OneBox Funding

November 13, 2017
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Whatever the size of your business, a well-managed budget plays an essential role in your success. Nevertheless, being a small business owner, you might be pressured to manage your budget correctly. You will also encounter a difficulty with back-up funds. For you to make a profit and balance other expenditures, you have to create a strong, concrete and effective budgeting plan ahead of time.

Money or finances is a complicated topic to deal with. But lack of efficient financial planning could cause your startup to fail in an instant. By spending your time to focus on your budget, you will not use your precious time on expenses. You will heed on your business instead. So, how are you going to manage your principal effectively?

Budget by department

Even though your startup might be small and may not have many departments, it is imperative to manage your budget just like large corporations do. You can take your past financial plan as your guideline and base your future budget on it. That way, you can determine where your leftover budget came from, which departments met their goals, etc.

You can also hire a professional who specializes in this process for a more effective and efficient departmental budget.

Always plan ahead

Looking ahead at the calendar of your business is useful. You can start by asking yourself what your future expenses will be. It is also significant to focus on the larger aspects of your business such as new staff recruitment and office renovation.

To utilize your money properly, plan out your expenses and consult with your team, so you don’t find yourself at a point where you have underestimated your budget.

Be ready to experience the worst scenarios

Unexpected expenses can be your worst nightmare. You have to be prepared to experience such problems. You should always have an emergency fund in case you fall into a financial dilemma.

In case you do not have a backup budget, do not worry as there are companies that provide small business loans. OneBox Funding can help you find the right loan for your business.

Learn how to prioritize

If your business has been  making high revenues for the past few months, make sure to prioritize your expenses so you don’t find your self in a loss. It will help you reduce unnecessary costs and balance your financials.

When your budget is not enough to meet your goals, why not consider OneBox Funding. As long as you can pay your debt, you have high chances for a loan approval with fair interest rates.


October 2, 2017
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One of the most common questions by many business owners is how much money should be asked for when applying for a business loan. This loan serves as a great working capital for them. So, they are quite eager to apply for a particular business loan.

When you are deciding how much money you are going to ask for, you need to be very careful. If you fail to choose the right amount, you could be facing a business dilemma. Fortunately, there are plenty of ways you can try in order to figure out how much money you can ask for your next funding.

DETERMINE YOUR PURPOSE BEHIND THE BUSINESS LOAN

Whether you are launching your startup or you need a working capital for the improvements of your business, a business loan is very useful. If you can successfully get a loan for your business, it will be easier for you to find new resources, provide your employees valuable training and gain significant benefits.

If working capital is the reason for applying for a loan or for any other purpose, such as business renovations, marketing budget or even paying off your debts. You will be asked to produce documentation that can verify the reason your debt occurred.

WORK WITH A PROFESSIONAL FINANCIAL CONSULTANT

After determining the real purpose behind the business loan, you need to consult reliable financial professionals. That way you can avoid confusion about the right amount you should ask for. As you work with financial consultants, particular financials will be reviewed and then, they can help you determine the approximate amount you will need for working capital.

Remember not to be lazy about understanding your existing financials. Lack of knowledge, bad credit, sloppy bookkeeping can prevent you from receiving a business loan. At OneBox Funding, we offer solutions for all of these matters.

CONDUCT A CASH FLOW ANALYSIS

Conducting a cash flow analysis is one of the best ways to effectively determine how much money you will need for your funding.  This can also help you figure out the length of your loan and the amount you can pay off.

Also, this includes the auto loan payments or mortgage payments. Therefore, with the help of cash flow analysis, it becomes easier for you to develop more variable estimates of how much you will borrow.

CONSIDER THE PAYMENT TERMS

After analyzing the financial situation, you are required to decide how long you want to pay the business loan. This can actually result in producing a more rational figure opposing to the amount you cannot discharge based on your debts or finances.

There are many considerations when it comes to a business loan; and the amount of money you will need to ask for will depend on your purpose, cash flow and time. Make sure to have all these factors in check, to ensure you get a fast business approval. OneBox Funding experts will guide you through every step of the way, so you can start with your working capital as soon as possible.


September 27, 2017
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Acquiring a construction loan for a business is indeed not an easy thing to do. So, this article aims to guide you throught the entire process, from looking for a lending company where you can apply for the loan to getting the money that you need for your construction project. We would be explaining everything to you in detail but first, let us explain what this kind of loan is.

What is a construction loan?

It is basically the amount of money lent to a company for the purpose of constructing a building, which would then be repaid at a given amount of time. This kind of business loan may cover the cost for acquiring the land, the supplies needed and the construction process itself. Hence, this is considered to be a big help for companies who plans to construct new buildings but lacks the funds to do so. Nevertheless, they would be required to prepare and submit documentation. Also, it may take a while for the bank or the financial institution to approve the loan for they need to consider a wide range of things like the profitability of the building that is about to be constructed. They may also look at the condition of the business’ market at present and in the future.

The process of getting a construction loan

First and foremost, you need to look for a bank or any financial institution that can offer you such loan. Then, you would be asked to fill out an application form that includes the projected cost for the project and submit the necessary documentation like your company’s tax returns, your current real estate holdings and the business plan for your construction project. They would then go over your application. In this process, they would look over different variables such as your credit score. This is the reason why you should avoid having a bad credit for having a bad credit can reduce the chance of your loan getting approved. They would also be considering the risk of the loan. Now, in case the loan looks good, then your initial application would be approved.

After that, the terms of the construction loan would then be drafted and it would be sent to you for reviewing. After you have read all the terms and for you, it looks good, then you can sign it. On the other hand, in case you do not agree with a term included in the contract, then you can negotiate it with the institution where you have applied for the loan. Once you have reached an agreement, then you can both sign the contract and that means that the terms of the contract starts to take effect.

You would then be provided with your needed funds as promised and you also need to repay it in accordance to the contract’s terms. You can then proceed with your construction project without worrying about the possibility of you not having enough funds. Just make sure that you choose your loan provider wisely.

 

Need a construction loan? Contact us Here


September 18, 2017
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A Quick Guide to Building Your Credit Score

You probably were not thinking about the possibility of applying for a loan in your bank, hence you did not pay enough attention to improving your credit score. But when a time comes when you would like to start a new business, you will need business loans.

Here, you will be concerned about getting approved but if you do not have an ideal credit score, you might not be able to apply for any loan. Fortunately, there are a lot of ways to improve it at the right time. Here are some:

Ask increase in the limit of your credit

A great and easy to way to increase your credit score is requesting an increase to your credit limit. When you are already a regular customer with an ideal credit history, chances are it will not be long until your request gets approved by the card issuer.

If you are looking to renew from a new credit company, be sure that the new credit offers a great credit limit even for first-time clients. When applying for your new card, it is common to be questioned about previous credit history which can be a blow to your score but not bad enough.

Pay off a chunk of your existing balance

Having a credit card balance should not worry you too much, although it would cost you more in interest payments it can also boost up your credit usage ratio in a very good way. Pay at least even a portion of your existing balance can prove to be a good way to increase credit score.

It is important to find ways to earn an extra profit to keep chipping at your current balance. Doing this is key to decreasing your credit utilization rate to a minimum while increasing your credit score quickly.

Be an authorized user on another person’s card

Getting someone you are friends or family with to authorize you as a user in the use of their existing credit account is a fine option for those not looking to open a new credit card. This can prove beneficial to you in a variety of ways. A good example would be if your friend is the primary cardholder is a regular bills payer, all of their on-time payments can make your record be sky rocket.

In addition to that, your current limit would be added to the other person’s credit limit doubling the rate at which your credit usage ratio would decrease. It is important to note that building credit limit takes a long time but these maneuvers can help boost your score rapidly.

Correct credit report errors

A credit report error could become your respectable scores’ worst nightmare. Spotting an immediate error on your credit reports must be noted and corrected quickly helping you boost your record talk about killing two bird with a stone. Recent studies suggest that 20% of clients that take action with their credit report errors have their scores increased as an effect.