tradelines with vendors. Navigating these hurdles can strain your business and your relationship with your business partner. So what can you do when your business partner has bad credit? Let’s explore what some of the options are and how you can be proactive about protecting your business and personal finances. What to Consider if Business Partner Has Bad Credit Transfer ownership or adjust ownership percentages One solution might be to restructure the ownership arrangements within your business. Most financial institutions require information from anyone who owns 20% or more of the business. So when you apply for business funding, your business partners’ credit may mean you won’t get approved. Your business partner might consider selling their ownership to you or another trusted person (such as a third partner). You may also be able to make your business partner an employee (or contractor) instead of an owner, and by tying their compensation to performance or other metrics, they can get paid like an owner. Keep in mind, they might be able to buy their shares back in the future if their credit score improves. Build business credit Building strong business credit can take some of the pressure...

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### Do Credit Checks Lower My Business Credit Score?

> As a small business owner, your credit score is a crucial part of your financial identity. Establishing and maintaining strong business credit can help Understanding how credit checks impact your business credit score is important for your financial health.

- Published: 2024-06-04
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/do-credit-checks-lower-my-business-credit-score
- Resource Categories: Small Business Financing

As a small business owner, your credit score is a crucial part of your financial identity. Establishing and maintaining strong business credit can help you negotiate better terms with suppliers, reduce insurance premiums, manage your operational expenses and even increase your appeal to potential partners. Additionally, many lenders look at your business credit profile to determine your eligibility for financing. But what happens when a lender checks your credit? Does it impact your credit score? The answer depends on a number of factors. Credit checks can be performed on both your business and personal credit. They can be hard checks or soft checks. And different business credit scores are impacted differently. We'll clarify these points and help you understand the effect of credit checks on your business credit score. Do Credit Checks for Business Financing Lower My Credit Score? If you apply for business financing, a hard credit check on your personal credit has the potential to impact your personal credit score. Any negative impact that might occur generally happens when there are too many inquiries in a short period of time. Soft credit checks, on the other hand, typically do not impact your FICO® score, but different types of credit scores may treat these checks differently. Hard credit checks of your business credit also have the potential to impact your business credit score — depending on the type of credit score. There are four main types of business credit score, and some of them take credit inquiries into account...

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### What Is a Soft Credit Check for a Business Loan?

> A soft credit check for a business loan usually means the lender is pulling a small overview of your personal credit history.

- Published: 2024-05-21
- Modified: 2025-06-17
- URL: https://www.ondeck.com/resources/what-is-a-soft-credit-check
- Resource Categories: Small Business Financing

There’s a lot of jargon in business financing and it can be difficult to feel like you’ve got a solid understanding of every term. The difference between a hard and soft credit check can be one of the more confusing things to learn. So what is a soft credit check, and how does it impact your business credit? Let’s break it down and explore how this knowledge can help you navigate the challenges of business financing successfully. What Is a Soft Credit Check for a Business Loan? A soft credit check for a business loan usually means the lender is pulling a small overview of your personal credit history. It allows the lender to gauge your creditworthiness without the impact to your credit file that comes with a hard check. In general, soft credit checks of personal credit won’t impact your FICO score. A hard credit check for a business loan, on the other hand, could include a check on your personal credit, your business credit or both. For personal credit, a hard credit check means the lender has requested access to your complete credit file. A hard credit check on your personal credit can impact your score. When it comes to your business credit, things get a little more complicated. Anyone is able to pay and access your business’s credit report. They don’t need explicit consent like lenders do when conducting a hard pull on your personal credit. So there’s no true “soft check” when it comes to business...

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### Calculating Your Working Capital Needs

> Your working capital ratio can help you determine how much working capital you need.

- Published: 2024-05-15
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-much-working-capital-do-i-need
- Resource Categories: Small Business Financing

Having enough working capital is essential for many small businesses. Working capital ensures that you have enough cash on hand to fund day-to-day operations and keep your business running. But knowing how much working capital your business needs can be complicated. So how do small business owners calculate how much working capital they need? Let’s explore how you can calculate your working capital needs, why it matters and a few ways you can increase it. How Much Working Capital Do I Need for My Small Business? Small business owners generally strive for a working capital ratio between 1. 5 and 2. This means you have enough working capital to cover your liabilities with some left over to make critical investments. At the very least, it’s prudent to ensure that your working capital is positive — that you have enough cash on hand to cover liabilities. The exact amount of working capital your business needs, however, depends on the type of business you run, the size of your operations and many other factors. For example, if your business has to restock inventory often or needs a lot of raw materials, you may have higher working capital requirements than other businesses. How Do You Figure Out Your Required Working Capital? There are two formulas you can use to figure out how much working capital your business requires. The working capital ratio formula and the working capital formula. Both of these require you to create a list of your current assets and current...

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### Opening a Business Credit File: A Step-by-Step Guide

> Establishing and nurturing a small business credit profile is a crucial step toward building healthy business credit.

- Published: 2024-05-06
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/create-small-business-credit-file
- Resource Categories: Small Business Financing

Establishing and nurturing a small business credit profile is a crucial step toward building healthy business credit. Just like individuals have credit reports and scores, businesses have credit profiles and scores that lenders, suppliers and partners use to assess their creditworthiness. A strong credit profile can unlock opportunities for funding, favorable terms and credibility for a business. In this guide, we'll explore the essential steps to create a robust small business credit profile. How to Create a Small Business Credit Profile 1. Make sure your business is a separate legal entity and open a business bank account. The first step toward building a small business credit profile is to ensure that your business is legally distinct from your personal finances. Registering your business as a separate legal entity, such as a Limited Liability Company (LLC) or corporation, not only protects your personal assets but also establishes credibility in the eyes of lenders and suppliers. Opening a dedicated business bank account further reinforces this separation, facilitating streamlined financial management and laying the groundwork for building business credit. 2. Apply for an Employer Identification Number (EIN). Think of an Employer Identification Number (EIN) as the backbone of your business's financial identity. This unique nine-digit number, issued by the Internal Revenue Service (IRS), serves as the business equivalent of a Social Security number. It is essential for tax filing, hiring employees, opening business bank accounts, and applying for licenses and permits. Obtaining an EIN is a straightforward process that can be completed online...

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### Working Capital Optimization: Strategies for Small Businesses

> Working capital optimization is the process of managing a business’s short-term assets and liabilities to maintain liquidity.

- Published: 2024-05-01
- Modified: 2024-04-17
- URL: https://www.ondeck.com/resources/working-capital-optimization
- Resource Categories: Running a Business

Working capital optimization might not be your first thought when considering the financial health of your small business. But optimizing working capital is key to thriving in today's competitive market. The modern era of business requires you to think and move fast, especially when considering supply chain complexities, the drive for increased profitability and the potential for automation to streamline processes. If you’re looking for strategies to improve the cash flow management of your business, here’s what it means to optimize your working capital — and how you can do it. What Is Working Capital Optimization? Working capital optimization is the process of managing a business’s short-term assets and liabilities to maintain liquidity. It's about finding the perfect balance between having enough cash flow to cover daily operations without tying up too much in assets or being in excessive debt. The working capital optimization cycle is a financial strategy. It involves understanding and managing the timing of cash inflows from receivables, the cash outflows for payables, and the holding period of inventory. The goal is to reduce the cash conversion cycle, freeing up cash that can be used for other productive purposes within the business. How Do You Improve Your Working Capital Management? Improving working capital management involves strategic approaches to the working capital cycle — the process of converting inventory into cash. Below are key areas to focus on: Understand the working capital cycle. The working capital cycle measures the time it takes for a company to convert its...

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### The Most Innovative American Companies, Based on Patents

> IBM is America’s most innovative company, with 3,953 patents granted in 2023. California is the most innovative state.

- Published: 2024-04-23
- Modified: 2024-06-12
- URL: https://www.ondeck.com/resources/most-patents-by-company

In business, if you’re not moving forward — you’re falling backward. Even the most traditional companies must innovate to stay relevant and competitive through changing times. A company that never changes its product is a rare thing — while the list of companies that failed or fell behind because they didn’t innovate includes some big names. McKinsey & Company defines innovation as the “systematic practice of developing and marketing breakthrough products and services for adoption by customers. ” They found that more than 80% of executives rank innovation among their top three priorities — while only 10% reckon that their company is getting it right. Perhaps that level of dissatisfaction is healthy. Only by striving for better products and fresher ways to make and sell them can a business remain sharp. Patents are the currency of business innovation. When a patent is granted, it gives the applicant “an exclusive right to a product or a process that generally provides a new way of doing something, or offers a new technical solution to a problem,” according to the World Intellectual Property Organization. This may buy the company time to develop a product or monetize an idea by licensing it to other companies. As we will see below, some companies file hundreds or thousands of patents each year, partly to protect their ideas but often as a lucrative source of revenue. To determine which companies and regions are at the sharp end of the U. S. innovation economy, OnDeck found which companies...

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### What Is Working Capital and Why Does It Matter?

> Working capital is a measure of a company’s liquidity. It’s defined as the difference between your current assets and current liabilities.

- Published: 2024-04-16
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/what-is-working-capital
- Resource Categories: Running a Business

Working capital is an important part of the financial foundation of your business. It’s crucial for funding day-to-day operations, supporting growth strategies and navigating uncertainties. Ensuring you have enough working capital can help you take advantage of opportunities and navigate the ups and downs of running a business. What Is Working Capital? Working capital is a measure of a company’s liquidity. It measures the difference between your current assets and current liabilities. Essentially, it’s what keeps your business running. It helps ensure that you have enough cash on hand to meet immediate business needs such as payroll, utilities and vendor payments. Why Is Working Capital Important? Working capital is important because it helps fuel your business’s day-to-day operations — but it’s also important for long-term growth. When you have a sufficient amount of working capital, you can invest in growth strategies, weather seasonal fluctuations and handle any challenges you may face. Good working capital management is about more than just keeping the lights on. It’s also a signal of financial health and operational efficiency. It’s a good sign to potential lenders or investors that your business is ready to grow. What Is Working Capital Used For? Working capital has many different uses. It’s a source of funds for everyday expenses and is essential for running and expanding your business. Here are few things working capital is used for: Buying inventory. Paying wages. Purchasing supplies. Paying bills. Settling short-term debt. What Is Net Working Capital? When talking about working capital, most...

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### Which States and Metros Have the Most Family-Owned Businesses?

> Despite what Succession and the Godfather movies have taught us, the family that works together, thrives together. From the kitchen table to the

- Published: 2024-04-09
- Modified: 2025-04-03
- URL: https://www.ondeck.com/resources/states-metros-family-owned
- Resource Categories: Insights and Stories

Family businesses are the bedrock of the economy. Globally, family-owned businesses make up more than 70% of GDP and 60% of employment, delivering higher total shareholder returns, deeper feelings of fulfillment and stronger levels of employee trust and engagement. At the same time, business ownership accounts for a substantial level of family wealth. Business equity makes up 34% of American families’ non-financial assets, second only to primary home ownership. It can bring a family together and create a legacy for generations to come. But the family entrepreneur lays a lot on the line when they start a small business or consider making major changes or expanding. Financial and emotional investments can be hard to keep separate from the family unit, which bears the pressures as well as the rewards of business life. Changeable economic conditions present great business opportunities along with the risks. So, OnDeck took this moment to investigate which parts of America have the most thriving family business scenes right now — and to update our findings from our 2023 study on the state of family-owned businesses across America. What We Did We gathered data on the number of firms, employees and annual payroll for family-owned and non-family-owned firms in every U. S. state and large metropolitan area from the U. S. Census Bureau's 2023 Annual Business Survey. Next, we calculated the percentage of family-owned businesses, total employees working for family-owned businesses and the average wage at family-owned businesses for each area. We also calculated the percentage change...

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### 7 Smart Small Business Tax Planning Strategies to Help You Save Money

> See how everything from your business structure to your retirement plan can help you save money on your business taxes.

- Published: 2024-03-27
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/high-value-tax-strategies-for-small-business-owners
- Resource Categories: Running a Business

Tax season can be one of the most stressful parts of running a small business, but it’s also one of the most important. Smart tax planning creates a strong foundation for business success. By strategically managing taxes, small business owners can save money, maintain legal compliance and pave the way for long-term growth. Let’s explore some tax strategies small business owners can use to not just survive tax season, but to save money and establish the groundwork for business success. 1. Choose the Right Business Structure Your business structure can have a big impact on your taxes. Each option comes with different tax implications that are important to understand. It can be beneficial to consult a tax professional who can help you determine the right business structure and what it means for your taxes. Sole Proprietorships. If your business operates as a sole proprietorship, your business income will be reported on your personal tax return. This is because sole proprietorships are not separate legal entities. When tax time rolls around, you’ll need to file a Schedule C (Form 1040) to report profits and losses from your business as well as a Schedule SE (Form 1040 or Form 1040-SR) to report your Social Security and Medicare taxes. You bear full responsibility for any taxes, debts and legal issues that may arise. Partnerships. Partnerships are known as pass-through entities, meaning the business itself doesn’t pay income tax. Similarly to a sole proprietorship, profits and losses are passed on to the individual partners,...

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### Fixed Capital vs Working Capital: What’s the Difference?

> Fixed capital includes long-term assets such as real estate, while working capital comprises liquid assets for covering operating expenses.

- Published: 2024-03-26
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/fixed-capital-vs-working-capital
- Resource Categories: Small Business Financing

Understanding capital is crucial for the stability and growth of your business. Two kinds of capital that small business owners encounter are fixed capital and working capital. They're vital for your company's financial well-being — but the distinction between them isn't always clear. Let's explore the key differences between these two types of capital and a few strategies to manage them effectively. What’s the Difference Between Fixed Capital and Working Capital? Fixed capital refers to long-term assets like real estate and equipment. These types of assets are a fundamental part of your business. Investing in fixed capital can help pave the way for future growth and success. Working capital, on the other hand, includes more liquid assets such as cash and accounts receivable. It’s important for maintaining the day-to-day operations of your business. It ensures a smooth cash flow and the flexibility needed to meet your financial obligations. What Is Fixed Capital? In general, fixed capital represents tangible assets that are essential to the long-term operation of your business. These long-term assets may not directly generate income, but without them, your business would not be able to provide goods or services. Fixed capital is often captured as a line item on your balance sheet under “plant, property, and equipment” (PP&E). Fixed capital investments often require careful planning. You should consider your business needs and how you plan to grow. Investing in upgraded technology, new equipment or more space can help you take your business to the next level. Examples of...

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### What Is a Good Working Capital Ratio?

> A good working capital ratio is generally between 1.5 and 2, but your company’s financial picture doesn’t end there.

- Published: 2024-03-20
- Modified: 2024-08-12
- URL: https://www.ondeck.com/resources/what-is-a-good-working-capital-ratio
- Resource Categories: Running a Business

In business finance, the working capital ratio indicates a company's short-term financial health and efficiency. Maintaining a good working capital ratio is essential for measuring liquidity, managing debts and fostering growth for your small businesses. Let's break down what a good working capital ratio looks like, how to calculate it and why it matters for your small business. What Is a Good Working Capital Ratio? Think of the working capital ratio, sometimes called the current ratio, as a snapshot of your business's financial health. It compares your company's current assets (like cash on hand, accounts receivable and inventory) to your short-term liabilities (like loans and accounts payable). A ratio between 1. 5 and 2 is generally seen as just right — it means you've got a healthy balance. You’re able to pay off debts while still having enough to grow. A high working capital ratio can be a mixed bag, suggesting you might be sitting on too much inventory or not investing enough in growth. How Do You Calculate Your Working Capital Ratio? To calculate your working capital ratio, divide your current assets by your current liabilities. Both of these figures are found on your balance sheet. This calculation tells you if you have a positive working capital or negative working capital. Here's what the working capital ratio formula looks like: Working capital ratio = current assets/current liabilities What Is the Difference Between Working Capital and the Working Capital Ratio? Working capital is the money a company has available to...

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### The Freelancer Pay Gap by State

> On average, a female freelancer charges just 79 cents for every dollar a male freelancer charges. However, the freelancer pay gap varies significantly between categories.

- Published: 2024-03-20
- Modified: 2024-10-25
- URL: https://www.ondeck.com/resources/pay-gap-gig-economy
- Resource Categories: Insights and Stories

In the past half-decade, freelancing has gone from being a common way to earn in the digital age to becoming a fundamental part of “the new normal. ” In the U. S. , the number of full-time freelancers grew by 91% and occasional freelancers by 132% between 2020 and 2023. Today, 72. 1 million Americans — around 45% of the workforce — do freelance work some or all of the time, according to MBO Partners. Some have redefined their careers based on a change of circumstances or expectations during the pandemic. And others have graduated into a world where freelancing is simply a natural progression. “Younger professionals , as digital natives raised with the internet and social media, are creating a new blueprint for career opportunities outside of the traditional corporate world,” Margaret Lilani, VP of talent solutions at Upwork, told Fortune. For these digital natives, “uncertainty around college, internships, and the job market are coinciding with a mindset shift in how people are thinking about work. ” But unfortunately, one other way that freelancing has become “normal” is the wage disparity. In full-time permanent work, a woman in the U. S. will only earn 84 cents for every dollar a man earns. For our new study, we have discovered that, on average, a female freelancer charges just 79 cents for every dollar a male freelancer charges. Our team analyzed advertised rates across every U. S. state and major freelancing industry to identify the full scale of the freelancer pay...

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### Gross Revenue vs. Net Revenue

> Gross revenue describes earnings before expenses are subtracted, and net revenue describes earnings after expenses are subtracted.

- Published: 2024-03-04
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/gross-revenue-vs-net-revenue
- Resource Categories: Running a Business

Understanding the financial health of your business is key to your success. Both gross revenue and net revenue are financial metrics that offer insights into your company's financial health, but from different perspectives. Simply put, your gross revenue is your earnings before you deduct your expenses, and your net revenue is your earnings after you subtract your expenses. Understanding the difference between your gross revenue and your net revenue will tell you how successful you are at controlling your expenses — and generating profits. What Is Gross Revenue? Gross revenue, often referred to as gross sales or total revenue, is the total amount of money generated from your business over a period of time — usually a quarter or a year. Gross revenue includes all sales revenue, without considering any costs or deductions related to those sales. Gross revenue gives a raw outlook on the earning potential of a company's goods or services, serving as a top-line figure on the income statement. What Is Net Revenue? Net revenue, also called net sales, is the amount of money that remains after subtracting your company’s direct costs from its gross revenue. These costs can include the cost of the goods or services sold, discounts, returns and allowances. Net revenue offers a more accurate reflection of your company’s income — and your company’s profitability — because it accounts for the expenses directly tied to revenue generation. Net revenue does not account for all business expenses like overhead and administrative costs. How Is Gross...

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### The Most Trusted American Companies, Based on 14 Million Customers

> While big business behemoths like Target and Walmart are ubiquitous across the U.S., America likes to shop small, with nine in 10 of the country’s

- Published: 2024-02-26
- Modified: 2025-02-19
- URL: https://www.ondeck.com/resources/most-trusted-brands
- Resource Categories: Insights and Stories

While big business behemoths like Target and Walmart are ubiquitous across the U. S. , America likes to shop small, with nine in 10 of the country’s consumers shopping at a small business once a week. But — big or small — when it comes to where we shop, customers need to be able to trust that a company will be able to deliver the product or service they’ve invested their hard-earned money in. The majority of American consumers turn to online reviews of a company before they commit to a purchase, whatever it may be. In particular, glowing five-star reviews from previous customers create the impression of a trustworthy company. In fact, 93. 7% of consumers will trust a brand more if it has received positive feedback from customers. This led the team here at OnDeck to wonder: if positive reviews and ratings translate to trustworthiness, which American companies are the most trustworthy of all? To find out, we explored millions of customer ratings on the leading review website Trustpilot, a site on which three in four U. S. consumers say they check a brand’s score before making a purchase. Read on for our findings. About This Study We began with a list of companies that operate in the United States and searched them all on Trustpilot. For each company, we recorded what percentage of its ratings are five stars. This enabled us to rank the companies local to each state and overall within particular categories (tech, clothing, media,...

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### 10 Steps to Hire the Right Employees for Your Small Business

> Hiring good employees takes more than just posting a job opening. Here are some steps you can take to get the top talent.

- Published: 2024-02-14
- Modified: 2025-04-30
- URL: https://www.ondeck.com/resources/make-sure-youre-hiring-the-right-people
- Resource Categories: Running a Business

Hiring an employee is exciting — but finding a great employee can be one of the most challenging and important things a small business can do. You want to find a candidate who can do the job but will also contribute to the growth and culture of the company. Finding an employee can take time and money (the average cost to recruit a new employee is about $4,700). You most likely don’t want to waste the business resources to hire someone who isn’t a good fit. Let’s explore a few steps you can take to prepare your small business to make a great new hire. 10 Steps to Hire the Right Employees 1. Consider why you need an employee... and if you can afford to hire one. Before you post a job listing, take a moment to consider the need for this role. Does your business need a full-time employee or just an extra set of hands for the busy season? You should also consider whether you want to work with an independent contractor or hire someone directly. Each of these options comes with different rules, tax implications and costs. You should also think about the financial impact of hiring someone. Beyond paying a salary, you may need to provide benefits, equipment and training. 2. Define the role and expectations for this position. Clearly defining a new role and its responsibilities and expectations can help you attract and retain quality candidates. It will also help job seekers understand the skills...

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### Understanding Personal Guarantees in Small Business Financing

> A personal guarantee makes a borrower personally responsible for a business loan. Lenders use it to create an additional layer of security when considering a loan application.

- Published: 2024-02-06
- Modified: 2024-04-16
- URL: https://www.ondeck.com/resources/understanding-personal-guarantees
- Resource Categories: Small Business Financing

A personal guarantee makes a borrower personally responsible for a business loan. Lenders use it to create an additional layer of security when considering a loan application.

When searching for small business financing, a term that often pops up is “personal guarantee. ” It might sound old fashioned — like something that involves nothing more than a handshake and a smile — but borrowers should take them seriously. In many ways, a personal guarantee can benefit both the borrower and the lender. They create an added level of security, reducing risk for lenders and sometimes improving the chances of approval for borrowers. However, in the event of default, a borrower’s personal finances are on the line. Before you enter a personal guarantee, it’s important to understand exactly what the term means. Here’s what you should know. What Is a Personal Guarantee? A personal guarantee is a commitment to assume responsibility for a business loan. Typically, it is made by the business owner or a key executive. A borrower who enters a personal guarantee is known as a “guarantor. ” Personal guarantees are legally binding. Many small business lenders require personal guarantees. They act as a safety net, reducing the risk to the lender when approving a loan. This can increase their confidence when approving a loan. For borrowers, personal guarantees can be an important tool. They can help small businesses — especially those with limited credit history or assets — gain access to capital. However, it’s important for borrowers to take them seriously. In the event of default, a personal guarantee can potentially put the borrower’s personal finances and credit score at risk. How Do Personal Guarantees...

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### Atlanta Florist Blossoms During Busy Seasons

> Conquer seasonal rushes with these success strategies from Royal Petals ATL.

- Published: 2024-02-05
- Modified: 2024-04-16
- URL: https://www.ondeck.com/resources/atlanta-florist-blossoms-during-busy-seasons
- Resource Categories: Insights and Stories

Teneka Williams and her flower shop, Royal Petals ATL, have roots firmly planted in Atlanta, Georgia. She’s the only florist on her side of town, and customers love her Atlanta-themed bouquets. But during Teneka’s first three years in business, busy holidays resulted in more stress than profit. OnDeck spoke to Teneka about the lessons she’s learned, as well as her current strategy for maximizing seasonal sales. Customer was compensated for sharing their story. Atlanta Roots Teneka Williams was born and raised in Atlanta, GA. “I have a lot of love for this city,” she says. The specific area Teneka serves, the southwest side of Atlanta, is a historically underserved community. But she knows that doesn’t change what people want or deserve. “I want people who are in marginalized and underserved communities to know... you can expect more and you deserve more,” she says. A New Leaf Teneka was a librarian for 15 years. “I love everything about the library,” she says. But she wanted to create a bigger impact on a more flexible schedule. Teneka was already surrounded by flowers. Her husband’s green thumb made her front yard a neighborhood attraction. “He has an amazing talent for turning hard earth into something beautiful. I guess it just rubbed off on me. ” Teneka began buying flowers every Sunday and arranging them into bouquets. “And it got to be such a habit that if I didn't do it, my kids would be like, ‘Are you not feeling well today? Where are...

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### Financial Terms: 77 Essential Words for Business Owners

> Discover essential finance terms every business owner should know. Use our finance terms cheat sheet to make informed financial business decisions.

- Published: 2024-01-31
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/21-financial-terms-you-should-know
- Resource Categories: Small Business Financing

Understanding financial terms can feel like learning a new language, and it's a challenge for many small business owners. This guide breaks down important business terms to give you a quick way to learn the basics and feel more confident in your business decisions. 77 Financial Terms for Business Owners Asset Allocation: The strategic distribution of a business's investments across various asset types (like stocks and bonds) to balance risk and achieve specific financial goals. Annual Operating Plan (AOP): An annual operating plan is a detailed outline of a company's goals, strategies and projected financial activities for the upcoming year. It serves as a roadmap for managing daily operations and achieving short-term objectives. Accounts Payable: The amount of money a business owes to suppliers or creditors for goods and services received but not yet paid for. Accounts Receivable (AR): The amount of money customers owe a business for goods or services delivered but not yet paid for. Acquisition: The process by which a company purchases most or all of another company's shares or assets, gaining control over that company. Affiliate: An individual or entity partnered with a business, often to promote or sell each other's products or services. This relationship is typically performance-based, with compensation linked to sales or referrals. Additionally, the term can describe a situation where two or more companies are subsidiaries under a single larger parent company. Adjusted Gross Income (AGI): Income calculated by taking a business’s gross income and subtracting allowable deductions. It is an important...

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### The Highest-Rated Independent Restaurants in Every State

> From early morning pancakes to lavish dinners, learn what makes these independent restaurants the most beloved dining spots in America.

- Published: 2024-01-31
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/most-popular-restaurants-in-america
- Resource Categories: Insights and Stories

Whether it’s for early morning pancakes or a sumptuous three-course dinner, Americans just love to dine out, with the average person in the U. S. indulging in a visit to a restaurant three times a month. Grabbing a bite at a fast food chain is a popular go-to — indeed, we’re the world’s biggest consumers of fast food — but you may not know that over half of the restaurants in the U. S. are independent. At these often family-owned and operated local eateries, diners can indulge in delicious dishes they might not find anywhere else in the country, served with a side of personalized recommendations and friendly, familiar faces. For dessert, there’s the satisfaction of knowing you’ve supported a small business in an economy rocked by a few years of economic hardship. There’s no doubt that every town and city across the country boasts its own indie diner gems, but we wondered: which ones can stake a claim to being the most beloved of all? To find out, OnDeck went in search of America’s independent restaurants with the highest average ratings as given by the public. Read on for our findings and to explore what’s in the making of a successful independent restaurant. What We Did We used Yelp. com to retrieve publicly available ratings and review numbers for 149,099 independent restaurants within the most populated cities in every state and across the following categories of cuisine served: pizza, vegan, burgers, breakfast and international cuisine (e. g. , Chinese...

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### 7 Key Factors to Build a Good Pricing Strategy

> Here’s what to consider when developing your business’s pricing strategy.

- Published: 2024-01-29
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/7-key-keys-to-building-a-good-pricing-strategy
- Resource Categories: Running a Business

Setting the right price for your products and services can feel like a tightrope walk. If your prices are too high, you may scare customers away. If they’re too low, your profits could suffer. Determining the right pricing strategy for your business is a crucial decision and requires you to find the right balance. Whether you’re fine-tuning your existing strategy or starting fresh, here are a few of the important factors you should consider when setting prices for your small business. 7 Factors for a Good Pricing Strategy 1. Competitor pricing Before setting prices, you should do some market research to understand where your products and services fall. Look at competitors who offer similar products to see what their prices are like. Keep in mind this isn’t about matching or undercutting their prices. It’s about gaining insights into the market’s pricing standards. This can help you find a price range for your products to ensure you’re not overpricing or underpricing. It can also help you understand what your unique value proposition is. Are you offering more features or better service that justify a higher price? This differentiation can help you understand where your prices should land in comparison to your competitors. 2. Cost of goods Conducting a thorough cost analysis is a crucial step in determining prices. You’ll need to look at how much it costs to produce your product or provide your service. Think about the cost of production — things like raw materials and labor. This will provide...

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### Facebook vs. Website: Which Should You Use?

> A Facebook page is easier to use and cheaper. A website, however, offers your business SEO benefits.

- Published: 2024-01-26
- Modified: 2024-04-16
- URL: https://www.ondeck.com/resources/facebook-page-vs-website-which-use
- Resource Categories: Running a Business

Establishing a digital presence is important for businesses of all sizes. A Facebook page and a business website are two key platforms that many companies use. Each has its advantages — and disadvantages too. So which one is better? Keep in mind that a Facebook page and a website can work together to help accelerate your marketing efforts. Let's go over the pros and cons of each platform, and when one might be better to use than the other. Is It Better to Have a Facebook Page or a Website for Your Business? In general, a professional-looking website is an important asset for all businesses. It helps to establish your company as legitimate and will serve as the base for your digital presence online. That said, businesses that may not need much of a digital presence may look to social media to establish themselves online. Whether you can use a Facebook page instead of a website depends on many factors. Consider your business goals. Do you want to build brand awareness rapidly or are you aiming for long-term customer engagement and brand loyalty? Your target audience is also important. Think about the people you want to reach and where they spend their time online. The resources you have available also play a role. What kind of time and money do you have to dedicate to building an online presence? Facebook Pros and Cons Pros Easier and cheaper. Facebook is one of the most popular social media platforms and most people...

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### Corporate Transparency Act: What Businesses Need to Know in 2024

> The Corporate Transparency Act marks a major shift in reporting requirements. Noncompliant businesses can face civil or criminal penalties.

- Published: 2024-01-23
- Modified: 2024-04-16
- URL: https://www.ondeck.com/resources/corporate-transparency-act
- Resource Categories: Running a Business

The Corporate Transparency Act (CTA) is a new anti-money laundering regulation. It went into effect on Jan. 1, 2024, and represents a major shift in reporting requirements for small businesses. Staying informed and compliant is an important part of running a business. You can face civil penalties or even criminal penalties if you don’t. Let’s explore what the CTA entails, who it affects, the information required to stay compliant, key deadlines, and where you can seek assistance for reporting. What Is the Corporate Transparency Act? The Corporate Transparency Act was enacted by Congress to combat money laundering, the financing of terrorism, tax fraud and other illicit activities. It aims to do this by shedding light on the true owners of business entities. This will be done by requiring certain businesses to file their ownership information with the U. S. Department of the Treasury. The CTA requirements are new and will require additional reporting than in the past. It is expected to impact a large number of small businesses. Who Is Subject to the Corporate Transparency Act? The Corporate Transparency Act mainly targets smaller, privately held business entities. It applies to corporations, limited liability companies (LLCs) and other businesses created by filing a document with the state or tribal authorities. The CTA also applies to foreign companies that are registered to do business in the United States in a similar manner. There are a few exempt entities such as publicly traded companies, nonprofits and banks. You can find the full list...

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### Generative AI for Small Businesses: Uses, Tools and Examples

> Put AI to work for your small business with our comprehensive guide to generated text, images, audio and video.

- Published: 2024-01-18
- Modified: 2025-04-29
- URL: https://www.ondeck.com/resources/ai-for-small-business
- Resource Categories: Insights and Stories

The present wave of generative AI technology struck the business world hard and fast. Since unveiling its DALL-E 2 image-generating software in the summer of ’22, OpenAI and its rival big AI developers have driven the technology forward in a so-called “arms race. ” At the same time, established tech giants pursue a “land grab. ” Meanwhile, smaller indie developers echo the trend, turning out countless new AI-powered apps and services daily, hoping to dominate their corner of the market. Everyone else looks on, trying to figure out what has changed and what is next. The panicky language used to describe the past 18 months is understandable. Overnight, generative AI bots have popped into everyday use, promising to complete creative tasks and administrative chores in an instant with just a brief, natural language prompt. People aren’t sure if they’re next to lose their jobs or if they should already be benefiting more from what these tools have to offer. But this panic is also a symptom of the hype. Cut both away, and small business owners are confronted with simple, powerful tools for executing complex tasks in a minimal timeframe. And sure, embracing generative AI at work takes a change of habit and a bit of learning. But AI tools are built to be both intuitive and actively helpful. That is part of their power. We want to demystify generative AI and lay out how it can become an effective part of the daily life of a small business. So,...

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### The 9 Most Essential Questions To Ask Your Accountant This Year

> Your accountant is a valuable resource. Here’s what you should be asking them.

- Published: 2024-01-17
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/6-questions-absolutely-must-ask-accountant-year
- Resource Categories: Running a Business

Although you may be a self-taught small business owner, it’s a good idea to leave business accounting to the professionals. A certified public accountant (CPA) can help maximize your business’s potential while keeping you compliant with government regulations. Knowing the right questions to ask your accountant can lead to better business decisions. We’ve put together some important questions to ask your accountant, specifically for small business needs. What Questions Should I Ask an Accountant? 1. How can I help you do a better job for me? Collaborate with your accountant to streamline financial management. Understanding their needs can help you provide accurate financial data, like cash flow statements and business transactions. This ensures they offer the best advice for your specific business needs. 2. What records should I be keeping? Keeping your business records in order could help prevent future headaches. Your accountant can guide you through organizing important documents like receipts, tax returns, invoices and bank statements, which are crucial for accurate bookkeeping and tax preparation. They may recommend accounting software to make recordkeeping as straightforward as possible. 3. How do I best prepare for tax season? Preparing for tax season is more than just a year-end activity. Discuss with your accountant the best strategies for tax planning throughout the year. This may include keeping track of deductible expenses and understanding the impact any new tax laws may have on your business. 4. Are there any industry-specific tax regulations that I should know about? Your specific tax regulations will...

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### How Long Can You Finance Equipment?

> The term length of equipment financing can depend on many factors. Here’s what you should know.

- Published: 2024-01-11
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-long-can-you-finance-equipment
- Resource Categories: Small Business Financing

Running a small business often means needing to purchase essential pieces of equipment — from heavy-duty excavators to everyday office furniture and supplies. However, business equipment can come with a hefty price tag. You may be considering using equipment financing to purchase or replace your equipment without breaking the bank. Let’s explore some of the questions you may have about equipment financing and how it can impact your business. How Long Can You Finance Equipment? The term length of equipment financing can depend on many factors. Some of the main factors that determine how long you can finance equipment are the lender’s policies, the type of equipment you want to buy, and your business’s financial standing. This means that there's no one answer, but a large range that fits the different needs and circumstances. In general, equipment financing terms can last anywhere from one to 10 years. When looking to buy equipment, you should think about the life of the equipment. Consider whether it’s new equipment or if it's used and what type of equipment it is. Used equipment is often cheaper, but it can have a shorter lifespan due to the existing wear and tear. The term length of your financing is often tied to the expected longevity of the equipment. When choosing a financing option be sure to consider all these factors to ensure it fits your business needs. What Is the Average Term of an Equipment Loan? The term length of any equipment loan can vary, but...

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### The Global and American Companies Generating the Most Revenue Per Employee

> Find out which companies in America and around the world make the most money for each person they hire.

- Published: 2024-01-04
- Modified: 2025-06-04
- URL: https://www.ondeck.com/resources/revenue-per-employee-ranking
- Resource Categories: Insights and Stories

In a challenging moment for the economy, the U. S. has performed better than expected. According to J. P. Morgan, inflation is improving, and supply chains are almost realigned after the difficulties of the pandemic. Indeed, thanks to ‘lessons learned,’ supply chains are being restructured to better weather whatever lies ahead. But uncertain times have forced companies to make difficult decisions about their employees — who are often the very fabric of a company. Between January and July of 2023, layoffs in the tech industry alone reached five figures every month. To complicate the picture, this has occurred during a labor shortage when firms in many industries have struggled to attract talent. While companies don’t need to make millions of dollars per employee to consider themselves successful, calculating the revenue per employee has proven a useful tool for measuring a business’s performance across time or against competitors. To grab a snapshot of the national and international business landscape right now, we ranked the world’s biggest publicly traded companies by how much revenue they generate per employee. Data analysts here at OnDeck analyzed employee count and annual revenue data from the Forbes’ Global 2000 list in order to rank these companies based on the average annual revenue per employee for this year. Key Findings Rajesh Exports, an Indian consumer durables company, generates $292,074,074 per employee per year — the most of any company in the world. VICI Properties, a New York City financial company, generates $133,043,478 per employee — the most...

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### Annual Operating Plan: How to Build One in 8 Easy Steps

> Do you have big business goals? An annual operating plan can help you allocate financial and operational resources.

- Published: 2024-01-02
- Modified: 2024-03-29
- URL: https://www.ondeck.com/resources/annual-operating-plan
- Resource Categories: Small Business Financing

Creating an effective annual operating plan (AOP) is important for any business, whether it's a bustling startup or a well-established small business. This strategic planning tool serves as a roadmap, guiding your company toward its business objectives and fiscal year goals. Learn more about annual operating plans and how to make one to get your year started on the right foot. 1. Conduct a Business Review Kick off your planning process by reviewing the previous year. Examine your financial statements, business goals and key performance indicators (KPIs) to understand where your business stands. Reflect on both the successes and the shortcomings, considering metrics and actuals to gain a comprehensive view. This step is crucial to informed decision-making by both CFOs and business owners. 2. Check In With Stakeholders Your stakeholders, including department heads, team members and investors, play a vital role in the planning process. Their feedback can provide valuable insights into the operational and strategic needs of your business. This collaborative approach ensures that your AOP is aligned with the company's goals and addresses the needs and expectations of all parties involved. 3. Set Your Goals and Key Performance Indicators Define clear, achievable business goals and establish key performance indicators (KPIs) for the upcoming year. These goals should be SMART (Specific, Measurable, Achievable, Relevant, Time-bound) and directly tied to your strategic vision. KPIs will serve as quantifiable metrics to track progress and gauge the success of your initiatives. 4. Identify Obstacles Anticipate challenges that might hinder your progress. Whether...

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### Can I Get Financing for Used Equipment?

> Yes, you can get financing for used equipment, but there may be a few key differences than financing new equipment. Here’s what you need to know.

- Published: 2023-12-27
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/can-i-get-equipment-financing-for-used-equipment
- Resource Categories: Small Business Financing

If you’re looking to purchase equipment for your business but you don’t want to break the bank, you may be considering used equipment. However, used equipment can still be expensive, and you may still need some help covering the costs. Here are a few things you should consider when looking for equipment financing for your small business. Can I Get Financing for Used Equipment? Yes, you can get financing for used equipment purchases. Because used equipment financing is often secured by the equipment that’s purchased, some lenders may be hesitant to offer loans for older equipment. You may see higher interest rates, a more thorough appraisal process and shorter loan terms. Other options for financing used equipment include using unsecured business loans, such as a term loan or line of credit, to purchase the equipment. As with any financial decision, you should do your research before making a decision — make sure the lender and the financing product fit your small business needs. How Do I Get Financing for Used Equipment? Getting financing for used equipment can work in much the same way as financing new equipment. However, equipment lenders often view used equipment as a higher risk given its reduced lifespan and potential for wear and tear. When choosing your equipment, keep in mind things like the equipment's age and type, insurance and warranties, and the depreciation rate of the equipment, as they can all impact your equipment financing terms. 1. Determine what equipment you need and how much...

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### How Long Does It Take To Build Business Credit?

> Building business credit is a crucial step for any business owner. It can help to establish financial stability and credibility. However, the timeline for

- Published: 2023-12-20
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/how-long-does-it-take-to-build-business-credit

Building business credit is a crucial step for any business owner. It can help to establish financial stability and credibility. However, the timeline for establishing a robust credit profile can vary based on several factors. From understanding where to start and the tools available to expedite the process, to grasping the importance of a solid business credit score, this guide can help you build a foundation for a good business credit score. How Long Does It Take to Build Business Credit? Building business credit can take anywhere from a few months to a few years. Unlike personal credit, which can be established relatively quickly, business credit typically takes longer due to the different factors involved. These factors include the size and type of your business, your industry, financial practices and your commitment to maintaining a positive credit history. Establishing a solid business credit history often begins with opening accounts specifically under your business's name. Initially, creditors may request personal guarantees or rely on the small business owner's personal credit score until the business demonstrates its creditworthiness. How Do You Start Building Business Credit? To start the process of building business credit, you’ll need to register your business as a separate legal entity with the IRS. This includes obtaining an Employer Identification Number (EIN) and identifying your business structure, generally as a limited liability company (LLC) or corporation. Remember, if you’re a sole proprietor, your business doesn’t qualify as a separate legal entity. Next, open a business bank account to manage...

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### The Countries and Cities With the Highest Proportion of Business Founders

> Does where you live make a difference in how likely you are to start a business?

- Published: 2023-12-06
- Modified: 2025-02-19
- URL: https://www.ondeck.com/resources/countries-with-the-most-entrepreneurs
- Resource Categories: Insights and Stories

Have you ever had an idea for a business? Close to three in five Americans have at some point, but the vast majority of those would-be founders don’t go through with setting up their own firm, the biggest barrier being funding concerns. But — echoing our nation’s entrepreneurial spirit — many others do follow through with their dream of starting their own business, and business happens to be very good; in 2022, five million new small business applications were submitted in the U. S. , the second-highest rate since 2004. As we’ve explored before, there are all sorts of reasons why someone might start their own business. Research shows that entrepreneurship might just be something you’re keenly wired for, too. But we wondered: does where you live make a difference in how likely you are to start a business? Are certain locations more entrepreneurial than others? To find out, OnDeck delved into LinkedIn’s data to discover the locations at home and all over the world that count the highest proportions of business founders per 10,000 workers. What We Did We began our analysis by first retrieving the total number of local LinkedIn profiles in 150 countries, the top 10 most populated cities within those countries, every U. S. state, the 100 most populated cities in the U. S. , every U. K. city and the top 250 global cities of the Global Startup Report 2022. To find the proportion of workers within each location who are business founders, we repeated...

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### How To Build Your Business Credit Fast

> Building business credit is a process. Here are 6 simple ways to speed it up.

- Published: 2023-12-01
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/build-business-credit-fast
- Resource Categories: Small Business Financing

Building strong business credit is important for many small business owners. It can open the door to better financing options, lower interest rates and the potential for growth. But boosting your score can be a long process. Whether you’re just starting out or you want to give your business a lift, here’s some tips to get started building business credit quickly. How Do You Build Business Credit Fast? A good business credit score doesn’t happen overnight. Just like with personal credit, it takes time and effort to build. Getting started as soon as possible and establishing a solid foundation can help smooth the way. Here are six ways to get started on building business credit fast. 1. Get an Employer Identification Number An Employer Identification Number (EIN) is basically a Social Security number for your business. You’ll need one to establish your business as a separate entity and start building business credit. (Keep in mind that if you’re a sole proprietor, your business isn’t a separate legal entity. ) Your EIN allows you to file your business’s tax returns, open a business bank account and build business credit. You can apply for an EIN through the IRS for free. 2. Open a Business Bank Account Opening a business bank account is the next step in establishing your business’s financial identity. It helps further the separation of business finances from your personal finances. Many business lenders will also require you to have a business bank account. Whether it’s a business credit...

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### Invoice Factoring vs. Line of Credit: Weighing Your Options

> Invoice factoring and lines of credit are business funding options, but when it comes to usage, repayment and cost there are some big differences.

- Published: 2023-11-29
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/factoring-vs-line-of-credit
- Resource Categories: Small Business Financing

Cash flow gaps are a common problem for many small businesses — and a business line of credit and invoice factoring are two common solutions business owners turn to. Each of these options can offer your business the funding it needs, but they also come with their own pros and cons. How do you determine which is the right option for your business? Let’s take a look at the difference between invoice factoring and a business line of credit, explore how each option works, and address a few of the factors you should consider when making a decision. What’s the Difference Between Invoice Factoring and a Business Line of Credit? Invoice factoring and a business line of credit are both financing options that businesses use to manage cash flow, but there are some major differences in how they work. Business line of credit. A business line of credit is a form of revolving credit that allows the borrower to draw funds up to a certain amount to cover expenses. It’s a flexible form of borrowing that allows you to borrow the amount you need (up to your credit limit), when you need it. As you repay, the funds will become available for you to borrow again. Invoice factoring. Invoice factoring (also called “accounts receivable factoring”) isn’t a form of borrowing like a line of credit. Instead, you sell your unpaid invoices to an invoice factoring company for a percentage of the invoice amount. They’ll take over the responsibility of collecting...

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### America’s Highest Value International Exports, by State

> The U.S. trade deficit hit nearly $1 trillion in 2022, as America imported some $948.1 billion more than it exported. This $103 billion increase on the

- Published: 2023-11-22
- Modified: 2024-10-25
- URL: https://www.ondeck.com/resources/biggest-us-exports
- Resource Categories: Insights and Stories

The U. S. trade deficit hit nearly $1 trillion in 2022, as America imported some $948. 1 billion more than it exported. This $103 billion increase on the previous year’s deficit came as the U. S. and its partners sought to restructure and redefine global supply chains following pandemic disruption and trade barriers with China — with whom the U. S. has a $382. 9 billion trade deficit. But the U. S. was still the world’s second-largest exporter. America exported some $2. 1 trillion last year, accounting for 8. 4% of global exports. U. S. agriculture exports alone accounted for $213 billion, a true American success story. In a moment of rapid geo-political change, it pays to keep an eye on the comings and goings of American products — and to stay abreast of who the country’s best customers are. So, following our guide to Every State’s Top Import and Export, we plunged into the latest data on product exports by state in 2022 from the U. S. International Trade Administration to identify the biggest export destinations for products from every U. S. state. Key Findings Exports from Texas to Mexico have an annual value of $144. 29 billion — the highest value of exports from a U. S. state to any other country. Texas exports $33. 63 billion in Petroleum & Coal Products to Mexico yearly — the highest value of any single product category from a state to another country. Canada imports $15. 37 billion in Transportation Equipment...

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### Personal Line of Credit vs. Business Line of Credit: What’s the Difference?

> A business line of credit is a flexible form of financing tailored to serve your business. Learn why getting a line of credit designed for businesses and not personal use is important.

- Published: 2023-11-15
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/personal-line-of-credit-vs-business-line-of-credit
- Resource Categories: Small Business Financing

If you’re considering a line of credit for business financing, it’s important to understand the difference between a personal line of credit and a business line of credit. While they may seem similar at first glance, there are significant differences that can impact your financial stability and the growth of your business. What’s the Difference Between a Personal Line of Credit and a Business Line of Credit? The main differences between a personal line of credit and a business line of credit are who and what they are intended for, as well as who is responsible for repayment. A personal line of credit is a type of funding that’s issued to an individual for their personal expenses. A person’s eligibility for a line of credit — and ultimately their credit limit, interest rates and terms — are determined by their credit history, income and overall financial stability. The individual borrower is personally responsible for repaying the borrowed funds. A business line of credit is a type of short-term, small business credit line designed exclusively for business-related expenses. The business’s revenue, profitability and credit history are taken into account by the potential lender during the application process. A business line of credit is usually tied to your business credit score, not your personal credit score, and the business is responsible for repayment (subject to any applicable personal guarantee). If you need financing for personal expenses or investments, a personal line of credit may be an appropriate choice, with your personal credit...

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### Does a Business Line of Credit Affect Personal Credit?

> Discover how and when a business line of credit can affect your personal credit.

- Published: 2023-11-07
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/does-a-business-line-of-credit-affect-personal-credit
- Resource Categories: Small Business Financing

As a small business owner, you may have considered opening a small business line of credit to help fund growth, cover cash flow gaps or take care of other business expenses. A business line of credit can help you keep your business running smoothly, but does it affect your personal credit? It’s important to understand the relationship between business funding and your personal and business credit scores. This can help protect your personal finances and accelerate business growth. Does a Business Line of Credit Affect Personal Credit? A business line of credit typically won’t directly affect your personal credit score. Small business lines of credit, small business loans, small business credit cards and other debts your business is liable for, won’t usually show up on your personal credit report. Though there are certain situations where your score can be impacted. This can depend on many factors such as your business structure, your lender’s requirements and your repayment history. When Does a Business Line of Credit Affect Personal Credit? While business credit and personal credit are usually separate, there are a few circumstances where a business line of credit can affect your personal score. Business structure. Sole proprietorships are not separate legal entities. This means that the business owner is responsible for the repayment of all debts. If you're a sole proprietor, your personal credit can be directly impacted by a business line of credit — because there is no separation between your personal assets and liabilities and your business’s. Lenders....

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### What Is a Revolving Line of Credit?

> As a small business owner, you're no stranger to the ups and downs of cash flow. There are times when you need immediate funds to seize opportunities or A revolving line of credit is a form of funding that allows you to draw funds again and again. As you repay what you borrow, the funds become available to borrow again.

- Published: 2023-11-01
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/what-is-a-revolving-line-of-credit
- Resource Categories: Small Business Financing

As a small business owner, you're no stranger to the ups and downs of cash flow. There are times when you need immediate funds to seize opportunities or weather unexpected expenses. This is where a revolving line of credit can come to your rescue. Let’s go over the world of revolving lines of credit, explore their benefits and help you understand if they’re a good fit for your business. What Is a Revolving Line of Credit? A business line of credit is a flexible financial tool that allows your business to borrow a predetermined amount of money from a lending financial institution. What sets it apart from traditional loans is its revolving nature. Here's how it works: Credit limit. When you establish a revolving line of credit, you are assigned a maximum credit limit. This limit represents the total amount you can borrow. Access to funds. You can withdraw funds from your line of credit whenever you need them, up to the credit limit. It's like having a financial safety net at your disposal. Repayment. Once you've used a portion of your credit line, you're required to repay the borrowed amount, along with interest and any applicable fees. What makes it "revolving" is that as you repay, the funds become available for you to borrow again. Interest. You only pay interest on the amount you've borrowed, not the entire credit limit. This can make it a cost-effective solution for managing cash flow. What’s the Difference Between a Line of Credit...

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### Is a Small Business Loan Installment or Revolving?

> A small business loan can be either installment or revolving. Learn the differences so you can pick the right one!

- Published: 2023-10-18
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/is-small-business-loan-installment-or-revolving
- Resource Categories: Small Business Financing

If you own a business or startup, you’ve likely wondered if a small business loan meets your needs. There are many funding options out there for small business owners and each is different. Two terms you might have seen are “installment” and “revolving. ” So are small business loans installment loans or revolving credit? And what’s the difference between the two? Let’s explore the specifics of installment and revolving loans, including interest rates, repayment options and the types of loans that might work best for your business needs. Is a Small Business Loan Installment or Revolving Credit? In short, a small business loan can be either installment or revolving credit. Two common types of small business loans are term loans and lines of credit. A small business term loan is a type of installment loan. A small business line of credit is a type of revolving credit. Installment loans provide a single lump sum of funding. Borrowers are given a repayment schedule and payments are made in installments over the course of a few months or years. Typically, installment loans are used for large, one-time expenses such as equipment upgrades or funding an expansion. They can be either secured loans or unsecured loans. On the other hand, a revolving line of credit provides ongoing access to funds rather than a single lump sum. Business owners can tap the available funds as needed, only paying interest and fees on what they borrow. Typically, lines of credit are used for ongoing expenses...

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### The Companies That Produce the Most CEOs

> They’re three ordinary letters that convey a world of power: CEO. But every CEO has their own origin story, some more humble than others. Still, one thing

- Published: 2023-10-11
- Modified: 2024-10-25
- URL: https://www.ondeck.com/resources/which-company-produced-the-most-ceos
- Resource Categories: Insights and Stories

They’re three ordinary letters that convey a world of power: CEO. But every CEO has their own origin story, some more humble than others. Still, one thing that has shaped many a CEO — whatever their background — has been a period spent with a big company. A Chief Executive Officer reigns over an entire company, big or small, developing strategies to keep the business profitable and the shareholders, employees and customers happy. They oversee the work of the Chief Operating and Financial Officers and other top decision-makers. As such, they benefit as much from experience and a thorough understanding of how a company and the industry works as they do from their academic accomplishments. Indeed, just over one-fifth of all CEOs appointed at S&P 1500 companies between 1992 and 2010 came from just 36 companies: so-called CEO factories, where talented, ambitious employees are able to hone their business savvy skills to executive level as they conduct their regular daily work. And while the average time it takes from entering the world of work to becoming a CEO is 24 years, those who get there fastest are characterized by bold career moves rather than glittering academic credentials. Having previously identified the companies that produce the most founders, OnDeck® can now reveal the organizations from which former employees are most likely to become CEOs. These are today’s CEO factories, presented altogether and in the realms of tech, finance, retail, media and the automotive industry. What We Did OnDeck compiled a list...

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### From Rio to Kauai: Gisele’s Entrepreneurial Journey

> Learn how Gisele Gardner’s beachwear business, The Bikini Room, supports her home country of Brazil and her current community in Hawaii.

- Published: 2023-10-10
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/from-rio-to-kauai-giseles-entrepreneurial-journey
- Resource Categories: Insights and Stories

When Gisele Gardner moved to Hawaii from Brazil in 1997, she had no intention of starting a business. Over two decades later, Gisele’s retail store, The Bikini Room, provides high-quality beach essentials to both tourists and residents on the island of Kauai. Gisele, an OnDeck customer, spoke to OnDeck about her small business, and about her perspectives as a female business owner. Customer was compensated for sharing their story. What inspired you to start your business? In 1997, Gisele moved from Rio de Janeiro, Brazil to Kauai, Hawaii, to finish marine biology school. “I had no idea how to run a business,” she recalls. At the time, there were a few swimwear retailers on the small island, but none sold the Brazilian styles she was familiar with. Seeing that gap in the market sparked an idea — bring Brazilian beachwear to Hawaii. Gisele started selling merchandise from a Brazilian brand, but their sizing system wasn’t working for her customers. So she began to adapt the Brazilian sizes to the American sizing system. “And then, little by little, I started to develop my own styles and my own cuts... and I started my own brand, which is called The Bikini Room. ” That brand turned into a storefront of the same name in Kauai, where Gisele sells not only swimwear made from Brazilian fabric, but towels, blankets, clothing, kidswear, bags, suncare and more. Are there business challenges you’ve had to face? Importing materials from Brazil to a small Hawaiian island soon...

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### The Net Income Formula Explained

> The net income formula helps you determine how much your business nets. To calculate net income, subtract total expenses from total revenue.

- Published: 2023-09-08
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/net-income-formula
- Resource Categories: Running a Business

Net income is the total income your business makes after all expenses are subtracted. As a small business owner, this information helps gauge how much money your business is actually making. Additionally, net income helps lenders, investors and potential buyers gain insight into the business's financial health, influencing their decisions to support or engage with the business. This blog post will guide you through the net income formula — how to calculate it, why it's important and where you can find it on financial statements. How to Calculate Net Income To calculate net income, subtract your business’s total expenses from total revenue. The net income formula allows you to gauge the efficiency of business operations and the company’s ability to generate profit. Net Income = Total Revenue - Total Expenses For a more detailed version of the net income formula, you can break down exactly what factors into those expenses. Net Income = Revenue - Cost of Goods Sold - Expenses - Tax - Interest on Debt What Goes Into the Net Income Formula? Revenue. Also referred to as net sales, revenue is the total income your business makes from selling products and services during a given period. Additionally, your company may have revenue from sources other than selling your product (referred to as non-operating revenue). Non-operating revenue can include interest income, dividend income and income from selling assets or equipment. Cost of goods sold (COGS). As its name suggests, the cost of goods sold is how much money it...

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### The Most Popular Business Industries in Every Country and U.S. State

> In today’s globalized world, industry production overwhelmingly dictates the health of our economies. Institutions like the International Monetary Fund

- Published: 2023-08-02
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/biggest-industries-in-the-world
- Resource Categories: Insights and Stories

In today’s globalized world, industry production overwhelmingly dictates the health of our economies. Institutions like the International Monetary Fund (IMF) and the World Bank define a country’s development by its gross domestic product (GDP) and available infrastructure and resources. As of 2023, 57. 3% of global GDP is produced by the world’s 41 advanced economies. More than 250 years ago, the world shifted from agricultural reliance to the rise of industry. Cities like Manchester in the UK set the pace as the world’s first industrial city during the early 19th century, with technological advances inaugurating a period of sustained economic growth in Europe and the U. S. , all powered by manufacturing and the global goods trade. Today, the service economy contributes most significantly to wealth creation, overtaking manufacturing in developed and emerging economies alike. World Trade Organization data shows that it accounted for over half of global GDP in 2019, and UK Government analysis predicts it will rise to 77% by 2035. Not only does it drive the 21st-century global economy, but it also accounts for most people’s livelihoods. According to the Bureau of Labor Statistics, 136 million people in the U. S. alone (approx. 80% of its workforce) are employed in services as of 2021. If we were to break down these major economic pillars, which industries would appear most popular and which sectors would have the largest headcounts? OnDeck has analyzed more than 82 million businesses in 96 countries to find the most popular industries in every...

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### Content Marketing for Small Business: What You Need To Know To Succeed

> Learn how to market your business and gain an edge over your competitors by creating compelling content.

- Published: 2023-07-06
- Modified: 2024-03-04
- URL: https://www.ondeck.com/resources/small-business-owners-need-know-content-marketing
- Resource Categories: Running a Business

Businesses have used the power of content to build brand awareness and customer loyalty for a long time. Digital media and internet-enabled devices have become a constant part of consumers’ everyday lives — meaning content marketing has never been easier. Great content marketing allows businesses to connect, engage and build relationships with existing and potential customers. Here’s what you need to know about using content to successfully market your small business. What Is Content Marketing? Content marketing is a type of digital marketing that involves the creation and sharing of online material such as blogs, infographics, podcasts, webinars and videos to provide helpful and relevant information to a target audience. With content marketing, the goal isn’t to explicitly advertise your business or your products. Instead, it aims to create interest, build trust, establish credibility and build customer relationships by inviting them to organically engage with your brand. What Are the Benefits of Content Marketing for Small Businesses? Content marketing can be time consuming, but it’s low cost and highly effective. It works to support all of your other marketing efforts and can help you gain an edge over the competition. Establish your business as a thought leader. When you spend time posting high-quality content for your audiences, you boost your expertise and authority on the topics you care about. You can become a voice that others in the industry listen to. Build your brand. Consistently posting pieces of content can help you define your brand voice. You can emphasize your...

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### What Is a Good Business Credit Score?

> Discover the key factors that define a good business credit score and unlock potential for growth and financial success.

- Published: 2023-06-20
- Modified: 2024-05-14
- URL: https://www.ondeck.com/resources/business-credit-score-actually-mean
- Resource Categories: Small Business Financing

A good business credit score offers many benefits for small business owners. It can help you gain access to funding, qualify for lower interest rates and improve your terms with vendors. Building and maintaining a healthy business credit profile is important — but it can look very different from a personal credit score. Your business credit score can also look different depending on which business credit bureau or reporting agency you check with. All these factors can make it hard to know where you stand. Here’s what you need to know when checking your business credit and how to determine if you’re in a good spot. What Is a Business Credit Score? A business credit score is a representation of your company’s creditworthiness. It helps lenders, suppliers and business partners get an idea of your business’s financial health and ability to meet financial obligations. Business credit scores aren’t always directly related to a business owner's personal credit — the exception being the FICO Small Business Scoring Service. With the other credit reporting agencies, only accounts under the business name will have an impact on your company’s score. It can be affected by things like payment history, credit utilization, public records and company size. What Is a Good Business Credit Score? The business credit bureaus and reporting agencies each have their own scoring systems. Depending on the data they collect and which agencies your lenders report to, your score may look different from each bureau. You may also need to register...

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### Email Marketing for Small Business: A 10-Step Guide for Success

> Email marketing can have a big impact on your business. Learn how to create an effective strategy with our guide.

- Published: 2023-06-07
- Modified: 2025-03-20
- URL: https://www.ondeck.com/resources/small-business-best-practices-email-marketing
- Resource Categories: Running a Business

Email can be one of the most effective ways to market your small business — and it doesn’t need to cost you a ton of money either. Whether you want to expand your customer base, drive sales or just stay top of mind with your current customers, a well-tuned email campaign can help your business grow. Are you ready to launch your first email campaign? Or maybe you already have one and want to boost your performance. Whatever your goals, here's what you need to know to make this versatile and inexpensive form of marketing work for your small business. What is email marketing? Email marketing is a form of digital marketing that lets you connect directly to your customers. An email newsletter may be the first thing that comes to mind, but a good strategy likely involves a few different types of emails. Here are a few examples. Newsletters to support your marketing efforts and keep customers engaged with your brand. Promotional emails like sale announcements, coupons and discount codes to help drive sales. Reminders like “abandoned cart” emails to bring customers back to your site to complete checkout (most pertinent for ecommerce companies). Personalized emails to make your subscribers feel special and more connected to your brand. An email marketing campaign is more than just sending a newsletter or discount code to a list. Email marketing is about communication and building customer relationships. Why is email marketing important for small businesses? Email marketing can help small businesses compete...

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### Social Media Marketing for Small Business: The Ultimate Guide

> Master social media marketing with our comprehensive guide. Discover effective strategies, tips and tools to boost your online presence and drive business growth!

- Published: 2023-06-07
- Modified: 2025-04-22
- URL: https://www.ondeck.com/resources/5-tips-to-evaluating-your-small-business-social-media-marketing
- Resource Categories: Running a Business

Social media can help you increase brand awareness, drive sales and build customer loyalty. Maybe that’s why over 30 million small businesses use social media in their marketing strategy. Still, it can be hard to get noticed with all the noise. Whatever your level of experience in social media, it will take the right strategy to boost your brand, engage your audience and skyrocket your success. Here’s how to do it. What Is Social Media Marketing? Social media marketing is a form of digital marketing. It can help build brand awareness, grow sales, and connect with potential customers. This can include things like content marketing and community engagement. It's a popular small business marketing tool because it's relatively inexpensive. What Are the Advantages of Social Media Marketing? Social media is a powerful tool. Here are just a few of the advantages it offers over other forms of marketing. Cost-effective. Social media is one of the most cost-effective ways to market your small business. Creating a social media account is typically free, meaning you can share content and promotions at no cost. Social media management tools often offer free or low-cost plans and social media advertising is cheaper than many other forms of advertising. Promotes communication. By maintaining a social media presence, you can open two-way communication between you and your customers. You can get real-time feedback from customers, share their reviews and address any concerns quickly. Engaging with your audience and building relationships is a great way to inspire brand...

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### The Most Loved Consumer Brands From Every State, Based on 2 Million Tweets

> Branding has always been territorial. First, America’s cowboys branded their cattle to warn others to keep their hands off. Then, industrial-era

- Published: 2023-05-24
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/most-loved-brands
- Resource Categories: Insights and Stories

Branding has always been territorial. First, America’s cowboys branded their cattle to warn others to keep their hands off. Then, industrial-era manufacturers slapped trademarks on their goods to let rival entrepreneurs know that however far their products traveled, the idea had a very definite owner. It also let consumers know that this was an asset worth protecting; the trademark is something between a stamp of origin and an artist’s signature. Next, packaging and marketing materials built on this aura of distinction. Logos, slogans and narratives spread faster than the products themselves along the airwaves of the twentieth century’s communication revolution, carrying with them all that was romantic about their geographic source. Today, brands have gotten into our heads. The name of a loved or hated brand alone is enough to conjure its aura, and many of us cultivate our personal identity through the brands we choose to buy. This includes a sense of place: loyalty to brands from the place we call home, or the evocation of exoticism through a label that evokes a particular place: one that’s wild, romantic, authentic, urban or plain cool. So which brands from each part of the United States have we adopted as our favorites? OnDeck analyzed the way that Twitter users talk about brands from every state to see which ones get the most love. What We Did OnDeck first created a list of brands originating from every state. We then performed a sentiment analysis (using Hugging Face API) on a sample of...

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### Is Business Loan Interest Tax Deductible?

> Business owners may be able to deduct the interest on their small business loans on their taxes. Here’s what you need to know.

- Published: 2023-05-02
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/is-business-loan-interest-tax-deductible
- Resource Categories: Running a Business, Small Business Financing

A small business loan can have a big impact on your taxes — in a good way. One little-known perk is that small business owners may be able to deduct their interest payments on their taxes. That’s right: business loan interest can be tax deductible. Here’s what small business owners should know about interest deductions and small business loans. But remember: Business taxes are complicated. This article is for informational purposes only and cannot be relied on as tax advice. You should consult with a tax professional, such as a CPA or a lawyer, in determining which of your specific expenses may be deductible and how to deduct them on your return. Is the Interest on My Business Loan Tax Deductible? It’s possible that the interest you’re paying on your business loan is tax deductible. This means that you may be able to subtract that amount you paid in interest from your business income, which could, in turn, help you lower your tax burden. However, this doesn’t mean that the full amount of a loan repayment can be deducted — it’s only the interest. For example, if your loan payment is $1,000 and $700 of that goes to the principal balance and $300 goes toward interest — you may be able to deduct the $300 from your taxable income. How Do I Know if I Qualify for a Business Loan Interest Tax Deduction? According to the IRS, there are some basic qualifications you need to meet in order to be...

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### What Is a Good Profit Margin?

> What’s considered a good profit margin varies by industry. Here’s how to calculate and increase your business’s profit margin.

- Published: 2023-04-26
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/good-profit-margin
- Resource Categories: Running a Business, Small Business Financing

You think your small business is doing well — you have loyal customers and you’re selling consistently. You try your best to keep expenses under control, too. But how do you know where your small business stands? That’s where your profit margin comes in. A business’s profit margin reflects its profitability, stability, sustainability and overall financial health. It’s also a metric investors look at when comparing your business to competitors. But all of this begs the question: “What’s a good profit margin? ” While it varies by industry, a business can usually measure its profit margin against an agreed-upon range. Here’s how to calculate your profit margin to determine if you’re in the “good” range. What’s a good profit margin? A general rule of thumb is that 5% is a low profit margin, 10% is a healthy profit margin, and 20% or more is a high profit margin. However, there isn't a profit margin perfect for all business types. There are three types of profit margins: Net profit margin is best for understanding your business’s overall profitability. Gross profit margin helps business owners understand the profitability of a single item. Operating profit margin reflects how well a company manages its expenses. What’s considered a good profit margin is different for each type. Usually, a business will use net profit margin to give the clearest picture of its performance. Net profit margin Net profit is what’s left after the cost of goods sold, operating expenses and non-operating expenses (such as interest,...

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### Small Business Challenges: 58% “Very Concerned” About the Economy

> The pandemic is in the rearview (knock on wood). Consumers are spending and life has returned to something resembling normal. But a new set of challenges Business owners are mostly feeling good about the future, but they still have big concerns about the economy.

- Published: 2023-04-25
- Modified: 2025-04-23
- URL: https://www.ondeck.com/resources/small-business-challenges
- Resource Categories: Insights and Stories

The pandemic is in the rearview (knock on wood). Consumers are spending and life has returned to something resembling normal. But a new set of challenges has arrived. For National Small Business Week, we checked in with hundreds of Main Street business owners around the country. We asked how they’re holding up today and what they hope for the future. What emerged is a portrait of small businesses that face significant headwinds and uncertainty — yet remain optimistic about their success. 94% of business owners reported concern about the economy and rising interest rates, which tied as top worries. 79% of business owners are still anxious about supply chain issues — the top concern of COVID-era challenges. 63% of owners expressed optimism that their business will grow in the coming year. Women-owned businesses reported higher levels of concern and were less optimistic about their future. Click here to see the image in full size The Economy and Rising Interest Rates Are Top Concerns For small business owners, two concerns loom large: the economy and rising interest rates. These two issues tied as top worries, with 94% of small business owners either “somewhat” or “very” concerned. However, slightly more small business owners had high levels of concern about the economy. 58% of respondents were “very” concerned about the economy. 56% of respondents were “very” concerned about rising interest rates and the cost of credit. Other top concerns included inflation, access to credit and cybersecurity. 88% of survey respondents were concerned about...

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### The U.S. States and Metro Areas With Highest Percentage of Female-Owned Businesses

> Owning your own business is the epitome of the American Dream. The freedom of self-employment and control of your own income is an allure for many, a

- Published: 2023-04-19
- Modified: 2025-06-24
- URL: https://www.ondeck.com/resources/what-percentage-of-businesses-are-owned-by-women

Owning your own business is the epitome of the American Dream. The freedom of self-employment and control of your own income is an allure for many, a feeling shared by 9. 6 million people across the country, according to the Bureau of Labor Statistics (BLS). Yet for generations of women, it was an unattainable goal. Until 1988, a spouse or male relative was needed to co-sign a loan application, and the glass ceiling of the workplace extended to entrepreneurship. This changed when Congress signed the Women’s Business Ownership Act, the first piece of legislation to recognize the contribution of female entrepreneurs to the U. S. economy. Today, America has one of the best track records when it comes to female entrepreneurship. Research from Mastercard in 2019 ranked the U. S. as the best country in the world at empowering female-led businesses, and other research backs this up; in 2021 almost half (49%) of new ventures were created by female founders. With business thriving across America, which cities and states are home to the most female-owned companies? What We Did OnDeck has analyzed U. S. Census Bureau data for more than 300,000 organizations in every major city and state to find out which proportion of business owners in every state and metropolitan area are owned by women. To be classified as an owner a person needs to own at least 10% of a business. Key Findings ● The highest proportion of female-owned businesses in the U. S. can be found in...

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### 8 Marketing Ideas for Small Business — Easy, Creative and Inexpensive!

> Grow your small business with these 8 creative and cheap marketing ideas.

- Published: 2023-04-13
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/6-cost-effective-small-business-marketing-ideas
- Resource Categories: Running a Business

Marketing is important for businesses of all sizes, but many small business owners don’t know where to start — or think they don’t have room in their budget. While you probably don’t have the marketing budget the big brands have, there are some cheap, effective marketing strategies you can use to grow your business. Small business marketing doesn’t have to be complicated. You can craft your marketing plan step by step. Start with an idea of what you’d like to accomplish with your marketing campaign — maybe you want to announce the opening of a new business, bring in new customers or promote a new product. Depending on your goals, you can choose your marketing tactics and the correct marketing channels. The good news is that you can accomplish most of this without spending too much money, though you will need to invest some time. Here are some cost-effective marketing ideas for small businesses. 1. Build a Website Customers expect your company to have a website, yet 37% of small businesses don’t. Not only does a website lend credibility to your business, it’s a great source of information and a space for you to promote products, events and establish yourself as an industry expert. There are a ton of platforms out there that can help you create a great online space for your business — some costing as little as $6 a month. Weebly, Squarespace, WordPress and GoDaddy are just a few examples. 2. Create a Google Business Profile When...

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### The Reasons People Start Businesses in Every U.S. State and Metro Area

> Every year, about 1 million new businesses spring up in America, according to the Bureau of Labor Statistics. Something inspires the nation’s

- Published: 2023-03-28
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/reasons-to-start-a-business

Every year, about 1 million new businesses spring up in America, according to the Bureau of Labor Statistics. Something inspires the nation’s entrepreneurs to give it a go — and a national small business workforce of some 61 million employees is grateful for it. It would be nice to have one clear, single reason that Americans keep on starting their own businesses: independence, maybe, or the desire to contribute something unique to the market. But of course, a big commitment like this requires more complex thought and motivation. Still, while every business owner has their own background story as to what brought them here, a common set of motivations persist. Every year, the Census Bureau asks America’s business owners what it’s all for. They provide a list of popular reasons for owning a business, and entrepreneurs rate each one by importance. And it turns out, the reasons vary depending on where in the country you’re based. Across the U. S. , entrepreneurs seem to agree that “To be my own boss” or have “Greater income” are the most popular reasons to start a business. But below the surface, there are more diverse trends at play. So, OnDeck decided to look at popular but unique reasons in each state for why people start businesses. To do this we calculated how much more popular a particular reason is in each state and metropolitan area than in the U. S. overall — and we found that often, this most ‘local’ reason for starting...

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### ACH Payments: What They Are and How They Work

> ACH payments are designed to make things quick and easy. The money is taken straight from your bank account, which allows for same-day, direct payments between two parties.

- Published: 2023-03-23
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/ach-payments
- Resource Categories: Small Business Financing

It’s rare to make a payment with a paper check today. With the invention of new payment methods and technologies, using checks seems slow and many businesses need to move faster than ever. Instead, you may use a debit card or a business credit card for quick payments. However, ACH payment processing has also become popular. ACH payments are designed to make things quick and easy. The money is taken straight from your bank account, which allows for same-day, direct payments between two parties. One of the many benefits of ACH payments is simplifying small business loan payments for borrowers. What Is an ACH Payment? The Automated Clearing House Network (ACH) is used for processing electronic credit and debit transactions in the United States. This network is governed by the non-profit National Automated Clearing House Association (NACHA) and is overseen by the Federal Reserve. An ACH debit wire transfer occurs when you explicitly allow a third party (vendor, merchant or lender) to have direct access to your business checking account to withdraw the funds you owe. This is different from using a debit card, which does not allow the third party direct access to your account. Roughly 90% of all electronic payments are handled through the ACH network, including direct deposits and most likely your credit card payment, mortgage payment or automobile payment. Most lenders, including online lenders like OnDeck, prefer to accept business loan payments through an ACH electronic funds transfer (EFT) directly. OnDeck term loans come with either...

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### Check Business Credit: How to Get Your Score and Read Your Report

> Checking your business credit can be complicated, but it’s an important number to monitor if you’re a business owner. Here’s what you need to know to get started.

- Published: 2023-03-20
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-to-read-business-credit-report
- Resource Categories: Small Business Financing

A good business credit score offers many benefits. It can help you secure business financing, establish better partnerships, get lower interest rates from lenders, get better terms from vendors and insurance companies, and even increase the value of your business. Needless to say: It’s an important number to know if you’re a small business owner Your credit score is different from your credit report, but to understand one, it’s important to understand the other. So how do you find your business credit score? How do you read a business credit report? Here are a few things you should know before you get started. How To Check Your Business Credit Score and Business Credit Report You can check your business credit score and business credit report with one of the three major business credit bureaus. Unlike your personal credit score, you may need to pay to access the information — and your business credit score and business credit report will likely look different with each of the bureaus. Understanding your business credit reports can help you improve the financial health of your company and help you build business credit. It may seem a little overwhelming, but it’s not as complicated as you may think. Here’s how to check your credit score with each of the three major business credit bureaus. Dun & Bradstreet To check your business credit score with Dun & Bradstreet, you may need to set up a DUNS number. Your business will not automatically be added to their...

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### Cost of Debt Formula: What It Means and How To Calculate It

> To calculate cost of debt, divide your total interest by your total debt. This formula tells you how much you’re spending on repaying your debt.

- Published: 2023-02-23
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/cost-of-debt-formula
- Resource Categories: Running a Business, Small Business Financing

If you’re a small business owner, you know that borrowing money is both inevitable and essential. You need working capital to get your business off the ground or grow it to new heights. You might even need it to steady your cash flow. The loans and debt you take on to get that cash come with interest rates. If you don’t keep track of your cost of debt, those expenses can get out of control. You’ll be blind to the true cost of your financing, and you might take out another loan you can’t afford. Calculating your cost of debt will give you insight into how much you’re spending on debt financing. It will also help you determine if taking out another business term loan or business line of credit is a smart decision. What Is Cost of Debt? Cost of debt is interest expense. In other words, cost of debt is the total cost of the interest you pay on all your loans. Your annual interest rates determine your company’s debt cost. The lower your interest rates, the lower your company’s cost of debt will be — you want the lowest cost of debt possible. Lenders examine your business’s finances using financial documents, including a balance sheet. They also use metrics, such as credit rating, to determine an annual interest rate. Loan providers want to ensure that borrowers are able to pay them back. To lower your interest rates, and ultimately your cost of debt, work on improving your...

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### Balance Sheet vs. Income Statement: How Are They Different?

> The difference between a balance sheet and income statement is the information they cover, plus the period of time they account for. Let’s define a balance sheet and income statement, explain what goes on each document, and review their differences.

- Published: 2023-02-20
- Modified: 2024-04-08
- URL: https://www.ondeck.com/resources/balance-sheet-vs-income-statement
- Resource Categories: Running a Business, Small Business Financing

Financial health is the lifeblood of any business. There are some obvious indicators of success — good sales, manageable expenses and a growing customer base, for example. But it’s important to get as accurate a picture as you can. And sometimes it’s hard to know where to begin. That’s where two financial statements can help: balance sheets and income statements. A balance sheet and an income statement are two different methods of gauging a business’s financial health. They’re similar, but not the same — and both are important. In this article, we’ll define a balance sheet and income statement, explain what goes on each document, and review their differences. Balance Sheet vs. Income Statement The difference between a balance sheet and an income statement is the information they show and the period of time they cover. A balance sheet shows a company’s assets, liabilities and equity at a specific point in time. An income statement shows a company’s revenue, expenses, gains and losses over a longer period of time. Along with a cash flow statement, all three financial statements work together to paint a picture of a company’s financial position. These documents are considered essential for understanding a business’s financial health. What Is a Balance Sheet? A balance sheet is a document that illustrates a business’s assets, liabilities and owner’s equity during a specific point in time. Creditors and investors look at a company’s balance sheet to understand what the company owns (assets) and owes (liabilities). The balance between those...

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### Small Business Marketing: A Step-by-Step Guide to Grow Your Company

> Rock small business marketing with leading-edge strategies for social media, email, SEO and more.

- Published: 2023-02-20
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/small-business-marketing
- Resource Categories: Running a Business

As a small business owner, creating a marketing strategy can seem intimidating, but it’s not as complicated as most people think. If you’ve got a website, a Facebook page or even just a sign on your door, you’re already marketing your business. A good small business marketing strategy is essential if you want your business to grow. You want people to know your business — who you are, what you do and why they should come to you instead of the other guys. Our guide contains step-by-step tips to create — or fine-tune — your marketing plan. So if you’re not sure where to begin, start here. 1. Set Your Business Goals When you think of the future of your business, what do you envision? No matter what your goals are, you’re going to need to invest in marketing to get there. Different marketing strategies can be more effective for different goals, so the first step is to define what your small business goals are. Start big. Before you start creating goals, you should think about the big picture. Where do you want your business to be in 10 years? 20? Go big. Think about why you started your business. When you have a clear picture of what you want to accomplish, you can start thinking about the short, medium and long-term goals that can help you get there. Define what success looks like. Your goals should be “SMART”: specific, measurable, achievable, realistic and time-bound. Creating goals in this way...

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### A Small Business Guide to Growth Hacking

> Every business has to start somewhere, whether a Silicon Valley tech start-up coding from a garage or a local store selling to its first customers. 2021

- Published: 2023-02-09
- Modified: 2025-03-20
- URL: https://www.ondeck.com/resources/growth-hacking
- Resource Categories: Insights and Stories

Every business has to start somewhere, whether a Silicon Valley tech start-up coding from a garage or a local store selling to its first customers. 2021 was a record year for new companies, with Census Bureau data reporting nearly 5. 4 million new establishments. Yet one in 12 go on to close, many as a result of low sales. Founders know they need to grow their organization in order to survive, but how can they achieve this in today’s highly competitive commercial environment? The term ‘growth hacking’ was first used by Sean Ellis in 2010, who was responsible for scaling some of Silicon Valley’s best-known ventures, including Dropbox and Eventbrite. For ambitious startups, it can be a challenge to scale their operations. Still, Ellis argues that businesses should actively employ people whose sole focus is to scale operations quickly and effectively. Many of these ‘growth hackers’ have found success with creative and experimental marketing strategies which aim to generate hype around the business and quickly build a solid customer base. However, this shouldn’t come at the expense of conventional marketing strategies. The Small Business Association advises that companies worth less than $5m invest around 8% of their revenue in promoting themselves to achieve growth. While this might seem daunting, there is plenty that businesses can learn from companies that have hacked their way to rapid growth. That’s why OnDeck has created a Small Business Guide to Growth Hacking, with real-life examples to help your organization adopt more creative marketing and...

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### The Companies That Produce The Most Business Founders

> After reaching a certain level of experience in your career, the allure of starting your own business can be all too tempting. Many successful

- Published: 2023-01-12
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/companies-that-produce-the-most-business-founders
- Resource Categories: Insights and Stories

After reaching a certain level of experience in your career, the allure of starting your own business can be all too tempting. Many successful entrepreneurs left behind their high-flying jobs to go it alone. For example, Jeff Bezos left behind a vice-president role at D. E. Shaw — one of New York’s leading hedge fund managers to found Amazon. The global Covid-19 pandemic led to a surge in startup foundations, fueled by a major trend toward resignations during the era. Now known as the Great Resignation, the workforce quit rate reached a 20-year high. While the majority were looking for a new challenge and better pay within their industries, others decided to invest in their own startups. According to the Census Bureau, a record 5. 4 million applications were made for a new business in 2021. There are plenty of important reasons why people choose to set up their own enterprises. For Bezos, it was the chance to explore the rapidly growing online retail sector in the early 1990s with a fledgling mail-order bookstore. For others, it represents a chance to develop a life-long passion into a commercial opportunity. So which companies are future entrepreneurs most likely to come from? OnDeck has analyzed the career histories of more than 228,000 people working across America’s largest companies to find out. What We Did To find out which companies have the most employees who go on to start their own businesses, we created a list of the 100 largest companies in each...

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### Should You Go Into Business With a Co-founder?

> Getting a business off the ground is no easy task. You may have had your dynamite idea and constructed a watertight business plan, but now it’s time for

- Published: 2022-12-05
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/do-you-need-a-cofounder
- Resource Categories: Insights and Stories

Getting a business off the ground is no easy task. You may have had your dynamite idea and constructed a watertight business plan, but now it’s time for the hard work to begin. Whether raising capital, building a team or getting clients through the door, there is a lot of responsibility now resting on your shoulders. At this point, you may start to wonder if you can do this alone. After all, two brains are better than one. With a co-founder on board, you can share the workload and mitigate some risks. What’s more, your company will look more favorable to prospective investors since many venture capitalist firms state outright that they are unlikely to consider backing solo entrepreneurs. On the other hand, this is your baby. It’s your million-dollar idea, so who's better placed to execute it than you? Do you really want to bring someone in who might try and steer the business in the wrong direction? History shows us that 65% of startups fail because of co-founder conflict, so why run the risk of creating unnecessary tension and risk losing it all? What We Did Needless to say, deciding whether to go into business alone or to team up is a minefield to navigate. The OnDeck team drew from the advice and inspiration of established business leaders to weigh up the pros and cons, map the ups and downs and calculate the risks and rewards each pathway has to offer. We have presented them in the infographic...

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### The Most and Least Stressful Business Software

> Stress is one of the largest impediments to business productivity. Research from The American Institute of Stress discovered that 94% of workers report

- Published: 2022-11-09
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/stressful-business-software
- Resource Categories: Insights and Stories

Stress is one of the largest impediments to business productivity. Research from The American Institute of Stress discovered that 94% of workers report feeling stress at work. Stress is a silent killer, causing an estimated one million Americans to miss work each day and resulting in $500 billion in lost productivity per year. While good software can maximize productivity and minimize headaches, not all programs are developed equally. And as offices shut down during the COVID-19 pandemic and work shifted to remote settings, companies began relying on software more than ever before. According to the error monitoring tool Bugsnag, in the first quarter of 2020, there was a 627% increase in web conferencing app downloads in North America, a 613% increase in telemedicine app downloads, and a 511% increase in electronic signature services downloads. While the increase in software adoption buoyed the best software to the top of the app store — Zoom, for example — it also made apparent the programs causing customers the most stress thanks to bugs, errors and other technical difficulties. OnDeck knows that using the right tools can often be as important as hiring the right people. We identified the most and least stressful business software to take some of the hassle out of your hustle. What We Did We built a shortlist of the most popular business apps by category before finding their review profiles on TrustRadius. We pulled the reviews related to every software and analyzed them using sentiment analysis TensiStrength, an academic...

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### 10 Delegation Strategies From Famous Leaders (And How to Apply Them)

> In any workplace and in any industry, effective delegation skills are considered essential. As a manager of a team, you are trusted to assign the right

- Published: 2022-10-26
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/how-to-delegate
- Resource Categories: Insights and Stories

In any workplace and in any industry, effective delegation skills are considered essential. As a manager of a team, you are trusted to assign the right people for the job. While we tend to speak about delegation in terms of entrepreneurship, it’s vital for businesses of all sizes to manage responsibilities effectively. Effective delegation skills are complex and require a high degree of emotional intelligence and a strong understanding of the skill base within an organization. It is not enough to simply pass on responsibility from senior management down the command chain. The right people need to be chosen for delegated tasks, which requires an open mind about every team member and what they’re capable of. Without this, companies will struggle to hire people with the skill sets needed to deliver results and, ultimately, what everyone is chasing — growth. A Gallup study of the 500 most powerful CEOs in America found that leaders with strong delegation skills are able to create more jobs, higher revenues and post higher growth figures than those without. OnDeck recognizes the value of delegation skills within a business and has drawn together 10 key strategies from famous entrepreneurs. Whether you are an aspiring start-up founder, a CEO or even a team manager in your field, read on to see how the world’s most successful business leaders manage responsibilities in their teams. Before, During and After Delegation: The Best Strategies from Famous Leaders The first challenge for any team manager, especially in smaller start-ups where...

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### How OnDeck Can Help Your Small Business

> Running a business can be challenging, but OnDeck is here to help. As an OnDeck customer, you get access to valuable benefits right from the start. Read

- Published: 2022-10-21
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-ondeck-can-help
- Resource Categories: Small Business Financing

Running a business can be challenging, but OnDeck is here to help. As an OnDeck customer, you get access to valuable benefits right from the start. Read about six of OnDeck’s top benefits that our customers love. Excellent Customer Service With so many business loan options available, securing the right type of financing for your company can be a tough task. But OnDeck customers don’t have to worry about making the wrong decision when it comes to funding their businesses. OnDeck gives you access to a dedicated loan advisor to help you every step of the way. If you want to connect with a real person to help you navigate small business funding, just give us a call Monday through Friday from 9:30 a. m. – 7:30 p. m. ET at (888) 269-4246. Fast, Easy Funding If you’ve ever applied for small business financing through traditional sources, like banks or credit unions, you probably know that the process is long and slow. From a tedious application process to extended review and funding timelines, securing a traditional business loan from a bank can be challenging. That’s why OnDeck strives to make the application and funding processes as fast and easy as possible. You can apply online or over the phone at (888) 269-4246 and a dedicated loan advisor will review your options before signing. If approved, you can even receive funds as soon as the same business day. † Transparent Pricing When you’re in the market for small business financing, it’s...

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### A Small Business Guide to Starting a Newsletter

> A lot has happened since email went out of fashion. Media went social. Memes went viral. Influencers influenced. But now, marketing has come full circle.

- Published: 2022-10-12
- Modified: 2025-04-22
- URL: https://www.ondeck.com/resources/business-newsletter
- Resource Categories: Insights and Stories

A lot has happened since email went out of fashion. Media went social. Memes went viral. Influencers influenced. But now, marketing has come full circle. Email is back. A newsletter is a great way for small businesses to connect with customers. It keeps your brand top of mind — but only if your customers read it. So how do you break through the inbox clutter and get your customers to open? Easy: A killer subject line. As OnDeck examines in our new infographic guide to small business newsletters, a great subject line should be short, active and emotional. Choose a digestible phrase that will leap from your customer’s inbox as they scroll, creating a sense of urgency — whether it's fear of missing out or the feeling of a gift. But keep your approach on-brand and pay off on your promises, or it'll be the last time the recipient opens your mail. Pajamas, Cheese, and Emails The UK sleepwear brand Desmond & Dempsey excels at this approach. Their regular “Leisure Letter” and occasional emails with fun subjects like A Lesson In Cheese or Fast Cats, Slow Days build the brand indirectly through recipes, intimate reflections and mouth-watering recommendations. Only in the footer, or occasional time-sensitive emails with titles like NEW PRINT ALERT! or SAMPLE SALE! , does the brand cash in on this goodwill with a prominent sales pitch. These latter examples may sound generic, but note that both 'print' and 'sample' offer something more unique than, say, PAJAMA SALE!...

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### What Documents Do I Need to Apply for Small Business Financing?

> When making a decision to approve or deny a loan, lenders look to answer one main question: Will you repay what you borrow? Your lender will ask for

- Published: 2022-10-05
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/documents-apply-financing
- Resource Categories: Small Business Financing

When making a decision to approve or deny a loan, lenders look to answer one main question: Will you repay what you borrow? Your lender will ask for documents like your cash flow statements, credit score or business license to help them make their decision. The documents you provide help lenders see your business as a whole and can help you secure financing. Let’s take a look at what documents you may need and why they’re important. Your Business Plan Before you apply for financing, it can be helpful to outline why you need the funds. This can help you determine what kind of funding is best for your business and how much you need to reach your goals. Lenders may appreciate that you can show how the funding will help you grow or improve your business — whether it’s a line of credit to help manage your cash flow or a loan to expand your inventory. Your Credit History Lenders will likely look at your personal or business credit score. Both can be a critical part of your financing application, but what they are and how they’re calculated differ. Personal Credit Score You’re probably familiar with your personal credit score. It’s the number that credit card companies, landlords and others look at to help determine your creditworthiness. It can range from 300 - 850 points. Your personal credit score takes your personal accounts into consideration. You can get a free report from one of the three credit bureaus every...

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### How Cash Flow Affects Your Small Business Loan Application

> Lenders consider a lot of factors when reviewing a loan application. They look at things like your credit score, your business plan and what you can offer

- Published: 2022-09-28
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/cash-flow-affects-application
- Resource Categories: Small Business Financing

Lenders consider a lot of factors when reviewing a loan application. They look at things like your credit score, your business plan and what you can offer as collateral. They may also consider things that are out of your control — like the economic environment. Another piece they may look at is your business’s cash flow. This will help them determine how much cash you have available day to day to meet financial obligations — like bills and operation costs. Let’s take a closer look at what cash flow is and how it can affect your small business loan application. What Is Cash Flow? Cash flow is a measure of how much money is coming in and out of your business. When you make a sale, cash flows in, and when you buy equipment or pay employees, cash flows out. It shows the ebb and flow of cash in your business. It’s easy to confuse this with net revenue or earnings. One major difference is that only transactions that have already affected your bank account show up in your cash flow statement. Bills that are due or revenue owed in the future do not have any effect on your current cash flow. Breaking Down Your Cash Flow Money comes from and goes to a lot of different places. You could have cash coming in from sales, other loans and investors. While also spending on supplies, staffing, taxes or growth. Your cash flow statement should be broken down into categories that...

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### How Business Loans Can Help You Build Your Credit

> Good business credit can open doors. Just like your personal credit score, a good business credit score can make it easier to get funding and to get it at

- Published: 2022-08-30
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/loans-build-credit
- Resource Categories: Small Business Financing

Good business credit can open doors. Just like your personal credit score, a good business credit score can make it easier to get funding and to get it at better rates. This gives you access to capital, which can help you grow your company, expand your inventory and cover everyday expenses. It’s an essential tool that will help you on your journey to success. Building good business credit can feel like an uphill battle, but with the right plan and the right financing it doesn’t have to. Used correctly, a business loan can give you just the start you need. Here’s how. How To Build Business Credit With Business Loans Business loans are a great form of financing that can help you build your credit score. You’ll receive the funds you need now while also establishing a positive credit history. There are a few things to consider when building your credit through loans. Choose a Loan That Reports to the Credit Bureaus — To ensure a loan will help build your credit score, you’ll need to confirm that the lender reports to one of the three business credit bureaus. It’s worth a little research to make sure you’re reaping the rewards. Maintain an Excellent Credit History — Building business credit means maintaining a good credit history by making payments on time, applying for credit only when necessary and keeping your utilization rate low. You can check your credit report with the three business credit bureaus and ensure that there are...

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### 7 Reasons to Support Small Businesses

> Without small businesses, every town would feel more or less the same — the same restaurants, the same coffee shops, the same big-name retailers. Small

- Published: 2022-08-18
- Modified: 2024-10-25
- URL: https://www.ondeck.com/resources/reasons-support-small-businesses
- Resource Categories: Running a Business

Without small businesses, every town would feel more or less the same — the same restaurants, the same coffee shops, the same big-name retailers. Small businesses form the fabric of our communities, but they’re often overlooked. Think about the last time you ordered a book. Did you check to see if your local bookstore had a copy first? Between lockdowns, restrictions and soaring inflation, the last few years have been hard on small businesses — and they need your support. Here are seven reasons why shopping small is good for the economy, local communities and you. 1. Small Businesses Create Jobs Since 1995, small businesses have created 62% of all net new jobs, bringing opportunity and local employment to their communities. 1 Supporting these businesses allows them to continue growing and hiring. 2. Small Businesses Are Good for the Local Economy Money you spend at a local business often goes on to pay for local supplies, local services and local wages. Since small businesses often purchase goods and services from other small businesses, supporting one tends to support a whole network. This means more dollars stay in your community's pockets, boosting your economy and helping small businesses secure financing to grow. 3. More Tax Dollars Stay In Your Community Shopping locally keeps tax dollars closer to home. Not only the sales tax, but also taxes paid by the small business for things like property, income and payroll. These dollars go directly back into your community, supporting infrastructure like roads, schools,...

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### The Business Apps That Collect The Most and Least Data

> If you’ve ever consented to a privacy policy without fully reading through its terms, then you belong with the majority of app users. A recent Pew survey

- Published: 2022-08-08
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/apps-collect-most-least-data
- Resource Categories: Insights and Stories

If you’ve ever consented to a privacy policy without fully reading through its terms, then you belong with the majority of app users. A recent Pew survey revealed that 57% of Americans are asked to agree to a privacy policy on a weekly basis, yet only 9% read the full contents before accepting the terms. That’s a whole lot of people who aren’t in the know when it comes to data permissions. Companies want your data and often make privacy agreements needlessly complex in order to strong-arm you into blindly giving it away. This “freeware” software model – wherein a company effectively offers the use of one of its apps for free in exchange for access to user data – has exploded in popularity in recent years. Companies may then use this data to inform targeted advertising campaigns, refine their own product, or sell user data to another company. A study conducted by Oxford University in 2018 found that 90. 4% of free apps transfer user data to at least one other company (though on average, a typical free app transfers data to at least five different companies). But some apps are more invasive than others. The study concludes that: “There are differences in the behavior and distribution of trackers depending on the functionality or purpose the app provides. ” As the small print gets smaller and user agreements grow increasingly more complex, business experts at OnDeck wanted to help mobile users better navigate the world of app privacy and...

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### 11 Common Side Hustle Mistakes (And How to Avoid Them)

> Somewhere along the way, the workforce switched its ideals from “a job for life” to “my life is my own.” The side-hustle is all about taking back control,

- Published: 2022-08-03
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/common-side-hustle-mistakes
- Resource Categories: Insights and Stories

Somewhere along the way, the workforce switched its ideals from “a job for life” to “my life is my own. ” The side-hustle is all about taking back control, whether it’s to free yourself from relying on an employer for your living or to make doing what you love sustainable. Indeed, while 46% of side-hustlers are in it to generate a passive income, 38% are in it for enjoyment, according to a survey from Zapier. Today, the ease of starting a side-hustle is matched by the risk of getting it wrong. But most common side-hustle mistakes are avoidable. And, with a little forethought, the indie success rate could be higher. OnDeck recognizes that there is a lot of potential out there – so we’ve pulled together a critical list of the everyday side hustle mistakes that stand in the way of success, and how to side-step them. Establishing your home business Instagram handle may be a fun and easy way to start. But we found the common mistakes that many side-hustlers make tend to fit into one of three more fundamental, overlapping categories: research, confidence, and project management. If any of these concepts immediately make you bristle, consider taking an evening class to raise your game in one or the other before you wade too deep. Meanwhile, our infographic delivers some specific fixes for the problems that arise within these categories. Let’s look at project management as an example. How to Fit A Side-Hustle into a Busy Life The last...

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### What Is Loan Stacking?

> When you run a small business, estimating your funding needs can be a difficult task. Occasionally, you may require funds beyond your initial business

- Published: 2022-06-14
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/loan-stacking
- Resource Categories: Small Business Financing

When you run a small business, estimating your funding needs can be a difficult task. Occasionally, you may require funds beyond your initial business loan principal. Some entrepreneurs seek additional funding from other small business lenders. Taking out multiple loans from different lenders is often referred to as “loan stacking. ” Although you may need additional funding, loan stacking can lead to issues in the long run. What are the risks of loan stacking? Loan stacking becomes an issue if your business has difficulty repaying the loans. Your business may have trouble managing different due dates if you have too many repayments throughout the month. You may also run into issues making repayments according to your financing agreements if your repayments are too high. Loan stacking can negatively impact your cash flow and ability to save money for the future. Late or missed payments can lower your business and personal credit scores. As a result, taking out too much credit from different lenders may also impact your ability to secure affordable financing in the future. What are the alternatives to loan stacking? If you need to secure additional financing, you may have alternative options to avoid loan stacking. Your financing options generally depend on various factors, including your credit score. However, the following alternatives may help you prevent loan stacking: Seek additional funds from your current lender: If you have a good relationship with your current lender, you may be able to borrow more money without the hassle of finding...

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### Improve Your Cash Flow With Stripe and OnDeck

> Stripe provides a simple way to accept payments, whether you connect with customers online, in person or across the globe. Now, you can use Stripe to

- Published: 2022-06-14
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/improve-cash-flow-stripe-ondeck
- Resource Categories: Running a Business

Stripe provides a simple way to accept payments, whether you connect with customers online, in person or across the globe. Now, you can use Stripe to access even more small business tools and resources, including fast and easy small business funding with OnDeck. How Do I Access OnDeck With Stripe? The OnDeck app is available to use directly in the Stripe dashboard. Stripe users who are new to OnDeck can apply for small business financing, check on applications and view active loan details within the OnDeck app on Stripe. To add the OnDeck app to your Stripe dashboard, just head to the app store and search for OnDeck. What Does OnDeck Offer? Financing your business takes a lot of time and careful planning. Very new or smaller businesses may not qualify for a bank loan, while others prefer to pursue faster forms of small business financing. Customers choose OnDeck for these highly coveted benefits: Quick and easy application: Apply for small business funding online when it’s convenient for you. Fast funding: If approved, you can receive funds as soon as the same day*. Tailored financing options: No two small businesses have the same funding needs. OnDeck offers small business financing options that are tailored to you. How Can I Improve My Cash Flow? Cash flow management can be challenging, particularly for seasonal businesses and certain industries. Securing some form of small business financing can help you manage costs when cash flow is low. Additionally, these strategies can help improve your...

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### What Questions Are Asked on a Small Business Loan Application?

> If you’re in need of a small business loan, it’s helpful to know what to expect when you apply. While lenders vary, you can generally expect the same

- Published: 2022-06-06
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/business-loan-application-questions
- Resource Categories: Small Business Financing

If you’re in need of a small business loan, it’s helpful to know what to expect when you apply. While lenders vary, you can generally expect the same types of questions on a business loan application. How long have you been in business? When you apply for a small business loan, you can expect to provide basic information about your company. The questions may seem standard, but one is potentially more important than it appears: How long has your company been in business? Many lenders require that small businesses prove a minimum number of years in operation to be considered for the best small business loans. This is because very new businesses may represent a bigger risk of loan default for small business lenders. Questions regarding your company’s basic information may include, but are not limited to: What’s your EIN? What’s your business address? What is your business plan? Small business lenders generally need to know the goods or services your business provides in order to approve or deny your small business loan application. Lenders want to make sure that your business plan is reasonable and likely to succeed. Questions related to your business plan may include, but are not limited to: What does your business currently charge for its goods or services? How and when does your business collect money from your customers or clients? What is your average monthly revenue? Another important aspect of a small business loan application is whether your company can reasonably afford to repay...

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### 5 Factors To Consider When Choosing a Small Business Lender

> Securing small business financing is often a necessary step in running and growing your company. However, with so many small business lenders to choose

- Published: 2022-05-17
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/5-factors-to-consider-when-choosing-a-small-business-lender
- Resource Categories: Small Business Financing

Securing small business financing is often a necessary step in running and growing your company. However, with so many small business lenders to choose from, how do you know which route to take? As a leading name in small business financing, OnDeck is here to help. Read on to discover some of the most important considerations to think about before applying for a small business loan. Is the lender reputable? Reputable lenders work hard to provide a safe and secure lending experience. If you’re unfamiliar with a particular small business lender, take the time to research the company. Some qualities you’ll want to look for are: Positive reviews: You can find third-party review websites to read about the experiences of real customers. Clear loan terms: Small business financing agreements, including your financial responsibility and payment due dates, should be well defined and clear. Licensed and regulated: Any prospective small business lender should be fully licensed to operate in your state. Data security: Responsible lenders follow industry-standard information security practices and standards. Look for a secure connection (denoted by a lock symbol next to the site’s URL), security software and/or a data policy before applying. Do they offer what you need? There are several different types of small business financing available. From business credit cards to a short-term loan, it’s important to make sure that the method of financing you choose can suit your needs. For help deciding, read our guide about how to choose the right loan for your needs....

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### What To Do if Your Loan Application Was Declined

> Small business financing is often necessary to help grow and expand your business. If you recently applied for a small business loan but received an

- Published: 2022-05-09
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/if-loan-application-declined
- Resource Categories: Small Business Financing

Small business financing is often necessary to help grow and expand your business. If you recently applied for a small business loan but received an application decline, you may not know what to do or where to go next. Read our guide to learn how to improve your chance of approval the next time you apply for a small business loan. Step 1: Review Your Application Details If possible, review your financing application to ensure that your personal details are correct. Although mistakes are generally rare, data entry errors can lead to a loan decline. If you noticed any mistakes, contact the lender and complete a new application. Step 2: Review the Loan Requirements Business loan qualifications can vary by the loan and/or lender. It’s a good idea to review all the loan qualifications before applying. If you haven’t already, make sure that you qualify for the specific type of loan you applied for. Step 3: Check Your Credit Both your personal and business credit scores can affect your ability to qualify for a business loan. Late or missed payments, using too much revolving credit, poor cash flow and other factors can negatively impact your score. If you need to improve your credit, making on-time payments and limiting revolving debt are two of the best ways to improve your score over time. To improve your chances of approval for a small business loan, aim for as high a credit score as possible. Read our guide to learn more about improving...

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### What to Consider Before Sharing Your Financial Data

> Data security is of the utmost concern for small business owners, particularly when it comes to financial information. Though you likely protect sensitive

- Published: 2022-05-09
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/consider-before-sharing-financial-data
- Resource Categories: Small Business Financing

Data security is of the utmost concern for small business owners, particularly when it comes to financial information. Though you likely protect sensitive personal details, including your Social Security number, bank account and credit card information, it’s crucial to safeguard your business’s confidential data as well. Read on for six considerations to look for before sharing sensitive financial details. 1. Reputability Before sharing any financial data, make sure that the company, app or platform requesting your information is reputable and trustworthy. If you’re unsure, research the specific institution that is requesting sensitive financial information beforehand. Look for customer reviews on third-party websites and/or app stores in order to learn about real customer experiences. 2. Data Security Measures The establishment requesting your business’s sensitive data should have reliable security measures in place. Financial services, including digital banks, online lenders and payment software, are required to follow industry regulations in order to protect sensitive data. As a result, they may use a multi-layered approach to safeguard confidential information. Such measures may include: Secure connection: If you’re using a browser, make sure the website you’re visiting has a secure connection, which is typically denoted with a lock symbol located near the URL field. Avoid accessing or transmitting sensitive data over public or shared Wi-Fi. Latest software: Whenever possible, use the latest version of the app, service or product. Software developers occasionally update their software to enhance security and/or apply other important safety measures. Encryption: Aim to only work with companies that employ end-to-end...

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### How to Dispute Errors on Your Credit Report

> Business and personal credit can affect your small business in several ways. Good credit can help you secure more affordable funding to help run and grow

- Published: 2022-05-04
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/dispute-errors-credit-report
- Resource Categories: Small Business Financing

Business and personal credit can affect your small business in several ways. Good credit can help you secure more affordable funding to help run and grow your company. On the other hand, poor credit can limit your small business financing options. Although they’re generally rare, credit reporting errors can impact your credit score and financial opportunities as well. Read on to learn how to identify and dispute errors on your business and personal credit reports. Step 1: Obtain Your Full Reports Both your personal credit score and your business credit score can come into play when it comes to securing small business financing. As a result, it’s essential to keep an eye on your reports from the major credit bureaus. Personal credit reporting bureaus do not monitor business credit, just like business credit reporting bureaus do not keep track of consumer credit histories. There are three major personal credit bureaus and three major business credit bureaus. In order to access your consumer credit reports, you can request copies of your full reports online through AnnualCreditReport. com or through each company directly: Experian Equifax TransUnion To access your business credit reports, contact each of the major business credit bureaus: Experian Small Business Equifax Small Business Dun & Bradstreet Step 2: Closely Examine All Sections of Your Credit Reports Next, carefully comb through all sections of your credit reports. Ensure that your personal and business information is accurate and up to date. Financial data including credit accounts, payment history, outstanding debt and...

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### Every State’s Top Import and Export

> No matter what’s going on in the world politically and economically, people will always need to trade – and the US will still rely on imports and exports

- Published: 2022-04-25
- Modified: 2025-03-20
- URL: https://www.ondeck.com/resources/every-states-top-import-export
- Resource Categories: Insights and Stories

No matter what’s going on in the world politically and economically, people will always need to trade – and the US will still rely on imports and exports to regulate the flow of commodities. In just half a decade, US trading has been shaken by, amongst other things, political upheaval and the Covid-19 pandemic. The latter affected everyone on the planet — but hit some economies, supply chains, and US states harder than others. In such conditions, firms must decide how best to weather the storm — for example, choosing between a hedging or salvaging strategy. OnDeck recognizes that small businesses must play to their strengths and utilize the advantages that come with their locality, whatever the conditions. We used recently released data from the US Census Bureau to identify the top import and export in every US state, as well as their ‘most unique import/export’ — the one that’s traded by the fewest other states. Key Findings Petroleum is the top import into 12 states, making it the most common leading import. Aircraft are the most common top export, leading in 14 states. New York imports $21. 9 billion worth of precious metals each year, the biggest import for any state. Texas has the biggest export commodity of any state, shipping $43. 5 billion of fuel. Petroleum is the Most Common Top State Import The most common ‘top import’ in America is petroleum, which is number one in 12 states. In 2020, the US became a net annual petroleum...

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### Why You Should Develop a Relationship With a Lender

> Although you may not have immediate plans to secure additional funding after taking out a small business loan, it’s important to consider your future

- Published: 2022-03-23
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/why-develop-relationship-lender
- Resource Categories: Small Business Financing

Although you may not have immediate plans to secure additional funding after taking out a small business loan, it’s important to consider your future financing needs. While it may seem like a good idea to work with multiple small business lenders, there are several reasons why you should consider working with the same lender. Read on to learn about four perks of developing a relationship with a small business lender. 1. They Can Help Guide You With several types of business credit available, it’s important to pursue financing that works best for your unique needs. The more details you provide to your bank or small business lender, the better they can help you decide which financing option(s) are best for your company. Furthermore, various business funding options have different approval criteria. A trusted small business lender can help you find the financing type(s) that you qualify for when you need funds, as well as the amount and terms that work best for your business. 2. Applying for Additional Funds Can Be Quicker Small business lenders like OnDeck strive to make the application and funding processes as fast and easy as possible. However, when you initially research and apply for small business funding, the process is typically more time-consuming. Securing additional rounds of funding with the same lender can be substantially quicker since your lender will have much of your required application information on file. 3. Being a Good Customer May Come With Perks Lenders may occasionally review your account as...

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### Understanding Electronic Bank Statements

> Business bank statements are critical to the business lending process. Before a lender can make a decision on a small business loan application, they will Business bank statements are critical to the business lending process. Find the answers to common questions about sending and receiving bank statements electronically.

- Published: 2022-03-22
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/understanding-electronic-bank-statements
- Resource Categories: Uncategorized

Business bank statements are critical to the business lending process. Before a lender can make a decision on a small business loan application, they will want to review the company’s recent business bank statements to get a better understanding of the applicant’s financials. As technology has become more embedded in the business lending process, the use of electronic bank statements has increased. We’ll answer some common questions about bank statements and electronic bank statements below. What is a bank statement? Bank statements are documents that detail all of the transactions made within a specific account over the course of a month. They contain information about all of the money that has come in and out of the account, when it happened, and with whom or what the money was exchanged. What information does a bank statement include? Bank statements will typically include the following information: Personal information: This may include your bank account number, name, business name and address. Dates: It will identify the period of time covered by your bank statement, usually a month. Bank information: This typically includes the bank’s contact information and instructions for reporting fraud and mistakes. Your balance: It will show your statement balance at both the start and end of the statement period. Your deposits: It will show all deposits into your account, including direct deposits, checks, transfers, reimbursements, payments and interest earned. Your withdrawals: It will show all withdrawals from your account, including purchases, transfers, ATM withdrawals, automatic payments and fees. What is...

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### Why Your Personal Credit Matters When You Apply for a Business Loan

> When you apply for a business loan, you can expect to answer a variety of questions about your business’s revenue, financing goals and credit history.

- Published: 2022-03-10
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/why-personal-credit-matters
- Resource Categories: Small Business Financing

When you apply for a business loan, you can expect to answer a variety of questions about your business’s revenue, financing goals and credit history. However, what you may not expect on a business loan application are inquiries about your personal credit. A poor personal credit score may impact your ability to secure a small business loan. Learn why your personal credit is important when you apply for business financing here. Why Do Business Lenders Ask About Personal Credit? Business and personal credit both measure one’s relative creditworthiness, or the likelihood of debt repayment. Good personal and business credit scores can indicate that you have responsibly managed credit payments and other financial responsibilities in the past. Very new businesses or those with a limited business credit history may not have enough payment data for lenders to make a loan application decision based on their business credit alone. Additionally, certain business structures, including sole proprietors and one-person LLCs, are not required by law to have an employer identification number or federal tax ID. In such instances, personal credit may be a bigger factor in securing business credit. Since personal credit is a factor when it comes to how to get a small business loan, it’s a good idea to aim for as high a credit score as you can. What’s the Difference Between Business Credit and Personal Credit? Business credit is similar to personal credit, but business credit bureaus are responsible for collecting and analyzing payment data in order to determine...

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### How To Prepare for Your Next Round of Financing

> Running a business often means assessing your needs for the future. If you’re looking to expand or pivot, you may need to add another round of business

- Published: 2022-02-08
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/prepare-next-round-financing
- Resource Categories: Small Business Financing

Running a business often means assessing your needs for the future. If you’re looking to expand or pivot, you may need to add another round of business financing to help see your vision through. However, securing another business loan may take some planning on your part. Read our guide to learn how to prepare for your next round of business financing. Assess Your Needs No matter if you’re looking for a larger lump sum or want access to ongoing capital, it’s important to know roughly how much business financing you need. Business lenders usually ask about the use(s) for business financing on loan applications, so you’ll want to estimate roughly how much it costs to achieve your goal. Take some time to work out your business funding needs, whether you want a backup option for everyday expenses or a larger term loan to help pay for equipment, renovations or expansion. Additionally, the funding timeline is another important area to consider when researching business funding options. Brick-and-mortar lenders, such as banks and credit unions, have lengthier application and funding timelines. On the other hand, online lenders like OnDeck work hard to make both processes much faster. If your financing needs are more urgent, you may want to use a business lender with a shorter turnaround time. Watch Your Credit One of the most important aspects on a business loan application is your credit health. Your business and personal credit scores reflect your creditworthiness, or the likelihood of repayment based on your...

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### How to Choose the Right Type of Business Loan for Your Needs

> If you’re in the market for business funding, you may find that there are several different types of business loans available to suit varying capital

- Published: 2022-01-26
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-to-choose-loan
- Resource Categories: Small Business Financing

If you’re in the market for business funding, you may find that there are several different types of business loans available to suit varying capital needs. Read our guide to learn more about different types of business loans as well as how to choose the right funding option to help your company thrive. Evaluate Your Funding Needs It’s important to determine whether you need ongoing business capital, a larger lump sum or something in between. Additionally, business creditors can differ a great deal by the application and funding processes. For example, online lenders like OnDeck generally have a much faster application and funding process when compared to sources like banks and credit unions. Review Business Funding Options The next step in choosing the right type of business loan for your company is learning more about different types of business funding options. Some small businesses find that having more than one funding option available to them is ideal to help manage day-to-day costs as well as finance larger business expenses. Some business funding options include: Term loan: Sometimes referred to as an installment loan, this type of business loan is issued in one lump sum and is repaid in installments over time. Term loans are available from sources including banks, credit unions and online lenders. Line of credit: A business line of credit is a type of revolving credit that can be reused as the balance is repaid. With a business line of credit, you can borrow as much as your...

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### How Small Businesses Are Taxed in Every Country

> As global trade becomes more interdependent, countries have increasingly used corporate tax rates as a way to attract international business and support

- Published: 2022-01-24
- Modified: 2024-10-25
- URL: https://www.ondeck.com/resources/how-small-businesses-taxed-every-country
- Resource Categories: Insights and Stories

As global trade becomes more interdependent, countries have increasingly used corporate tax rates as a way to attract international business and support domestic economic activity. Corporate taxes are designed to both generate tax revenue and incentivize certain industries. They have fallen around the world in recent decades as more countries compete to create a favorable tax environment. Corporate tax rates vary across the globe and reflect the unique economic needs of every country. Countries rich in natural resources, for example, often generate a bulk of their tax revenue from high corporate taxes on oil and natural gas companies, allowing other industries to operate in a relatively low-tax environment. Many island nations with few natural resources or production industries have essentially done away with taxes on international companies altogether, attracting foreign investment as effective tax havens. To determine how small businesses are taxed around the world, we reviewed corporate tax rates and special corporate tax requirements for small companies in 200 countries. Key findings Tax rates are lowest in the Middle East and Europe -- at 17. 9% and 16. 2%, respectively. They are highest in Africa and South America -- with average rates of 27. 6% and 26. 1%, respectively. The highest effective tax rate is in Suriname (36. 0%). A handful of small nations have established themselves as tax havens with effectively zero corporate tax rates -- Bahamas, Bahrain, Monaco, Nauru, United Arab Emirates, Vanuatu, and Vatican City. How Do Corporate Taxes Vary Around the World? The map below...

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### Thriving Through the Dry Spells: An OnDeck Success Story Video

> Mark runs a consulting company that helps businesses improve their applications. His business, CF Webtools, would regularly hit a dry spell during the

- Published: 2022-01-20
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/thriving-through-the-dry-spells-an-ondeck-success-story-video
- Resource Categories: Insights and Stories, Small Business Financing

Mark runs a consulting company that helps businesses improve their applications. His business, CF Webtools, would regularly hit a dry spell during the summer and around the holidays. After weighing a loan offer from his bank, Mark decided to see if he could get more online. He found OnDeck, and the funds he needed to cover payroll during those drier months. Disclaimer: Customer was compensated for sharing their experience. Interview has been edited for clarity. CF Webtools Is a Family Company “I started my company in 2000. I met my wife, Anne, in the hills of the Appalachian mountains. I was a youth pastor; she was a missionary. We fell in love and got married. We began CF Webtools. Started with nothing, and we just basically built from there. She handles HR. I do, operations management day to day. ” Many OnDeck customers run family businesses. We do our best to earn our place at the table. Like Many Consulting Companies, CF Webtools Faces Occasional Dry Spells “Consulting companies have a dry spell in the summer and a dry spell around the holidays. Those dry periods, we struggled to make payroll every two weeks. ” Seasonal shortfalls are a popular reason business owners look for funding. While some customers use an OnDeck Term Loan to cover such expenses, the OnDeck Line of Credit can be especially useful to get through dry spells. Mark Went to the Bank for a Loan to Cover Payroll Shortages “Going to a bank for financing...

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### The BIPOC Business Report: Where is the BIPOC Population Most Underserved?

> Minority-owned businesses strengthen local economies and communities. They diversify choice and opportunity and challenge industry norms. And the

- Published: 2022-01-19
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/bipoc-business-report
- Resource Categories: Insights and Stories

Minority-owned businesses strengthen local economies and communities. They diversify choice and opportunity and challenge industry norms. And the visibility of businesses run by black, indigenous, and other people of color (BIPOC) both celebrates and perpetuates BIPOC achievement. In America, BIPOC businesses are knocking it out of the park. Black women are starting more businesses than white men or women right now. And white male business owners are now outnumbered by women owners (of which 35% are women of color) and men of color. But the gaps between the white and BIPOC economies remain profound. A McKinsey survey found that: “15 percent of white Americans hold some business equity, only 5 percent of Black Americans do. Among those with business equity, the average Black American’s business equity is worth about 50 percent of the average American’s and a third of the average white American’s. ” OnDeck has found that while 42% of the U. S. population are people of color, only 27% of businesses have BIPOC owners. Plus, in 82% of the metropolitan areas we analyzed, the proportion of BIPOC-owned businesses is lower than the proportion of the local BIPOC population. We used the latest U. S. Business Census data to identify the areas across the U. S. with the biggest disparity between minority business owners and the minority population (where minority is defined as ‘the percentage of the total population that does not identify as non-Hispanic white. ’) Here’s what we found. Key Findings In 236 out of 287 (82%)...

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### How Do You Qualify for a Business Loan?

> Running a business often requires additional funding to help see your vision through. However, qualifying for a business loan involves more than simply

- Published: 2022-01-13
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/qualify-business-loan
- Resource Categories: Small Business Financing

Running a business often requires additional funding to help see your vision through. However, qualifying for a business loan involves more than simply filling out an application. Read our guide to learn more about general loan requirements and how to qualify for business credit. Establish Your Business The first step to qualifying for a business loan is to legally establish your business. This includes applying for any business license and/or permit in order to operate lawfully. If you need help registering your business, you may want to consult with your local chamber of commerce and/or business trade agency. Apply for an Employer Identification Number (EIN) Typically, you’ll need an EIN or federal tax identification number to qualify for business credit. You can apply for an EIN or tax ID through the U. S. Small Business Administration. Open a Business Banking Account Opening a business banking account is another crucial step in qualifying for a business loan. There are several different types of business bank accounts available, but a business checking account is generally a requirement for business credit. Establish Your Credit Files You should also verify whether your company has a credit file with the major business credit reporting bureaus, including Dun & Bradstreet, Equifax Small Business and Experian Business. If you have an existing credit file with any agency, make sure that all the information listed is correct and updated. If you don’t already have a file, you can apply for one directly through each bureau. Watch Your Credit...

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### Can I Open a Business Bank Account Without a Deposit?

> While many business banks require an opening deposit to open a new account, you can still find financial institutions that do not require a minimum

- Published: 2021-11-12
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/can-i-open-business-bank-account-without-deposit
- Resource Categories: Small Business Financing

While many business banks require an opening deposit to open a new account, you can still find financial institutions that do not require a minimum initial deposit. Securing a deposit-free business checking or savings account is a great task to accomplish in the early days of your company. In fact, the U. S. Small Business Administration recommends opening a business bank account as soon as you start spending or accepting money on behalf of your company. 1 Read our guide for more information about deposit-free business bank accounts, general application requirements and common banking fees. Where Can I Open a Business Bank Account Without a Deposit? Business bank accounts vary by financial institution, and specific requirements for opening or maintaining an account may also differ. Although you may find deposit-free business bank accounts at a local brick-and-mortar financial institution, they are more common at online banks. What Are the Requirements to Open a Business Bank Account? Specific requirements to open a business bank account can vary by financial institution, as well as the type of business bank account. However, businesses are generally required to have at least the following documents and information to open a business checking or savings account: Business license Employer Identification Number (EIN) or tax ID number Company formation documents, including Articles of Incorporation, ownership agreements and other related documents, where applicable Personal information of all owners, which may include driver’s license, Social Security number and/or passport What Fees Are Associated With Business Bank Accounts? Although some...

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### What Type of Business Bank Account Do I Need?

> If you’re a small business owner, the U.S. Small Business Administration recommends opening a business bank account to manage your business expenses

- Published: 2021-10-08
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/what-type-business-bank-account-do-i-need
- Resource Categories: Small Business Financing

If you’re a small business owner, the U. S. Small Business Administration recommends opening a business bank account to manage your business expenses separately from personal finances as soon as you start accepting payments. 1 In fact, a business bank account is a legal requirement for some types of organizations, including LLCs, corporations and businesses operating with a DBA name. Setting up the right type of account is something business owners should carefully consider. In order to choose the best business bank account(s) for your needs, it’s a good idea to learn more about what they do and what to look for. Learn more about different business bank accounts and other types of financial management accounts with our guide. If You Want To Build Business Credit... Open a Business Checking Account Businesses that want to build their business credit profile should open a business bank account. Responsible business credit behavior includes making on-time payments to vendors, suppliers and other companies with whom you regularly do business. These third-party companies may then send your business’s historical payment information to business credit bureaus, which can be used to build your business credit history. This type of account is also necessary if you want to issue payments directly from your business or accept payments from clients in your company name. Similar to a personal checking account, you can also write checks and accept checks as payment with a business checking account. Many banks will also issue a business debit card for you to...

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### The Oldest Business In 89 US Cities

> It took more than toughness for a small business to survive Covid-19. Business leaders needed to be nimble, bold, and yet careful. Each company needed its

- Published: 2021-10-04
- Modified: 2024-10-25
- URL: https://www.ondeck.com/resources/oldest-business-89-us-cities
- Resource Categories: Insights and Stories

It took more than toughness for a small business to survive Covid-19. Business leaders needed to be nimble, bold, and yet careful. Each company needed its team to pull together and for the boss to respect the enormous pressure on their employees. And everybody needed a bit of luck. But survival is not a new challenge for businesses. It is well-established that around 50% of new businesses fail to survive their first five years. Only about three out of 10 companies survive their first decade. So what about those that survived – and then kept on surviving? OnDeck has uncovered the longest-running, continually operating businesses in 89 of America’s biggest* cities. And we’ve designed a unique poster for each of these old-timers that continue to thrive today. *most populous. Key Findings The oldest business in a major U. S. city is The Rowland Co. in Philadelphia, founded in 1732. Only four of the 89 cities in our study have a business founded before 1800: Philadelphia, New York City, Boston, and Baltimore. Virginia Beach, VA has the youngest ‘oldest business’ in our study: The Terry Peterson Companies (1961). Six of the 15 large cities with the oldest businesses are in the northeast area of the U. S. Philadelphia, New York City, and Boston are the Biggest Cities with America’s Oldest Businesses First, here’s a run-down of the 15 biggest American cities with the oldest business. There is a strong concentration to the east, with six of the top 15 in the...

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### Customer Story: C and C Automotive

> For many small business owners, providing top-notch customer service is what keeps them coming in to work every day. For C and C Automotive of Bullhead

- Published: 2021-09-14
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/customer-story-c-and-c-automotive
- Resource Categories: Running a Business

For many small business owners, providing top-notch customer service is what keeps them coming in to work every day. For C and C Automotive of Bullhead City, AZ, taking good care of customers is what got them into the business in the first place. “Flexible financing helped keep our business doors open" - Lori Cosenza of C and C Automotive Frank and Lori Cosenza, the husband and wife team who run C and C Automotive, believe that providing their customers with honest and reasonable service is their top priority. Read on to learn how they built their business from the ground up and manage some of the common challenges facing auto repair shops. What led you to start C and C Automotive? Like many other small business owners, Frank used to work for another auto repair shop. His experience there directly led him to going out on his own. As Lori says, “What got Frank into opening our first business together in Veneta, Oregon, was that he was working for a shop that in his eyes was not ethical. They were telling people they needed parts that they actually didn't need and that really bothered him. He just didn't like the way they did business, so he quit, and we decided to open our own shop. ” Frank adds: “I like being a business owner in the auto repair shop industry because I can make sure my customers aren’t getting ripped off or taken for their money for services they...

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### Customer Story: Bilingual Child Care and Education Center

> Our customer Leah Retamozo, founder of Bilingual Child Care and Education Center, shares some of the challenges she's faced growing her business as a female entrepreneur.

- Published: 2021-09-14
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/customer-story-bilingual-child-care-and-education-center
- Resource Categories: Insights and Stories, Running a Business

What drove you to start your small business? For our customer Leah Retamozo, the 2008 economic crash led her to start her St. Paul, MN-based immersion preschool, Bilingual Child Care and Education Center. Up until the recession hit, Leah was working as a consultant to non-profit organizations. Within two months of the crash, most of her contracts had dried up and her business slowed to a halt. At the same time, she became a mom for the first time and began looking for a Spanish immersion daycare in St. Paul. When she couldn’t find any within easy driving distance, she decided to jump into a new venture and open a daycare. 10 years later, the Bilingual Child Care and Education Center has grown from renting space in a church basement to two locations (with plans for a third location underway). Read our interview with Leah to learn more about: How Leah turned her passion for Spanish language and culture into a business Growing a business from the ground up over 10 years Some of the challenges she faced as a female entrepreneur Turning a Passion into a Business As Leah says, “I've always been drawn to cultural and language learning, and I have a background in Spanish and Latin American studies – I also studied abroad. ” It was important to her to raise her children as bilingual, and she suspected there were others in her community who felt the same way. To fill that need, she created a daycare...

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### How a Business Bank Account Can Help Grow Your Business

> Running a successful small business takes a great deal of patience, dedication and hard work. Occasionally, nonurgent tasks may take a back seat to other

- Published: 2021-08-18
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-business-bank-account-can-help-grow
- Resource Categories: Small Business Financing

Running a successful small business takes a great deal of patience, dedication and hard work. Occasionally, nonurgent tasks may take a back seat to other core business functions and responsibilities. However, managing company finances is arguably the most important role in any small business. Though it might seem like a minor change, opening a business bank account for your company means taking a major step that can benefit it for years to come. While some small businesses aren’t required to have a separate bank account to manage company finances, a business bank account offers benefits that practically any small business can use. Whether your business is very new or you’re ready to expand, read on to learn about six ways a business bank account can help grow your business. 1. It Makes Managing Your Company’s Finances Easier Opening a business bank account helps you officially separate your business expenses, income and assets from your personal finances. Business bank accounts also make it easier to track business expenses and revenue in one central place. Most business bank accounts offer a number of features that can help small businesses save time while managing company finances, including: Online and/or smartphone apps: You can access your business bank account and manage finances with online or app-based portals. Additional authorized users: As your business grows, you can designate trusted employees to handle financial tasks on your behalf. Expense and income reports: While it depends on the specific bank account features, some allow users to easily...

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### Do You Need a Business Bank Account?

> If you’re opening a new small business, you have a lot to manage. From creating a business plan to budgeting, tracking income and finding funding for your

- Published: 2021-08-17
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/do-you-need-business-bank-account
- Resource Categories: Small Business Financing

If you’re opening a new small business, you have a lot to manage. From creating a business plan to budgeting, tracking income and finding funding for your small business, there’s always something to work on — especially if you’re doing it all yourself. While it might be tempting to hold off on a few non-urgent tasks, opening a business bank account early can make your job easier down the line. In fact, the U. S. Small Business Administration recommends opening one for all businesses as soon as it starts taking payments. 1 If you’re still unsure about whether you really need a small business bank account, you’re in the right place. Read on to learn how opening a business bank account can benefit your business. References 1U. S. Small Business Administration. (n. d. ). Open a business bank account.

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### 15 Leadership Lessons from Female Founders and CEOs

> See how 15 successful female leaders learned from successes and failures, and the advice they have to share from that process.

- Published: 2021-08-08
- Modified: 2025-04-22
- URL: https://www.ondeck.com/resources/15-leadership-lessons-female-founders-ceos
- Resource Categories: Running a Business

When Lisa Su was 10 years old, she used to take apart her brother’s remote-control cars and put them back together. Three decades later, the electrical engineer-turned-CEO took charge of chip maker Advanced Micro Devices as its stock plummeted. She took the company apart, put it back together, and boosted share prices by more than 1,300% in six years. “Run toward the hardest problems,” says Su, expanding on one of her greatest life lessons. “This approach has helped me to learn a tremendous amount from both success and failure. ” Su’s success, rescued from the ‘glass cliff’ of failure, exemplifies the findings of a recent Harvard Business Review study: women are better leaders during a crisis. Characteristics that HBR’s survey respondents rated as most important in a crisis include: Inspires and motivates Communicates powerfully Collaboration/teamwork Relationship building To unpack some of these leadership competencies and more, OnDeck gathered 15 quotes from female founders like Su, and took them apart to see what makes them work. The Fall Guy A running theme through OnDeck’s research is that humility and fallibility go a long way. “When you accept that failure is a good thing, it can actually be a huge propeller toward success,” as Bumble founder Whitney Wolfe Herd says. There’s a lesson in every failure. Each one takes you closer to a desirable outcome – even if the route might not be the one you intended. Accept your mistakes, rather than riding over them, and you become more adaptable in the...

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### Top Sources of Capital for Small Businesses

> According to pre-pandemic data published by Federal Reserve Banks, 85% of small business applicants who sought funding in the past year applied for a loan

- Published: 2021-07-22
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/sources-of-capital-for-small-businesses
- Resource Categories: Small Business Financing

According to pre-pandemic data published by Federal Reserve Banks, 85% of small business applicants who sought funding in the past year applied for a loan or line of credit. 1 However, there are many more sources of capital available to help run your business and realize its potential. Business funding generally falls into one of two categories: Debt financing and equity financing. Debt financing means that your company takes on a debt in exchange for capital, whereas equity financing involves selling a portion of ownership or stake in your company for capital. If you’re looking to explore your small business funding options, read our guide to learn about ten sources of business capital, and where you can apply for each type. Sources of Debt Financing The following small business funding methods are examples of debt financing, or borrowing money from business creditors with interest. 1. Small Business Loan Small business loans, also sometimes called term loans or short-term loans, are among the most widely used small business funding options. Funds are generally issued out to approved applicants in one lump sum, and are repaid in installments over a set time period, depending on the loan agreement. This type of small business financing is available from numerous financial institutions, including banks, credit unions and alternative creditors like online business lenders. 2. SBA Loan An SBA loan is a certain type of small business loan administered by an SBA-approved lender, and guaranteed by the U. S. Small Business Administration. These loans have...

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### A Small Business Guide to Shopify

> Read our guide for small businesses getting started on Shopify, including tips to bring customers to your store and keep them coming back!

- Published: 2021-07-18
- Modified: 2025-05-20
- URL: https://www.ondeck.com/resources/small-business-guide-shopify
- Resource Categories: Running a Business

Adaptation: that’s how small businesses survived – and even thrived – during the pandemic. Real-world shops and services moved online. Ecommerce businesses diversified, refining their shopping experience to stay competitive. The answer for many of these small businesses was a service you’ve probably used as a consumer without realizing it: Shopify. Shopify is a direct-to-consumer (D2C) subscription service that enables entrepreneurs to set up websites, receive online payments, and ship/track customer orders. It also has powerful marketing and analytics tools built-in. The company’s revenue nearly doubled to $714. 3 million during the first quarter of mass international lockdown. But Shopify’s businesses reaped the rewards: for every buck Shopify made, its merchants generated $40. 82. Plus, in a time of mass layoffs, “businesses on Shopify supported approximately 1. 5 million more jobs in 2020 than they had in 2019,” according to a study from Deloitte. The Shopify Strategy for Small (and Big) Businesses It’s not only small businesses that changed tack in 2020. The giants led by example. By supercharging its shift to D2C, Nike saw its quarterly sales spike by 75% to just under $2bn in the early months of the pandemic. As Nike’s hosts at Shopify put it: “Basically, if you can figure out what Nike’s doing with their omni-channel ecommerce strategy... You can do it faster, and cheaper. ” The strategists at Nike – primarily an athleisure and branding company – figured out years ago that the company would need to bypass third-party stores if it was to...

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### The Work Routines of 40 Successful Business Leaders

> Curious how your productivity compares to others? Here's what 40 successful business leaders are doing during each hour of the day.

- Published: 2021-04-19
- Modified: 2025-05-20
- URL: https://www.ondeck.com/resources/work-routines-40-successful-business-leaders
- Resource Categories: Running a Business

Breaking news: when a small business owner graduates to the ranks of big business leader, they don’t suddenly find time is plentiful and scheduling is a breeze. That’s not how it works. But you probably realized that before you got in the game. In fact, it’s your dogged efforts to maximize your working hours that have got you this far. Rest and relaxation are essential elements to thrive and succeed, but small business leaders try to fit at least 150% of what’s humanly possible into their schedule. OnDeck analyzed the work routines of 40 big business leaders to see how they achieved superhuman feats without burning out. Because small and big business leaders alike need to juggle an awful lot of plates under an awful lot of pressure. Check our infographic down below to discover the hours your business idol works and learn from their way of scheduling. But first, here’s a look at the ‘average’ routine we’ve figured out by collating all their calendars. This is what our 40 successful business leaders are most likely to be doing during each hour of the day: Our research shows that successful business leaders exploit the natural rhythms of their daily cycle. Stressful office work is best gotten out of the way early, as one study found. This also frees up the rest of the day to be creative and collaborate. However, your body may cope with simple tasks like arithmetic later in the day. Perhaps that accounts for the mysterious ‘alone...

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### How the American Rescue Plan Can Benefit Your Small Business

> On March 11, 2021, the American Rescue Plan Act advanced emergency COVID-19 relief programs and assistance for individuals and small businesses across the

- Published: 2021-04-06
- Modified: 2025-06-04
- URL: https://www.ondeck.com/resources/how-american-rescue-plan-benefits-small-business
- Resource Categories: Small Business Financing

On March 11, 2021, the American Rescue Plan Act advanced emergency COVID-19 relief programs and assistance for individuals and small businesses across the country. These benefits include another round of direct payments for millions of Americans and their families, as well as expanded small business aid and grants. Learn how the American Rescue Plan Act can help your small business through the pandemic. What Programs in the American Rescue Plan Benefit My Small Business? The American Rescue Plan Act expanded several existing programs and introduced other small business grants to help struggling companies across the country, including: An additional $7. 25 billion for the Paycheck Protection Program (PPP), though the Act did not change the current loan deadline of March 31, 2021. A bipartisan bill was recently introduced to postpone the application and processing date. Updates to the Shuttered Venue Operators Grant (SVOG) program, which include eligibility for borrowers with PPP loans and the SVOG. $15 billion in additional funding for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, which includes $5 billion in payments for the hardest-hit businesses $28. 6 billion to establish the Restaurant Revitalization Fund, which aims to help qualified establishments that have been affected by the pandemic. This includes grants of up to $5 million for restaurants and $10 million for restaurant groups. $100 million to develop a Community Navigator program, which is meant to support underserved business communities and improve access to COVID-19 relief programs. 1 How Do I Apply for American Rescue Plan Small...

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### What Are the Most Popular Small Business Funding Options?

> Without a sizable savings account balance and/or reliable monthly revenue, most small businesses need some sort of funding to operate successfully.

- Published: 2021-04-06
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/popular-small-business-funding-types
- Resource Categories: Small Business Financing

Without a sizable savings account balance and/or reliable monthly revenue, most small businesses need some sort of funding to operate successfully. According to recent reports, roughly 75% of all small business funding comes from small business loans, business credit cards and business lines of credit. 1 While these three methods make up the majority of business capital, you can find other loan options to help run your company. Read our small business funding guide to learn more about financing options for your organization. What’s the Difference Between Debt Financing and Equity Financing? Typically, business funding falls into one of two categories: debt financing or equity financing. Debt financing involves borrowing money from a lender and taking on a financial debt, while equity financing includes selling a portion of your company in exchange for capital. Businesses with debt financing agreements are required to repay the money borrowed (plus any interest or fees, per the loan terms), while those with equity financing agreements generally are not required to repay the invested capital. Equity financing means that a business relinquishes some financial control, and is in partnership (to the extent of the agreement) with another party. Equity financing is considered a long-term financial agreement, as a third party is investing into another business in hopes of receiving a return on the capital. On the other hand, debt financing agreements typically last anywhere from a few months to a few years, depending on the loan term, and businesses maintain full control of their day-to-day...

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### Today’s Small Business Loan Rates

> Running a small business in today’s economy requires a great deal of dedication, persistence and hard work. Sometimes, you might need additional funding

- Published: 2021-03-16
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/todays-small-business-loan-rates
- Resource Categories: Running a Business, Small Business Financing

Running a small business in today’s economy requires a great deal of dedication, persistence and hard work. Sometimes, you might need additional funding to meet your goals and see your vision through. Read our funding guide to learn about small business financing options and the latest loan rates. What Is a Good Small Business Loan Interest Rate? The interest rate of a business loan typically varies due to factors such as the type of funding, loan amount, lender and borrower’s credit history. In general, bank business loans have some of the lowest interest rates available. However, bank loan application requirements are typically much more stringent than other types of small business funding. They may require a certain number of years in business, good business and personal credit scores, minimum annual revenue, extensive paperwork, and collateral, depending on the specific situation. Due to the rigorous loan and application requirements, not all small businesses qualify for this type of capital. Loans backed by the U. S. Small Business Administration (SBA) also feature low interest rates for small businesses since they’re federally guaranteed. This allows SBA-approved lenders to fund small businesses that may not otherwise qualify for a loan. Certain SBA loans, specifically, the emergency Paycheck Protection Program (PPP) loans dispensed as part of the COVID-19 stimulus packages, are forgivable for businesses that satisfy a number of requirements. For more information on PPP loans, read our blog about the most recent updates to the program. Most other non-federal and/or non-SBA business loan interest...

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### Everything You Should Know About Installment Loans

> If you’re at all familiar with loan products, you know that there are often different names for the same type of product. For example, “payday loans”

- Published: 2021-02-19
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/everything-you-should-know-about-installment-loans
- Resource Categories: Insights and Stories, Running a Business

If you’re at all familiar with loan products, you know that there are often different names for the same type of product. For example, “payday loans” might be considered a “short-term loan,” a “personal loan,” a “term loan,” or to many — just a “loan”. The same is true for installment loans. An installment loan may also be referred to as a “personal loan,” a “term loan,” and in rare cases — even a “short-term loan. ” So what is it that makes an installment loan an installment loan? And what do installment loans have to do with business loans? Let’s examine those questions and more. What is an installment loan? An installment loan is a loan that provides the borrower with a lump sum of money up front, which is to be repaid in installments over the course of an established term. That is why an installment loan may also be called a term loan. If the term is a short period of time (typically just a few months), it could even be considered a short-term loan. However, most installment loans are for larger amounts and are repaid over several months or years. Typically, the larger the amount of the loan, the longer the term to repay. How is an installment loan repaid? Installment loans are commonly repaid in monthly payments. Payments are generally a fixed amount every month, and go toward a portion of the principal borrowed plus interest on the loan. Most installment loans will let you...

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### Operating a Small Business in the ‘New Normal’: Musicians Headquarters

> We recently spoke with OnDeck customer Henry Lee, who owns Musicians Headquarters in Balch Springs, TX. He has used his OnDeck financing to stock up on inventory and manage cash flow through slow sales periods.

- Published: 2020-09-10
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/operating-a-small-business-in-the-new-normal-musicians-headquarters
- Resource Categories: Insights and Stories

While small businesses across the U. S. are reopening and adapting to the new normal, we’ll be highlighting stories of OnDeck customers who are facing these challenges head on. They share ways they changed their business operations to deal with new realities and how they used financing from OnDeck to help along the way. We recently spoke with OnDeck customer Henry Lee, who owns Musicians Headquarters in Balch Springs, TX. He has used his OnDeck financing to stock up on inventory and manage cash flow through slow sales periods. Tell us about your business. How did it come about? We opened our music store in 1980 after my wife and I finished touring with a music group called Fantasia (I played guitar and she was the lead singer). We got off the road to start a family as well, and I needed to work to support us. Since we knew a lot about music and the music business itself, we thought a music store made the most sense. We started small, but soon grew into a full-fledged business with lots of customers and eventually built our own building to house Musicians Headquarters. We offer a range of musical instruments, PA systems, amplifiers, band equipment, microphones, and accessories. Our customers also come to us for instrument lessons, repairs, rentals. What have been some of your biggest challenges as a small business owner? The internet. Online and chain stores compete with us on price, so one way we use the web is...

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### Operating a Small Business in the ‘New Normal’: NirvanaNour

> We recently spoke with OnDeck customer Melissa Diabate, who owns NirvanaNour in Houston, TX. She has used her OnDeck financing to stock up on inventory to meet demand during the pandemic.

- Published: 2020-07-24
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/operating-a-small-business-in-the-new-normal-nirvananour
- Resource Categories: Insights and Stories

While small businesses across the U. S. are reopening and adapting to the new normal, we’ll be highlighting stories of OnDeck customers who are facing these challenges head on. They share ways they changed their business operations to deal with new realities and how they used financing from OnDeck to help along the way. We recently spoke with OnDeck customer Melissa Diabate, who owns NirvanaNour in Houston, TX. She has used her OnDeck financing to stock up on inventory to meet demand during the pandemic. Tell us about your business. How did it come about? I am originally from the Ivory Coast in West Africa, and I came to the US at 17 years old with the American Dream. I was pursuing a nursing degree, but that didn’t pan out - it wasn’t what I was passionate about. Hair is my passion. In my culture, I wasn’t allowed to get hair extensions until I was 21, and when I finally got them, they were expensive and low quality. I saw that there was a need in all communities – Black, White, Latinx, men, women, all ages – and I knew I could fill that gap in the market. I opened my first business at age 25, and I had an online store and a storefront. I realized that the traffic to the online store was higher than traffic into my storefront, so after a year I eventually closed it down and focused solely on online sales. What have been some...

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### Operating a Small Business in the ‘New Normal’: Gyro Oasis Deli & Grill

> We recently spoke with OnDeck customer Ghassan Bilaih, who operates Gyro Oasis Deli & Grill in Irving, TX. Ghassan used his OnDeck financing to upgrade his equipment and to have his restaurant operate safely during COVID.

- Published: 2020-07-14
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/operating-a-small-business-in-the-new-normal-gyro-oasis-deli-grill
- Resource Categories: Insights and Stories

While small businesses across the U. S. are reopening and adapting to the new normal, we'll be highlighting stories of OnDeck customers who are facing these challenges head on. They share ways they changed their business operations to deal with new realities and how they used financing from OnDeck to help along the way. We recently spoke with OnDeck customer Ghassan Bilaih, who operates Gyro Oasis Deli & Grill in Irving, TX. Ghassan used his OnDeck financing to upgrade his equipment and to have his restaurant operate safely during COVID. Tell us about your business. How did it come about? I worked in corporate America for 20 years before opening my restaurants. I started the Irving location of Gyro Oasis Deli & Grill in April 2010. Prior to that we had two other restaurants, one that I sold and one that I decided to close. We serve the Irving community and are close to Dallas-Fort Worth Airport, where we get lots of airport travelers and businesspeople. Gyro Oasis is a Mediterranean deli that serves Greek and Turkish wraps and plates. We cater in the area, and most of my business comes from the major corporations around here, like 7-11, Citibank, and Exxon. What have been some of your biggest challenges as a small business owner? When you have your own business, the business owns you, not the other way around. Sometimes you cannot take vacation or plan things because if something comes up in the business, that is a priority....

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### Survey: How Coronavirus Has Impacted Small Businesses 

> The COVID-19 (coronavirus) pandemic has hit small businesses in the U.S. particularly hard. Many are facing issues such as forced closures due to lockdown

- Published: 2020-04-30
- Modified: 2025-05-28
- URL: https://www.ondeck.com/resources/survey-how-coronavirus-has-impacted-small-businesses

The COVID-19 (coronavirus) pandemic has hit small businesses in the U. S. particularly hard. Many are facing issues such as forced closures due to lockdown disruption, supply chain issues, and cash flow crunches. To get a full picture of the economic impact on small businesses, OnDeck conducted three surveys of U. S. small business owners: One in March as the pandemic took off in the U. S. A second survey a few weeks later in April after most states had entered lockdown orders A third survey after the first round of Paycheck Protection Program funds was exhausted Unsurprisingly, nearly all small businesses surveyed have been impacted by the pandemic, and the level of impact increased rapidly over just a few weeks. While there are some early signs that federal assistance programs like the Paycheck Protection Program could help small businesses with some short-term financial relief, business owners still see a long road back to reopening their businesses. Concerns over COVID-19 increased dramatically between March and April When we first surveyed small business owners in March**, 87. 7% said they were either somewhat or very concerned about the virus. When we re-surveyed business owners three weeks later, that number rose to 95. 6%. These concerns correlated closely to the business impact felt by small business owners. In March, 42. 1% of business owners said they had been impacted (either personally or their business); that number doubled to 84. 1% in April. And of those, 89. 9% said they had experienced a...

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### What is an SBA Economic Injury Disaster Loan and How Do I Apply?

> An intro guide to SBA economic injury disaster loans and COVID-19. Learn how your small business can benefit from these solutions.

- Published: 2020-03-30
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/what-is-an-sba-economic-injury-disaster-loan-and-how-do-i-apply
- Resource Categories: Small Business Financing

Running a small business during the COVID-19 outbreak comes with unprecedented challenges. To assist small businesses during this time, the federal government has passed the CARES Act, which includes multiple programs to provide financial assistance to small businesses and their employees. As part of the CARES Act, the existing SBA Economic Injury Disaster Loans program has been expanded with an additional $10 billion in funding. Keep reading to learn more about how the SBA Disaster Loan program works, what businesses are eligible, and how to apply. Brief overview of the SBA Economic Injury Disaster Loan program The SBA, or the U. S. Small Business Administration, is a government agency that provides educational resources to small businesses, guarantees small business loans, and provides financial assistance to small businesses during disasters. While this guide focuses on the SBA Economic Injury Disaster Loan program in particular, the SBA does offer a variety of loan types – learn more about them in “What You Need to Know About an SBA Loan”. If you live in an area that experiences hurricanes, you’re likely familiar with the SBA Economic Injury Disaster Loan program (commonly referred to as SBA disaster loans). Normally, this program offers low-interest loans to small businesses affected by natural disasters, such as hurricanes or tornadoes. However, the program was recently expanded to also include small businesses negatively impacted by COVID-19. What businesses are eligible for an SBA disaster loan? SBA Economic Injury Disaster Loans are available to businesses with less than 500 employees...

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### 5 Ways to Solve Small Business Cash Flow Problems During COVID-19

> The coronavirus pandemic and resulting lockdowns can be very challenging for small business owners. Keep reading for 5 ways to keep small business cash flow as strong as possible during the COVID-19 outbreak.

- Published: 2020-03-27
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/5-ways-to-maximize-cash-flow-during-the-covid-19-outbreak
- Resource Categories: Small Business Financing

A Simple Guide to Solving Cash Flow Problems For Your Small Business The worldwide COVID-19 outbreak is a quickly changing, uncertain situation. You may be seeing hourly updates about travel bans, upticks in cases, and restrictions on day-to-day life – all of which are affecting your business. As a business owner, you may be balancing keeping your staff and customers safe with keeping revenue flowing in. Keep reading for 5 ways to keep your small business cash flow as strong as possible during the coronavirus outbreak and resulting economic slowdown. 1. Provide business services virtually Many parts of the United States are now under lockdown restrictions and social distancing guidelines, which prevent people from gathering in public. Additionally, in many places “nonessential” businesses have been closed (the definition of an essential business varies by location). While these restrictions are crucial for public health, they are having an outsized impact on small businesses that are dependent upon foot traffic and in-person sales. The lockdowns to control the virus spread can have a devastating effect on your small business cash flow. However, there are some technology solutions available that can help you still serve your customers, even while your physical business location is closed. For example, if you own a gym or fitness studio, you can offer personal training sessions via video chat. Or, you can use services like Zoom to live-stream your fitness classes to loyal customers. Most of your customers are likely looking for a way to get in workouts...

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### Local and State Government Assistance Programs for Small Businesses Impacted by COVID-19

> The worldwide COVID-19 outbreak is an especially challenging situation for small business owners. Learn more about the different support programs available at a local, state and federal level.

- Published: 2020-03-20
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/government-assistance-programs-for-small-businesses-during-the-covid-19-outbreak
- Resource Categories: Small Business Financing

The worldwide COVID-19 outbreak is an evolving, uncertain situation. For small business owners, this is an especially challenging time. Fortunately, various local and state government agencies are announcing assistance programs for small businesses during the economic slowdown. For more information on federal government assistance programs, check out our COVID-19 resource hub. Keep reading for a breakdown of the different programs at a local and state level. This article will be updated regularly, as more assistance programs are announced every day. The Chamber of Commerce has also put together a useful guide to small business aid available by state for more information. If you are looking for more information on Paycheck Protection Program (PPP) loans, check out our guides to PPP loan forgiveness and the Paycheck Protection Program Flexibility Act. **Last updated June 11, 2020 State Government Assistance Programs for Small Business Arizona Growth Partners Arizona has added two loan options for small businesses in Arizona—Kiva Tucson crowdfunded loans and the Small Business Success Loan. Because of the unfolding economic challenges, these two small business loans, as well as GPAz’s existing nonprofit loan, now offer more flexible rates and terms for qualified borrowers. Arkansas Gov. Asa Hutchinson has announced that the state will use $12 million from Community Development Block Grants and $4 million from the state’s Quick Action Closing Fund to help small businesses impacted by COVID-19. Learn more about the program here. Delaware Delaware created the Hospitality Emergency Loan Program (HELP) to provide funds to some of the businesses...

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### Risks Small Businesses Face and How to Avoid Them

> Running a small business comes with a lot of liability, no matter what industry you work in. Even the most optimistic entrepreneur should be prepared for

- Published: 2020-03-09
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/risks-small-businesses-face-and-how-to-avoid-them
- Resource Categories: Running a Business

Running a small business comes with a lot of liability, no matter what industry you work in. Even the most optimistic entrepreneur should be prepared for worst-case scenarios. A survey by The Wall Street Journal found that nearly 25% of businesses never recover following an unforeseen event. To avoid being a part of that unfortunate statistic, it’s important to understand what you’re up against. Once you fully understand the risks small businesses face you can create a comprehensive action plan to keep things running smoothly. #1 External Risks This is a broad category of liability that includes factors you have no control over. This could include anything from natural disasters, like hurricanes, earthquakes, and floods, to economic instability, civil unrest, and break-ins. These risks pose a significant threat to small businesses and can force your operations to a halt, causing significant financial damage. The Solution Even though you can’t control external risk factors, you can still have a plan in place to minimize the cost of damage, ensuring your operations can continue. From the start, every business should have commercial insurance in place to help mitigate external risks. Here are some basic policies you should know about: General Liability: This policy is designed to protect your business against bodily injury or property damages. For example, if a client were to slip and fall on your property, this policy can pay for the medical and legal fees. Commercial Property: This will protect the physical assets of your business in the event...

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### Why Small Businesses Are Important to Their Local Communities

> In honor of Small Business Saturday, we conducted our second annual Small Business Community Impact Survey to highlight all the ways small businesses are an important part of their local communities.

- Published: 2019-11-25
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/why-small-businesses-are-important
- Resource Categories: Insights and Stories, Running a Business

Second Annual Small Business Community Impact Survey As a small business owner, you're likely very aware that small businesses are important to their local communities. Americans recognize the importance of this support with Small Business Saturday, which has become a nationwide holiday shopping tradition to support the small businesses in our local communities. In honor of the holiday, we conducted our second annual Small Business Community Impact Survey to highlight all the ways small businesses support their local communities throughout the year. We surveyed present and previous customers to learn more about how they participated in their community in 2019. From buying from other local businesses to supporting local charities, small businesses give back in a number of different ways. Check out our infographic below to see them all. How Small Businesses Support Their Local Communities Most small business owners try, when possible, to support other local companies. They do so by buying local supplies, using a local service provider (i. e. , an accountant or attorney), or by selling locally made products in their stores. Beyond economically supporting other local companies, small business owners also donate time and money to supporting local non-profit organizations. This year, 4. 6% more small businesses gave back to their local communities than they did in 2018. How do small businesses support their local communities? They give, support, donate, and volunteer with the following organizations: Small businesses support many different local charitable organizations, including disaster relief services, senior citizen communities, and wounded veteran organizations....

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### How to Get a Veteran-Owned Business Certification

> Getting a veteran-owned business certification can help you win more business from both government agencies and corporations - learn more about how to get certified.

- Published: 2019-11-07
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/how-to-get-a-veteran-owned-business-certification
- Resource Categories: Running a Business

If you’re a veteran and a business owner, you’ve likely looked into a veteran-owned business certification in the past. You’ve also probably found the whole process confusing. There are a number of ways to get certified, and considering the substantial time commitment, it may not seem worth it to go through the process. However, becoming a certified veteran-owned company can help you win more business from both government agencies and corporations. It can also be used as a marketing tool to help you reach potential customers that want to support veterans. Read on for: Why you should certify What you need to qualify A breakdown of the different types of certifications How you certify Why should I register? The primary reason to register your business as veteran-owned is to win more business. Specifically, both government agencies and many large corporations set aside a certain amount of business each year for veteran-owned businesses (as well as women and minority-owned firms). To compete for contracts from government agencies, the certification process is pretty time consuming. However, if your small business focuses on selling to government agencies it’s worth the time and effort. Corporations will also prioritize giving business to veteran-owned companies. For example, nearly 15% of Fortune 1000 companies have set goals to give business to veteran-owned businesses. The process of registering as a veteran-owned supplier for corporations tends to be less time consuming than the process for government agencies. Additionally, many businesses and consumers like to prioritize purchasing from veteran-owned businesses,...

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### How to Prepare Your Business for the Holiday Season

> Want to make this your most successful holiday season yet? Check out these top four ways to prepare your business for the holiday season.

- Published: 2019-09-13
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-to-prepare-your-business-for-the-holiday-season
- Resource Categories: Running a Business, Small Business Financing

If your business’ busy season hits during the holidays, then you already know it’s never too early to start thinking about the holidays. The more you can get done ahead of time, the better prepared you’ll be to make this your most successful holiday season yet. Here are the four top things to do to prepare your business for the holiday season: Manage your finances during the holiday rush When the till is flush with cash it can be really tempting to deviate from the monthly budget you established at the first of the year. If your annual revenues rely on your holiday sales, it’s important to keep within your budget and make sure you don’t spend more than what you’ve allocated for the season. It’s also easy to let your daily business “chores” slide when you’re wrapped up in the holiday rush. While it’s important to keep the shelves stocked and take care of customers, don’t neglect your daily bookkeeping and other management duties. Make sure you set aside an hour or two at the beginning of every day to keep on top of your finances. If you need extra employees for the holidays, now is the time to start looking With Labor Day behind us, many retailers are ramping up for their holiday season by looking at their staffing needs. It’s not uncommon for a small business to need seasonal help to keep the shelves stocked, make deliveries, take care of customers, and otherwise keep your business’ operations...

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### How The William Everett Group Grew 10x in 5 Years

> Learn how Ellen Rozelle Turner has grown the William Everett Group to 100 consultants and 10 times the size in 5 years by tapping into her family values.

- Published: 2019-09-13
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/how-the-william-everett-group-grew-10x-in-5-years
- Resource Categories: Running a Business, Small Business Financing

What inspired you to start your business? For Ellen Rozelle Turner, it was her illustrious 15-year career in the public and private sectors and hands-on experiences with her grandfather. She’s now the leader of The William Everett Group, a fast-growing, Chicago-based management and information technology firm named for her influential grandfather. By drawing on her experiences and family values, Ellen has grown her business to 100 consultants and 10 times the size in 5 years. “If you want to do something, do something. It doesn't matter if you're a girl or a boy” - Ellen Rozelle Turner Learning the ropes from an early age Ellen credits her successful career to her upbringing. Her parents instilled the habit of hard work from an early age, dragging her and her siblings out of bed at 8 AM on Saturdays to do chores around the house. As a teenager, she helped her grandfather run his shoe store. Ellen picked out new women’s shoes to sell and sometimes worked in the store itself. Helping with certain tasks even as a young girl bolstered her self-confidence. As she says, “it gave me confidence that, if you want to do something, do something. It doesn't matter if you're a girl or a boy. ” His legacy is what kept her going during the early, lean years of starting her business. “He inspired me especially early on when we were struggling. I think because his name was on my business, I knew I had to figure it...

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### Bookkeeping Habits That Can Increase Your Cash Flow

> A solid bookkeeping system is essential to running a successful business. Implement a few key bookkeeping habits to increase cash flow and decrease stress.

- Published: 2019-08-26
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/bookkeeping-habits-that-can-increase-your-cash-flow
- Resource Categories: Small Business Financing

A solid bookkeeping system is an essential part of running a successful business. No matter how big or how small your business is, it’s critical that your books are updated, accurate, and readily available. Doing this provides you with crucial information that can help keep your business financially healthy. Implementing the following bookkeeping habits will help ensure that you increase your cash flow and decrease your stress. Monitor Your Transactions Daily One of your daily bookkeeping habits should be matching the cash deposits made by your business with the cash receipts shown on your bank statement and your cashless deposits. According to Andrew Desiderio, CPA and senior manager at Concannon Miller, some questions to consider include: Is cash being deposited by employees on the proper schedule? Do the amounts recorded as deposited match what was actually deposited? Do the deposits from all of your card companies through your merchant services provider match what you have recorded? Have your merchant services fees changed over the course of the month or the year? If so, find out why. It’s also important to match your check, disbursements, and payments activity on a daily basis. Make sure 1) your checks paid match the dollar amount and payee name, 2) your payments match your invoices, and 3) there are no unauthorized payments via check or automated clearing house (ACH) on your account. Taking time to do these steps every day will help you keep your bookkeeping up to date. Track Each and Every Expense To...

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### Streamline Your Small Business Finances With These 5 Tools

> The right technology is critical to track of your small business finances - check out 5 ways to use technology to streamline your small business finances.

- Published: 2019-08-23
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/5-tools-to-streamline-your-small-business-finances
- Resource Categories: Running a Business, Small Business Financing

The right technology can make all the difference when it comes to keeping track of your small business finances. And let’s be honest—you need that help. Your time is limited and you’re focused on what’s going to help you grow. Figuring out which tools to use can be daunting. To get you started, we’ve put together a list of five areas where you can streamline your small business finances with a financial tool, along with a company in the space that’s doing each one well. 1. Employee Expenses (Divvy) Office supplies, lunch for a board meeting, social media ads... To make your sales goals, your company will have to spend money. Empowering employees to make those purchases is an important step of the process, but it brings a dreaded adversary with it—receipts. Filing expense reports can be a hassle, especially when it requires employees to save their crumpled receipts, tape them to a piece of paper, and then manually enter them into a spreadsheet. Does this sound familiar? Get excited because there is a tool that can liberate you from this administrative torment. Divvy has reimagined the way companies approach expenses by pairing credit cards to the reporting system. Employers can give their employees Divvy cards pre-loaded with an approved budget. When employees use the cards for purchases, they are automatically prompted to categorize the expense in the app. A few clicks and they’re back to doing what you hired them to do. 2. Time Tracking (Harvest) Tracking your employees’...

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### How to Use Discounts in Retail Without Cutting into Profits

> Running a discount offer can be one of the most effective ways to boost sales. Learn how to use discounts in retail businesses without cutting into profits.

- Published: 2019-07-16
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-to-use-discounts-to-drive-retail-sales-without-cutting-into-your-profits
- Resource Categories: Running a Business

Running a discount offer can be one of the most effective ways to boost sales. For example, discounts (Black Friday sales, for example) help make the holiday season the busiest sales season of the year, accounting for 30 percent of annual U. S. retail revenue. Smart business owners leverage the power of discounts by running sales at strategic times to boost revenue throughout the year. But discounts can hurt your business if done incorrectly. If you pick a price point that’s too low, you may end up losing money. Mishandled discounts can also hurt your current customer base or overwhelm your staff and inventory. Here are some key ways to run an effective sales promotion that drives profits while avoiding unprofitable pitfalls. What Are Some Reasons for Running Discounts? Before you offer a discount, you should specify your goals. You can run discounts for a number of reasons: To increase sales demand by offering a lower price To attract new customers with a low-priced offer To generate repeat business from existing customers To cut losses from excess inventory These goals call for different tactics. To increase sales, you’ll need to know how low you can discount your product without falling into unprofitable sales margins. But to cut inventory losses, you don’t have to worry about this. For attracting new customers, you’ll want to gauge the profit margin effects of your discount against the cost of acquiring new customers. For existing customers, you’ll want to weigh profit margin losses against a...

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### How Wild Women Winery Built a Thriving Boutique Business with Financing

> Charlene and Ross Meriwether own Wild Women Winery in the heart of downtown Denver, Colorado. The couple built a thriving business in a challenging

- Published: 2019-07-12
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/how-wild-women-winery-built-a-thriving-boutique-business-with-financing
- Resource Categories: Running a Business, Small Business Financing

Charlene and Ross Meriwether own Wild Women Winery in the heart of downtown Denver, Colorado. The couple built a thriving business in a challenging industry, where upfront capital costs are steep and inventory requires planning nearly a year ahead. They spoke with us about their business, why Denver is a hot market, and how OnDeck small business loans helped them grow their boutique business. What we love about being small business owners is that we basically control our own destiny. We can be as creative as we want. Tell us a little about your backgrounds and the story behind Wild Women Winery. We started the wine business as a second career in Texas. Before that, I was a teacher and a school administrator. Ross was an IT executive and we wanted to do something fun before we were too old to do it. So, we jumped into the wine business in Texas, and that was about 15 years ago and here we still are! We came to Denver about 12 years ago. We started the business down here in Denver because we wanted people to know that you could make wine in the middle of the city, even if you didn't have a vineyard. That was really the niche of this concept when it first started. We are a boutique winery that has no vineyard – instead, we source juice out of the central valley in California to make our wines. The concept came from a Canadian group and they...

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### 2019 is the Summer of Small Business at OnDeck

> We're celebrating the Summer of Small Business by spotlighting the hard work and achievements of our customers all summer long.

- Published: 2019-06-19
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/summer-2019
- Resource Categories: Running a Business

This summer we’re celebrating our customers in what we call the Summer Of Small Business! Our CEO Noah Breslow will travel across the country to meet with and learn about the personal journeys of our customers. We're spotlighting the hard work and achievements of our customers all summer long - stick to this page for updates from June through September. Summer of Small Business Roadshow: The William Everett Group Blues Barbershop Grinders 13 BraBar Boutique Legends Sports Bar Alexandria Music Company Tea by Two And don't miss our tips on how you can make this summer your business' best one yet - scroll down for details! Noah hopped on a plane and headed over to Chicago to visit our July Customer of the Month, The William Everett Group. Founder, President and CEO Ellen Rozelle Turner spent 15 years in sales, marketing, management and technology in both the public and private sectors prior to starting her own company. She is a true entrepreneur and prolific job creator, employing over 100 consultants and is now expanding the business' services to St. Louis, MO. It is truly a family affair at The William Everett Group. The firm is named after Ellen's grandfather, and it was her experiences with him as a young woman that boosted her confidence and business acumen. "I was around 15 when I used to go with him to the buyers to pick out shoes for women and then I worked in his shoe store with him. There were certain...

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### Managing Your Finances as a Seasonal Business

> Cash flow ebbs and flows, but it's more pronounced for a seasonal business. Here's what you need to know about managing financing for a seasonal business.

- Published: 2019-06-07
- Modified: 2025-02-04
- URL: https://www.ondeck.com/resources/managing-your-finances-as-a-seasonal-business
- Resource Categories: Small Business Financing

Anticipating the Cyclical Nature of a Seasonal Business Like most businesses, there is an ebb and flow of cash flow in and out of a seasonal business, it’s just more pronounced. As a result, it’s really important to have a handle on your cash flow needs and be able to anticipate when and how income will be impacted by a slower season. Successful seasonal business owners are able to anticipate these cycles and avoid the temptation to spend more capital when it’s abundant so they have cash flow during the slack season. My grandmother on the farm would call this saving for a rainy day. With a few seasons under your belt, it’s easier to anticipate these periods, but even if this is your first year in business, you can research industry trends in your area to help you prepare. Plan Ahead to Prepare for Potential Financing Needs It’s important to plan ahead and prepare for those times when you may need some extra capital to bridge seasons. We used to spend the off seasons tackling maintenance issues, restocking inventory, and other business needs we didn’t have time to tackle in the middle of our busy seasons. This meant we needed the cash flow to make these things happen. Although there were times when borrowing made sense to bridge the season, waiting until the need is upon you limits your options and makes it more difficult to find the right type of financing to meet the business need. With that...

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### Don’t Mess Up Your FICO Score: Manage Your Revolving Credit Usage

> Next to reducing delinquencies, managing revolving credit usage is critical to building a strong FICO score. Here are 3 tips on how to optimize your credit score.

- Published: 2019-05-23
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/dont-mess-up-your-fico-score-manage-your-revolving-credit-usage
- Resource Categories: Small Business Financing

For most small business owners, personal credit scores will likely be a part of any business creditworthiness evaluation. So it’s important for small business owners to know what they can do to build and maintain a strong personal credit score in addition to a good business credit profile. Last time we talked about FICO scores, we discussed the importance of managing delinquencies — the first step to building and maintaining a good score. Today, we’re going to share a little inside baseball on how you can manage your revolving credit usage to optimize your FICO score and how lenders (and the credit bureaus) view your personal credit profile. What Is Revolving Credit? Revolving credit is a form of credit that replenishes the credit available as it's repaid. Typically with revolving credit, a credit limit and interest rate is determined by a lender, which allows a borrower to borrow up to that amount on an ongoing basis. The borrower can then repay portions of the balance due when they can, as long as minimum payments are met on certain payment dates. Each payment goes back into the available credit, minus interest and fees. Popular forms of this type of funding include credit cards and lines of credit. What Is Revolving Usage Percentage? Your “revolving usage percentage,” or what is known in the credit industry as “revolving utilization,” is the most important factor that influences your personal credit score and the interest rates you can receive. In other words, creditors look at...

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### Does it Make Sense for my Business to Prepay a Loan?

> Repaying a business loan early may sometimes seem like a good option, but before you prepay a business loan or take out a new one with a prepayment option, it’s important to consider whether it makes sense for your business.

- Published: 2019-05-09
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/does-it-make-sense-for-my-business-to-prepay-a-loan
- Resource Categories: Running a Business, Small Business Financing

Repaying a business loan early may seem like an attractive option in certain situations. Depending on the business lender and loan type, prepayment may save you money on interest. Additionally, many business owners seek the additional flexibility and control over their cash flow that comes with loan prepayment options. However, before you prepay a business loan or take out a new loan with a prepayment option, it’s important to consider whether it makes sense for your business. Read on for some business use cases when you’ll want to consider prepayment, and when you might not. When does it make sense to prepay a business loan? When thinking about prepaying a loan, it’s important to consider whether it’s the right option for your business and its cash flow needs. For example, if your business has a fluctuating sales cycle (i. e. , construction, restaurants, retail), paying off your business loan early can be beneficial. If you pay off the loan after your most lucrative sales period, you can avoid carrying a loan payment during “leaner” months. Doing this will require that you have enough cash on hand after paying off the loan to last until your next busy season, so it’s important to carefully analyze your projected cash flow needs before considering this option. Another scenario where it may make sense to pay back a loan early is if your business has become more successful than you expected when you first took out the loan. If you find you have more...

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### Lessons Learned from Other Small Business Owners: Celebrating National Small Business Week

> In celebration of National Small Business Week, read some of the best advice we’ve gathered from small business owners on building a successfgul business.

- Published: 2019-05-03
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/lessons-learned-from-other-small-business-owners
- Resource Categories: Running a Business

OnDeck is proud to work with so many hard-working small business owners, the backbone of our economy and the heartbeat of our communities. In celebration of National Small Business Week, we’d like to share some of the best advice we’ve gathered from small business owners like you on just what is needed to build a successful business. Here are some lessons they thought were important enough to share with us: On managing cash flow Learning to manage your business cash flow is one of the most important skills to develop as a small business owner. This is particularly important if your business experiences longer gaps between invoicing and payment, which is common for businesses in the medical, construction or manufacturing industries. Tina Mantis of Mantis Dentistry offer this advice: “The biggest challenge in managing cash flow is the gap between our accounts receivable and accounts billable. The timing doesn’t always match up. So, for example, if one of our patients takes two weeks to pay us, but we need to pay a lab for results today, we run into an issue. This dynamic creates a very serious cash flow conversion cycle issue. The way we overcame this challenge was by putting a reserve account in place – you need to have cash on hand to account for this. ” Read the full interview with Dino and Tina. On developing and training top notch employees Excellent customer service can be a “make or break” factor for small businesses, so it’s critical...

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### Don’t Mess Up Your FICO Score: Managing Delinquencies

> A strong FICO score depends upon staying current on your personal debt obligations, but managing delinquncies will help minimize the damage to your score.

- Published: 2019-04-03
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/dont-mess-up-your-fico-score-managing-delinquencies
- Resource Categories: Running a Business, Small Business Financing

Although your personal credit score doesn’t represent your business creditworthiness, it will likely be part of how most small business lenders evaluate your business loan application. With that in mind, small business owners need to not only make sure they take actions to build a strong FICO score, they also need to be careful not to unintentionally do anything that will lower their score. Here’s a little “inside baseball” that will help you avoid inadvertently doing something that will negatively impact your score. Managing Delinquencies Because so much of your FICO score is dependent upon how current you are with your debt obligations, it probably goes without saying that you need to keep on top of your mortgage, auto loans, credit cards, and other personal debt. However here are four things you should know that will help you better manage delinquencies and minimize the damage when you are delinquent. Exceeding 60 days past due is treated differently than exceeding 30 days past due—If circumstances require you to miss a payment, don’t miss the second payment. You FICO score will start improving the moment you bring your account(s) current—Don’t think that because you have a delinquent account you should throw in the towel or that it’s too late to save your credit score. Remember: The score is measuring “the time since last delinquency” in months, so bringing the account current quickly will start improving your score. Delinquencies impact your score less and less as time passes after you bring the account...

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### Your Ultimate Checklist for Small Business Operations

> Here are 8 simple small business operations, procedures and processes that are necessary to keep your business running smoothly.

- Published: 2019-03-26
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/your-ultimate-checklist-for-small-business-operations
- Resource Categories: Running a Business

As a small business owner, you are probably an expert in the actual product or service provided by your company. However, you may not be as well versed in the procedures and processes that are necessary to keep your business operating. While the particulars of each business naturally vary, there are several common features that every small business should maintain to ensure solid operations. This list represents some of the most essential small business operations involved in keeping a company up and running. Maintain Company Financial Records Financial and accounting functions include handling taxes, payroll, and bank statements, as well as invoices, contracts, and payments. If you or your staff members travel for business, those expenses must be accounted for as well. Even without trading in public stock, your company is also responsible for generating financial reports such as loan statements, revenue or sales forecasting, office or manufacturing space expenses, and equipment purchases or leases. Accurate record keeping for revenue and expenses is essential, whether they are assigned to an office manager in house or contracted to an outside accountant. Update Human Resource Records Unless you are a sole proprietor, your company must maintain human resource records. These records include applications or resumes and job descriptions. Regulations for allowed absences, sick leave, vacation time, and other time-off policies should be established in writing and made available to each employee on your payroll. Your company should also establish a code of conduct, with clear guidelines for allowable and prohibited conduct and...

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### Cash-Based Accounting vs. Accrual Based Accounting

> Small Business accouting can go two ways. The main difference between accrual and cash-based accounting relates to the timing of revenue and expenses.

- Published: 2019-02-15
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/cash-based-accounting-vs-accrual-based-accounting
- Resource Categories: Small Business Financing

Your business may make money, but is it actually profitable? Unless you maintain an accurate and current accounting system, there is no way you can really be sure. There are two basic accounting systems: cash-based and accrual-based. The main difference between accrual and cash-based accounting systems relates to the timing of revenue and expenses. Each approach has its advantages and disadvantages. How you maintain accurate financial records plays a major role in ensuring that your company is truly profitable. Understanding the accounting process can help you make the right choice for your company. Accrual versus Cash-Based Accounting Systems Cash-based accounting recognizes actual revenue and expenses. Revenue is reported only after it has been received while expenses are only recorded when they have been paid. Cash-based accounting is more straightforward for the simple reason that tracking cash is easier. As a result, it is typically employed by small businesses, entrepreneurs and consumers. There's a downside though. Cash-based accounting can overstate your company’s financial health, particularly if there are large reserves of cash on hand, but unpaid accounts payable that exceed the amount of cash available to cover them. By contrast, the accrual accounting method focuses on revenue and expenses that are anticipated but have not yet been posted. Under the accrual method, revenue is recorded when a sale is made, even if the actual funds will only be received at a later date. Likewise, expenses are recorded as soon as a bill or invoice is received, regardless of the due date...

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### How to Calculate the Cost of a Business Loan

> Comparing different types of financing can be difficult - here are five metrics to help you calculate the cost of a business loan so you can compare options.

- Published: 2019-02-11
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/comparing-the-costs-of-different-business-loans
- Resource Categories: Small Business Financing

Comparing the costs of a short-term loan to a long-term loan or a merchant cash advance to a line of credit or term loan can be challenging because different lenders can express their costs differently—making it a challenge to make an apples-to-apples comparison. With that in mind, there are five metrics that can help you calculate the cost of a business loan, which will make it easier for you to compare different financing options. Because there is no one-size-fits-all way to describe every potential financing option available, here are five metrics you need to know: 1. Annualized Percentage Rate (APR) The APR metric is a good way to compare loans with similar terms. It was introduced to help consumers make decisions about mortgages, auto loans, credit cards, and other consumer credit. Commercial lending, small business lending, is a little different. Because of the different ways businesses access funding, APR is one of the metrics you might compare, but it certainly isn’t the only metric. APR is not the interest rate on a loan or used to calculate the total dollar cost of any financing, but is rather an annualized percentage rate that expresses the interest rate along with any fees associated with any small business financing. 2. Total Cost of Capital (TCC) This metric will include all interest and any other fees that are a condition of receiving capital. The Total Cost of Capital metric discloses the total dollar cost of the financing option, a crucial source of information for...

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### Why Should I Buy from You? Creating A Sales Strategy

> Creating an effective sales strategy should fulfill your business goals to increasing your company’s customer or client base.

- Published: 2019-02-06
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/why-should-i-buy-from-you-creating-a-sales-strategy
- Resource Categories: Running a Business

As a small business owner, you may be uncertain about how to articulate your value proposition. You may even be unclear on the concept of just what a value proposition is. Simply put, a value proposition is a marketing statement that describes why a prospective customer or client should choose your company over a competitor. A good value proposition represents an excellent foundation for an overall sales or marketing plan. However, building on that, you'll also require a solid understanding of the basics of sales, your company’s products and customer base, and your capability to deliver. This all leads to the important first step of developing an effective elevator pitch. Then, it's all about following through on that pitch, closing the deal and managing your customer or client base on an ongoing basis. This article explores key steps in that process of showing a prospective customer why they should buy from you. The Basics of Sales Sales, advertising, and marketing perform different functions, but all three have the same essential goal – increasing your company’s customer or client base. There are two basic concepts to any sales pitch: convincing customers or clients their needs (or desires) can be met by your company, and demonstrating that your company is better equipped to meet those needs or desires better than the competition. Of course, the specifics vary according to your company, your target client or customer base, market conditions and your competition. Your company’s specific sales pitch should naturally adjust as well,...

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### Demystifying Business Insurance

> A lot of entrepreneurs are put off when the topic of insurance comes up. They think it’s another item to be added to the already long list of expenses. It

- Published: 2019-02-01
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/demystifying-business-insurance
- Resource Categories: Small Business Financing

A lot of entrepreneurs are put off when the topic of insurance comes up. They think it’s another item to be added to the already long list of expenses. It can also be that they’re confident about how prepared they are in case something unfortunate happens in their operations. Whatever the reason is, entrepreneurs need to realize that getting business insurance is essential to protect them against significant financial losses. Another thing about insurance that may discourage entrepreneurs is that it comes with a wide selection of coverage and types. A lot of factors also need to be considered. What are the business aspects that need to be covered? Is one insurance product enough or do you need more than one? What type of coverage do you need? It may seem daunting at first, but with enough information about insurance, choosing the right one for your business will be much easier. Here are several things you need to know about business insurance: Home insurance is not enough to protect your home office Some business owners think that when they do their operations at home, their existing home insurance will suffice to protect them against huge financial losses. This is a common misconception that must be cleared out. While add-ons can be included in the home insurance, it is still better to buy another insurance policy - one that is designed to protect your home-based business against claims. Bear in mind that your business needs are different from those in your...

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### Keeping it Simple: How Staying Organized Will Save You Time

> You are probably familiar with the saying “time is money,” but you may not really understand how true it is. Studies show that the average executive

- Published: 2019-01-11
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/keeping-it-simple-how-staying-organized-will-save-you-time
- Resource Categories: Running a Business

You are probably familiar with the saying “time is money,” but you may not really understand how true it is. Studies show that the average executive wastes an hour of work time each day looking for missing information. The Small Business Administration reports that many small businesses cannot properly serve their customers because of disorganized paperwork. By contrast, an organization that is both efficient and effective is an organization that delivers the goods and services its customers want and need in a timely fashion and at prices they are willing to pay. The time, effort and money spent maintaining well-organized operations are a good investment in the profitability of your company. Disorganization Can Be Costly As a small business owner, time is often at a premium. You may recognize the value of being organized but believe that you’re just too busy keeping your business running to devote the time necessary to getting organized. However, this sort of thinking fails to take into account the costs that your business is likely suffering due to lack of organization. According to a 2011 Hiring Trends survey conducted by Express Employment Professionals, management level employees lose as much as nine work hours each week because of excess clutter on their desks or in their offices. Translated into dollars — this means that a manager earning $50,000 annually costs the company more than $11,000 each year due to disorganization. That’s hardly pocket change. Disorganization can lead to lost revenue in other areas. Lost files or...

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### The Pros and Cons of Small Business Holiday Bonuses, Gifts, Parties and Time Off

> Tis the season to show your employees you care. The holiday season bring out the warm and fuzzies no matter which holiday people are celebrating. If you

- Published: 2018-11-28
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/the-pros-and-cons-of-small-business-holiday-bonuses-gifts-parties-and-time-off
- Resource Categories: Running a Business, Small Business Financing

'Tis the season to show your employees you care. The holiday season bring out the warm and fuzzies no matter which holiday people are celebrating. If you want to join in on the fun and strengthen your relationships with employees, some type of holiday reward can help. Gallup research finds employee recognition positively impacts employee engagement when the recognition is honest, authentic and individualized. (1) So what's the best type of way to recognize employees over the holidays? Here's a look at the pros and cons of bonuses, gifts, parties and time off when you're considering what your business can offer. Holiday Bonuses for Employees Holiday bonuses can be based on employee performance or given out at the same amount for all employees. A 2017 report by ABC News found up to 70 percent of employers offer performance-based bonus plans, and 35 percent of U. S. employers offer across-the-board holiday bonuses. (2) Pros of Holiday Bonuses When a bonus is performance-based, it can motivate employees to meet the performance standards needed to secure the bonus. Some companies measure performance throughout the entire year before deciding bonus amounts. These types of bonuses can be a powerful way to keep employees performing well throughout the entire year. Knowing that a bonus is coming can increase employee morale. The National Retail Federation reports consumers will spend an average of more than $1,000 this holiday season. (3) Anticipating a chunk of change that will help alleviate that burden is something employees can look forward...

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### 401(k)s for Small Businesses

> 401ks for small busiesses are no longer as cost prohibitive as they once were. Technology has helped lower the paperwork and the cost of these plans.

- Published: 2018-09-21
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/401ks-for-small-businesses
- Resource Categories: Small Business Financing

401(k) for small businesses are often only seen as a large cost - a fear that is not entirely unfounded. Historically, traditional providers catered their products, as well as their pricing, toward larger companies with bigger budgets and more assets. And, even if a smaller company could afford the financial piece, the sheer overhead of administering a plan was too much to take on. Luckily, the days when plans were prohibitively expensive are over. By automating administration, providers are able to keep costs down to about half that of a traditional provider, and far less than a single employee's health insurance! Now more than ever, the benefits of offering a 401(k) far outweigh the costs, especially because the costs are coming down drastically. It serves not only as an incredible employee benefit, but also comes with special tax incentives that small business owners can get from offering retirement plans to their employees. Technology is making retirement saving easier than ever. Companies like Human Interest reduce the time burden and keep costs low by focusing on administrative efficiency. Managing investment accounts requires not only financial insight, but also a system for managing the funds, keeping up to date on legal requirements, withdrawing the money each pay period, and a process for employees to access their accounts to help you and your employees make sound financial choices for your retirement. Additionally, retirement plans are also a great way to recruit and retain employees to help drive success. Giving employees amazing benefits is...

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### A Small Business Owner’s Guide to Choosing and Using CRM Software

> Customer Relationship Management software can be a valuable tool for small businesses. Here's how your small business can leverage the value of CRM software

- Published: 2018-09-11
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/a-small-business-owners-guide-to-choosing-and-using-crm-software
- Resource Categories: Running a Business

Customer relationship management software has become one of the most important tools for business success today. Companies that use CRM effectively can see a return on investment of 245 percent, a Forrester study found. As the CRM market grows, the number of available options is expanding, which can make choosing the right tool for your business challenging. Additionally, software alone isn’t enough to CRM effectively without a sound deployment strategy. To assist you with using CRM to grow your small business, here is a guide to today’s leading CRM solutions, along with some tips on best practices for using your CRM tool, tracking your return on investment and what to do if you can’t afford CRM yet. What Is CRM Software? Before shopping for CRM solutions, it’s important to have a good understanding of what customer relationship management software is so you know how it can help you business and what features to look for in a solution. On a basic level, a CRM is a software tool to help your sales team make more sales by automatically organizing and applying data about your prospects and customers. On a more advanced level, it can help all areas of your business by integrating your sales data with other important data such as marketing and customer service data, boosting your overall efficiency as well as your revenue flow. You can think of a CRM as the digital version of a sales representative’s address book. At one time, sales representatives used Rolodex files...

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### How To Get Happy Customers To Write You Online Reviews (2018 Update)

> Online reviews of your business are extremely important and easier than ever for customers to write, and for potential customers to access.

- Published: 2018-08-05
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/how-to-get-happy-customers-to-write-you-online-reviews
- Resource Categories: Running a Business

In the age of the mobile, online reviews of your business are easier than ever for customers to write, and for potential customers to access. Before checking out a new store or the latest restaurant, potential customers frequently whip out Yelp or the company’s Facebook page. Positive reviews boost your visibility, give you a good reputation, downplay the occasional negative comment, and encourage business growth. So, how do you secure them? Foster relationships. The key to good reviews isn’t just hoping you wowed your customers enough that they’ll take the time to review you—it’s developing a relationship with them that leaves them excited to support you. Asking for reviews by being pushy will get you nowhere. Make sure customers know that their input matters to you, both online and off. Positive or negative, enlightening or blah—tell them that whatever they think about your business is helpful. Asking them to provide honest feedback instead of just a 4-star ranking, as well as ensuring them you’ll take it seriously, will make customers more motivated to let the world wide web know their thoughts. Turn negative into positive. If you’ve received a negative review from someone, don’t just close your eyes and wish it would disappear. Confront the customer in a straightforward and kind way by asking what you could have done to provide better service. It’s a fact of life that the more reviews you get, one or two negative ones will start popping up. You can’t satisfy every customer 100 percent,...

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### From Journalist to Nurse: Meadowlark Home Care

> I banked with them for so long, and they knew how much money I had! It was very frustrating. But then I found OnDeck and they took me on.

- Published: 2018-07-24
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/meadowlark-home-care
- Resource Categories: Running a Business

When Devoughn Owens founded Meadowlark Home Care in 1997, it was her instincts that told her people would always need nurses, not statistics. Home care services is one of the fastest growing industries in the country. According the US Bureau of Labor Statistics, it's projected to grow 41% from 2016-2026. Devoughn started out in undergrad at Louisiana State and majored in journalism, she had no intention of becoming anything besides a journalist. However, when she graduated, there were no jobs in her area of study. She worked a few jobs here and there, but that was it. It was then she decided it wasn’t working out and she needed to do something productive. She made the tough decision and went back to school. She told herself "no matter what is going on in the world, I’m going to graduate with a degree that will serve me for many years to come. " Wayne State University had an accelerated nursing program, so pursued that because there is always need for nurses. After she graduated she worked in the Intensive Care Unit at Detroit Receiving Hospital and then at Western Wayne Correctional Facility. At that time, she and her brother wanted to set up a group home together. We looked at group homes in Detroit, but most weren’t set up for them to be grandfathered in, which would’ve been more cost effective. She already had a house in Oak Park, and that wound up working out. "I made the decision in May...

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### How SWOT Analysis and Other Tools Can Help Your Small Business

> Help your company stay ahead of the competition and making sure your company is doing everything it can to compete by using a SWOT analysis.

- Published: 2018-05-15
- Modified: 2024-10-25
- URL: https://www.ondeck.com/resources/swot-analysis-tools-can-help-small-business
- Resource Categories: Running a Business

Using data and analytics is a practice large enterprises know the value of. A 2016 study by International Data Group (IDG) found 78 percent agreed that data strategy, collection and analysis have the potential to completely shift and improve business operations. Small businesses don't need sophisticated data-gathering to produce a valuable analysis. A SWOT analysis is a simple way to help your team hone in on what's working and what's not so you can pivot. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Weaknesses and Strengths are the negative and positive aspects you can see from an internal point of view, that identify the current state of what's being examined. Threats and Opportunities are negative and positive aspects that are external, which can affect the future of what's being examined. When writing down a SWOT analysis, you can use columns for each identifier, or create a cube with four boxes. Shopify has a free template example for download. Whenever a team or individual needs to glean more insight into a tactic to try, conducting a SWOT analysis helps you mitigate risk and work more efficiently. A SWOT analysis should be used when you're creating a business and throughout your operations. Here's a look at how your small business can use a SWOT analysis to tackle typical issues. When You're Forming a Business Plan In the infancy stages of your small business, creating a baseline SWOT analysis helps you focus business strategy, identify goals and monitor threats from competitors. As early...

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### 6 Steps to Improve Your Company’s Competitor Analysis

> Competitor analysis is an important part of staying ahead of the competition. Here are six tips for a common sense approach to market analysis.

- Published: 2018-05-15
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/6-steps-improve-companys-competitor-analysis-2018
- Resource Categories: Running a Business

Doing competitor analysis effectively is essential to staying ahead in your market niche, but most companies aren’t sure how to do it. Nearly 3 in 4 marketers agree that competitive analysis is important or very important for business success. But 6 in 10 marketers say they’re not very good at doing competitor analysis. Only 4 in 10 marketers actually apply competitor analysis to their business strategy. Learning how to improve your competitor analysis can give your company an edge on the majority of rivals who are struggling with mastering this tactic. Here are six steps to help you fortify your competitor analysis in 2018. 1. Define Your Goals The first step when doing competitor analysis is to define your goals. What do you plan to do with the information you collect? Are you trying to improve your branding versus your competition? Improve your USP? Get more traffic that your competition on a particular set of keywords? Generate more social followers, likes and shares? Make your user experience more satisfying than your competitors? Generate a higher conversion rate? Defining your goals will help you focus your competitor analysis and determine what you will do with it after you’re done. 2. Determine What Data You Need to Collect Defining your goals will help you determine what type of data you need to collect, which is the next step in competitor analysis. There are many possible sources of data to draw from: Search engine data, such as keyword rankings, page authority rankings Online...

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### A Comprehensive Guide to a Small Business Loan

> Many small businesses rely on a small business loan to fuel growth and fund working capital needs. Here's what you need to know about business loan options.

- Published: 2018-01-30
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/guides-small-business-loans
- Resource Categories: Running a Business, Small Business Financing

Small Business Loans Many small businesses rely on a small business loan to fuel growth and other initiatives. Depending upon the nature of the business need, a business’ credit profile, time in business, whether or not the business has adequate collateral, and other factors, there are more small business loan options available today than ever before. The local bank has been small business’ traditional source for borrowed capital—and still remains a viable option for those businesses that can meet their potentially strict criteria. Nevertheless, there are additional choices for a small business loan, which could make sense for your business, once you understand the landscape of potential loan options. Some of these options could be a good fit for very young companies and others help solve some of the challenges faced by almost every small business. A Term Loan at the Bank A term loan at the bank is what most people think of when they think of a small business loan—which is why it makes sense for this to be at the top of the list. What’s more, many of the other loan types share similar characteristics with a traditional term loan, so it makes sense to understand how a traditional term loan works. Although it might not always be the best place for every small business to look first, it makes sense that many businesses start at the bank when they're looking for a small business loan. They likely have other business banking accounts there, they have a...

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### Small Business Loan Application Checklist - 2019 Update

> Before you fill out your online small business loan application, Here's a checklist of items and qualifications you may need to have ready.

- Published: 2018-01-11
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/small-business-loan-application-checklist
- Resource Categories: Small Business Financing

Applying for a small business loan is not as complicated as it seems and it doesn’t need to take up a ton of your time. Yes, there is an application, and yes, you will need to provide some information about your business. With many online lenders, the application is as easy as it can be. To make it even easier I spoke with AJ, OnDeck’s Senior Small Business Credit Advisor. He helps small business owners deal with issues with their Secretaries of State, UCCs, liens you may not know about, or other public filings. He also assists our loan advisors when business owners have questions about their business credit. To sum it up, he’s the go-to guy when people have questions about what they need to successfully apply for business financing, with Ondeck. Because we want you to be 100% ready to apply before you begin the online application, or call to speak with a loan advisor,we came up with a checklist of items and qualifications you may need to have ready, so you don’t waste your time with any back and forth. Consider these items before you apply for a business loan or business line of credit: Go over your business credit profile and address any concerns Develop your company identity Become a legal business entity such as an LLC Get a business Tax ID number Separate business bank account with at least 5 deposits each month Separate company phone number Separate company website Have several vendors that report...

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### Parental Leave in Small Businesses

> Parental leave doesn't have to be a challenge to your small business. Here are 3 things to consider as you contemplate parental leave in your business.

- Published: 2017-12-07
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/parental-leave-small-businesses
- Resource Categories: Running a Business

You have your business plan, financial model, employment contracts and business processes in tip-top shape. Every person in your small business understands their role and your policies for their day-to-day work. But what happens when that all changes? You are expecting a new parent on your team and you're not sure what you need to do to set up a maternity and paternity leave policy — and you haven't even thought about what you're going to do with one less person to get the work done. It might be time to create a parental leave policy. Parental leave can be tricky for small businesses, but it is possible to survive and even thrive during this time. As a small business owner you need to know what you legally need to provide your employees in terms of leave as well as how to help your team adjust. Understanding the Benefits of Parental Leave There are many reasons to offer maternity and paternity leave to your employees. If you have 50 or more employees, you are required by law to follow the Family and Medical Leave Act (FMLA) and provide at least 12 workweeks of job-protected leave. If you have fewer than 50 employees, you may not be legally required to provide FMLA leave. However, laws regarding parental leave differ depending on the state you're in and you still have to abide by The Pregnancy Discrimination Act of 1978. Beyond legal requirements, having a parental leave policy is good for your small...

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### How Your Small Business Can Strategically Invest in Automation

> You don't need to be a big company with a big budget to invest in automation. Here are 5 places your small businesses can automate with ideas for how.

- Published: 2017-12-06
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/small-business-can-strategically-invest-automation
- Resource Categories: Running a Business

If your business is like many of your peers, your team may be pushed to their limit in terms of time and energy. Most small businesses are doing more and more with less and less—which might not be the best long-term strategy for running a successful business. That being said, they've gotten you this far and are essential to your business' success. However, it’s likely a strategy for taking the next growth steps is uncertain without hiring more employees. The answer may be pretty simple: invest in automation. With the right tools and technology, your team can accomplish more and use their time more efficiently. Payroll Instead of spending two days a month updating your books and signing checks, use a service that does it for you. With a payroll service, such as Deluxe, your employees will receive their direct deposit on time with no mistakes. You also don't have to worry about calculating taxes or keeping up with labor laws because their payroll specialists do it for you automatically. The financial industry also has strict regulations on security, so you don't have to worry about sensitive information being leaked or getting hacked. Not only will you save precious time that can be better spent elsewhere in your company, but your employees won't have to worry about their paycheck and being able to pay their bills that month. Payroll is one place where you can seamlessly invest in automation. Email There has been a longstanding war against email because it...

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### 4 Winning Strategies to Speed Up the Sales Cycle

> Your sales cycle length has a critical effect on your company’s performance. Here are four winning strategies to speed up the sales cycle in your business.

- Published: 2017-12-05
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/4-winning-strategies-speed-up-the-sales-cycle
- Resource Categories: Running a Business

Your sales cycle length has a critical effect on your company’s performance. The length of your sales cycle directly impacts your cash-flow rate, budgetary planning, inventory management, marketing schedule and sales strategy. The bottom line is, the quicker you can turn around sales, the faster your business will grow, while the slower your sales cycle, the higher your risk of running into cash-flow problems and going out of business is. So a strategy to speed up the sales cycle is something you can’t afford to ignore. Unfortunately, sales cycles are often unsustainably slow. For example, an Implisit study of hundreds of B2B companies found that the average length from lead to opportunity is 84 days, while it takes another 18 days to get from an opportunity to a close, for a total sales cycle length of 102 days. This means it can be over three months before your company sees any revenue from your sales efforts. From these numbers, it’s clear why constantly working to improve and speed up your sales cycle should be a high priority for sales leaders and small business owners alike. You can imagine the impact that a faster and more efficient sales cycle would have on your bottom line. Here are four winning strategies your business can use to push leads through your sales pipeline faster and accelerate your company’s revenue flow. Talk to the Decision Maker One common mistake that can slow down your sales cycle is wasting too much time talking to someone...

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### Cash Flow: What Business Owners Should Know

> Managing cash flow is a critical part of building a successful business. Here's what you need to know about your cash flow and how to best manage it.

- Published: 2017-11-14
- Modified: 2024-11-08
- URL: https://www.ondeck.com/resources/cash-flow-business-owners-know
- Resource Categories: Small Business Financing

Cash flow is the life blood of every business. Without cash, it’s hard to purchase inventory, pay employees, and ultimately keep the doors open. Over the years, poor cash flow management has led to the demise of many small businesses. Read on to learn more about how to calculate your cash flow metric, and how to optimize your cash flow management. What is cash flow? Essentially, your cash flow is your current assets minus your current liabilities. Current assets are defined as things like your cash in the bank, your current Accounts Receivable, your inventory, your business location (if you own it), and any equipment or other asset you may have to facilitate doing business. Your liabilities are usually defined as your current Accounts Payable and any long-term payables you might have. A business loan, line of credit, or other business debt would be included in this number. Basically, if your expenses exceed your income, then you have a cash flow problem. However, there is a specific calculation you can do to get a more detailed picture of your cash flow health: your cash flow metric. How do I calculate my business cash flow metric? If you’ve never heard of your cash flow metric before, it’s something you should get familiar with. If you divide the value of your current liabilities into your current assets, you’ll come up with a ratio of assets to liabilities. The ratio you’re shooting for should be to have twice as many assets as liabilities...

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### 4 Ways to Recover From A Rejected Loan Application

> Your business loan application was rejected. Now what? Learn what you can do to make sure you have a better chance to get your loan approved next time.

- Published: 2017-11-07
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/4-ways-to-recover-from-a-rejected-loan-application
- Resource Categories: Small Business Financing

Most small business owners don’t jump into their entrepreneurial dream because they are experts at financing a business. As a result, it’s not uncommon for a loan application to be rejected. Sometimes it could be the creditworthiness of the business, the criteria of the lender, or simply not completely understanding what the lender considered when they evaluated your loan application. With that in mind, here are four things you can do to regroup, start over, and improve the odds for next time: 1. Start at the beginning: The first thing lenders want to know is that your business has the ability to service debt. This is why they ask about things like revenue, time in business, cash flow, and your liabilities. They want to validate that you can repay a loan and that you’ve been in business long enough to have a track record. Different lenders have different requirements. For example, the local bank wants to see several years in business and annual revenues closer to $1 million than $100,000. On the other hand, many online lenders are looking for at least a year in business, a minimum threshold of $100,000 in annual revenues, and the ability to demonstrate you have the cash flow to make the periodic payments. Advice: Make sure you understand the loan criteria before you apply to validate for yourself that you meet the minimum requirements regarding time in business and revenue. 2. Honestly evaluate your track record: Lenders use both your business credit profile and...

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### 3 Effective Sales Tactics for Small Businesses

> Sales is the heartbeat of most small businesses. These effective sales tactics allow you to run your business efficiently and increase your productivity.

- Published: 2017-10-17
- Modified: 2025-05-20
- URL: https://www.ondeck.com/resources/3-effective-sales-tactics
- Resource Categories: Running a Business

To run a business effectively and efficiently requires a lot of upfront effort. Efficiency demands processes, protocol, and forethought in every aspect of your business. This endeavor trolls through strategy, operations, marketing, your finances, and especially sales. To talk you through the most effective tactics business owners should know about sales, I asked the best salesperson I know for his thoughts on how to approach sales efficiently, my husband Ben, CEO and Founder of Ben Hyman Music, a boutique agency that provides high-end music teachers to local students in their homes. When Ben started his teaching business at 19, he was not trying to build a local music education empire. (#proudwife) He merely realized, he could make more money teaching private music lessons and do something he loved than he could waiting tables at a local restaurant... and so it began. More than fifteen years and hundreds of clients later, I’m dumbfounded when I catch a glimpse of him on a call with a potential new client. He is so passionate about his business, knowledgeable about the talking points that get future customers excited, and he knows how to respond to every doubt, question, or concern without missing a beat. Often, when I speak to successful small business owners, I discover their magic touch is they excel at sales. Sales is the heartbeat of every business, if you can’t convince a potential customer to use your product or service your business will not exist, let alone succeed. I am not...

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### 11 Effective Small Business Efficiency Tools to Increase Your Revenue

> Maximize your time and revenue with these effective efficiency tools. Run your business smarter and gain time to work on your business growth.

- Published: 2017-10-10
- Modified: 2025-05-20
- URL: https://www.ondeck.com/resources/11-effective-efficiency-tools-increase-revenue
- Resource Categories: Running a Business

Finding the right tools to help automate your processes is not always as easy as it seems. So without further ado, or lengthy introduction explaining why automation tools are like having an extra employee for a low monthly cost, here are a few of my favorite software products that’ll keep your business on track and ahead of your competition. Make sure these tools are right for your business with demos and free trials before committing to any contracts. Project Management: Trello: Every project has a workflow, imagine if you could take your whiteboard or post it system and put in online, and customize it for every project. No longer do your employees need to waste money on office supplies or search for the post-it that fell off the wall or accidentally erase the whiteboard. Trello will allow your business to operate on a more streamlined basis. Do you want to quickly check in, or change something up? You no longer need to worry. WorkflowMax: Historically, project management is a mess of paperwork, folders files, whiteboards, calendars, etc. WorkflowMax works in conjunction with other tools, like Trello, to keep track of every project, who’s working on it, due dates, etc. It. Will. Change. Your. Life. For Communication: Slack: Ever come up with an idea, but everyone's' calendars are already packed for the day? Plus, haven’t we established how much we all hate meetings? Slack is an amazing tool to help you stay in touch with your team, it’s a simple app...

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### Maximizing Small Business Efficiency

> Creating business efficiency may not require a major initiative, relatively small and incremental actions can make it happen. Here's what you need to know.

- Published: 2017-10-04
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/maximizing-small-business-efficiency
- Resource Categories: Running a Business

I think it’s human nature to look for big solutions to challenges—the silver bullet. Unfortunately, in most situations, I’m not convinced there is a real silver bullet. I think this is particularly true for creating an efficient business. Most of the time, business efficiency is a combination of relatively small and incremental steps that cumulatively have a significant impact. With that in mind, here are six relatively simple things you can start doing today that will help you amp up your personal efficiency as well as create an environment where your employees can be more efficient too. 1 Look for ways to simplify and automate business processes This is easier said than done, but creating business efficiency is a worthy effort. Michael Gerber, author of the E-Myth Revisited, suggests, “What you do in your model is not nearly as important as doing what you do the same way, each and every time. ” In other words, look at your most successful practices and find ways to make them repeatable. A documented employee manual could be one of them, but if there are places you can automate those processes to ensure consistency, even better. Whether it’s something as simple as automating the way you pay your bills or something more complicated like ensuring that all your customers get the same experience regardless of who they talk to, automating the processes that make sense is simply a good idea. 2 Instigate a daily standup In the software development world, some groups conduct...

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### Smart Business Growth Strategies for Small Business Success

> Pursuing Smart Business Growth Strategies. As a small business owner, I observed that my business seemed to either be growing or struggling.

- Published: 2017-09-28
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/smart-business-growth-strategies
- Resource Categories: Running a Business

As a small business owner, I observed that my business seemed to either be growing or struggling—nothing ever seemed to remain in stasis or a constant state. Saying that isn’t meant to imply that I’m an advocate of reckless or uncontrolled growth; which can get a business in trouble just as quickly as not enough growth. Pursuing smart growth requires a thoughtful, but very logical approach. I believe, in the same way, farmers use the seasons to judge when to plant or harvest, businesses can watch for the best opportunities to grow. And, although there are successful companies that don’t aggressively pursue growth, most business owners understand how important it is to capitalize on opportunities to grow their businesses. Here are four times I believe a savvy business owner might pursue smart growth: 1. Your market is growing: A market on the rise can be a good opportunity to expand. For example, if you’re a plumbing contractor and home construction is growing, it might be time to add another plumber or two to meet the potential increase in demand. 2. You find a complementary product that can boost profits: Sometimes opportunities for growth come in the form of related products you can add to those you already offer. A florist, for example, might find a new line of candy or chocolates they can offer; or you might hire an ice sculptor for weddings and events where flowers usually play a big part. 3. Your current customers want to buy more:...

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### What You Need to Know About an SBA Loan

> SBA loans can be a good financing option for small business owners. Here's what you need to know about getting an SBA loan, and your SBA lending options.

- Published: 2017-09-11
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/sba-loans
- Resource Categories: Small Business Financing

Although the SBA (U.S. Small Business Administration) isn’t a lender, it has guaranteed millions of small business loans since it was established in 1953. SBA loans are

Many small business owners think of SBA loans when they contemplate borrowing to fuel growth, expand, or finance some other business initiative. Before you apply, there are a few things you need to know about an SBA loan. The first thing you need to know is that the SBA isn't actually a lender—most SBA loans will come from your local bank and are guaranteed by the SBA. The guarantee is designed to make it easier for the bank to approve a loan to a borrower whose credit worthiness might fall just below the normal qualifying criteria at the bank. There are also a number of different SBA loan types intended for different business purposes. The most common SBA loan types are: The 7(a) Loan: The most popular and flexible SBA loan product The CDC 504 Loan: A popular loan used to finance fixed assets like equipment or real estate The SBA Microloan Program: This loan program is designed for very small loans (under $50,000) for new and growing businesses The Disaster Loan Program: A loan designed to help business owners recover from damage or loss caused by a natural disaster How SBA loans work Although the SBA (U. S. Small Business Administration) isn’t a lender, it has guaranteed millions of small business loans since it was established in 1953. SBA loans are offered by participating banks, credit unions, and a few specially-licensed non-bank lenders. The SBA loan guarantee program was created to encourage lenders to work with more small businesses...

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### Making the Most of Friends and Family Business Loans

> Friends and family business loans can be challenging without the right approach. Here are 7 ways to make borrowing from friends or family a success.

- Published: 2017-09-11
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/friends-and-family-business-loans
- Resource Categories: Small Business Financing

Friends and family business loans, or financing from friends or family members remains one of the primary sources small businesses of every size use to access capital to fuel growth or

Friends and family business loans, or financing from friends or family members remains one of the primary sources small businesses of every size use to access capital to fuel growth or otherwise fund specific initiatives. To make the most out of this type of capital and ensure that you continue to be invited to the family holiday parties, there are some important considerations and a few things you can do before you approach your father-in-law or old college roommate. Is it a Loan or Are You Offering Equity? You will need to determine whether or not you’re looking for a business loan or equity arrangement, and which makes the most sense to meet your capital needs. If you choose to offer ownership equity in your business, your family member (acting as an investor) should be treated the same way you would treat any other equity investor, this means they will be exchanging capital for a percentage of ownership, or stake, in your business. This is different than a loan because your business doesn’t acquire additional debt, there are no periodic payments, and the investor is willing to wait until a future date to capture some kind of return on their investment. If your family member chooses to invest in your business they may want to have some input into decisions you make about how your business grows and conducts business. Like any other equity investor (depending upon the percentage of ownership they have), you may need to consult with them...

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### Important Small Business Financial Metrics You Need to Know

> You don't need to be an account to run a successful business, but there are 5 important small business financial metrics you need to know. Here they are.

- Published: 2017-08-31
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/financial-metrics
- Resource Categories: Running a Business, Small Business Financing

I don’t think I’m alone when I suggest, that like many small business owners, I didn’t jump into business ownership because I was really excited about small business bookkeeping or

I don’t think I’m alone when I suggest, that like many small business owners, I didn’t jump into business ownership because I was really excited about small business bookkeeping or accounting. I knew it was part of the deal, but it wasn’t the part of business ownership I was the most jazzed about. Nevertheless, there are important small business financial metrics every business owner needs to know. Despite the fact that one of my best friends is a CPA and was regularly offering me accounting advice (some of which I actually listened to), like many business owners I know, I thought I had a better handle on the important small business financial metrics than I really did. Looking back, I recognize that with a better understanding of what I didn’t know at the time, my life would probably have been easier. Understanding your business’ financial metrics, and what those numbers are telling you, is critical to running a successful business, knowing whether or not your business is profitable, or waking up one day to find out you’re on the slow march to insolvency and going out of business. There are a handful of metrics I think every business owner should be familiar with, but I’ll preface my suggestions with the following disclaimer: In addition to being tools to help you successfully run your business, I once spoke with a lender who said, “If I can tell more about a business by looking at the financial numbers than the business owner,...

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### Building a Virtual Sales Team from the Ground Up

> In today’s mobile economy, workforces are increasingly deployed remotely, and a virtual sales team is becoming the norm. Here's what you need to know.

- Published: 2017-08-31
- Modified: 2025-05-20
- URL: https://www.ondeck.com/resources/building-virtual-sales-team-ground
- Resource Categories: Running a Business

In today’s mobile economy, workforces are increasingly deployed remotely, and sales teams are becoming increasingly virtual. By 2020, half of full-time employees are expected to

In today’s mobile economy, workforces are increasingly deployed remotely, and sales teams are becoming increasingly virtual. By 2020, half of full-time employees are expected to be working remotely, and three-quarters of all employees are expected to not be working in traditional offices. As this trend impacts sales, building a strong and effective virtual sales team is becoming a vital asset for many companies. However, establishing and enforcing sales processes in a virtual environment presents some challenges above and beyond those of a traditional workplace. Goal-setting, hiring, communications and accountability are all areas where small business owners and sales managers must make adjustments to adapt to the challenges of a virtual sales environment. Here are some tips for establishing an effective online sales team and achieving optimal productivity levels, building from the ground up. How Do You Know You Need a Virtual Sales Team? A preliminary question to address is whether you truly need a virtual sales team. A number of variables factor into this decision. These include the location of your workers, the location of your target market and the location of your sales transactions. With respect to the location of your workers, a key consideration is whether your on-premise sales force is sufficient for achieving your sales goals. Even if this is the case, you might also consider whether adding a virtual sales force would increase your sales efficiency or volume. Another consideration is whether hiring remote representatives would help you cut costs, such as the cost of renting...

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### 12 Free Online Small Business Resources You Shouldn't Ignore

> Here are 12 free online small business resources you can use to make your businesses run more efficiently—from customer service to digital design.

- Published: 2017-08-30
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/online-small-business-resources
- Resource Categories: Running a Business

Small and medium-sized businesses (SMBs) know how to stretch a dollar to make it go as far as possible. Whether you’re bootstrapping your business on your own or gearing up

Small and medium-sized businesses (SMBs) know how to stretch a dollar to make it go as far as possible. Whether you’re bootstrapping your business on your own or gearing up to seek venture capital backing, it’s important to strategically maximize your budget without sacrificing the quality of your goods or services. Here are 12 free online small business resources you should consider. Tight cash flow management is about more than where to find the cheapest printer supplies or least expensive office space. It’s a daily commitment to optimize every dollar you spend across the entire company. Here’s a roundup of 12 free online SMB management tools and resources to help you funnel funds where they’re needed most. Customer Service Make it easy for customers to call you on the fly with the Click to Call tool in Google Maps. As Google’s popular “Near Me” search continues to gain traction, it’s crucial for businesses to tie in an online Click to Call option to ensure customers can reach you quickly and easily. For reputation management and social monitoring, consider using ListenPort. This tool watches the internet for discussions and reviews of your business, and alerts you right away to dissatisfied customers. Resolve complaints and issues promptly via a free SMS number to let customers know you’re attentive and you care. Yelp for Business Owners is a good resource to help SMBs make the most of crowdsourced reviews, engage new and returning customers, and offer exclusive deals. With 174 million users, businesses...

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### Small Business, Smaller Small Business Budget?

> You don't need a big bankroll to build a successful small business. Many small businesses can find success with a smaller small business budget. Here's how.

- Published: 2017-08-30
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/small-business-smaller-budget
- Resource Categories: Running a Business

The rate of small business failure is trending downward, Entrepreneur reports. Part of this trend stems from savvy business owners who do their homework before putting

The rate of small business failure is trending downward, Entrepreneur reports. Part of this trend stems from savvy business owners who do their homework before putting their product or service on the market. It can also be attributed to the rise of accessible, cloud-based eCommerce tools and accounting solutions, which make it possible for even home-based businesses to make the most of a smaller small business budget. What does this mean for you, the new business owner with a great idea, solid market niche and well-thought-out business plan? That the opportunity for success has never been greater than it is right now. But there's a problem: While you're long on ideas, you're short on cash. So how do you start making money when you don't have any to spare? Go Bare Minimum Once you've got a great idea and credible business plan it's tempting to run out and spend money on all the "essentials" that other small businesses have, like office space or computer hardware. But here's what you should be asking yourself: Do you really need these things to be successful? Do you really have the small business budget to make it happen? Consider physical office space. Depending on your needs, you could pay anywhere from $500 to $2000 per month for a moderately sized place to call headquarters. But is this really necessary? In a world of online ordering and easy shipping, is it possible to run the business from your home or apartment? Other considerations here include...

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### Why is Your Personal Credit Score Part of a Business Loan Decision?

> For most small business owners the need to have a good personal credit score never goes away. Learn how it's calculated, how you can improve it, and why it's a part of your business loan application.

- Published: 2017-07-13
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/why-is-your-personal-credit-score-part-of-a-business-loan-decision
- Resource Categories: Small Business Financing

For most small business owners the need to have a good personal credit score never goes away. Learn more about what what your personal score says about you and what lenders are looking for.

For most small business owners, the need to build and maintain a good personal credit score never goes away. Although it’s true that some lenders tend to weight the value of your personal score higher than others (banks and other traditional lenders fall into this category) when they evaluate your business loan application, most lenders include a review of your personal credit score to determine your business’ creditworthiness. This can be true for businesses with a few years under their belts as well as for those early-stage businesses looking for business loans for the first time. Nevertheless, in addition to a good personal credit score, small business owners also need to focus on building a strong business credit profile. Your personal credit score is really a reflection of how you handle your personal credit obligations, and there are those who suggest it isn’t relevant to how your business handles its business credit obligations. Nevertheless, many lenders consider your personal credit score as one of the data points they consider when they review your business loan application, so it’s important to understand how your score is created, how it is considered when you apply for a loan, and what you can do to improve your score. How is Your Personal Credit Score Calculated? The early days of credit reporting were largely made up of local merchants working together to monitor the creditworthiness of their shared customers. With the passage of the Fair Credit Reporting Act in 1970, the Federal Government enacted...

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### Understanding Non-Profit Lenders

> Non-profit lenders can be a good fit for very small businesses that can leverage smaller loan amounts to create a big impact—sometimes at zero interest.

- Published: 2017-07-13
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/understanding-non-profit-lenders
- Resource Categories: Small Business Financing

Non-profit lenders can be a good fit for very small businesses that can leverage smaller loan amounts to create a big impact—often at very low and sometimes no interest.

In addition to small business lenders like banks, credit unions, and online lenders, non-profit micro lenders fill a niche for small businesses that might not otherwise qualify for a loan. Non-profit lenders tend to focus on smaller loan amounts, of under $50,000, and small businesses that have the potential to provide positive economic impact within their communities, but either have too short a track record or are too small to be attractive to other, for-profit, lenders. Advice and Favorable Terms that Create Community Impact Non-profit lenders typically offer very low, and sometimes even no-interest loans to business owners who meet their criteria. What’s more, many non-profit lenders also offer other business-related services like mentoring, workshops, and other advice to their clients. Many of these lenders are focused on supporting community development initiatives and are looking for businesses that can leverage relatively smaller loan amounts into opportunities to create jobs and contribute to community growth. Because many of the business owners that find success with non-profit lenders are some of the smallest small businesses, the loan amounts and terms are a perfect fit for business owners that don’t have large capital needs. Justin Renfro, of Kiva Zip, says, “There are roughly 25 million very small businesses, often referred to as micro-businesses all across the country. Like many of the bigger businesses in the U. S. , they need capital to grow and expand. Unfortunately, because their capital demands are very small, they are often excluded from more traditional sources of capital,...

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### Understanding Equity Financing

> What is equity financing and does it make sense for my business? What types of equity financing is available and what businesses that have the most success?

- Published: 2017-07-11
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/understanding-equity-financing
- Resource Categories: Small Business Financing

What is equity financing and does it make sense for my business? What types of equity financing is available and what businesses that have the most success?

Unlike a small business loan, which includes regular periodic payments, equity financing offers investors ownership equity in exchange for capital—without a periodic payment. What’s more, equity investors are often willing to invest in younger businesses, which might not find success by approaching a bank or other small business lender, in exchange for a bigger payday down the road. By investing in the business, an equity investor assumes a risk associated with backing sometimes younger businesses with shorter track records—but has the opportunity to capture exponential profits if the company is successful at scale and able to increase in value. Does Equity Financing Make Sense for Your Small Business? Many different businesses, in many different industries, could be a fit for an equity investor, but those that do share some common traits. Unlike a lender, investors aren’t looking for a regular stream of periodic payments or a long track record—they’re looking for a great business idea that will create exponential profits down the road. Instead of regular payments, they are looking for what’s called an equity event in the future. By equity event, think in terms of an Initial Public Offering (IPO) when a business goes public or the sale of the business where they can capture profits along with the business owner. Investors are looking for businesses that can grow very quickly with the infusion of additional capital. This could be a good fit for your business if: Your business can scale profits quickly with the goal of an IPO...

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### Why was my loan application denied?

> If you've ever asked the question, "Why was my loan application denied?" Check out this list of answers and the actions you can take to improve the odds.

- Published: 2017-07-11
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/loan-application-denied
- Resource Categories: Small Business Financing

If you've ever asked the question, "Why was my loan application denied?" Check out this list of answers and the actions you can take to improve the odds.

Have you ever asked yourself, "Why was my loan application denied? " This is a question many small business borrowers often find themselves asking after a trip to their local bank, leaving with a denied loan request. The real question should be, “What can I do to improve my odds when I talk to a lender? ” While that might appear to be a pretty straightforward question, the answer may be more dependent on where you decide to look, how much you’re asking for, what your credit profile looks like, how long you’ve been in business, and even the type of business you’re in. Every lender, whether it’s a bank, a credit union, or an online lender looks at a range of criteria when measuring your creditworthiness. For example, a healthy restaurant might get turned down for a loan if the business owner has a personal credit score of 625 and doesn’t have a track record of several years in business. As a general rule, banks prefer to see borrowers with personal credit scores over 680, they like to see a good number of years in business, and generally don’t like to lend to restaurants (they perceive them as higher risk). Nevertheless, there are lenders who would offer a loan to a healthy restaurant like the one described above. When a lender is evaluating your business’ creditworthiness, they really want to know the answer to three important questions: Can you repay a loan by making every required periodic payment? Will...

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### What You Need to Know About Invoice Factoring

> Although factoring has been around for a long time and is the way many businesses acquire short-term capital, it isn't a loan. Here's what you need to know.

- Published: 2017-07-10
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/need-know-invoice-factoring
- Resource Categories: Small Business Financing

Although factoring is not a loan, it’s a popular way for small businesses to access short-term capital to fuel growth and other initiatives. Here’s what you need to know about how

Although factoring has been around for thousands of years (for example, medieval businessmen and English colonists all used factoring), online invoice factors have made it more accessible to many small businesses looking for quick and simple access to capital to meet business needs. To determine whether or not factoring is the right approach to meet your business needs, it makes sense to understand what factoring is and how it works. What is Factoring? Technically, factoring is not a loan. It is better described as an advance on accounts receivable. A “factor” is a third party that purchases part or all of a company’s accounts receivables at a discount. The factor then “owns” the outstanding invoices and collects from the customers. The factor profits from the difference between the discounted rate negotiated to buy the receivables, and the full amount collected from the customer. How Does Factoring Work? There are many independent factoring companies (including online factoring companies) along with many banks that offer factoring services. Most factors target specific businesses based upon their volume and the amount of their invoices. Some even target specific industries. Factoring is a preferred way of financing within the textile industry, for example. As a result, some factors specialize in that industry. There are also factors that specialize in other industries, so it makes sense to ask when looking for a factor. Once you choose a factor, they will likely review your client base to determine the creditworthiness of your clients and review your previous...

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### Small Business Success: Vortic Watch Company

> Tips for Making Smart Inventory & Equipment Purchases: An Interview with RT Custer, Co-Founder of Vortic Watch Company Let me introduce you to the

- Published: 2017-04-24
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/small-business-success-vortic-watch-company
- Resource Categories: Running a Business, Small Business Financing

Tips for Making Smart Inventory & Equipment Purchases: An Interview with RT Custer, Co-Founder of Vortic Watch Company Let me introduce you to the owner and co-founder of Vortic Watch Company, RT Custer. Vortic Watch Company is a high-end wristwatch engineering and manufacturing company based in Fort Collins, Colorado. RT and his partner, Tyler Wolfe, started the company while still in college at Pennsylvania State University. The two have long had a passion for classic watchmaking techniques and timepieces and turned that passion into the prestigious and unique manufacturer that Vortic is today. RT and his team combine the cutting-edge technology of metal 3D printing with gorgeous, antique, American-made pocket watch movements to create bespoke wristwatches. Every single aspect of their watches – from the leather straps to the technology inside – right here in the US. Since launching in 2014, RT and team have accomplished the following: Scaled the business from making 100 watches per year to making more than 250 watches per year – and they are on track to quadruple the business in 2017. Significantly brought down the cost of making their watches by investing in the right kind of equipment and making smart inventory purchases Has hired and trained four employees, with plans to onboard more. We spoke with RT about how smart investments in equipment and inventory have helped him secure these wins. RT, thanks for taking the time to chat with me. To start, tell us a bit about how you got started. RT...

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### 5 Ways to Re-Energize and Push Your Business Forward

> Business growth doesn't just happen. Check out these small business tips from Barbara Corcoran that will help you build a healthy and thriving business.

- Published: 2017-04-07
- Modified: 2025-05-29
- URL: https://www.ondeck.com/resources/5-ways-to-re-energize-and-push-your-business-forward
- Resource Categories: Running a Business

Stagnation comes in two forms; business and personal. For most people these two considerations are completely separate, but for a business owner these two issues often go hand-in-hand. The challenge is how can you avoid burning out and keep your business growth moving in the right direction. Here are some small business tips Barbara Corcoran shared in answer to your questions. Continuing our deep dive into topics covered in a Q&A with Barbara Corcoran, Entrepreneur and Shark Tank Judge. (Read the full Q&A here) I want to explore viable solutions to fight stalling out personally and professionally. Barbara’s quick answer to the question covers a primary cause stagnation for small business owners (exhaustion) and how you can reignite your love of your business to keep moving forward. “Stagnation happens when you’re working too hard, doing too many of the same less enjoyable things at the office, contending with one bad customer or employee that drains you, or you haven’t had a vacation in awhile. When you feel stuck mentally, it’s impossible to move your business ahead, so it’s time to take a break, regroup, and get rid of the stuff you don’t like doing. Everyone knows what they don’t like so ask yourself the question, ‘who do I know that could take over this task/responsibility for me? ’ There’s always someone, but you need to step back to see it and figure it all out. ” I know, as the wife of a business owner, it’s hard to find time...

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### Insurance 101: Insurance Your Business Needs Now

> Starting a new business isn’t easy. Many first-time business owners do not realize how much goes into starting a new venture. Branding, logo-creation,

- Published: 2016-12-09
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/insurance-101-insurance-your-business-needs-now
- Resource Categories: Running a Business

Starting a new business isn’t easy. Many first-time business owners do not realize how much goes into starting a new venture. Branding, logo-creation, finding office space, making sure you’ve got a viable product and hiring employees are likely among the first things you’ve thought about, but what about insurance? Researching, getting a quote and buying insurance is not usually a step that entrepreneurs and business owners are excited about. Traditionally, small business owners will experience long waits on the phone and an even longer application process to get the coverage they need. To further complicate things, there isn’t much information readily available on the internet for first-time business owners or first-time insurance buyers to do their research. To make things easier, we’ve created a shortlist of some of the most common and important insurance types for a business to get. This should help you get a good understanding of what insurance you may need to keep your business risk-free. Let’s get started: General Liability Insurance* General Liability Insurance is the most common insurance for a business to have. It will protect a business against two major liabilities: Bodily Injury Property Damage A General Liability Insurance Policy should cover you in the event of a lawsuit involving bodily injury (such as a slip and fall on your premises) and property damage. These policies will cover the cost of an attorney, the costs for an insurance investigation, any judgment or settlement and medical expenses in the case of a non-employee related injury....

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### OnDeck Seal of Approval Winners

> We are so excited to share the winners for the OnDeck Seal of Approval Contest. For the second year in a row, OnDeck worked with Barbara Corcoran to give

- Published: 2016-12-01
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/ondeck-seal-of-approval-winners
- Resource Categories: Running a Business

We are so excited to share the winners for the OnDeck Seal of Approval Contest. For the second year in a row, OnDeck worked with Barbara Corcoran to give three entrepreneurs a $10,000 prize, courtesy of OnDeck, and a one-on-one coaching session with Barbara, to take their businesses to the next level. We know how challenging both access to capital and marketing a business can be. That's why we designed this contest with Barbara specifically for busy and passionate business owners. OnDeck launched the contest in mid-October and asked small business owners “How would you use $10,000 and advice from Barbara Corcoran to grow your business? ” We received over 1,000 entries from amazing and dedicated small business owners across the country, but we could only pick three winners. With Barbara's help, the finalists were chosen based on how compelling, unique and practical their response was. We were also looking for entrepreneurs who demonstrated a passion to grow their business. The winners of the 2016 OnDeck Seal of Approval Contest are three innovative small businesses from diverse backgrounds: Congratulations to Andrew Buerger from B'more Organic, Rachelle and Paul Baron from Beau & Belle Littles, and Geoffrey Dean from Hardball Cider. Read more about the winners: B'more Organic Name: Andrew Buerger Time in Business: 4 years Business Website: www. BmoreOrganic. com B’more Organic, an organic smoothie company founded by Jennifer and Andrew Buerger, promotes healthy living with a socially conscious mission. Dedicated to local, family-owned sustainable farming, B’more Organic smoothies use...

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### 7 Better Ways to Train Small Business Employees

> Here are seven essential parts for creating a quick and effective training system for your business by OnDeck.

- Published: 2016-10-31
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/7-better-ways-to-train-small-business-employees
- Resource Categories: Running a Business

Even if they come with years of experience, every new employee you hire needs training. But all too often, small business owners are so overwhelmed with running the business to come up with anything better than a "follow me around for two weeks and learn the ropes" system. Unfortunately, that's both inefficient and frustrating: owners can’t delegate training if it’s not systematic, and new employees never know how much is left to learn or exactly what is expected of them. A solid, effective training program doesn't have to be complicated. In fact, simpler is better; it lets employees focus on mastering skills instead of processing a flood of information. Here are seven essential parts for creating a quick and effective training system for your business. Train the Trainer First, designate who will be in charge of training for each job role: the business owner, the department manager, or the outgoing employee. Decide how long training should last and the details of how the responsible party should manage the process, including how much reporting you’ll want if you’re not the one doing the training. Unlike new employees, you’ll only have to train the trainer once. Make a List Write down every element of the training. You’ll want to record each job’s tasks, notes on company policies and culture, and how to’s for necessary tools. With each new hire, you'll then be able to follow the appropriate list to complete essential training without frustration or lost time. Some elements on the list...

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### 5 Crucial Elements of the Perfect Elevator Pitch

> It’s tempting to prioritize your startup’s elevator pitch somewhere between watering the office ficus and ordering extra paper towels for the break room.

- Published: 2016-10-26
- Modified: 2025-04-22
- URL: https://www.ondeck.com/resources/5-crucial-elements-of-the-perfect-elevator-pitch
- Resource Categories: Running a Business

It’s tempting to prioritize your startup’s elevator pitch somewhere between watering the office ficus and ordering extra paper towels for the break room. After all, they can be hard to develop and even harder to deliver. However, it’s important that business owners not underestimate the power of a solid elevator pitch and the impact it has on the success of your business. Arm yourself with a brief, to-the-point synopsis of what your startup is all about to lay the groundwork for clients, customers, and investors to learn the basics about your company. A clear, conversational, and relatable elevator pitch lends a personal touch to your customer and investor outreach strategies in ways that cold calls or emails simply can’t. You have about 30 seconds or less to pique your listener’s interest. That may seem like a daunting task but with a little planning, it’s possible to pack a lot of information into a short time frame. Let’s look at the five main points of information your elevator pitch must contain for maximum effectiveness. Who you are This seems obvious but it’s easy to leave out the most important bits of information when you’re nervous or flustered. This isn’t the time to haul out your entire resume so stick to the basics; just your name and the name of your company. Now you’ve got about 25 seconds left. Jacek Grebski, Partner at digital product agency SWARM, says use this time to shine. “It’s all about you. For the next few seconds...

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### OnDeck's Seal of Approval Contest

> Take your business to the next level! Enter with OnDeck to win $10K and a coaching session with Barbara Corcoran from Shark Tank.

- Published: 2016-10-17
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/ondecks-seal-of-approval
- Resource Categories: Running a Business

We teamed up with Barbara Corcoran for the second consecutive year to help three small business owners take their business to the next level! Visit OnDeck's Facebook page at facebook. com/ondeckcapital and tell us how you would use $10,000 and a one-on-one coaching session with Barbara Corcoran to grow your business. How to Enter 1. Tell us how you would use $10,000 and advice from Barbara Corcoran to grow your business 2. Take a picture of you doing what you do best - running your business 3. Contest ends November 14th at 11:59 p. m. ET Prizes 1. $10,000 prize to invest in your business, courtesy of OnDeck 2. One-on-one coaching session with Barbara Corcoran in New York City 3. Social media promotion of your business from Barbara Corcoran and OnDeck

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### 26 Productivity Tips for Small Business Owners

> According to the Federal Reserve Bank of New York, the average business owner spends 26 hours in total looking for financing. With that number in mind, here are 26 productivity tips for small business owners to make their days as efficient as possible.

- Published: 2016-09-14
- Modified: 2025-04-17
- URL: https://www.ondeck.com/resources/33-productivity-tips-for-small-business-owners
- Resource Categories: Running a Business

According to the Federal Reserve Bank of New York, the average business owner spends 26 hours in total looking for financing. With that number in mind, here are 26 productivity tips for small business owners to make their days as efficient as possible. Productivity Tips for Small Business Owners: Scheduling Set a routine and keep to it! Start your workday at the same time each morning, and work until a designated time each night. If you know that your workday begins at 9:30 AM and ends promptly at 6:30 PM, you’ll be amazed at how much you pack in during those hours. Be protective of your mornings. If you’re like most people, it’s likely your most focused, energized time. So reading e-mails or other similar tasks may not be the best way to spend it. Instead, tackle your most thought-intensive or focus-requiring tasks in the morning, preferably when you first get into the office. Keep a detailed schedule for your day, and stick to it. If someone wants to pull you into a sudden meeting, look at your schedule - if the meeting isn’t in it, then either the meeting gets added (and something else gets deleted) or it doesn’t happen. Embrace scheduling tools! There are many at your disposal, and they are all easy to use. Google Calendar, Calendly, and VCita are all great options to start with. You might need to experiment to find the tool that works best for you, but using something like one of these...

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### The Pros and Cons of Taking On a Business Partner

> Many business owners consider taking on a business partner a good idea. Is it right for you and your business? Here are some pros and cons to consider.

- Published: 2016-07-29
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/the-pros-and-cons-of-taking-on-a-business-partner
- Resource Categories: Running a Business

Starting a business is one of the most empowering moves you can make in both your career and your life. In addition to creating a means of getting your goods or services to the world, you are establishing a place of employment for yourself and others. Such a huge undertaking is often very personal, and many entrepreneurs tend to shoulder the bulk of the decisions and responsibilities themselves. Still, there may come a point where bringing in a partner could make sense, particularly if he or she has skills and experience that complement yours, and can assist with achieving the growth and health of your business. Here are some pros and cons to consider if you're thinking of bringing a partner into your business. PROS Greater depth and expertise As a business owner, you are accustomed to wearing many hats, and you know how to get things done efficiently and effectively. Still, there are limits to every person, and so you are bound to have areas in some of the disciplines required to run a business that do not play to your strengths. Having a partner who complements you, offering added expertise beyond what you possess and a desire to handle tasks that you would prefer to hand off, can be an enormous asset. Another perspective on business decisions Should you increase your product offerings? Or open a new location to meet demand for your current products? Should you increase the marketing budget? Or use the money to hire more...

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### A Guide to OnDeck Business Credit Reporting

> A quick guide on OnDeck business credit reporting.

- Published: 2016-07-13
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/a-guide-to-ondeck-business-credit-reporting
- Resource Categories: Small Business Financing

Understanding your business credit profile A key measure of your business’ financial health is your business credit profile. We want you to get the most from your OnDeck relationship by helping you understand and manage your business’ credit profile. Since your credit profile describes how your business interacts with creditors (including online lenders), loan payments to OnDeck help tell one part of that story. A positive payment history can have a huge impact on your business credit profile over time, potentially improving your business’ profile and lowering your perceived credit risk. If you’d like to learn more about business credit, check out our article, "Understanding Business Credit. " Accessing your business credit report We report information about your business term loan payment status to three nationwide business credit bureaus every month: Experian, Equifax, and Paynet. We report information about your business line of credit to Experian on a monthly basis. Items reported include payment amounts, outstanding balance, past due payments, and other account activity. This is important because your prompt payments and good credit history with OnDeck will reflect positively on your business credit profile. You have the option of accessing your business’ report directly from the bureaus—either on a one-time or ongoing basis depending on your needs (procuring reports from one bureau may be sufficient). This is an important step to ensure your business credit profile is an accurate representation of your business credit behavior. Regularly monitoring your profile is recommended. While you have the right to a free...

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### 7 Ways the Government Could Help Your Small Business

> Federal, state, and local governments offer several services designed to help small businesses—here are seven of them

- Published: 2016-07-08
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/7-ways-the-government-could-help-your-small-business
- Resource Categories: Running a Business

For business owners, it can be easy to think of the government as a giant hassle. There’s all that red tape you have to fight for necessary permits, then of course there’s paying taxes, certifying employees, complying with all local, state, and federal laws, and the list goes on. Still, despite the day-to-day hurdles that take up so much time and attention, our government traditionally has found many ways to support small business and foster growth. Here’s a list of the ways, large and small, that local, state, and federal government work to help your small business. Local Government Some local governments will take direct measures to help small businesses in their area, such as offering low interest loans so that business owners can upgrade the facades and exteriors of their stores, increase their energy efficiency, and more. Check with your local government office to see what kinds of assistance services are available. Also, if you haven’t already looked into your local Small Business Administration site or office, you may be missing resources the U. S. government offers on a local level to assist small businesses and help them thrive. The SBA has an office in most of the cities in the U. S. -- you can find the one closest to you on the website -- and your regional office can provide you with help navigating relevant business laws, as well as guidance and direction on topics like local incubators, financing programs, and nearby networking events. State Government Each...

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### 14 Questions You Should Ask Before You Get a Small Business Loan

> There are 14 questions you should ask before you get a small business loan.The answers will help you know where to apply and how muchto ask for.

- Published: 2016-06-27
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/14-questions-you-should-ask-before-you-get-a-small-business-loan
- Resource Categories: Running a Business, Small Business Financing

Small businesses have more financing options today than ever before, yet navigating the maze of loan types and lenders can make it challenging to choose the right loan and the right lender for your business. The days when the bank was the one-stop-shop for small business loans are over. Meaning, business owners need to be savvier about evaluating their loan options. Before you get a small business loan, there are 14 questions you should ask—four you need to ask yourself and 10 you need to ask your potential lender. Before You Get a Small Business Loan, Ask Yourself: 1. What do I need the extra capital for? In other words, why do you need a loan? It seems like a pretty straightforward question, but it’s a question often overlooked by borrowers looking for extra capital. The reason I believe this should be the first question is because articulating loan purpose will help answer some of the other questions you’ll need to ask. Your loan purpose will help you identify whether you’re trying to fill a short-term or a long-term need. For example, the financing needs of purchasing quick-turnaround inventory are decidedly different than those of purchasing an expensive piece of heavy equipment or a new location for a restaurant. It might not make sense, for example, to borrow with a four- or five-year term to pay for inventory that will be sold in a month or two. A survey of 592 small business owners sponsored by the Electronic Transactions Association...

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### Should You Sell Your Goods at a Flea Market or Crafts Fair?

> Handmade crafts are enjoying a heyday in the U.S. Etsy is seeing $2 billion in sales a year, which may soon be eclipsed by the fast-growing newcomer,

- Published: 2016-06-17
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/should-you-sell-your-goods-at-a-flea-market-or-crafts-fair
- Resource Categories: Running a Business

Handmade crafts are enjoying a heyday in the U. S. Etsy is seeing $2 billion in sales a year, which may soon be eclipsed by the fast-growing newcomer, Amazon Handmade. And brick-and-mortar markets are seeing a similar rise in interest. More and more consumers want unique handmade or vintage goods that display high-quality workmanship, and offer an alternative to mass-market chain stores. So if you’re a talented craftsperson or an avid curator of vintage goods, and you’re currently either running a small business or thinking of opening one, the following question may have crossed your mind: “Should I spend the time and money to become a crafts or flea market vendor? ” Here is an overview of the upsides and downsides of operating your own booth or table at a market, so you can weigh them and arrive at the right answer for you. Benefits Low Barrier to Entry Once you pick the right fair or market for you, it’s relatively easy to get your business up and running. You'll need transit for yourself and your merchandise, a table, possibly a tent for outdoor markets, a cash box and transaction software such as Square. You’ll also need to pay a booth rental fee to the market's organizer. These fees vary quite a bit depending on your location. One of the most high-traffic markets in the country, Brooklyn Flea, charges $150 per day or $1,200 per month. Check your local event listings to see which markets are in your area, and...

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### 5 Keys to Delegating as a Small Business Owner

> Delegation is an important skill a small business owner needs to have to be successful. Here are 5 keys to delegating every owner needs to master

- Published: 2016-04-13
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/5-keys-to-delegating-as-a-small-business-owner
- Resource Categories: Running a Business

Few people know what it’s like to own a small business unless they’ve actually done it. You need vision, passion and optimism to create something from scratch. You must maintain the high level of dedication and tireless work ethic it takes to keep a brand, product, and team continually working and evolving. Here are 5 keys to delegating as a small business owner. Because of this, many successful small business owners have their hands in every aspect of their operations. And so, when there comes a point where you must share responsibility or else work 24 hours a day, it’s not so easy to delegate. Why delegate? One person, or even two or three people, simply cannot shoulder the load of all the tasks that go into keeping a small business thriving, and trying to carry the world on your shoulders isn’t good for you or your bottom line. We know it can be hard to let go of certain tasks that you’ve been handling since the beginning—delegating means giving up control, and trusting someone else with your baby. But as with any skill, it’s one that can be learned. Here are 5 keys to delegating that will ease you in gradually, help take key tasks off your plate, and ultimately free you up to handle the work that matters most. Figure Out What You’d Rather Not Do No one loves every task equally, and if there are things you find yourself avoiding because you just don’t like doing them,...

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### 6 Small Business Podcast Recommendations

> You might think of podcasts as pure entertainment, stories to listen to on your commute or at the gym. But today’s heyday of podcasting is bringing a

- Published: 2016-02-26
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/6-small-business-podcast-recommendations
- Resource Categories: Running a Business

You might think of podcasts as pure entertainment, stories to listen to on your commute or at the gym. But today’s heyday of podcasting is bringing a variety of voices right to your ears, and many of them have expertise in small business or stories to tell about building and running companies. Here are recommendations for podcasts that small business owners will love listening to—and may even learn from. The Small Business Report with Gordon Deal Gordon Deal is a popular talk show host who came up at the Wall Street Journal. His savvy and energy help him tell the small business stories of the day in a way that always feels engaging and relevant. You’ll finish each podcast with plenty of ideas for managing people or launching products you might want to implement at your own shop. >>Start listening here. Start-Up This self-reflective podcast began by reporting on the genesis of the very podcast company that produces it, a media outlet called Gimlet. In subsequent seasons, the hosts delve into the day-to-day life at other companies to tell of the trials and triumphs of business ownership from a very intimate perspective. >>Start listening here. American Public Media: Marketplace This daily syndicated show presents the need-to-know stories that affect the economy and business owners across the nation. Host Kai Ryssdal has a sense of humor and a clever way of analyzing the news of the day that helps his information stick with listeners. >>Start listening here. HBR Ideacast Short weekly...

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### 20 Business Tasks That Can Be Automated

> Taking routine, recurring tasks off your to do list is essential for your productivity. Some of these business tasks can be automated, while others on your list may need to be delegated to employees. Read on for 20 business tasks that can be easily automated.

- Published: 2016-02-05
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/20-business-tasks-you-can-easily-automate
- Resource Categories: Running a Business

Between long to-do lists, email responses and the never-ending cycle of meetings, the workday can be consumed by the mundane missions of everyday business life. That’s why taking routine, recurring tasks off your to do list is essential for your productivity. Some of these business tasks can be automated, while others on your list may need to be delegated to employees. Read on for 20 business tasks that can be automated via applications on your computer or smartphone, saving time for you and your staff. Marketing Tasks You Can Automate Your social media. Look into content management programs like HootSuite, which allow for social media posts to be written in batches, and then dispersed throughout the week or month using a scheduler. Blogging. If your company has a blog, most blogging sites, such as WordPress, offer an option to schedule posts in advance. Just as with your social media system, you can then write numerous blog posts one day every month and set them up to be released automatically. You can even tie in social media posts to go out when a post goes live, streamlining even further. Research. Google Alerts is a beacon in an age of information. Using search terms for your company, industry, and competitors, the tool monitors online mentions and compiles them for you in real time, daily, or weekly emails that you can glance through in a minute. No more scouring the web for untold hours! Website traffic tracking. If you use Google Analytics, it’s...

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### Meet the Barbara Corcoran Seal of Approval Contest Winners

> This is a sponsored post written by me on behalf of On Deck Capital, Inc. My passion is business, and I am especially passionate about helping

- Published: 2015-12-21
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/barbara-corcoran-seal-of-approval-contest-winners
- Resource Categories: Running a Business

This is a sponsored post written by me on behalf of On Deck Capital, Inc. My passion is business, and I am especially passionate about helping entrepreneurs take their successful businesses to the next level. When I learned that OnDeck was launching a nationwide contest for small businesses on Facebook and Twitter, I wanted in! I teamed up with OnDeck to give three winners the opportunity of a lifetime: $10,000 to grow their businesses, national publicity through social and traditional media, and my favorite part – my Seal of Approval and a 1:1 session with me! OnDeck and I want to see small business owners fulfill their dreams, and the response – nearly 600 entries from entrepreneurs nationwide – shows there are a lot businesses out there with big dreams... and needs for financing. OnDeck and I asked the applicants how they would use $10,000 and national publicity to grow their businesses, and selected the winning submissions based on who made the most convincing pitches. Meet the winners of my Seal of Approval! BodyworksBall™ – Brick, NJ BJ Dowlen is the owner of BodyworksBall™, a muscle-recovery tool for instant relief of neck, back, shoulder, foot pain, and more. BJ kept the energy high in our meeting from the moment we sat down together. Her knowledge of the physical wellness industry and desire to see her business succeed were palpable. BJ suffered severe setbacks due to Superstorm Sandy but bounced back introducing her product to hundreds of athletes and gaining increased...

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### Open or Shut? How Small Businesses Owners Pick Business Hours

> A sign with opening hours is one of the fixtures of a small business storefront. But “open” and “closed” are not quite as black and white as they appear

- Published: 2015-12-16
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/open-or-shut-how-small-businesses-owners-pick-business-hours
- Resource Categories: Running a Business

A sign with opening hours is one of the fixtures of a small business storefront. But “open” and “closed” are not quite as black and white as they appear at first, and there are a lot of decisions when it comes to the right times to operate as a small business. When should doors swing open and when should they clink shut? Should you extend your hours for the holiday season? These are all questions whose answers can make a big difference for your customers, your employees, and your own quality of life. So how do small businesses go about deciding? First, consider your customers. How old is your target market? What are their typical occupations? Those kinds of realizations can help you decide the right times to operate your business. “We used to be open until 8:30pm instead of 8pm on weeknights,” said Carol “Orange” Schroeder, the founder and co-owner of Orange Tree Imports, a specialty gift shop in Madison, Wisconsin. It turned out that “that last half hour wasn’t so busy,” Schrorder said. What people really wanted was a chance to shop on their way home in the evening. “Even just staying open until 7pm so that people could stop on their way home from work was welcome,” she learned. The Orange Tree extends their time open an extra hour on Sundays between Thanksgiving and Christmas. When eager shoppers want to make progress on their Christmas lists, stores like this often see the benefits of temporarily extending their...

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### 5 Clues to Help You Know if You May Qualify for an SBA Loan

> Fiscal year 2015 was a good year for SBA lenders. While the SBA is not a direct lender, they guaranteed 63,000 loans totaling $23.6 billion—that’s 22

- Published: 2015-12-14
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/5-clues-to-help-you-know-if-you-may-qualify-for-an-sba-loan
- Resource Categories: Small Business Financing

Fiscal year 2015 was a good year for SBA lenders. While the SBA is not a direct lender, they guaranteed 63,000 loans totaling $23. 6 billion—that’s 22 percent more loans and 23 percent more loan dollars than the previous year. The current SBA Administrator, Maria Contreras-Sweet is working hard to help as many small business owners as possible have access to SBA loan programs. Will your business qualify? Here are five clues that may help you determine whether or not you could qualify for an SBA-guaranteed loan. While this list isn’t all-inclusive of current SBA loan criteria, it may help you to begin determining whether an SBA-backed loan is the right fit for your business: You already have some equity built up in your business: The SBA likes to see a strong debt-to-equity ratio. In other words, they want to compare your requested loan amount to how much you’ve already invested in your business (they typically like to see a ratio of at least one dollar of equity for every three dollars of debt). You’ll need to demonstrate your investment with either invoices or appraisals for a startup or current financial statements if your business is an existing business. The SBA, in its own words, looks at your equity this way: Strong equity investment shows a lender you are fully committed to the business. Sufficient equity is particularly important for new businesses, to convince the lender that you are serious. Weak equity will make a lender more hesitant to provide...

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### A Guide to Financing for Women-Owned Businesses

> Women-owned businesses are the fastest growing small business segment in the country. Here are some tips on how to get financing for women-owned businesses.

- Published: 2015-12-07
- Modified: 2023-10-04
- URL: https://www.ondeck.com/resources/5-financing-tips-women-business-owners
- Resource Categories: Small Business Financing

Women-owned businesses are the fastest growing segment of entrepreneurs in the United States and account for roughly 40 percent of the small businesses in our country. Unfortunately, financing for women-owned businesses can be tough to come by. According to a recent study from the New York Federal Reserve, 64% reported a funding gap. With that in mind, here are five tips to help women entrepreneurs find greater success when looking for small business financing: Don’t use your personal credit to pay for business expenses: While it’s tempting for every young company to use personal credit to get things off the ground, it’s important to start building your business credit profile by using business credit whenever possible. A recent study from Experian found that women business owners are more likely to use their personal credit, and less likely to seek out commercial credit. This makes it more difficult to get larger business loans down the line, as you don't build your business credit profile. One way to start building business credit early is to talk to your suppliers to see if they offer credit to their good customers. Additionally, take out a business credit card and use that for all business expenses rather than personal cards. Don’t be afraid to look outside the bank: The first place most business owners (including women) look for a loan is the bank where they have their other business accounts. Unfortunately, unless you’ve been in business for a few years, have a relatively strong personal...

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### When Should Small Businesses Decorate for the Holidays?

> 40 percent of shoppers start their holiday gift buying before Halloween. If your customers are ready for Santa in October, should you be too?

- Published: 2015-11-11
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/when-should-small-businesses-decorate-for-the-holidays
- Resource Categories: Running a Business

According to the National Retail Federation, 40 percent of shoppers start their holiday gift buying before Halloween. If your customers are ready for Santa in October, should you be too? Every year, it seems that the holiday shopping ads and store decorations creep earlier and earlier into the fall. Instead of waiting to decorate until midway through November, large department stores and national retail chains move Halloween décor to an underused corner long before October 31, all to make room for the gingerbread house decorating kits and other holiday items. But do small businesses also go along with this early appearance of red and green? “Normally, we start around the end of November,” said Andrew DuCharme, the general manager of Lakota Coffee in Columbia, Missouri. “We normally just put up a Christmas tree and some Christmas lights. A few presents around the store with wreaths and some other fun Christmas decorations. Some business may start this too early but I think I start the holiday buzz on a good time frame. ” “We decorate for the holidays, but in a minimal way,” said Steph Davies, owner of Waxwing, a local goods store in Shorewood, Wisconsin. “We don't put up anything until after Thanksgiving. Personally, I like to celebrate one holiday at a time. ” Most national retailers like Walmart, Target and Macy’s start decking the halls with holiday décor in late October and early November. According to the International Council of Shopping Centers, 98 percent of shopping centers start decorating...

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### How to Start a Veteran-Owned Business

> Founding new business can be difficult; for military veterans, however, the process of starting a business will seem quite natural, since your military training and service gives you advantages many entrepreneurs lack. Here are some tips on how to start a veteran-owned business.

- Published: 2015-10-30
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/start-veteran-owned-business
- Resource Categories: Running a Business

Founding new business is a process that anyone with skills, ideas, a budget, and staying power can decide to do. Fortunately, for military veterans, the process of starting a business will seem quite natural, since your military training and service gives you advantages many entrepreneurs lack. In fact, veterans display more innate entrepreneurial traits than non-veterans, giving you a leg up. Your odds of success are higher because of your veteran status - there are currently more than 3 million veteran-owned businesses in the U. S. today. The best place to start in planning your new business is discovering what your business will sell. Once you know that, you can determine where you will operate and how you will find customers. Here’s what else you should know about becoming a business owner. Your business concept. The first step in starting a business is to assess what you’re good at, what you’re interested in, and what the market is willing to pay for. Where those three areas overlap is your business sweet spot. For example, if you were trained as a plumber in the military and you love the profession, odds are fairly good that you could find a market ready for your services. On the other hand, if you are a top chef but hate cooking meals for others, opening a restaurant or bakery would not be a good fit for you. Business USA has a handy checklist to help you make some decisions. Your equipment. What technology, machinery, or...

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### Improving a Good Credit Score to Make it Great

> There’s no question, in many situations a business owner’s personal credit score has an impact on his or her ability to get a small business loan. While

- Published: 2015-10-26
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/improving-good-credit-score-make-great
- Resource Categories: Small Business Financing

There’s no question, in many situations a business owner’s personal credit score has an impact on his or her ability to get a small business loan. While your personal credit score is not the best proxy of the health of your business and is only one of many factors we consider to evaluate your business’ creditworthiness, it’s prudent to work toward building the best credit score possible. And, while we often talk about rebounding from a credit score that has taken it on the chin, we seldom talk about taking a good personal credit score and making it great. The quest for the “perfect” credit score is a lot like trying to catch a unicorn—it’s just not going to happen. That’s not to say, however, that you can’t take a score in the 700s and push it up past 800. I recently stumbled upon a post on Business2Community that had some good advice in this regard. Here are five tips for going from good to great I thought were worth paying attention to: 1. It starts with credit utilization: 30 percent of your credit score is a comparison of the amount of credit you use compared with the amount of credit you have available. Many experts agree you should try to keep your credit utilization below 50 percent at any given time. For example, that’s not to say you should completely pay off the balance on your credit cards at the end of every payment cycle (if your goal is...

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### Loan Stacking is Bad for Your Business

> Have you heard of loan stacking? If you’re unfamiliar with the term, loan stacking is where a loan or cash advance is approved on top of a loan or advance

- Published: 2015-10-12
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/loan-stacking-bad-business
- Resource Categories: Small Business Financing

Have you heard of loan stacking? If you’re unfamiliar with the term, loan stacking is where a loan or cash advance is approved on top of a loan or advance that is already in place with similar characteristics and payback terms. While many business owners may have not heard of the term, there are a number of negative small business loan stories that can be attributed to stacking. Here’s how it happens. You go to a lender, like us here at OnDeck, you complete an application and get approved for a loan. Let’s say you borrow $75,000. A UCC filing is made typically with the office of the secretary of state where your business is located. This may happen with a loan where there is a security interest, whether it’s from the bank or any other lender. The filing basically provides notice to the world that your business has existing debt. A second lender, who you don’t know and likely have never spoken with before, sees the filing (because it’s part of the public record), and calls to say, “I see you just got a loan from, for example, OnDeck, did you get all you needed? Could you use a little more? We could offer you an additional $10,000 right now. ” If a business owner says “yes” to these offers – sometimes multiple times – it could create a situation for the small business owner where he or she will struggle to repay the loans. This is not only...

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### 3 Common Business Payroll Mistakes to Avoid

> Handling payroll for your small business can be stressful. Here are some of the most common business payroll mistakes and how you can overcome them.

- Published: 2015-09-30
- Modified: 2025-04-07
- URL: https://www.ondeck.com/resources/3-small-business-payroll-mistakes-avoid
- Resource Categories: Running a Business

Handling payroll can be one of the most stress-inducing responsibilities of a small business owner. However, neglecting payroll--or doing a poor job of it--can bring your business down, and fast. Here are some of the most common business payroll mistakes and how you can overcome them. 1. Doing Payroll on the Fly As a small business owner, you're used to figuring out what you need in the midst of each situation, resolving the problem, and making it all look easy at the same time. Plus you're doing this for multiple issues all at the same time. This good-under-pressure work ethic can serve you well, but when it comes to payroll, a little bit of "winging it" can lead to a lot of trouble. Failing to plan for payroll might result in a major financial crunch, unhappy employees, and a lot more stress for you to handle. Last-minute payroll management also makes it more likely that you'll overlook key legal and tax requirements. That's not a mess you want to make. You have better options. For example, you could talk to your accountant about taking on payroll management for your business. If you have a qualified, reliable employee in your business, work together to set up a payroll system your employee can handle and you can oversee. Or, look into cloud-based payroll services, such as Newtek, ADP, or ZenPayroll. You can take advantage of an accounting tool that includes payroll capabilities, such as Xero or Intuit QuickBooks. 2. Overlooking the Fine...

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### Cash Flow Problems? Here’s What You Need to Know

> We all know how important cash flow is. A steady stream of income that’s more than enough to cover expenses is what helps us stay in business--it’s what

- Published: 2015-09-21
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/cash-flow-problems-heres-need-know
- Resource Categories: Small Business Financing

We all know how important cash flow is. A steady stream of income that’s more than enough to cover expenses is what helps us stay in business--it’s what makes our businesses function to begin with. When cash is flowing in, all is well. Clients are paying on time, there are no unexpected expenses, and stress is at a minimum. However, as many small business owners likely know, cash flow gaps do happen. Once in awhile, that predictable income can quickly slow to a trickle or stop altogether, causing bills to pile up and near-panic to set in. What causes cash flow gaps? Unpredictable payments Small businesses may not always know exactly when a client’s payment will arrive, even when there are no hiccups in the payment process. It’s hard to decide when to buy more raw materials or retail inventory when you can’t pin down the day that cash will arrive from your biggest client. Some companies pay in 30 days, but more often it’s 45 or even 60 days before a check is cut. Cash flow gaps happen to businesses in all industries but are especially prominent in product-based ventures, where you need to purchase goods in order to have them to sell. The delay between ordering products and having them available to sell can cause cash shortfalls. Another challenge is that small businesses generally don’t have the clout or leverage to force a client to pay up when a bill is outstanding. However, if you’re a service provider...

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### Looking for a Small Business Loan? Loan Purpose Matters

> There are more options available today for a small business loan, but understanding your loan purpose will help you find the right loan.

- Published: 2015-08-31
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/looking-small-business-loan-loan-purpose-matters
- Resource Categories: Small Business Financing

It’s true, there are more options available today than ever before for business owners looking for a small business loan, but there isn’t really a one-size-fits-all solution. Understanding the relationship between why you need the loan, or your loan purpose, and where you should be looking will help you find the right loan. Should your first stop be the bank? Most business owners naturally think the first place they should visit is their local bank. They likely have a business checking account and do other business banking there so it makes sense, right? Yes, there are times when the bank might be the perfect place to start your search—provided your loan purpose makes sense for the type of financing they offer and your business meets the credit criteria the bank is looking for. Unfortunately, there are fewer banks lending to small business owners today; and unless your business is looking for the right type of loan and your business matches the right credit profile, it’s now much harder to find a loan at the bank than it once was. “It is difficult for qualified borrowers to find willing lenders, and vice versa,” writes Karen Mills, former SBA Administrator, when describing what it takes to get a loan at the bank. “... Successful applicants wait weeks or, in some cases, a month or more for the funds to actually be approved and made available. Some banks are even refusing to lend to businesses within particular industries (for example, restaurants) or below...

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### How to Create a Small Business Budget

> Create a small business budget by tackling these two important tasks: budgeting your dollars and forecasting how your business will behave in the year ahead.

- Published: 2015-08-28
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/budgeting-forecasting-whats-difference
- Resource Categories: Running a Business, Small Business Financing

To create a small business budget, you need to tackle two important tasks: budgeting your dollars and forecasting how your business will behave in the year ahead. Preparing a complicated annual budget seems challenging until you realize that forecasting is even more complicated, because you have to account for the unknown. Mastering both tasks will help you manage your business financials for the next year and beyond. Budgeting In a budget, you itemize all all your revenues and all your costs. This allows you to allocate your spending wisely, whether on marketing, supplies, or hiring. Having a budget can help you better manage your cash flow. It can also help you make financing decisions, by pointing to the holes in your budget and where a loan might make sense along with identifying the revenues that can be used to pay the lender back. To make a budget, look at revenues and expenses from the year prior, and adjust numbers so they’re realistic for the period ahead. (If you’re a new business, see if you can find a model that’s similar to what you’re doing. ) Identify the income you expect to make from sales, contracts, interest, and accounts receivable as well as all the cash you know you’ll have to lay out for payroll, marketing, overhead costs like rent, and equipment upgrades. Remember, your budget is real: you can’t spend more than you have, and if you don’t make the revenues listed in your budget, you will be in a...

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### Protect Your Business Against Identity Theft

> Identity theft is a hot topic and a big concern for many people these days. It seems like we regularly hear about personal data being stolen from one

- Published: 2015-08-24
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/protecting-business-identity-theft
- Resource Categories: Running a Business

Identity theft is a hot topic and a big concern for many people these days. It seems like we regularly hear about personal data being stolen from one company or another. Have you ever considered the likelihood that your business might be vulnerable to the same type of identity theft? A business’ credit profile is a precious asset that can be used to acquire financing for growth, help a seasonal business overcome a cash flow bump, or otherwise acquire capital to help a business grow and thrive. Protecting that asset from identity theft is an important part of building, and maintaining, a strong business credit profile. Why Identity Thieves Love Small Businesses In a recent article for Credit. com, Garrett Sutton, gives a great example of the potential risks and why we should be ever vigilant: “Not long ago, a small business owner I work with found herself the target of an identity thief. He didn’t open credit lines in the name of the business, but instead stole its name and good reputation to bilk other entrepreneurs out of thousands of dollars. He was quite blatant about it, even representing himself on LinkedIn as a principal of the business. ” Garrett gives three reasons why your small business might be a target for such identity theft: 1. It’s easy to get important information about your company: Unlike the protections in place to help shield your personal data, it’s much easier to access some pretty important information about you business—most of...

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### 6 Outstanding Online Invoicing Tools for Your Business

> Invoicing is an essential part of business operations. Whether you run a one-person shop, a brick-and-mortar operation, or a growing business with

- Published: 2015-08-19
- Modified: 2024-08-19
- URL: https://www.ondeck.com/resources/6-outstanding-online-invoicing-tools-business
- Resource Categories: Running a Business

Invoicing is an essential part of business operations. Whether you run a one-person shop, a brick-and-mortar operation, or a growing business with multiple locations, you need to be able to quickly and easily create, send, and track invoices. A good online invoicing tool can provide both accessibility and security, and make it easier to keep payments coming in and business moving forward. Key Questions to Ask Before Adopting Online Invoicing Invoicing tools offer a variety of user platforms and bonus features, as well as various pricing models. Before you start comparing the details, consider these key questions: How will we use this tool? Service-based businesses might need the ability to create and convert estimates into invoices. Think about how other limits and features of a tool you’re considering may or may not matter to the way you do business. Look at the number of invoices allowed, the invoice templates, how many unique clients and projects can be accommodated, if there’s time tracking within the tool, automation capabilities, scheduled invoicing, and recurring invoices. Some of these will be important for certain businesses and irrelevant for others. Before you look at a demo, sit down with your current invoicing system and make a list of key features that you consider important so that you know what you’ll need with a new tool. Is this tool secure? Look for bank-level precautions such as SSL security, firewalls, data encryption, and measures such as mirrored servers in different locations to prevent data and service loss....

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### Got Student Loans? You Can Still Own a Small Business

> Student debt can create a daunting financial maze for would-be small business owners. Recent research shows that regions where the population carries

- Published: 2015-07-31
- Modified: 2024-11-13
- URL: https://www.ondeck.com/resources/got-student-loans-can-still-small-business
- Resource Categories: Small Business Financing

Student debt can create a daunting financial maze for would-be small business owners. Recent research shows that regions where the population carries student debt boast significantly fewer small businesses. Does that mean that owning a small business is not an option for those with student loans to repay? Absolutely not. With careful planning, you can manage the payments on your student debt while running, and financing, your own small business. Here are five tips to help you make it work: 1. Know What You Owe Stay organized and on top of all the information for each student loan you carry. Knowing how much you owe, when payments are due (and in what amount), and who each lender is gives you the power to figure out your best options for each debt you carry. You can look up information on your federal loans at the Federal Student Aid website. 2. Make Those Payments Don't slip up and miss a payment, especially while you're in the preliminary stage of business start-up. A few missed payments can affect your credit score, which can then affect your ability to get financing for your small business down the line. Banks seem to be especially wary of lending to small business owners with student debt; looking into alternative financing options can give you the start-up cash you need. On-time payments will earn you the good credit score you need to qualify for both. 3. Adjust Your Federal Repayment Plan For federal loans, there's usually a standard...

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### 5 Success Stories that Prove Economic Crises Aren’t Always Bad for Business

> Boom times don’t last forever. But In fact, economic recessions are not all bad news for businesses. Find out why and see which companies make the most...

- Published: 2015-07-24
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/economic-crises-business
- Resource Categories: Running a Business

Economic downturns are not always all bad news for businesses. Here’s why: Downtrodden economies can lead to great innovation. Existing companies must find new ways to survive and thrive, launching products that might not have fit in better moments and getting creative about stretching funds. People out of work can now invent their own jobs; they’re known as survivalist entrepreneurs. Finally, recessions create new and different customer demands, like for cheap entertainment instead of expensive vacations, so businesses in suddenly popular industries can flourish. Here are five companies and products you might not know were born out of economic recessions. Not all are still small, though most started that way! 1. FedEx When OPEC quadrupled its oil prices in the early 1970s, the U. S. hit a period of recession, stagflation, and high unemployment. FedEx, founded in 1971, started shipping packages in ’73, just as the oil embargo began. The next two years almost destroyed the company: Fred Smith, the founder, ran through most of the $84 million dollars he’d raised, in spite of the fact that he was accomplishing the company’s mission, to deliver documents overnight. But doing so meant spending bundles on rising fuel costs. The founder’s commitment to his mission kept the company afloat, as did an innovative ad campaign that convinced customers his service was a necessity: “FedEx—when it absolutely, positively has to be there overnight. ” His efforts paid off: by 1980, profits hit $38. 7 million. 2. Kraft Miracle Whip Once Richard Hellman introduced...

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### 3 Ideas to Tackle a Slow Summer Slump

> Experiencing a summer sales slump? Here are 4 tips to tackle a slow summer slump and keep on track with your business goals.

- Published: 2015-07-10
- Modified: 2025-05-20
- URL: https://www.ondeck.com/resources/4-ideas-tackle-slow-summer-slump
- Resource Categories: Running a Business

Summer sales slump? No problem. This slow time can be valuable for your small businesses. Now's your chance to do what you normally don't have time to do: instead of working in your business, you can work on your business. These projects to tackle a slow summer slump could benefit any small business; pick one or two and make the most of the long, lazy-feeling days of summer, so your business can be even better when things pick up again. 1. Update Your Marketing Plan Small business marketing is not a static set of rules; it's a flexible, evolving strategy that needs to be updated and improved regularly. So how do you update your marketing plan? First, set aside some hours for information gathering and analysis. Look back at what has and what hasn't worked in your marketing efforts over the past year: maybe that community event brought in new customers, but the end-of-season promo fell flat. Think about what you want to repeat and what techniques you’ll change or eliminate from your marketing strategy. Brainstorm new ideas for marketing your business. Next, evaluate any new opportunities that may have appeared since you last worked on the plan: perhaps a new local event. Analyze the resources you have available, and set new priorities for the upcoming year: do you want to build your local reputation, increase your online marketing, or focus on some other area of marketing? This could include email marketing, content marketing or social media marketing. Finally, set...

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### 5 Tips to Help You Qualify for a Business Credit Card

> The temptation to use personal credit to pay for business expenses can be tempting for many small business owners—particularly when other small business

- Published: 2015-07-06
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/5-tips-help-qualify-business-credit-card
- Resource Categories: Small Business Financing

The temptation to use personal credit to pay for business expenses can be tempting for many small business owners—particularly when other small business financing is so hard to come by. Nevertheless, you should avoid the temptation. Using your personal credit cards, for example, to pay for business expenses can actually damage your personal credit score, making it even more difficult to secure small business financing in the future. One of the ways the credit bureaus evaluate your personal credit score is by looking at the amount of credit you use versus the amount of credit you have available. So if you regularly run the balances of your personal credit cards up paying for business expenses, even if you pay the balances down at the end of every month, it could still hurt your personal credit. One of the easier-to-get sources of business credit for many small business owners is a business credit card. With that in mind, here are 5 tips that will help you qualify: 1. Know your personal credit score: When was the last time you reviewed your personal credit score? Not only is it important to know your score, it’s not uncommon to discover mistakes on your credit report—which can make it harder to secure a small business loan when you need it. Federal law requires that consumers in the U. S. have free access to their credit report once a year (in Canada, you can request a hard copy of your credit report by mail as...

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### 4 Rules for Handling Conflicts With Your Business Partner

> Working with a partner has it rewards and its challenges—you might not always agree. So here are 4 rules for handing conflicts with your business partner.

- Published: 2015-05-06
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/4-rules-handling-conflicts-business-partner
- Resource Categories: Running a Business

The one certainty with a business partnership, as with any close relationship, is that conflicts will arise. But when you’re working very closely with another person or group, it can be easy to get emotional and lose sight of the larger picture, particularly when the stakes are high and money is on the line. Which is why learning how to handle conflicts with your business partner is so important. A conflict with your partner doesn’t have to throw your business into a tailspin. There are steps you can take to contain disagreements, manage them so each party feels heard, and find a resolution that leaves your partnership, and your business, safely intact. Here are four tactics that will help you handle conflicts with your business partner: 1. Plan Ahead When Possible, and Stop Fights Before They Start If there are topics you know will likely prompt a disagreement down the road, see if you can cut them off before they start. For example, one of the most common fights among partners is that one partner feels she’s doing an unfair amount of the work. If you’re heading into a new expansion phase, or holiday season, or any other unusually busy time, lay out specific responsibilities in advance, so there can be no questions about the division of labor. 2. Don’t Rush to Judgment For the owners and operators of a small business, every decision can seem large, and often deeply personal. When your partner disagrees with you on an issue...

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### When You Need to Get a Business Loan Fast

> There are times when a small business owner can't wait weeks or months to find a loan for his or her business—they need a fast business loan.

- Published: 2015-05-05
- Modified: 2025-02-04
- URL: https://www.ondeck.com/resources/fast-small-business-loans-2
- Tags: No Archive
- Resource Categories: Small Business Financing

There are times when a small business owner doesn’t have the luxury of weeks or months to find a small business loan for his or her business. Sometimes an opportunity to purchase inventory at a discount, launch a marketing campaign, or even deal with a crisis happens so quickly they need access to a fast business loan. With that in mind, there are things you can start doing today that will help make sure you and your business are ready for those times when you need a business loan fast: 1. Build a strong foundation of personal and business credit: This is good advice for every business—particularly for young businesses. The need to maintain a good personal credit score will never go away for most small business owners, and the need to maintain a good business credit profile is just as important. The first step is to know where you are now, so you can take a strategic approach to building a good foundation. Doing the work today, before you need a small business loan tomorrow, will help you get quicker answers, potentially better rates, and the best terms. Even if your business doesn’t require the use of credit on a regular basis, maintaining a credit relationship or two will help you establish a credit history, which often makes the difference when you need quick access to capital in a pinch. 2. Do some financial organizing: If it’s been a while since you dived into your financial statements, make sure...

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### Is a Business Debit Card a Good Idea?

> San Francisco startup, Bento, think their new prepaid MasterCard (that acts like a debit card) is just the ticket for startups whose employees purchase equipment, supplies, services, or company travel.

- Published: 2015-03-30
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/corporate-debit-card-good-idea
- Resource Categories: Small Business Financing

San Francisco startup, Bento’s co-founders Farhan Ahmad and Sean Anderson, think their new prepaid MasterCard (that acts like a debit card) is just the ticket for startups whose employees purchase equipment, supplies, services, or company travel. The card is designed to help small business owners put limits on employee cards and manage their spending. The card also allows business owners to pre-determine where employees can use the card. For instance, if an employee has no business reason for making a purchase at Best Buy, the charge will be declined. “Even well-funded startups and small businesses face challenges getting credit cards and when they do qualify, there is very little designed to meet their needs,” writes Eilene Zimmerman who writes about startups and technology for Forbes. “Yet if you’re a small business owner, how do you control spending and expenses? A credit card. Business owners often use their personal credit card for company expenses and that can get messy, intermingling personal and business spending. It means trusting that employees will record their spending properly. Traditional credit cards—whether business or personal—also don’t allow for preset spending limits. ” While there are some business credit cards that offer similar services to what Zimmerman describes above, Bento’s offering seems to be intended for those that fall through the cracks. Those that maybe can’t otherwise qualify for a business credit card and are relying on their personal credit cards to fund business purchases. Business owners manage the cards through an online portal and not only...

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### Where Do Startups Really Get the Money to Start?

> If you’ve put your faith in what I call the “Myth of the Shark Tank,” you may be surprised at where most start-ups get cash to start...

- Published: 2015-03-23
- Modified: 2022-11-11
- URL: https://www.ondeck.com/resources/startups-really-get-money-start
- Resource Categories: Small Business Financing

If you’ve put your faith in what I call the “Myth of the Shark Tank,” you might be surprised at where most start-ups get the cash they need to start. “During an event in Austin on Monday, the Kauffman Foundation outlined research dispelling some of the most common myths that distort America’s idea of the business-building process, tops among them the notion that most successful start-ups raise money from outside investors,” writes the Washington Post’s J. D. Harrison. “Kauffman’s researchers discovered that roughly two-thirds of the companies were financed by either personal savings, investments by friends and family or traditional loans. Only one in 10 obtained funding from venture firms or angel investors (individual start-up backers). In fact, credit cards—among the most expensive mechanisms of financing—was used more commonly by start-ups than either angel or venture funding. ” Here are the top seven categories the decade-long research identified from the 5,000+ entrepreneurs interviewed by the Kaufman Foundation: Banks and Other Loans—34. 9 percent Personal Savings—30 percent Friends and Family—6. 3 percent Credit Cards—6. 2 percent Angel Investors—5. 8 percent Venture Capital—4. 4 percent Government Related—2 percent Popular culture would have us believe that outside investment from private individuals like angels or other equity investors are the only paths to a healthy and thriving company—this research by the Kaufman Foundation suggests that view couldn’t be further from the truth. Bootstrapping and loans for small business remain the ways most small business owners finance their fledgling companies. This research validates some things...

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### 3 Likely Reasons Your Business Loan Application Got Rejected

> Not all lenders look at the same criteria when evaluating whether or not they’ll approve a small business loan, but here are three red flags

- Published: 2015-03-17
- Modified: 2023-05-16
- URL: https://www.ondeck.com/resources/three-likely-reasons-business-loan-application-got-rejected
- Resource Categories: Small Business Financing

While the economy is improving and many small business owners feel optimistic about the future, it can still be a challenge to access the financing they need to fuel growth or fund working capital. Not all lenders look at the same criteria when evaluating whether or not they’ll approve a small business loan, but here are three red flags that could put the brakes on any loan application: You have a bad personal credit score: With the exception of maybe the biggest and most tenured small businesses, the need for a business owner to maintain a good personal credit score will never go away. With a personal credit score below 680, for example, it’s unlikely you’ll find success at the bank. And the SBA threshold is around 650 for most applications. Some non-bank lenders will approve a loan with a lower credit score, but will want to see other metrics in place. If your personal score is struggling, making improvements will help increase the odds of success when you need a small business loan. The first step is to find out where you are. Annualcreditreport. com is one place you can access a free copy of your credit report once per year. You can also check out the three main personal credit bureaus, Experian, Equifax, and Transunion, who all offer low cost credit monitoring. Your business is an early-stage startup: I call it the “Myth of the Shark Tank. ” While investors like those on the hit TV series will...

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### The #1 Way to Up Productivity for Your Small Business that You’re Probably Not Doing

> It’s a proven fact: employees who are engaged at work (meaning that they are motivated, committed, and satisfied) are more productive at their jobs.

- Published: 2015-03-11
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/1-way-productivity-small-business-youre-probably-not
- Resource Categories: Running a Business

It’s a proven fact: employees who are engaged at work (meaning that they are motivated, committed, and satisfied) are more productive and better at their jobs. And more productive employees mean a stronger, healthier business. One study found that "companies with high employee engagement had a 19% increase in operating income and a 28% increase in earnings per share over a 12-month period. " Think about it -- what could a 28% increase in earnings do for your small business? The question becomes, then, how can you increase employee engagement? The #1 Key to Increasing Employee Productivity: Recognition Multiple studies show that "recognition is highly correlated to improved employee engagement with both the employee’s work and organization. " Still, before you run out to buy 200 gift cards or throw your staff a pizza party, consider this: your employees may feel more appreciated by something other than gifts, parties, or even cash. A survey by McKinsey reported that, "three nonfinancial incentives are even more effective motivators than the three highest-rated financial incentives. " Those three nonfinancial incentives are: 1. Praise 2. Attention 3. Leadership opportunities “Really? ” you may be asking. “Could praising someone really be more motivational than a cash bonus? ” Yes, according to Shawn Achor, author and nationally recognized positive psychology research. His worldwide studies of employee happiness and success show that productivity increases by 1/3 simply when employees receive one piece of praise each day. This is great news for budget-tight small business owners -- while...

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### How Do You Pay Your Salespeople?

> How do you compensate a sales team? Salespeople can make or break your business. But knowing how to property incentivize them can be tricky.

- Published: 2015-02-27
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/pay-salespeople
- Resource Categories: Running a Business

How do you properly compensate a sales team? Your sales employees can make or break your business. But knowing how to manage, and properly incentivize them to do a great job day in and day out can be tricky. Here is a breakdown of what you need to know. The Options Some companies pay their sales team on a salary basis, such as in some retail chains; others are commission-only, such as in recruiting or real estate; while the majority offer a combination of salary and bonuses based on performance. Today, the typical base salary-to-commission ratio is 50/50 or 60/40. Establishing Incentives “There is no such thing as the perfect sales compensation plan,” says Jake Dunlap, CEO and founder of Skaled, a company that helps fast-growth ventures develop their sales processes and systems. So instead of striving for a perfect system that doesn’t exist, try to incentivize the behavior and results you want. For example, companies selling low-cost products or services -- under $300 to 400 -- are very transaction oriented. To keep salespeople motivated to make those non-stop sales, employers should use regular sales contests to drive higher volumes. The salesman or woman who has the highest numbers for the month will win a prize, be it a desirable item (like an iPad) or extra compensation. Setting Floors and Bonuses Many companies set a sales floor, as well as a bonus plan for their sales team. A “floor” is the minimum amount that needs to be sold to earn...

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### 5 Business (Types) That Are Perfect For Crowdfunding

> Crowdfunding is one of the more empowering developments of the Internet age. Through the connected power of the masses, aspiring entrepreneurs can get

- Published: 2015-02-17
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/5-business-types-perfect-crowdfunding
- Resource Categories: Small Business Financing

Crowdfunding is one of the more empowering developments of the Internet age. Through the connected power of the masses, aspiring entrepreneurs can get their great ideas seen, supported, and funded. A wide variety of ideas have found enormous success with crowdfunding. A few of the biggest successes include a redesigned “Coolest Cooler” that raised over $13 million, the movie adaptation of Veronica Mars that garnered $5 million, and this collection of miniature gaming figures which brought in $3 million... twice! Certain business models, however, are especially primed for success via the format. Here are five business ideas that are perfect for crowdfunding. 1. Independent books Whether your idea is for a children’s story, art book, novel, or work of nonfiction, crowdfunding can help you test your concept and find a supportive audience, before your opening sentence is written. Multiple crowdfunding platforms, in fact, are dedicated solely to books, combining both fundraising and publishing into one easy process for authors. The economics of crowdfunding work especially well for book publishing. Typically, as an aspiring author, you need enough cash up front to cover research expenses, living expenses while writing the book, and the cost of publication. Selling 400 advance copies of a book for $20 each could provide your needed capital. And by presenting your book proposal to a crowd, you forego the long and arduous process of pitching to agents and publishers. Instead, you can get your ideas directly to the people who matter most: your readers. 2. Original tech...

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### Small Business Lending: Does Your Business Qualify for an SBA Loan?

> Will your business qualify for an SBA loan? Here are four questions the loan officer will ask before he or she says "Yes."

- Published: 2015-02-09
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/small-business-lending-business-qualify-sba-loan
- Resource Categories: Small Business Financing

Although the SBA (Small Business Administration) is not a bank and doesn’t actually make small business loans, they do offer a guarantee to the traditional lenders, like banks and credit unions, which do. The SBA might not be the biggest source of funds available to small business owners, but they are an important source—making funds available to many businesses that might not otherwise qualify for a traditional loan from the bank. With that in mind, here are some questions an SBA lender will ask to evaluate your loan application: Do you have skin in the game? To qualify, the SBA wants to see that you already have a reasonable amount of personal equity built up in the business. They want to see a strong debt-to-worth ratio. In other words, they want to know how much they’re being asked to lend to your business compared to how much you have already invested. You’ll need to demonstrate your investment with invoices or appraisals if your business is a startup. If you’re business is an existing business, be prepared with current financial statements. They won’t want to invest in your business with a low-interest loan if you can’t or won’t. The SBA describes it this way: • Strong equity investment shows a lender you are fully committed to the business. • Sufficient equity is particularly important for new businesses, to convince the lender that you are serious. • Weak equity will make a lender more hesitant to provide any financial assistance. However, low...

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### Does My Age Affect My Personal Credit Score? (2019 Update)

> It's not the number of birthdays, but the age of your oldest credit account and the average age of all the others that affect your personal credit score.

- Published: 2015-02-02
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/age-affect-personal-credit-score
- Resource Categories: Small Business Financing

The short answer is no. Your date of birth doesn’t necessarily impact your personal credit score—but the age of your credit profile does. “What it means is the age of your credit report. Yes, your credit report has an age just like anything else,” writes Gerri Detweiler for Credit. com. “And that age has a positive or negative value in your credit scores. This value equates to 15% of the points that make up your overall credit scores. The question now becomes how the credit scoring models determine the age of your credit file and how the age impacts your credit score. ” In a nutshell, how many years you have under your belt isn’t as important as how many years your credit history does—at least so far as your personal credit score is concerned. Having a 10- or 20-year-old credit account is good for your personal credit score—provided the account is current. This is another area without a quick fix if your goal is to build or improve your score. Detweiler recommends three common-sense pieces of advice to ensure you get the best score available in this category: 1. Get started and be patient: “We all started in the same spot, with no credit and no credit report,” she says. “If you are a young consumer or have chosen not to ever use credit than it’s time to get started. ” There’s no substitute for time. 2. Do NOT try and get old accounts removed: “For some reason a...

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### Ask These 4 Questions to Find the Right Loan for Your Small Business

> Finding the right loan just isn’t as simple as going into the bank anymore. Here are 4 important questions to ask before you start looking.

- Published: 2015-01-12
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/ask-4-questions-find-right-loan-small-business
- Resource Categories: Small Business Financing

When most people think of a small business loan, they think of a term loan at the bank—but there are dozens of other options available to small business owners today. Finding the right loan isn’t as simple as going into the bank anymore. Asking yourself the following four questions will help you find the right loan (and the answers may even lead you to the bank—or maybe even someplace more appropriate): 1. Why do I need the loan? This is the most important question you’ll ask. It will help you answer the other questions as well as help you determine what type of loan you need. Do you need a short-term loan, a long-term loan, or a special purpose loan (like equipment financing or franchise financing)? It will also help you avoid wasting time looking for the wrong loan. 2. How quickly do I need the capital? One of the most overlooked considerations when looking for a small business loan is how long it takes to get the funds. It’s not uncommon for it to take weeks at a traditional lender to find out if your loan application is even approved. For example, after filling out all the paperwork associated with an SBA loan, it can sometimes take weeks to get approved and months for the loan to get funded. This can be a problem if you’re trying to access capital to take advantage of a special deal on inventory or need to address a short-term capital need. On the...

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### Will Credit Monitoring Hurt Your Credit Score?

> Credit monitoring will not hurt your credit score and is a good idea to do at least annually.

- Published: 2014-12-29
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/will-credit-monitoring-hurt-credit-score
- Resource Categories: Small Business Financing

The short answer is no. Credit monitoring does not hurt your credit score. According to Experian: “If consumers access their own credit reports, it does not have any effect on their credit scores. Reviewing a credit report results in what is called a “soft pull,” or “soft inquiry,” meaning it will only be seen on a personal credit report. When a consumer applies for credit, the lender will review the applicant’s credit report, and a “hard inquiry” will be added. Hard inquiries are shown to other lenders because they may represent new debt that doesn’t yet show on a credit report as an account. Hard inquiries can affect credit scores. Everyone should check their reports at least annually. It’s part of good credit management. ” All three of the major credit reporting bureaus—Equifax, Experian, and TransUnion—are required by law to provide consumers one free copy of their credit report every year. At AnnualCreditReport. com you can request your report from all three of the major bureaus. You can view your report online or they will mail you a copy. If you view your report online, it’s a good idea to print a copy of the report for reference. Additionally, for a relatively modest fee, you can access your credit report every month and get notified any time there’s a change to your credit score. This is how I monitor my personal credit score. Regularly monitoring your personal credit is a great way to identify errors early. The credit bureaus are...

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### 9 Current NFL Players Who Run Small Businesses

> Kudos to these 10 current NFL players who are also small business owners.

- Published: 2014-12-29
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/10-current-nfl-players-run-small-businesses
- Resource Categories: Running a Business

All too often, the careers of professional athletes last a few short, but profitable, years. And once those years are over, many players struggle to stretch their salaries. But the smart ones start thinking early about their second acts. So kudos to these current NFL players who are also budding entrepreneurs. Jake Locker, Michael Koenen, & Will Herring - Fitness Center Czars Locker, a quarterback for the Tennessee Titans, and Koenen, who plays for the Tampa Bay Buccaneers, recently went into business together. The pair, who both have roots in Washington state, purchased a fitness center in Ferndale, Washington that they are renaming the Locker Room. They’re planning a grand opening for January, and hope to open up more locations in the future. They’re not the only NFL players to use their fitness expertise to open a gym: St. Louis Rams linebacker Will Herring recently moved his three-year-old gym to the Auburn University Club. Drew Brees - New Orleans Clothing Seller The New Orleans Saints quarterback signed a record-breaking $100-million contract back in 2012, but he’s also a local entrepreneur. He and his wife, Brittany, founded a clothing company called Nine Brand, which celebrates all things New Orleans. One popular item: A T-shirt reading “Domenation” over an image of the iconic Superdome stadium. Lance Briggs - BBQ Master The Chicago Bears linebacker opened up a barbecue restaurant this fall in his home town of Elk Grove, California. “This is not the stop you want to make if you’re dieting,” Briggs...

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### 3 Ways to Win Government Contracts

> There are roughly 30,000 active government contracts available right now, amounting to thousands of opportunities for small business owners

- Published: 2014-12-09
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/3-ways-win-government-contracts
- Resource Categories: Running a Business

On a typical day, there are between 25,000 and 30,000 active government contracts available on the Federal Business Opportunities website. For entrepreneurs and small business owners, this amounts to thousands of chances to grow your company with the help of the federal government. While you may know about government contracts, you might be wondering how these contracts could benefit your company, and how you can set about pursuing a potential contract opportunity. Recently Bill Murphy Jr. , a contributor to Inc. com, explained how these contracts can be a viable way to tap into the federal spending budget and the contracts set aside for small businesses. Why are government contracts potentially a good call for your business? The House Small Business Committee noted that federal law requires 23 percent of all contract dollars be awarded to small businesses. That means these contracts are no only open and available to your small business, but are set-aside specifically for companies like yours. Thousands of available contracts mean there are lots of opportunities. How to win a government contract
 Once you’ve decided to pursue a government contract, the next step is to know how to win against the other small businesses you’ll be competing with. According to Murphy, the fact that there are more than 25,000 contracts available is a double-edged sword. The sheer number or opportunities can feel overwhelming, so you need to determine which contract is right for you. This brings us to our first tip: 1. Understand your business
 For...

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### The 3 Most Effective Ways to Get Vendor Discounts

> Creating successful relationships with vendors is every bit as important as the relationships you build with your customers.

- Published: 2014-12-05
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/leverage-vendor-discounts-increase-profits
- Resource Categories: Running a Business

(Want to take advantage of an urgent vendor discount? You can get funds for your business in as fast as 1 business day with a small business loan or line of credit from OnDeck. ) Creating successful relationships with vendors is every bit as important as the relationships you build with your customers. It doesn’t really matter if you sell a product or provide a service, most small business owners’ work with suppliers who either provide the goods you sell or products that help you deliver the service you offer. Every business needs quality relationships with vendors in order to succeed. What’s more, your vendors and suppliers want to see you succeed almost as much as you do. Many vendors also offer simple win-win ways to make your relationships more profitable for you—and for them. One simple way to improve your bottom line and make your vendors happy at the same time is to take advantage of the vendor discounts they offer to encourage you to pay invoices quickly (there are also other discounts many vendors offer to their best customers). According to Entrepreneur magazine, you might not even need to change vendors if you feel like you need a better deal on goods and supplies. Instead, ask about discounts, which can help improve your bottom line. Just like you, your vendors want to keep their best customers, so before you approach a vendor, evaluate your relationship with them. It’s important to position your business as the good customer you...

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### 7 U.S. Presidents Who You Never Knew Ran Small Businesses

> You might be surprised to learn there have been several US Presidents who ran small businesses —in addition to President Trump. Here are seven more.

- Published: 2014-11-26
- Modified: 2023-05-16
- URL: https://www.ondeck.com/resources/7-u-s-presidents-never-knew-ran-small-businesses
- Resource Categories: Uncategorized

You may be surprised to know that among the lawyers and captains of industry, many of the Chief Executives of the United States gained valuable leadership experience as small business owners. Here’s a roundup of 7 US presidents who ran small businesses before, during or after their time in office. 1. George Washington (1st President) Washington ran two successful whiskey stills in early 1797 after his farm manager, James Anderson, convinced him to give it a go. Washington allowed Anderson and his farmhands to construct a proper whiskey distillery on the grounds of Mount Vernon. With a boiler and five copper stills, the 2,250 square foot distillery became profitable almost instantly. What’s more, the near 11,000 gallons it produced in 1799 made it the largest whiskey distillery in the country at the time. 2. Abraham Lincoln (16th President) Lincoln decided to set up shop in New Salem, IL, after visiting the small town on a trip to New Orleans. He and William Berry, a friend and fellow former militiaman, opened the Lincoln-Berry general store in January of 1833. Unfortunately, their choice of location wasn’t ideal -- the town had stopped growing, and Berry’s attempt to boost sales by acquiring a liquor license flopped. The store shut its doors a few months later, leaving Lincoln with a debt that he couldn’t pay off until he was elected to Congress in 1848. Despite it all, Lincoln was known to rise triumphant out of failure. He went on to launch a successful law...

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### 4 Reasons Small Businesses Don’t Rely On Black Friday

> While you may be inundated with emails and ads about Black Friday, Small Business Saturday is the real focus for small businesses in the U.S. Learn why small business owners tend to bypass Black Friday promotions.

- Published: 2014-11-26
- Modified: 2024-02-29
- URL: https://www.ondeck.com/resources/5-reasons-small-businesses-dont-rely-black-friday
- Resource Categories: Running a Business

Black Friday (a term born in the 1960s when Philadelphia cops complained about holiday shopping traffic) is a crucial event for the bottom lines of big box stores like Target, Walmart or Best Buy. In 2018, Black Friday sales (both online and in store) was nearly $23 billion. For small businesses, however, Black Friday doesn’t hold nearly as much sway as Small Business Saturday. Here’s why you aren’t alone if your business isn’t dependent on the Black Friday craze. 1. It’s difficult for small businesses to compete with the advertising machines of nationwide chains Earl Apfelbaum, a Philadelphia stamp dealer, was the first merchant to advertise Black Friday. As the day became more integrated into our collective consciousness (in large part thanks to advertising’s “coming of age”), big box stores began dominating the day. Eventually, the big chains claimed this retail “holiday” as their own, putting massive resources into marketing and advertising special deals and offers. Last year, major retailers spent just over a quarter of a billion dollars on Black Friday ads alone. By contrast, the average small business spends a mere $400 per month on marketing, according to a Chamber of Commerce survey. Even if your monthly marketing budget is higher than this, it can be a Herculean battle to compete with the big box giants. 2. Small businesses often can’t price-slash like big box retailers It’s a fact we’re all aware of: because big box stores buy in huge volume, they can afford to offer deep discounts....

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### 8 Celebrities You'll Be Surprised to Know Own Small Businesses

> As Us Weekly would put it, “Stars: they’re just like us!” – and that’s true in business too. These eight celebrities have created and grown small

- Published: 2014-11-14
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/8-celebrities-youll-surprised-know-small-businesses
- Resource Categories: Uncategorized

As Us Weekly would put it, “Stars: they’re just like us! ” – and that’s true in business too. These eight celebrities have created and grown small businesses by following their passions, remembering their roots, keeping an eye on the details, and being persistent - traits familiar to every small business owner.   Sandra Bullock: The Academy Award-winning actress owns two businesses across the street from each other in her adopted town of Austin, Texas: upscale eatery Bess Bistro and Walton’s Fancy and Staple, a combined florist-deli-bakery. Bullock is involved in many of the details, from the décor to the dishes. She told People Magazine that family recipes help inspire the menu at both businesses.   Patti LaBelle: Music legend Labelle has loved to cook since she was a young girl, and she’s now sharing her culinary skills with the world through her own line of hot sauces and relishes. They’re available in hundreds of stores, mostly on the East Coast in the Midwest. Labelle has also written three cookbooks. “Food has always been at the center of my joy, from the fish fries my parents had every weekend to the barbecues I have in my backyard today,” she writes in her most recent book, Recipes for the Good Life.   Pharrell Williams: The seven-time Grammy Award-winning singer-songwriter-producer also has his own record label and multimedia company. And he’s changing fashion too, with a company called Bionic Yarn, which makes textiles from recycled plastic bottles. Williams is an investor and...

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### 7 Awesome Facts about Veteran Small Business Owners

> In honor of Veteran's Day, OnDeck is celebrating veteran small business owners all month long. Here are seven awesome facts about veteran small business

- Published: 2014-11-04
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/7-awesome-facts-veteran-small-business-owners
- Resource Categories: Small Business Financing

In honor of Veteran's Day, OnDeck is celebrating veteran small business owners all month long. Here are seven awesome facts about veteran small business owners: 1. Extremely Motivated According to the SBA, veterans are roughly 45% more likely to form their own business compared to people who haven't served any time in the military. 2. Highly Skilled 78% of veteran-owned small business owners are retiring from the military with 20 years of service - that's a lot of experience to bring to any organization. 3. Great Long Term Planners Not only are veterans diving into the entrepreneurial game, but they are also sticking around. Last year, the SBA reported that military veterans owned as many as 2. 4 million businesses. That means on average, 1 out of every 10 business in the U. S is owned by a veteran. 4. Values Safety According to the SBA, 13. 2% of all companies in the finance and insurance sector were veteran-owned firms. 5. Know How to Perservere Out of the more than 20 million veteran owners in the U. S. , an estimated 8. 3% have a service-related disability. 6. Creating Jobs SBA data showed that veteran-owned SMBs generated $120 billion in payroll last year and employed almost 6 million people. Are you a veteran small business owner? If so, comment below and let us know.

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### 4 Small Business Certifications You Might Not Know About

> Certifications are important for many types of organizations, especially small businesses that want to work with the U.S. government or receive special

- Published: 2014-10-29
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/4-small-business-certifications-might-know
- Resource Categories: Running a Business

Certifications are important for many types of organizations, especially small businesses that want to work with the U. S. government or receive special accommodations. Although there are a number of certifications depending on your gender, location and business type - here are four that are worth learning about. 1. Small Disadvantaged Businesses The Small Disadvantaged Businesses certification, or SDB, is designed for companies with owners who classify themselves as socially or economically disadvantaged. According to the U. S. Small Business Administration, there is no application for this certification. You can register yourself - assuming you meet the criteria, which includes a majority ownership of one person who is socially or economically disadvantaged. 2. HUBZone Program HUBZone Program is for historically underutilized businesses, including those in urban and rural areas. With this certification, your company would be first in line for select federal aid and assistance, according to the SBA. At least 35% of your employees must be in a designated "HUBZone," per one eligibility requirement. 3. Service-Disabled Veteran-Owned Businesses The Service-Disabled Veteran-Owned Businesses certification is for small businesses owned by U. S. military veterans with a service-related disability. The SBA explained that this certification sets aside resources from the federal government for this type of organization. Veterans must own at least 51% of the business, among other requirements, to qualify. 4. 8(a) Business Development Program Similar to the SDB designation, the 8(a) Business Development Program was created to assist socially and economically disadvantaged small businesses. According to the SBA, this...

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### Business Financing Through Unconventional Methods

> For those small business owners that think a small business loan is out of their reach – prepare to be inspired. Jake Fitzsimmons, opened a hamburger bar

- Published: 2014-07-30
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/business-financing-through-unconventional-methods
- Resource Categories: Small Business Financing

For those small business owners that think a small business loan is out of their reach – prepare to be inspired. Jake Fitzsimmons, opened a hamburger bar in Colorado in 2010. He thought the odds of obtaining a loan were so low that he often asked himself, "why even bother ? " However, because he had successfully opened two previous locations - neither of which required taking out a bank loan - he was able to make the case that he was an ideal candidate for a $500,000 loan, based on his demonstrated business acumen. Along with the help of the East Colorado Small Business Development Center, he had four different banks - including the bank he does his deposits – bid on his request for a $500,000 loan. Fitzsimmons was able to find the lowest rate, offered to him because of his past success has a small business owner. Jake’s story is an interesting one, and suggests finding financing sometimes requires both a little creativity and a strong track record. Keri Gohman, executive vice president and head of small-business banking for Capital One, recently spoke about the state of small business loans right now. She noted that "it's actually a really great time to access small-business capital," partially because banks and non-bank lenders alike are offering attractive, competitive loan rates. She concluded her interview with some notes that will surely brighten small business owner's days: she promises that lending rates are lower than ever, and that it's simple for...

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### How the Gender Gap Affects Small Business Loan Approvals

> If you're looking to get a small business loan, there are many factors that come into play. Your credit history, your business' cash flow and numerous

- Published: 2014-07-28
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/how-the-gender-gap-affects-small-business-loan-approvals
- Resource Categories: Small Business Financing

If you're looking to get a small business loan, there are many factors that come into play. Your credit history, your business' cash flow and numerous other things will be looked at by lenders. However, there's another factor that seems to be coming into play: gender. According to recent reports, female small business owners are much less likely to get loans and government contracts than their male peers. According to a recent CBS News report, summarizing findings from the Senate Small Business & Entrepreneurship Committee, female business owners account for less than 5 percent of all the capital lent to small companies. This comes despite the fact that women own 30 percent of small companies - six times as much as the share of funding they receive. Additionally, women receive only 7 percent of all capital funded by venture firms. Furthermore, small businesses owned by women only receive 16% all traditional small business loans – it was also found female applications are more likely to be rejected, or have more stringent terms, than men. Committee Chair Maria Cantwell, of Washington, also spoke about the issue in an interview with the Associated Press. She noted that "the numbers are jarring," and that female entrepreneurs need access to more capital so that they can have the same opportunity to succeed as do men who start their own business. Her statements hammer the issue home: the amount of women passed over for small business financing support is downright shocking. Thoughts from our female...

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### 3 Foolproof Ways to Show Lenders you're a Low-Risk Borrower

> Whether you’re looking at a traditional bank, or a nonbank lender like OnDeck, applying for a small business loan is all about illustrating your overall

- Published: 2014-07-11
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/3-foolproof-ways-to-show-lenders-youre-a-low-risk-borrower
- Resource Categories: Uncategorized

Whether you’re looking at a traditional bank, or a nonbank lender like OnDeck, applying for a small business loan is all about illustrating your overall risk profile. A lender is looking to determine ways how likely you are to repay your loan – in full and on time. In order to make your application as attractive as possible, it’s best to follow these best tips: 1. Pay your bills on time This is the most important part of building a strong financial reputation for your business. You have to pay your bills on time. You can even invest in applications, or auto-pay options, that pay your bills automatically to ensure you're never late. Look at your "utilization ratio" How much are you charging on each of your cards, and what is their credit limit? This is something you always have to keep in mind. Many business owners likely aren't aware of the damage that maxing out their credit cards can do to their credit score (and therefore, to their ability to obtain small business loans). As a general rule, never ring up more than 30% of your limit on any given credit card. Pay down your debt Finally, you've got to make conscious priorities regarding the debt you're paying down. Your credit cards, for instance, have a massive effect on both your personal and business credit scores. So, always paying down your credit card debt first - even if it means you need to pay less on something like your...

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### The Coolest Small Businesses in America

> We think every small business is “cool”, but the list below takes cool to a whole new level. - The Blue Starlite Mini Urban Drive-In, a miniature drive-in

- Published: 2014-06-14
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/the-coolest-small-businesses-in-america
- Resource Categories: Uncategorized

We think every small business is “cool”, but the list below takes cool to a whole new level. - The Blue Starlite Mini Urban Drive-In, a miniature drive-in movie theater, located right in the middle of Miami, that allows space for a scant 18 cars per screening. - The Carousel Bar, which is exactly what it sounds like: "a bar that revolves around a merry-go-round. " - El Rey, an entire restaurant that was built out of recycled materials. - Fojol Bros. , a food truck that doubles as a traveling carnival. - Homage, a sports store designed as if it were an athlete's dorm room in the 1950s, complete with trophy cases. - The Kennedy School, a boutique hotel housed within an old elementary school. - Limited Time Only, a restaurant that features a constantly-rotating selection of both menu and chefs. - Pizza Brain, a pizzeria that doubles as a pizza museum. These businesses have all invested in innovations or unique business practices - and those decisions have rendered them "cool" in the eyes of the press, their customers and local communities.

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### Crucial Guidance for Women Business Enterprise (WBE) Certifications

> Most public and private sector entities allocate a set amount of business to Women Business Enterprise - certified companies (WBE) - learn why this process is worth undertaking.

- Published: 2014-05-06
- Modified: 2025-06-16
- URL: https://www.ondeck.com/resources/crucial-guidance-women-business-enterprise-wbe-certifications
- Resource Categories: Running a Business

Most government agencies, including city, state and national entities, as well as public companies, allocate a certain percentage of business to women-owned companies. The certification, known as a Women Business Enterprise (WBE), can help you win key business. WBE businesses are often included in pre-approved vendor lists for government agencies and become part of a national small business database. You can also make mention of it on your website and marketing materials. Benefits aside, the application process is a major time investment - but it's worth it. The Paperwork Required To be eligible for the Women Business Enterprise certification, you must be: A for-profit business located in the United States 51% owned by a woman/group of women Women owners are U. S. citizens or legal residents While eligibility is quite simple, the paperwork aspect is not. Janet Harris-Lange, president of the National Women Business Owners Corporation, acknowledges that a large cache of documents is needed in order to obtain certification. Though this may cause problems and heavy workloads for the business owners involved, Harris-Lange promises the certification is more than worth the struggle. Various documents and literature proving ownership and control of the business are necessary. You must be able to prove you are the main visionary and leader of the company. Harris-Lange suggests those interested consider purchasing a certification kit for $39. 95 from the National Women Business Owner's Council, which details all documents and other figures that need to be submitted in order to obtain certification. "A lot...

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### The 5 Best Compliments To Hear As A Small Business Owner

> Small businesses like to be recognized by their customers. These 5 small business compliments, tell you your business is heading in the right direction.

- Published: 2014-04-18
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/5-best-compliments-hear-small-business-owner
- Resource Categories: Running a Business

Small business owners live to see their businesses thrive. Fantastic earnings are one thing, but hearing the compliments of satisfied customers and collaborators brings validation to atrepreneur; it's rewarding to know that you're doing something right – and doing it well. Here are five of the best compliments to hear as a business owner: From vendors: "You're our favorite customer! " When your vendors proclaim that they love doing business with you, you know you’re on the right track – perhaps even to a better deal on their products or services. From employees: "I actually like coming to work. " All small business owners have spent time dealing with disgruntled, lazy or unmotivated employees - it just comes with the territory. So it’s refreshing when your staffers tell you they find their work rewarding and the workplace inviting. From customers: "You're saving my life! " Enthusiastic customers are key to a successful business. Solid products and services create strong advocates for your brand, and it's great to hear that your business is having an impact. From investors: "We want to put more money into your business. " What business owner wouldn't want to hear that their investors want to increase the amount of money they're putting in? That speaks volumes to their confidence in the business's success. From family members: "You've been spending more time at home lately. " Ensuring that your business is successful and your employees and constituents are happy is crucial, but so is making sure you’re...

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### Social Media Best Practices

> Social media offers businesses massive opportunities. It's a low-cost way to promote your business, engage consumers, and maximize your company's online

- Published: 2014-04-17
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/social-media-best-practices
- Resource Categories: Uncategorized

Social media offers businesses massive opportunities. It's a low-cost way to promote your business, engage consumers, and maximize your company's online presence. However, that doesn't mean that branded social media accounts are either easy to manage or a quick solution for creating new business. For social media to be truly successful with a consumer base, businesses have to strike the right balance when posting content. Here are some tips for savvy social media practices. What should you be posting? As a small business owner, you need to be focused on what your clients, consumers, and audience want to read. It may seem like a smart decision to post only promotional content, but consumers quickly tune out material that is just advertising. Post content that stands out. Explore what your customers want to see on their social media timelines and utilize that to generate buzz around your brand. Consider linking to news posts that relate to your industry, even if they don't specifically concern your business. Post funny illustrations or memes to entertain your followers and encourage them to share the content. Don't be afraid to ask your followers questions – direct engagement is encouraged. What kind of tone should you aim for? Tone can be complicated. You don't want to sound too academic, but you don't want to sound amateurish either. You need to strike a balance between professional and fun. Include expert detail and industry insights into your posts without overwhelming the laid back flow of social media. Find...

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### What is Receivables Financing?

> Small business owners have many options when it comes to financing. We have previously discussed peer-to-peer lending, business lines of credit, and

- Published: 2014-04-10
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/receivables-financing
- Resource Categories: Small Business Financing

Small business owners have many options when it comes to financing. We have previously discussed peer-to-peer lending, business lines of credit, and merchant cash advances, to name a few. So what is receivables financing? What is receivables financing, and how much does it cost? Receivables are defined as amounts owed to a business – essentially outstanding invoices – and are considered to be assets. In a receivables financing agreement, a business borrows against the amount of its outstanding invoices for cash. For example, a company may receive an advance for 65-80% of invoices from bankers specializing in this type of financing. Once the invoice is paid off, bankers will pay out the existing balance after collecting a fee – which may be between 3-5% of the overall invoice. What are the different types of receivables financing? There are multiple forms of receivables financing that small businesses can engage in. The two main types are: Invoice discounting: A loan taken out against the invoice assets. This allows a business to borrow funds against other funds that it is owed. Factoring: When a small business sells its receivables to a third party in exchange for funds. This is an actual sale of the assets so the default risk transfers to the financing company. What does the factoring process look like? An invoice is generated once a business sells a product to a customer. Rather than wait for payment from the customer, the business sells the invoice to a factoring company. The factoring...

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### Paying Yourself? What Every Business Owner Needs to Know at Tax Time

> Paying yourself as a small business owner can be tricky, but this important task deserves careful consideration. As an integral part of applying for small

- Published: 2014-04-08
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/paying-every-business-owner-needs-know-tax-time
- Resource Categories: Uncategorized

Paying yourself as a small business owner can be tricky, but this important task deserves careful consideration. As an integral part of applying for small business loans and filing your taxes, you need to make sure that you're getting compensated fairly and within industry standards. Here are a few ways to determine your salary: Start-Up Phase vs. In the Black As a business in the start-up phase needs funds to grow, consider paying yourself just enough to get by. Then, when your business is in the black (aka making a profit), you can reevaluate your business’s projected annual growth and increase your salary accordingly. According to Your Position or Title Corporate officers may or may not be considered employees depending on whether or not they provide significant services. Officers need to define a reasonable compensation for their level of work. Partners, on the other hand, are never considered employees and thus should not be issued a W-2. As for how you should receive payment, that's determined by how your business is incorporated. If your business is a limited liability company, you can simply take money from the company finances as an “owner’s draw”. Remember, this type of pay is subject to self-employment taxes at the individual tax filing level. Alternatively, you can give yourself an official salary. This, however, will require you to change your LLC’s tax classification. Regardless of how you decide to pay yourself, you should study the average salaries in your field; the IRS requires that an...

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### What Is Peer-to-Peer Lending?

> There are numerous ways that small business owners can get financing for their business, and peer-to-peer lending is one option. What is peer-to-peer

- Published: 2014-04-03
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/peer-peer-lending
- Resource Categories: Uncategorized

There are numerous ways that small business owners can get financing for their business, and peer-to-peer lending is one option. What is peer-to-peer lending? Peer-to-peer lending is one way to obtain small business financing. It refers to businesses that turn to other consumers and organizations - as opposed to verified lenders - in order to get loans and funding. What do peer-to-peer lenders consider when a business applies for a loan? Peer-to-peer lenders largely base their considerations on credit scores and use these to establish risk scores. These risk scores then determine the interest rate of the loan offered. Why would a business turn to a peer-to-peer loan? Peer-to-peer loans are often available in a short amount of time and can seem like good options when traditional routes are off the table, but loan size is usually limited to $10k. Will it build my business credit? No. Peer-to-peer lenders aren’t required to report repayments. How long does it take to apply, how much does it cost, and what does repayment look like? Application time, cost, and repayment all depend on the company and investors you apply with. Application turnaround can be quick, but rates can be as high as 50%. What are the downsides of peer-to-peer lending? There may be restrictions on peer-to-peer lending in certain states, but more importantly the loans themselves are often unsecured. What is the difference between peer-to-peer lending and OnDeck? OnDeck offers true business loans up to $250,000 that build business credit. In addition to...

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### What is a merchant cash advance?

> Our small business resource center features hundreds of informative articles written by industry experts. Topics range from building credit to small business insights and beyond.

- Published: 2014-03-05
- Modified: 2025-04-15
- URL: https://www.ondeck.com/resources/merchant-cash-advance-2
- Tags: No Archive
- Resource Categories: Small Business Financing

At OnDeck, we understand that accessing capital can sometimes feel like a daunting undertaking for business owners. That’s why, every Wednesday, our blog will contain “Humpday Help” to provide you with important and useful information about the different types of financing available to small businesses. In today's blog post, we'll explore merchant cash advances. You can also visit our separate Merchant Cash Advance comparison page here. What is a merchant cash advance? A merchant cash advance (MCA) is a lump sum of money lent against a business’s future credit card sales. This is not a “true” business loan, but rather an advance based on your future sales. How long does it take to apply? It depends on your provider, but normally around one week. What does repayment look like? Typically, it’s a fixed percentage of your daily or weekly credit card sales. The daily payment varies with your batch size. Payment is collected directly through your credit card processor. How much does it cost? It depends on your business profile and estimated term length, but normally you will pay $1. 20 - $1. 50 for every $1 you borrow. Will it build my business credit? No – MCA companies aren’t required to report back to the credit bureaus. OnDeck, which offers true business loans, does report repayment to the credit agencies. For more about your business credit, click here. Will I need to change my credit card processor? Maybe – it depends on your provider. Always ask before you decide...

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