Infinity Commercial Capital

Most small businesses will often require some loan at some point in their lifecycle. However, borrowing business loans can be risky, and making the wrong decision can severely damage your venture. That’s why small businesses are advised to avoid some common mistakes when taking out SBA loans . Not Having Updated Financial Records It’s wise to make sure that you spend time on yourfinancials before applying for SBA loans. Your lender will require yourfinancial records to determine your ability to repay the loan. It’s advisableto avoid cooking figures for loan approval because the application may getdenied. Not Completing Your Business Plan A well-written business plan can place you ahead when looking for a small business loan. It’s imperative to complete your business plan before presenting it to small business loan lenders to increase your chances of approval. You may include sessions such as marketing plan, financials, mission statement, executive summary, and business concept. Incompl...

On March 31, 2020, the Department of Treasury (the “Department”) issued guidance on implementing the Paycheck Protection Program (PPP).  Very simply, I encourage all readers to go the attached link:  https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses  Within that site are four links including:  Top-line overview Guidance for lenders Guidance for borrowers The application banks are to use for the PPP Loan  Items of note:  Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. The Department encourages borrowers to apply as quickly as possible because there is a funding cap.  The Department  encourages borrowers to consult with their local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. The exclusion of employees compensated over $1...