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How SBA’s guaranteed loans are beneficial for small businesses

How SBA’s guaranteed loans are beneficial for small businesses

Running a small business during financially turbulent times can be extremely trying. But, monetary aid, specifically small business loans, can definitely make things easier for both the business and its employees. Funded and guaranteed by the federal government, 7(a) loan programs have been designed by keeping business-owners’ best interests in mind. Here are answers to some commonly asked questions regarding small business loans:

What is an SBA loan?

Loans by the Small Business Administration (SBA) are guaranteed business loans that are given to small businesses by participating lenders. Since these loans are guaranteed by the federal agency, they are much more manageable than those provided by private agencies. SBA loans also have the added advantage of lower interest rates. These loans are available in a broad range in order to suit specific business needs. You can get a loan that ranges anywhere from $500 to $5.5 million to fund your entrepreneurial adventure. Further, the loan can be accessed in the form of fixed assets or working funds.

Types of SBA loans

SBA loans are available in many types. Some of them include—SBA flagship loans, microloans, SBA disaster loans, and 504 loans, among others. Each of these loans comes with different funding criteria.

What makes SBA loans beneficial?

The money for SBA loans is funded by banks, private-sector companies, and other lenders, but the SBA guarantees a portion of these loans, which means that if you fall short on your payment, then the federal agency has you covered. This gives you the flexibility to take the loan for longer periods with lower monthly payments.

What are the eligibility criteria to apply for an SBA-guaranteed business loan?

Needless to say, the SBA has a set of strict standards by which it chooses its borrowers. They have four basic conditions:

  • The owner of the business should have invested their own time and money
  • The business located and operates in the country
  • The business must have exhausted all other financing options
  • The company must be a profit-making one

The guaranteed business loans are also given to businesses based on their income, ownership, and operational area, among other criteria.

How do you apply for a guaranteed business loan with the SBA?

Applying for an SBA loan is rather simple. The process requires you to visit SBA’s official website, where you can access the loan application checklist that contains the list of all the documents that are required to apply for a business loan.

You can also apply for a loan through SBA’s financing platform, which is known as SBA Express. If your credit and financial situation are in order, then the SBA can even fast-track your loan request.

You can also apply for a guaranteed business loan through a bank. But, this would require extensive research on your part to verify which banks are known for processing SBA loans and their terms and conditions, among other details.

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Top automated investing services that make investment easy for all

Automated investing services or Robo advisors are becoming popular by the day, and financial experts around the world only expect to see a surge in their usage. This is because these intelligent services offer one crucial advantage that many investors benefit from: low-cost financial advice. With many top financial services companies jumping in the race to provide customers with the best automated investing services, there are plenty of great options available for every kind of investor.What is a Robo advisor and how much does it cost?A Robo advisor is a digital platform that provides algorithmic-driven money management services that require virtually no human supervision. It does this by collecting client data like financial situation, future goals, and other details through an online survey. This data is then used to automatically manage clients' assets and provide them with the most suitable financial advice. Robo advisors are immensely cheaper than human financial advisors. Most services only charge an annual management fee that is anywhere between 0.25% and 0.5% of the account balance. Depending on your need, you can even find good Robo advisors that offer services free of charge and low minimum balance value. Top Robo advisors in the marketThere are several low-cost Robo advisors that you can choose based on your needs and preferences. Here are some of the best automated investing services or Robo advisors available in the market today.BettermentBetterment is one of the oldest and the most popular players in the industry. It allows clients to invest in a range of funds chosen for you to improve returns. It offers automatic rebalancing, tax-loss harvesting, a personalized retirement plan, and can even sync your outside holdings like bank accounts and any other investments. At extra cost, you can up your investing game by talking to a certified financial advisor on the phone.Management fee: 0.25%Account minimum: $0https://www.betterment.com/investing/SoFI InvestA go-to choice for student loan refinancing, SoFi has now expanded its services into automated investing with its user-friendly investment management system. The company provides goal-based planning, automatic rebalancing, and diversifies your money to help reach your financial goals. Plus, you’ll receive member benefits like career services, discounts on SoFi products, and the opportunity to speak to a human advisor—everything at zero cost. Management fee: noneAccount minimum: $1https://www.sofi.com/invest/automated/WealthfrontWealthfront is one of the largest automated investing companies that offer both short and long-term financial goal planning. Its software builds a diversified portfolio of low-cost index funds to improve your returns and offers time-tested investment strategies that automatically look for profitable opportunities. Management fee: 0.25 percentAccount minimum: $500https://www.wealthfront.com/Charles Schwab Intelligent PortfoliosCharles Schwab is one of the most trusted financial services companies that launched its own Robo advisor that helps build, monitors, rebalances a diversified portfolio based on your goals, and provides 24/7 customer support from US-based service professionals. With Schwab, you are not charged any advisory fee or commission and can invest in a portfolio of low-cost exchange-traded funds (ETFs).Management fee: noneAccount minimum: $5,000https://intelligent.schwab.com/

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Benefits of investing in NNN properties for sale

Long-term investments do not necessarily mean that your money becomes inflexible. Instead, you should invest in such a way that you can generate a steady income. To ensure this, you need to invest intelligently by aligning your portfolio to your investment goals. Furthermore, you need to ensure that your returns outweigh your risks. One of the surest ways to ensure this is by investing in NNN properties that are for sale. Continue reading to know more about NNN properties and benefits of buying them.What are triple net(NNN) properties? NNN properties are pieces of real estate that can be leased to commercial franchises or corporations. Here, the tenants undertake all operational and management responsibilities of the property apart from paying rent to the owner. No investment is risk-free; however, investing in NNN properties has proven to be a highly profitable venture for investors. To invest in NNN properties, you must have an accredited net worth of at least $1 million. This value is excluding the value of their residential real estate or $200,000 in income. Other investors who have lower net worths can invest in NNN properties for sale by investing in REITs or Real Estate Investment Trusts.Benefits of buying NNN properties for sale:Higher returns, little risk NNN properties for sale are one of the most secure investments. If done right, these properties will help you earn high returns with very little risk. Generally, the tenants for these properties are franchises such as McDonald’s and Burger King. The leases on such properties are long term, which further reduces risks as you do not have to worry about new tenants anytime soon. NNN properties are free of expensesGenerally, while leasing NNN properties, the tenant is responsible for all operating expenses such as taxes, insurance, and maintenance. This grants you freedom from making substantial payments, allowing you to divert your money to other profitable schemes. Additionally, you do not have to worry about any sudden expenses and have a steady flow of income. Higher profits, fewer taxes With all operational expenses paid by the residing tenant, an NNN property becomes your profitable passive investment. All taxes such as property taxes, water taxes, and electricity taxes and borne by the tenants. Moreover, you can file for 1031 and 1033 tax-deferred exchange code and get a further tax deduction on your returns.NNN properties allow a diverse portfolio Apart from being a profitable investment, NNN properties also diversify your portfolio. As a seasoned investor, you know the necessity of a diverse portfolio. Not only does it help you earn higher returns, but also can turn into a dependable source of income when the market is underperforming. Moreover, the best part of it all is that it also provides the same benefits as other real estates.

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Top 10 cat food deals to check out ahead of Black Friday 2022

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Black Friday will be here soon, presenting pet parents an opportunity to stock up on food for their feline friends without spending a lot. There will be plenty of discounts from the top pet food brands, including Royal Canin and Purina. But if you cannot wait until then, check out these ten fantastic deals that are available right now. Take your time researching well and pick the healthiest options for your cat! Merrick Purrfect Bistro Grain-free Healthy Weight Recipe Dry Cat food This grain-free recipe ensures your pet gets the proper nourishment and maintains a healthy weight. Besides promoting weight control, it supports the muscles and improves digestive health. The product is already available at a discount of 7% on Chewy, but you can expect a better deal during the year-end sale. Wellness Healthy Indulgence Gravies Grain-free Variety Pack This variety pack makes mealtimes quick and easy. Created by nutritionists and veterinarians, the recipes are enriched with the finest ingredients to promote your cat’s well-being. Petco is offering a discount of 5%, but you can get it at an even lower price by opting for repeat delivery. Tiki Cat Queen Emma Luau Variety-pack Grain-free Canned Cat Food You can save 10% on this variety pack from Tiki Cat at Chewy.
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