Celtic Bank Blog

MAR
19

5 Tips to Help Get Your SBA Loan Request Approved

5 Tips to Help Get Your SBA Loan Request Approved
Small businesses are bigger than ever in today’s economy. Now is the time to help your small business grow with additional funding, as it is more readily available than ever. When looking into SBA loans there are a few things that you can do to make yourself more attractive to possible lenders to make sure they know that you are a viable investment. Research the lending institutions you are going to apply to: Doing research on the types of funding that is available to your small business can be an extremely helpful first step. This way you can familiarize yourself with the types of working capital available, whether it be a line if credit or working capital as well as find institutions that work with businesses in your industry. Get Everything Together: Gather all your basic documents together that tell lending institutions about you and your business like income records, tax forms, resumes, your personal credit report, proof of collateral, bank and financial statements. It is also a good idea for you to find the loan application from the institution you wish to apply to and have it filled out and ready to go before you go in. For more...
MAR
14

SBA Lowers Loan Fees

SBA Lowers Loan Fees
The American economy is currently undergoing a recovery unlike any other in history. We are bouncing back from the financial crisis of 2008 quickly and with a vengeance and mostly thanks to small businesses like yours! Small businesses are so viable in our economy right now because for the first time they have access to funding like never before . The Small Business Administration has made access to capital for small businesses its main priority in 2014 by implementing fee reductions that help small business owners all over the country. In February the SBA implemented two initiatives that will help eliminate specific borrower fees, which will make it more affordable and easier for small business owners to obtain working capital. 7(a) Loan Program : as of the end of 2013 all borrower fees on all 7(a) loans of $150,000 and below have been changed to zero – this means that a small business with a $150,000 loan can save over $2500 in feed a year! SBA Veterans Advantage Initiative: extends zero borrower fees on all loans of $350,000 and under made through the advantage program. Due to these changes by the SBA, small business owners can expect to see significant...
MAR
11

Wire Transfer Scams

Wire Transfer Scams
Transferring money by using electronic wires through banks or money orders has become quite prevalent due to its convenience. Ever since the advent of wiring money, the use of checks has been on the decline. And wire transfers are typically safe transactions, however since the advent of Craigslist in 1995 more and more cases of wire scams within the United States and abroad have been reported. Transferring money can be risky; here are some tips to follow whenever you plan on using a wire transfer. Walk away from any offer to put money into your account for you to then transfer to someone else This is a huge red flag! This gives whoever gave you the money complete access to your bank account. Never give your bank account information out to any individual – especially in response to an advertisement or unsolicited call, text or email. Never wire money to a stranger Beware of scammers who are out to get your money. No matter what story they tell you, be especially careful with who you make transactions with- especially over the internet Be wary Be wary of any kind of transaction that has a time deadline on it. No matter...
MAR
04

Should you Bitcoin?

Should you Bitcoin?
Since 2009 Bitcoin popularity as reached an all time high.. Bitcoin is a cryptocurrency which means it is a peer-to peer payment network that is done completely digitally, there is no actual exchange of digital notes instead the user updates a public transaction log to transfer Bitcoin currency to the seller via a wallet. Bitcoin can be used to pay for services or products. Use of Bitcoins is still on a smaller scale. If you aren’t quite sure what Bitcoin is and how to use it for your small business, you are not alone. Bitcoin use is on the rise; however, most people today still do not understand the use, distribution, and regulation of Bitcoins. The big question concerning Bitcoin and your small business is whether you should accept Bitcoins in the first place. There are many advantages and disadvantages in implementing Bitcoin into your business plan. At the end of the day, it’s a decision you as a small business owner need to make when taking into account Bitcoin’s regulation, security, value, taxes, security and acceptability. The quick, easy, and inexpensive nature of Bitcoin has made it popular in the financial world. It’s tech-forward, which also garners many followers...
FEB
25

Manage Your Time More Effectively

Manage Your Time More Effectively
Have you ever heard “time is of the essence”? Most likely you have, and that is because time IS essential. One of the greatest resources for small business owners around the world is time, and there never seems to be enough of it to go around. Wasting time is synonymous with wasting money because starting and growing a business takes time and proficiency. As a small business owner, you spend a lot of your time dealing with minor tasks for your business when you should be distributing most of your time to helping your business thrive. Owning a business makes you extremely busy, and there is never enough time in the day to get everything you need finished. So look into these time-saving tricks to reorganize your busy work day so that you can maximize your productive hours and still have some free time. Prioritize Rank your tasks each day in order of importance, and work your way through the list until you have finished in a way that allows you to complete high priority tasks first and minor issues last. The key is to always make a list. It helps you keep your thoughts organized, and you can highlight at...
FEB
19

In-House Mortgages

In-House Mortgages
As new government guidelines concerning the financial industry in the United States begin to be implemented, it seems as if some of the biggest banks in the nation are preparing to keep loans in house. However it is estimated that a little under half of those loans will not meet new government guidelines being implemented this week. This is a way for these larger banks to draw in more business and compete with less-conventional types of loans like merchant cash advances, express loans and working capital loans are readily available to consumers. This is a good option both for larger banks and for consumers as banks are currently undergoing massive regulatory changes that make the loan process safer, yet more difficult. For more information on how this will affect consumers call or visit Celtic Bank!
FEB
11

When is Fast Not Good?

When is Fast Not Good?
When contemplating small business loans it is very tempting to go the easy, short road, but it would be wise to think before you make any rash decisions concerning your loan options. Besides borrowing from a bank there are many alternate lenders out there willing to give you “easy” and  “fast” money, but when you read the fine print, that kind of money really does come at a higher price and risk. Especially in today’s economy where the government is even offering Express loans, make sure you look into all of your options and understand what you are committing to before you make any final decisions. For working capital for your small business you have a few options: Small Loan Advantage : Allows lenders to pre-qualify through the SBA for full consideration for financing up to $350,000 at an express rate (within minutes!) Celtic offers an Express Loan Program , check it out! Alternative Lender : Can be very quick review time ranging from seven minutes to seven days, however can have high interest rates and short pay back times. Cash Advance : Immediate cash, but very high interest rates (typically even higher than a credit card) So when deciding...
FEB
04

Small Business Loans Looking Up

Small Business Loans Looking Up
2014 is a new year in Finance. Small businesses are becoming more predominant around the country, banks are more likely to lend to small businesses because they are easing back on credit requirements for SBA loans, the economy might soon recover if we keep heading in this direction. 32 percent of small business owners’ say their credit needs are being met monthly, that is the highest rate since 2008. Although getting a loan is still difficult, requirements are being restructured to make getting a small business loan easier due to lower interest rates and lower credit standards. Because we are at the beginning of an economic upturn, small businesses are doing better than they had previously done in 2008 through 2010, better business means finding funding should be easier because there is proof of growing profits and cash flow through the years since the end of the recession. This combined with the fact that many large banks are decreasing credit standards means getting small business loans just became a lot easier. For more information read the full article
JAN
31

Small Business Taxes

Small Business Taxes
Small businesses are required to file taxes once per year at the end of the business’ tax year, which is dependent upon whether the business has chosen to go off of the Calendar Year or the Fiscal Year. A calendar tax year is twelve consecutive months beginning at the start of the year, January 1 st , and ending on December 31 st . A fiscal year is twelve consecutive months ending on the last day of any month besides December. If your business uses the calendar year then you file by April 15 th of each year. If your business operates on a fiscal year then you will file two and half months after the end of your business year. To make filing your taxes easier this year, follow some of these tips: Go through and review and breakdown your financial reports to get a good look at how successful your business was this past year and to make sure you’re your books are up-to-date and accurate. Once you have done this create a 2013 tax folder for all the annual “Important Tax Documents” you will start receiving. Check your inventory for damaged or old items you can use...