9 Ways to Protect Yourself Against Credit Card Fraud

Posted on October 12, 2020October 12, 2020 by Jennifer Brazer

Over the past decade, debit and credit card use has been the number one way consumers make purchases, pay bills, and make security deposits. Due to plastic being the primary form of payment, credit card fraud is at an all-time high. This high amount of fraud means you have to protect yourself against it. Here are nine ways to protect yourself against credit card fraud.

Protect Your Credit Card

Protecting your credit card may seem obvious, but surprisingly most credit cardholders fail to do so. Make sure you place it in a wallet, purse, or bag that is held close to your body and not easily grabbed. If possible, put it in a small purse or wallet that can be concealed. Don’t carry all your cards with you simultaneously. Only take one or two debit or credit cards with you and leave others behind. This will ensure that if a thief does manage to snatch your purse or wallet, they won’t have all your debit or credit cards.

When you use your card, make sure you conceal it as much as possible and pay attention to your surroundings. Some thieves will take a photo of your card and use the number for online purchases. Once you make a purchase, conceal your card as soon as possible.

Shred Credit Card Documents

Whether it is a billing statement or credit card receipt, once you no longer need the document, it is essential to shred it rather than throwing it away. Also, make sure you shred old cards when they expire. Often a new credit or debit card will have the same number with a new expiration date. The key is to ensure anything you are disposing of that has your credit card number on it must be destroyed before throwing away.

Never Sign Blank Credit Card Receipts

Not signing a blank credit card receipt may sound like an obvious no, no, but again, sometimes we are busy or distracted and will mindlessly sign anything put in front of us. Make sure you read anything you sign that is related to your debit or credit card. If you are at a restaurant and tip cash, make sure you write a zero or put a line in the blank and write the total yourself or write “No Tip” or “Cash” in the blank. Even if you do write in a tip, make sure you provide the total and write the amounts so that they cannot be doctored into another amount.

Don’t Give Out Credit Card Information

It is sometimes necessary to provide your credit or debit card number over the phone. First, never do so in public. If you have no choice, make sure you go to a private area and ensure no one is listening. Second, if you didn’t initiate the call, never give your card information to the caller, even if they claim to be a bill collector. If you think it is a legitimate entity, ask for their website and how you can make a payment online.

Be Safe Online

Never click on links in emails claiming to be your credit card company, bank, or another payment platform. If you receive an email that looks like it is from one of your banking or payment institutions claiming there is an issue with your card or account, go to their site or app and check your account after your secure login. This type of fraud is called phishing. It is used to capture your debit or credit card information or get your login and password. Also, when using your card online, ensure the site is secure. You can see if it is a secure site by looking at the URL or address bar on the site. If you see a padlock in the status or address bar, the site is secure.

Report Lost or Stolen Credit Cards

If your credit or debit card is stolen, immediately call the card holding company and cancel the card. If you think you merely misplaced the card and don’t want to have to deal with replacing the card or cards, many credit card companies and banks have an option to freeze the account. This freezing of the account will also allow the company to recognize fraudulent use and contact you if an attempt to use your card is made.

Check Your Statement Regularly

Unauthorized charges on your credit card are the first sign of credit card fraud. Some banking institutions or credit card holding companies will alert the cardholder to unusual activity. However, this cannot be counted on to catch fraud early. It is suggested that you check your banking or credit card statements daily. Though this may not avoid fraud, it will allow the fraud to be caught early and minimize any damage before it becomes overwhelming.

Create Diverse Passwords

Most people use the same passwords for all of their online activities. You must create complicated and unpredictable passwords for any site where your credit card is stored and make it different for every site. Also, never keep your passwords in an easy to locate or access place. Password diversity and security is vital to avoiding credit card fraud.

Watch for Credit Card Skimmers

A more recent and popular debit or credit card fraud is thieves employing the use of skimmers. A skimmer overlays the card reader of gas pumps and ATMs. It will not affect your ability to complete a transaction or purchase; however, the skimmer retains your credit card information and pin. To avoid this credit or debit card fraud, use bank ATMs, and be wary if the reader slot looks unusual. To prevent the possibility of a skimmer used on a gas pump, pay inside if you must use the reader on the pump, look at it closely and be wary if it seems out of place or unusual.

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What Defines a Serious Business Buyer?

Posted on October 12, 2020October 12, 2020 by Jennifer Brazer

The buyer persona corresponds to a fictitious prototype of the target of the company’s buyers. Based on statistical data, the profile will give an overview of potential customers’ needs and desires and their characteristics and requirements. Therefore, buyer personas are a useful marketing tool, which is more generally part of personas.

What are buyer personas?

Buyer personas are fictitious representative profiles of potential customers. We also speak more simply in French of “typical buyer.” These people, defined by way of example, represent the target group of a company. Although these profiles are fictitious, the background information is based on real data and measurable socio-demographic facts, such as purchasing behavior, habits, or centers of interest.

In online marketing, typical buyers are at the center of conceptual and strategic planning. Buyer personas are an effective way to keep an eye on who you’re talking to. It is also an opportunity to understand customers better and know which marketing measures are the most effective.

Create a typical buyer profile

The strategic implementation of buyer personas is only useful if we can draw up a very detailed profile. Upstream, it is, therefore, essential to define your target group based on empirical data. You will be able to obtain them thanks to detailed web analysis and tracking processes. Socio-economic and demographic data also play an essential role in determining precise profiles.

Social media also offer critical features of the target. Many users have publicly available profiles. These give a good idea of the interests and lifestyles of the different buyers.

Here is some essential information to know about your target group:

Age
Sex
Civil status
Place of residence
Level of education
Socio-Professional Category
Income

In general, several personas are created for each target group. The average is two to four, but it can also be useful to create many more with a huge target. The number of buyer personas depends on the complexity of the product or the scope of your product range.

To start, you have to look at the data you have about real people. Besides the general gathering of information on the target, it is also essential to have personal contact with representative people. You can interview existing customers, launch opinion polls, or rely on market research reports. Based on the knowledge thus acquired and the data resulting from the analyzes, detailed profiles as realistic as possible will be established. A description of a buyer personas may contain the following:

Demographic data
Interests and hobbies
Preferences
Habits, especially consumer habits
Needs
Expectations of the product, service, or company
Buying behavior
Search history

A kind of curriculum vitae can thus be created. It is good to favor a narrative form rather than to make a sober enumeration of critical points. Indeed, it is the emotions that it is important to highlight also in this process. If you can, add photos that make sense for the profile. Quotes gathered from interviews with customers also make the profiles even more concrete. To create a buyer persona, you can also use tools. With the help of this free program, it is possible to develop a sort of card gathering the most crucial information for each persona.

The advantages of buyer personas

If it is well created, the buyer persona allows a faster and more precise vision of its target than with a simple data collection. Potential buyers are not a uniform group in which each individual corresponds to the average. These are individuals who share only specific characteristics. Thus, the buyer persona makes it possible to get closer to its buyers, even if they are merely fictitious prototypes.

Not all customers see the same benefits in a product, do not make the same associations of ideas, and do not experience the same sensations. Therefore, the path to get to the product can be very different from one customer to another. From an initial interest in the product to the actual purchase decision, a person’s journey is not the same for everyone. Buyer personas strive to reflect this diversity as much as possible.

This has a substantial impact on marketing. If you know the different interests, values , and motivations of potential customers, you can adapt your advertising measures accordingly. Instead of a standard solution that would be a little suitable for everyone but would not correspond to anyone, you can use more precise profiles. In this way, by reaching more deeply to potential customers, it is easier to succeed in its marketing campaign.

Also, working with buyer personas increases customer interest. Marketers not only work with raw numbers but also work on profiles using their creativity. When working on buyer personas, we focus on the different types of personalities within the target group. This often promotes new impulses.

Once the final profile is created, you have a clear document. As this new profile has a fictitious image and name, we can proceed with a more personal treatment. We are talking to a specific person (although imagined) and not to an unknown mass of buyers. As a result, coordinated marketing efforts are generally more lively and attractive.

The New Challenges of the Profession of Chartered Accountant

Posted on October 12, 2020October 12, 2020 by Jennifer Brazer

In recent years, the accounting sector has been shaken by many upheavals: dematerialization, increased competition, new expectations of companies. The profession of a chartered accountant has thus had to reinvent itself to sustain its performance. Find out what is expected today from a chartered accountant.

The profession of chartered accountant

The chartered accountant’s role has always been to support business leaders in their creation, takeover, or daily management of their company.

Beyond intervening within the framework of the simple realization of annual closings, the chartered accountant:

Advises entrepreneurs on the choice of legal status;
Guide managers on the choice of social status;
Support managers in optimizing their taxation;
Help in managing the company’s financial funds;
Ensures accounting management;
Performs contractual audits.

This list is far from exhaustive and will be extended according to the needs of the entrepreneur.

In addition to these main missions, accountants are increasingly confronted with the digital economy and information exchange scope.

Guarantors of corporate financial information must now educate their customers on the security of financial data and the storage and preservation of accounting documents.

Their role is now to support entrepreneurs in their digital transition.

Creation and implementation of a support program

Forced to adapt to these new needs, the chartered accountant must promote his advising and become a real key partner of the company. For this, he must expand his services and offload all the tedious and time-consuming tasks to bring real added value to his customers. He must :

Offer advice at the right time;
Be proactive in meeting the needs of leaders;
Identify the most suitable accounting and administrative organization for the company;
Set up management tools to facilitate exchanges with its customers;
Respect the formalism linked to the new accounting obligations;
Offer customers the possibility of having reliable tools that comply with the law.

The chartered accountant must keep himself constantly informed of news related to his activity sector to protect his clients’ best interests. His engagement letter should no longer only mention bookkeeping, but indeed personalized support.

To sum up, beyond providing current advice, accountants must now deliver cutting-edge expertise in line with everyday reality. All the more so in this period of crisis and a rapidly changing world, they must position themselves alongside entrepreneurs as partners on whom we can count.

How to start your business?

Do you want to start alone? You will have more work, but you will have the advantage of being your boss, and you will have less turnover to be able to pay you. If you are several, the work will be shared, but it will be necessary to generate a more considerable turnover to reimburse all the partners.

What are the formalities for setting up your accounting firm?

To open your practice, you must first find a room, the best possible location like a city center. You must ensure proper management of your budget to be able to support the office rental and expenses. Joining up makes it easier to manage the firm’s costs incurred at the start of the business. You can continue your project alone when you have won your customers’ loyalty and acquired the necessary funds.

How to start your business?

Whatever your situation, the company’s legal form most suited to the exercise of the activity of chartered accountant is the limited liability company or its one-person form if you are alone: EURL. This is justified by a more advantageous tax system for this type of activity, which requires significant computer hardware costs and the calculation of social contributions.

You can choose to be a generalist or a specialist. The second option will be more suitable if you exercise in a big city. On the other hand, in less populated regions, it is better to opt for general practice.

If you have the necessary funds, you can take over a former colleague’s clientele, which will allow you to start your business quickly with good remuneration. On the other hand, if you start at the starting point, you will have to canvass the first customers. You have several options for finding customers. You can contact large firms and offer them subcontract work. You can also use platform services connecting experts and business leaders, which quickly generates contacts. It would be best if you also thought about having your website well referenced with a blog section to promote your expertise and bring you a certain number of customers.

Student Loan Forgiveness: How Does it Work?

Posted on October 11, 2020October 11, 2020 by Jennifer Brazer

For years, educational standards have encouraged young students to get increasingly costly degrees that offer questionably declining real returns in the employment market. To seek-out huge loans, regardless of the choice of career they want to pursue.

According to a report, a regular college student took between $26,450 and $31,200 worth of educational loans in 2016. Luckily, many of those students found relief due to the placement of these student loan forgiveness programs. There is a vast list of both new and old student loan relief programs in place. Through these programs, debt compassion is possible, and there will be more programs surfacing soon as well due to the rising number of untenable student debt burdens in the last few years.

Using Debt Forgiveness

These student debt forgiveness programs have a simple way of working. In a student loan compassion program, selected in debt, students may have some or all of their public debt forgiven either right away or over a specific period. Sadly, none of these student debt forgiveness programs offers private loan forgiveness. The only legitimate way to clear or remove private loans is by declaring bankruptcy or a unique rearrangement with the private moneylender.

According to recent research, there are around four main debt forgiveness programs, along with a few other minor programs that can either cancel or considerably decrease your federal student loan debt. The main debt programs are:

Public Service Loan Forgiveness
Perkins loan cancellation
Income-based repayment
Teacher Loan Forgiveness

These programs may not apply if the borrower is under defaulting status, which usually happens when a borrower refuses to pay loans for more than nine months.

Each of these plans has strict requirements that a student must meet to be eligible for these loans. Many of these plans necessitate yearly submission of official paperwork to the loan servicers, and even a single slipup will probably disqualify an eligible borrower. If you are currently in or considering these processes and trying to get your loans cleared or reduced, you must recognize the required steps and follow them carefully.

Most Common Loan Forgiveness Options

There are a few different types of occupation-based loan debt forgiveness programs available, depending on how you live. Such programs are mainly for attorneys, doctors, and other professionals who pay more than the average amounts for advanced degrees. Students who used such loans have a great shot of getting the entire debt forgiven after just five years. The process mainly depends upon the type of profession, particularly for the people who have a full-time job in a community.

Obama Student Loan Forgiveness Plan

The Obama Student Loan Forgiveness Plan is another excellent option that students can avail. This debt forgiveness plan was introduced after the 2019 act of Health Care and Education Settlement. It is also known as a debt-restructuring program with a possible chance of compassion in the future.

Students who are considered eligible for this load will combine all of their federal education loans into one big single loan and will be allowed to choose from five easy different settlement options mentioned below:

Standard
Graduated
Income-contingent
Income-based
Pay As You Earn (PAYE)

Permanent and Total Disability Release

According to the Department of Education (DoE), anyone who has any significant mental or physical disability or impairment cannot contribute to substantial gainful activities, also known as the authorized government term for a real job. Such students who are willing to apply for permanent disability status must work through the Department of Education procedures to prove whether their disability is legit or not. To prove disability, a student will need a letter from an authentic doctor and other essential supporting documentation. Typically, applicants take around six to three months before the conclusion is rendered. If the application is approved, the student will not be able to apply for any other educational loans until they obtain another letter that says you can engage in some other gainful activity.

Small Business Bank Loans Unlocked

Posted on October 11, 2020February 5, 2026 by Jennifer Brazer

Small Business Bank Loans for Entrepreneurs with Poor Credit

Small business bank loans remain accessible even with poor credit scores below 650, thanks to specialized programs like SBA microloans that require no minimum credit score, online lenders accepting scores as low as 500, and alternative banking partnerships designed specifically for high-risk borrowers. The SBA microloan program alone has provided over 69,000 loans averaging $16,124, with 48% going to women-owned businesses who often face traditional lending barriers.

My twenty years leading Complete Controller has shown me that credit scores tell only part of your business story. I’ve watched countless entrepreneurs transform their operations with strategic financing despite credit challenges, and the lending landscape has evolved dramatically to meet these needs. This guide reveals the exact pathways to secure funding, from federal programs with zero credit minimums to revenue-based alternatives that prioritize cash flow over FICO scores. You’ll discover how to leverage SBA microloans, navigate online lending platforms, build credit strategically, and combine multiple funding sources to fuel your business growth.

What are small business bank loans for entrepreneurs with poor credit?

Answer: They are specialized financing options including SBA microloans, online lenders, revenue-based loans, and alternative banking partnerships designed for borrowers with credit scores below 650
SBA microloans provide up to $50,000 with no set minimum credit score requirement, targeting underserved markets and startup entrepreneurs
Online lenders like Lendio and GreenBox Capital accept credit scores as low as 500, trading higher interest rates for accessibility and speed
Revenue-based loans focus on your business cash flow rather than personal credit history, making them ideal for established businesses with consistent income
Alternative banking partnerships through institutions like Wells Fargo and PNC offer specialized small business programs with more flexible credit requirements than traditional loans

Key Types of Small Business Bank Loans for Poor Credit

The lending landscape for entrepreneurs with credit challenges has expanded significantly beyond traditional bank loans. Each loan type serves different business needs and credit situations, from federal programs supporting underserved communities to technology-driven platforms that analyze revenue over credit scores.

Modern lending options recognize that credit scores often fail to capture entrepreneurial potential. A business owner recovering from medical bankruptcy might have a 580 credit score but run a profitable operation with strong cash flow. These specialized loan programs evaluate the whole picture, considering factors like industry experience, business revenue, and growth potential alongside credit history.

SBA microloans: Federal support for early-stage entrepreneurs

The Small Business Administration’s microloan program stands as the most accessible federal small business loans option for entrepreneurs with credit challenges. With no minimum credit score requirement and loan amounts up to $50,000, this program specifically targets businesses that traditional lenders overlook.

Unlike conventional bank loans, SBA microloans flow through nonprofit intermediary lenders who provide hands-on support alongside capital. These intermediaries often offer business training, financial literacy workshops, and one-on-one mentoring. The program has distributed over $1 billion since inception, with 41% of loans going to rural businesses who face limited local banking options.

Key Requirements and Features

Time in business: No minimum, though most lenders prefer 6+ months of operations
Collateral: Required for loans over $25,000, can include business assets or equipment
Interest rates: Capped between 7.75% and 13%, protecting borrowers from predatory pricing
Loan terms: Up to 6 years, with flexible repayment schedules
Technical assistance: Mandatory business counseling helps improve success rates

Real-World Success Story

Nicole Bradstreet transformed her dream into reality using a $30,000 SBA microloan to purchase a flower shop in Michigan. Despite having limited credit history and no prior business ownership experience, the intermediary lender focused on her industry knowledge from years working in floral design. The lender provided QuickBooks training and cash flow management support, helping Bradstreet build both her business and credit profile simultaneously. Within two years, she expanded to a second location using traditional financing, demonstrating how microloans serve as stepping stones to larger funding opportunities.

Online lenders: Fast access with flexible credit standards

Digital lending platforms have revolutionized small business financing by using alternative data points beyond credit scores. These unsecured small business loans evaluate factors like bank account activity, payment processing history, and social media presence to assess creditworthiness.

The speed advantage cannot be overstated—while traditional banks take 30-90 days for loan decisions, online lenders often approve applications within 24 hours and fund within 3-5 business days. This rapid turnaround helps businesses seize time-sensitive opportunities like bulk inventory purchases or equipment deals.

Comparison of Online Lending Options

Lender Type	Credit Score Range	Typical Loan Amount	Interest Rate Range	Funding Speed
Revenue-Based Lenders	550+	$5,000-$500,000	15-45% APR	1-3 days
Merchant Cash Advance	500+	$3,000-$200,000	20-75% APR	24 hours
Equipment Financing	520+	Up to equipment value	8-30% APR	3-5 days
Short-Term Loans	530+	$2,500-$250,000	18-60% APR	1-2 days

I’ve guided many Complete Controller clients through online lending decisions. The key is matching your repayment capacity to the loan structure. A restaurant needing $20,000 for kitchen equipment might choose equipment financing with lower rates, while a consultant needing quick working capital for a project might accept higher merchant cash advance rates for immediate funding.

Alternative banking partnerships: Beyond traditional institutions

Regional banks and credit unions increasingly offer specialized small business programs that bridge the gap between stringent traditional lending and expensive online options. These institutions often have more decision-making flexibility than large national banks, considering local market conditions and relationship history.

Wells Fargo’s Small Business Advantage line provides unsecured credit up to $50,000 for businesses meeting SBA size standards. The program considers businesses with two years of operations and focuses on cash flow strength over perfect credit. Similarly, PNC’s unsecured term loans range from $20,000 to $100,000 without requiring collateral, though credit requirements typically start around 600.

Benefits of alternative banking partnerships

Relationship-based lending considers your full banking history
Local decision-making allows for exception handling
Lower rates than online lenders while maintaining accessibility
Potential for growing into larger traditional loans
Access to business banking services beyond lending

Navigating Eligibility: Strategic Approaches

Successfully securing a small business loan with poor credit requires understanding exactly what lenders evaluate and how to present your strongest case. The application process involves more than just credit scores—lenders assess your entire business profile to determine risk and repayment ability.

Smart preparation can significantly improve your approval odds. By understanding what documentation lenders require and how they evaluate applications, you can address potential concerns proactively. This strategic approach has helped countless Complete Controller clients secure funding despite initial credit challenges.

Credit score requirements: What banks really check

Banks evaluate both personal and business credit scores, but their importance varies by lender type and loan amount. Traditional banks typically require personal FICO scores above 680, while alternative lenders may approve applications with scores as low as 500. However, lower credit scores usually mean higher interest rates and stricter terms.

Your business credit score, tracked by agencies like Dun & Bradstreet and Experian Business, becomes increasingly important as your company matures. New businesses rely heavily on owner credit scores, but established companies can leverage strong business credit to offset personal credit weaknesses. Building business credit through vendor accounts and business credit cards creates funding flexibility.

Credit Improvement Strategies

Dispute credit report errors – Studies show 79% of credit reports contain mistakes. Correcting errors can boost scores 20-100 points within 30-45 days.
Reduce credit utilization – Paying down credit cards below 30% utilization can improve scores within one billing cycle.
Establish vendor tradelines – Companies like Grainger and Uline report to business credit bureaus, helping build business credit profiles.
Add authorized user status – Becoming an authorized user on a well-managed account can improve personal credit within 30-60 days.
Time applications strategically – Each hard inquiry drops scores 5-10 points. Batch similar applications within 14 days to minimize impact.

Documentation and business planning: What lenders need

Thorough documentation demonstrates professionalism and reduces perceived lending risk. Lenders use these materials to verify your business legitimacy, assess repayment ability, and understand your growth trajectory. Missing or incomplete documentation remains the top reason for loan application denials.

Essential Documentation Checklist

Document Type	Purpose	Preparation Tips
Business Plan	Shows growth strategy and market understanding	Include 3-year projections with conservative estimates
Bank Statements	Proves cash flow stability	Provide 6-12 months showing consistent deposits
Tax Returns	Verifies income claims	Include 2-3 years personal and business returns
Accounts Receivable Aging	Demonstrates future cash flow	Highlight contracts and recurring revenue
Personal Financial Statement	Shows overall financial position	List all assets, liabilities, and income sources

At Complete Controller, we help small business loan options for entrepreneurs organize their financial documentation year-round. Maintaining clean, organized records not only supports loan applications but improves overall business decision-making. Professional bookkeeping services can transform chaotic finances into compelling loan applications.

See how Complete Controller helps you qualify with confidence.

Long-Term Strategies: Building Credit for Better Options

Poor credit doesn’t have to be permanent. Strategic credit building while managing current financing needs positions your business for better rates and terms in the future. The businesses I’ve seen succeed take a dual approach—securing necessary funding today while systematically improving their credit profiles for tomorrow.

Credit improvement is a marathon, not a sprint. Most entrepreneurs see significant score improvements within 12-18 months of focused effort. The key is consistency and understanding which actions have the greatest impact on your scores.

Strategic credit improvement for long-term eligibility

Building strong credit requires understanding the five factors that determine your score: payment history (35%), credit utilization (30%), length of credit history (15%), credit mix (10%), and new credit inquiries (10%). Focus your efforts on the highest-impact areas first.

Payment history dominates your score calculation, making on-time payments non-negotiable. Set up automatic payments for all accounts, even if just meeting minimums. One 30-day late payment can drop scores 60-110 points and remains on reports for seven years. Conversely, six months of perfect payments can begin recovering from past mistakes.

Month-by-Month Credit Building Plan

Months 1-3: Foundation Building

Pull credit reports from all three bureaus
Dispute any errors or outdated information
Set up automatic minimum payments on all accounts
Open a secured business credit card if needed

Months 4-6: Utilization Optimization

Pay down highest-interest debt first
Request credit limit increases without hard pulls
Keep individual card usage below 30%
Add vendor tradelines reporting to business credit

Months 7-12: Growth and Monitoring

Monitor scores monthly through free services
Maintain payment streaks on all accounts
Gradually pay down total debt below 30% utilization
Consider becoming authorized user on strong accounts

Small business financing best practices from credit experts emphasize patience and consistency. Your scores might dip initially as you pay down debt and close unused accounts, but long-term improvements follow disciplined execution.

Exploring hybrid solutions: Grants, crowdfunding, and loans

Smart entrepreneurs rarely rely on single funding sources. Combining non-debt options like grants with strategic loans reduces overall borrowing costs and financial risk. This hybrid approach has gained traction as digital platforms make alternative funding more accessible.

Grants provide free money but require significant application effort. Federal programs like SBIR grants offer up to $1.5 million for innovative businesses, while local economic development grants support job creation. Women-owned businesses can access specific programs through organizations like the Amber Grant Foundation, which awards $25,000 monthly to female entrepreneurs.

Alternative Funding Comparison

Funding Type	Best For	Typical Amount	Time to Fund	Credit Required
Federal Grants	Research/Innovation	$50k-$1.5M	3-6 months	No
Crowdfunding	Consumer Products	$10k-$100k	30-60 days	No
Angel Investment	Scalable Startups	$25k-$2M	2-6 months	No
Invoice Factoring	B2B Services	80% of invoices	24-48 hours	Minimal
Equipment Leasing	Asset-Heavy Businesses	Equipment value	3-5 days	550+

Crowdfunding platforms like Kickstarter and Indiegogo work particularly well for consumer products with compelling stories. Successful campaigns typically raise 30% from personal networks before gaining momentum with strangers. Pre-launch preparation, including video production and reward structuring, often determines campaign success.

Comparing Traditional Banks vs. Alternative Lenders

The lending landscape has bifurcated into two distinct paths, each with clear advantages for different situations. Traditional banks offer lower rates and larger loan amounts but maintain strict credit requirements. Alternative lenders provide accessibility and speed at premium pricing.

Understanding these trade-offs helps you choose the right lender for your specific situation. A business needing $200,000 for real estate might wait three months for bank approval to save thousands in interest. Conversely, a retailer needing $20,000 for holiday inventory might pay higher rates for immediate funding.

Detailed Lender Comparison

Factor	Traditional Banks	Online Lenders	Credit Unions
Credit Score Minimum	680+	500+	620+
Interest Rates	7.31-7.61%	15-75% APR	8-18%
Loan Amounts	$25k-$5M	$5k-$500k	$10k-$1M
Approval Time	2-12 weeks	24-72 hours	1-4 weeks
Collateral Required	Usually	Sometimes	Varies
Relationship Value	High	Low	Very High
Application Process	Extensive	Simple online	Moderate

Recent Federal Reserve data shows small business loan approval rates at large banks increased to 44% in 2023, still below pre-pandemic levels of 52%. This tightening makes alternative lenders increasingly important for businesses with imperfect credit.

Industry-Specific Considerations

Different industries face unique lending challenges and opportunities. Lenders evaluate businesses based on industry risk profiles, with some sectors enjoying easier approval despite poor personal credit. Understanding your industry’s lending landscape helps target the right funding sources.

Professional services firms often qualify for larger unsecured loans due to predictable revenue and low overhead. Restaurants and retail face higher scrutiny due to failure rates but can leverage equipment and inventory as collateral. Construction businesses benefit from project-based financing tied to specific contracts.

Industry Lending Profiles

Professional Services: Favored by lenders for stable cash flow and low capital needs
Healthcare: Strong funding options due to insurance reimbursements and essential services
Manufacturing: Equipment financing readily available using machinery as collateral
Technology: Venture debt and revenue-based financing align with growth trajectories
Retail/Restaurant: Higher rates but multiple specialty lenders serve these sectors

Final Thoughts: Your Path to Funding Success

Securing small business funding with poor credit requires strategy, persistence, and the right partners. The financing landscape has evolved to recognize that credit scores don’t define entrepreneurial success. From SBA microloans requiring no minimum score to online lenders approving 500+ scores within hours, options exist for every situation.

Success comes from matching your business needs with the right funding source. Start by honestly assessing your credit situation and immediate capital needs. If you need funds within days, online lenders provide speed despite higher costs. For larger amounts with time to prepare, improving credit while pursuing SBA loans or alternative banking partnerships yields better terms.

I’ve spent two decades helping businesses navigate financial challenges at Complete Controller. The entrepreneurs who succeed approach funding strategically—they secure necessary capital today while building toward better options tomorrow. Your credit score is just one data point in your business story. Focus on demonstrating strong operations, clear growth plans, and responsible financial management.

Take action today by pulling your credit reports, organizing financial documents, and exploring the funding options outlined in this guide. Visit Complete Controller for personalized guidance on optimizing your finances and accessing best banks for small business loans. Our team specializes in helping entrepreneurs with credit challenges build strong financial foundations that attract funding and fuel growth.

FAQ

What credit score do banks require for small business loans?

Traditional banks typically require personal FICO scores of 680 or higher for small business loans. However, SBA microloans have no minimum credit score requirement, and online lenders often approve applications with scores as low as 500. Credit unions usually fall in between, accepting scores around 620-650.

How long does it take to get approved for a small business loan with bad credit?

Approval timelines vary dramatically by lender type. Online lenders often provide decisions within 24 hours and fund within 1-3 business days. SBA microloans typically take 30-60 days due to additional documentation requirements. Traditional bank loans can take 60-90 days for complete processing and funding.

Can I get a bank loan with a 600 credit score?

Yes, several options exist for 600 credit scores. Some credit unions and community banks approve loans at this level, particularly with strong business financials or collateral. Online lenders regularly work with 600 scores, though interest rates will be higher than prime borrowers. SBA microloans remain available regardless of credit score.

What’s the difference between SBA microloans and standard bank loans?

SBA microloans cap at $50,000 and specifically target underserved businesses with no minimum credit requirement. They include mandatory business counseling and technical assistance. Standard bank loans offer higher amounts (up to millions) but require stronger credit, established business history, and often collateral. Microloans typically fund in 30-60 days versus 60-90 days for traditional loans.

How do I apply for an SBA microloan?

First, locate an SBA-approved intermediary lender in your area through the SBA website’s lender match tool. Prepare a business plan, financial projections, and personal financial statement. Submit your application directly to the intermediary (not the SBA), attend required business training sessions, and work with their advisors throughout the process. Most intermediaries provide application assistance to improve approval chances.

Sources

Bankrate. (2025, April 15). “How To Get A Business Loan With Bad Credit.” https://www.bankrate.com/small-business/business-loan-bad-credit/
Cleveland Federal Reserve. (2024, March). “2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey.” https://www.clevelandfed.org/collections/press-releases/2024/pr-20240307-fed-survey
Experian. “How to Improve Your Credit.” https://www.experian.com/blogs/ask-experian/how-to-improve-your-credit/
GreenBox Capital. “Business Loans for Bad Credit.” https://www.greenboxcapital.com/business-loans-bad-credit/
Kansas City Federal Reserve Bank. (2025, March). “Small Business Lending Survey.” https://www.kansascityfed.org/surveys/small-business-lending-survey/
Lendio. “Business Loan Requirements.” https://www.lendio.com/business-loans/requirements/
Lending Tree. (2025, May 5). “Best Business Loans for Bad Credit in May 2025.” https://www.lendingtree.com/business/loans/bad-credit/
NerdWallet. (2024, November). “SBA Microloan: What It Is and How to Apply.” https://www.nerdwallet.com/article/small-business/sba-microloans
PNC Bank. “Unsecured Small Business Loan.” https://www.pnc.com/en/small-business/borrowing/unsecured-term-loans.html
SBA.gov. “Loans | U.S. Small Business Administration.” https://www.sba.gov/funding-programs/loans/microloans
SBA.gov. (2022, January). “Microloan Program Outcomes Evaluation.” https://www.sba.gov/document/report-microloan-program-outcomes-evaluation
SBA.gov. (2017, December). “Microloan Program Celebrates 25 Years in Business.” https://www.sba.gov/blog/sbas-microloan-program-celebrates-25-years-business
Wells Fargo. “Small Business Loans and Lines of Credit.” https://www.wellsfargo.com/biz/loans-and-lines/

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Jennifer Brazer Founder/CEO

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

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Social Media Marketing – The Main Trends After COVID-19

Posted on October 11, 2020October 11, 2020 by Jennifer Brazer

Social networks are constantly evolving, all the more so with COVID-19. Their goal? Keep their place among the most popular channels of modern marketing. They are, therefore, far from being static. What worked a few months ago may not give the same results today. Habits change, platforms evolve. New ones are created. With COVID-19, all of these dynamics have been accentuated!

All of this influences the way people use and respond to social media marketing. Marketers must, therefore, adapt their strategy to reach their business audiences. According to statistics from eMarketer, the number of social media users worldwide will exceed 3 billion in 2020. 80% of internet users are on social networks! These social platforms are an integral part of consumers’ daily lives. To be effective, it is strongly advised that marketers regularly update their social media marketing strategy to drive significant traffic to the businesses they represent.

Instagram Stories

Instagram has grown enormously in recent years. It is a network that continues to broaden its horizons and to introduce innovations that are a hit! Stories are a global trend, regardless of age or culture. Over 400 million Instagram users share stories every day! Story growth occurs both with consumers and businesses. Marketers use this tool to generate leads and generate interest through inbound marketing and influencer marketing. According to Hootsuite’s survey of social trends, 64% of marketers have already started to integrate Instagram stories into their social media content or plan to do so after COVID-19.

But why are stories so popular?

They offer real-time updates and content.
They are always up to date since their content is available for 24 hours. No obsolescence!
They help to create innovative and fun messages.
They allow sharing the publications of other users. It’s easy to connect to other accounts, other companies. This offers increased visibility for marketers!

With Instagram’s new business features, including “Instagram Insights” and “Stories About You,” you can expect to see more Stories miracles in 2020.

Instagram Insights is a new analysis tool available for each Instagram commercial account. It provides data on content, subscriber demographics, and engagement. This information allows you to track and measure your Instagram marketing efforts to help you improve constantly.

Stories About You is also a new feature that is only available to Instagram users with a business account or a creator account. With this feature, users are notified whenever they are mentioned in “a Story.” Stories About You strengthen user engagement by making it easier to respond and share Instagram stories that mention your account.

Alternative Platforms

Facebook, Twitter, Instagram, and LinkedIn are the main platforms used by B2C brands. LinkedIn is also vital for B2B companies. However, Twitter and Facebook are less and less attractive to young people who prefer other social platforms, including TikTok!

TikTok has around 800 million monthly active users worldwide. It has been downloaded over 2 billion times! Marketers and business leaders whose target audiences are young people should consider TikTok as a winning platform! Since 41% of TikTok users are between 16 and 24 years old!

Another platform that is on the rise: Pinterest! Especially for e-commerce via social networks. Pinterest currently has over 320 million active users. Although this figure is not as high as that of other social networks, it remains substantial, especially when you consider the exceptional sales power of Pinterest.

With 48%, shopping is one of the main activities of Pinterest users, ranking just after viewing photos (57%). It is, therefore, obvious that Pinterest can be a marketing power for online stores. Users buy the products they discover on Pinterest organically at a much higher rate than the average social platforms. This is because Pinterest users proactively search for things to buy rather than scroll through a feed reactively.

Using these alternative platforms allows you to get in touch with an audience that may not be on Instagram, Facebook, Twitter, or LinkedIn. They also offer different ways to share your content. Additional tools that are worth considering in your social media marketing strategy.

Increased Use of Augmented Reality (AR)

Augmented reality (AR) and virtual reality are interactive experiences that integrate virtual objects into the real world or imagined. For example, the user can superimpose sounds, videos, or graphics on the world around him. Studies say that by 2022, this market is expected to reach $ 209.2 billion. This technology is progressively evolving, with an increased application for e-commerce and sales. With an augmented reality headset, it is now possible to visit your next home and choose your parquet. In recent years, social media platforms have found interesting ways to use this technology. Instagram, Snapchat, TikTok use augmented reality through their filters. Users can have fun!

Brands can take advantage of augmented reality to provide a better shopping experience for their customers. For example, Sephora offers a unique shopping experience through its Sephora Virtual Artist application. Just upload a photo of the face to the application to test several makeup products before going to the checkout. The cosmetic brand recently launched this technology on Facebook.

Influencer Marketing

Influencer marketing is not a new trend, but it will grow even faster in the future. Social networks are now dominated by influencers who promote brands. It is, in fact, sometimes much cheaper to invest an influencer than to run an advertising campaign. With just as much, see more, good results. Influencers also help marketers to achieve various goals. Like increasing engagement, lead generation, number of followers, and of course, return on investment!

Transitioning Your Business to New Owners Through Succession Planning

Posted on October 10, 2020October 9, 2020 by Jennifer Brazer

If you are a small business owner and have not established a succession plan, now is the perfect time to start. You can facilitate the change of ownership of your business by paying special attention to succession planning.

A Prince Edward Island potato producer-only started talking about his retirement at 80, after being diagnosed with dementia. His case is no different from many other small business owners who have not established a succession plan.

By acting now to establish a succession plan, you can help keep your business running smoothly. When the time comes to pass the torch, adopting a prudent exit strategy will allow you to preserve the value of your business – as well as your legacy.

Why is planning important?

A good plan allows you to maintain good relationships with your employees and business partners, which can be particularly important if your family members are among them. You should also make sure that your business is solid and has good prospects for the sale price you want.

Succession planning helps you:

Protect your business legacy
Ensure the continuity of service in your community
Adding value to your business
Ensure the financial security of your family and your partners
Preparing for the unexpected (illness, accident, death)
Preparing for the future

A change in management can also cause problems for employees, suppliers, and customers. Ensure your strategy includes a communication plan for your business partners and team members to keep all parties informed during the transition. It is also essential to make sure that the smooth running of your business continues.

When should you start?

Why not today? If you plan to leave your business in the next five years, you should start planning now.

Even if your business is newly established, having a plan allows you to prepare for the unexpected, good business continuity planning. Experts say the transition process can take up to five years, and even up to ten years when it is a family business, depending on the organization’s size and complexity.

In a family business case, the relationships and emotions involved can complicate matters, since most people are uncomfortable talking about things like age, death, and finances. According to Susan Ward, experienced business writer and business owner, 70% of businesses don’t survive the transition from founder to the second generation. In most cases, the factor for failure is a tax or family conflict, two things that can be addressed in a good family business succession planning plan.

Who is the ideal candidate to replace you?

Whether you want to transfer your business to a family member, employee, or an external third party, you will need to think about the skills and qualifications that a person will need to acquire to run the business, a process that can take years. Once your successor is chosen, a transition plan will take into account the training he needs.

What support will you need?

You don’t have to fend for yourself. Experts are available to assist you with succession planning. The use of professionals is essential to small businesses’ success, including when they are transferred to another owner. They offer knowledge and expertise in areas that you may not be familiar with. They can also complement your management team to keep your business running efficiently.

As an entrepreneur, you could benefit from the services offered by four types of professionals:

Accounting
Lawyer
Financial planner
Financial security advisor

What is your succession plan?

The choice of your successor, your business structure, and the collaboration with one of these specialists will facilitate the transfer of your business. By determining how you will transfer your business – whether, for example, to a family member or through a cash or financing sale – it will be easier to establish a program to follow to make room for the next generation. And with the helpful resources available to you – and many of which are free – the best time to plan for the future is now.

4 Tips to Promote Time Management in the Workplace

Posted on October 10, 2020March 6, 2023 by Jennifer Brazer

Every organization seeks to improve its employee productivity by incorporating different training and development strategies. Time management is an essential skill that is rarely found in most employees. It is a skill that isn’t necessarily innate but instead develops over time with proper guidance, procedures, and training. With so many distractions occurring in an average workplace environment, focusing on essential tasks can become quite tricky. This article looks at tips that management can incorporate to elevate employee time management skills that would effectively lead to better efficiency and increased productivity.

Maintaining timesheets

Keeping a record of how and where time is spent on a regular day can provide great insight into how time is being utilized at the office. Maintaining a timesheet will clearly show periods of productive work and areas where time was spent doing work that wasn’t entirely necessary and didn’t bring any value to the business. Even maintaining a timesheet for a few weeks can provide all the information one needs to figure out where time can be better utilized and what activities are consuming too much time that doesn’t benefit the business or its overall goals.

Working on a fixed schedule

By incorporating, a fixed schedule of tasks and activities to be carried out within the day is another method of increasing productivity. Fixed schedules can be a useful tool for time management, but only if the organization is well versed in knowing how long each task should take on average per employee. Fixed schedules can be used in the manufacturing sector, but it is a difficult thing to implement in businesses that are continually changing as such businesses require flexibility in their workforce that a fixed schedule does not allow. Fixed schedules, however, are beneficial to many businesses, it must be determined on a case-by-case basis.

Set milestones and objectives

Another way one can improve employees’ time management skills is by setting fixed deadlines, milestones, and objectives. This helps ensure that employees know the most critical tasks and how to best divide time to accomplish each task individually in the desired period. This is a relatively autocratic form of management where employees feel empowered to make their schedules as long as targets are being met. However, this method can be both a plus point and a drawback depending on employee etiquette and work ethic. If you are in a business that adheres to strict deadlines, this may be an effective way of managing employees as it ensures that no matter what work is being concluded on time.

Coaching, training & organization

The best to consolidate time management skills within the employee pool is by training and coaching. Training sessions that outline the importance of effective organization and time-saving techniques can improve and enhance employee time management skills. Personal coaching for employees who may be struggling to hit desired targets can also be extremely beneficial. Keeping an eye on employee activities within a workplace environment can provide clues as to where and how their time can be better utilized. Teaching employees how to maintain a proper calendar, to-do list, and even a time journal can positively connotate their productivity and output.

Conclusion

Time is the world’s most precious commodity, and it is one of the few things in life that can only be spent, not saved. Effective use of time, both from a professional and a personal standpoint, is of utmost importance to get to a person’s fullest potential. Encouraging employees to practice time management and mandating specific time management procedures like keeping a time log can lead to a more productive and efficient workforce. Employees must be aware of how valuable and useful time management skills can be from a personal and professional standpoint.

The Benefits of Buying an Established Business

Posted on October 10, 2020October 9, 2020 by Jennifer Brazer

There are many advantages to buying an existing business rather than starting one. First, you avoid many of the ills associated with starting a business from scratch, such as those caused by new product development, hiring staff, and building a customer base. You also avoid going through the crucial first years that are often fatal to new businesses. It can also be an excellent way to break into areas where start-up costs are high, such as tourism and manufacturing. Ask yourself the following six questions to make sure you’re buying a profitable business.

Despite these advantages, existing businesses are rarely perfect, and ignoring their flaws can lead to a host of problems.

Here are six questions to ask yourself to make sure the proposed acquisition is right for you.

Why do customers appreciate the business?

A business with an established client base can be more expensive to purchase, but it is not necessarily bad. You inherit the company’s ” business background, “giving you easier access to cash and building on relationships already established with customers.

But to make sure a business is worth your time, you need to find out why people do business with it.

Is it for its quality products or its excellent service?
Is it for its experienced and professional employees?
Is it for the relationship between the customers and the owner?
Will a change of ownership make a difference?

Market research can explain how customers perceive the company’s products, services, and overall brand.

Think carefully before acquiring a reputable business, as it can be challenging to change flawed perceptions. Ask yourself why the business is for sale and find out about its reputation and its owner.

See what people are saying about the online business. It may not represent the big picture, but you will get a good idea of what inspires the company and what needs to be done to change negative feelings.

The product or service is unique in the market?

If your target business is in an industry where competition is intense, probe deep to find out how the business stands out, as this is a key reason customers are loyal (see above).

If there are no apparent distinguishing features, think about what you can do to stand out from the crowd, and the efforts and costs involved.

What does corporate culture look like?

Take a look at the company’s culture, its management style, the quality of its work, and the relationships that the seller maintains with employees and managers. Check whether these aspects correspond to your philosophy and whether it is worth making changes to them. Rapid change after an acquisition can cause resistance from employees, suppliers, and partners.

Long-term employees are a great asset. They know the business, the products, and the processes. Also, they can provide company and sector information. If staff turnover is high, question the cause. Is it due to competition within the sector? Is it because of the corporate culture? Is this linked to the aging of the workforce? The answers to these questions will give you an overview of the challenges or needs in human resources.

Do you know enough about the company or the sector?

Do not fall into the trap of buying a business in a field that is unknown to you because it seems to you to be a “safe deal.”

It is much more challenging to succeed in a sector where you have no experience or which interest you little. Evaluate your skills, interests, and experience, then make sure the business matches this insight’s results. By choosing a known territory, you significantly reduce the risk of failure.

Will this new business integrate with the businesses you already own?

If you want to expand your business by acquiring, you will need to seek synergy in key areas.

Its products or services should be related or complementary to your current offer.
Marketing and sales techniques need to fit in with each other.
You will also need to harmonize production and distribution methods.

You will need to integrate the new business staff into your existing activities and have a plan to deal with potential redundancies.

It may be useful to start thinking about the integration plan during the due diligence process. Your evaluation must go beyond simple accounting to also take into account your strategic objectives.

Are there any hidden costs?

Hidden issues can make the business less attractive than it initially appeared. For example, if the lease for facilities or equipment expires soon, you may have to incur unforeseen expenses. By doing proper due diligence, you can uncover these problems and avoid costly oversights that can get you into unnecessary debt.

Once you have started the due diligence process, do not limit yourself to analyzing activities and financial statements. It would be best if you also spoke to employees and suppliers to assess the fair value of the business.

Finding a company to buy it can be time-consuming and costly. But, when done right, the effort can be worth it.

Planning for Retirement When You Own a Small Business

Posted on October 9, 2020October 9, 2020 by Jennifer Brazer

If you are a business owner, you probably focus your efforts on the day-to-day tasks to keep it going. You may not have thought about retirement, even if it is fast approaching. Don’t worry, and you are not alone. More than three-quarters of small business owners do not have a retirement plan, either for themselves or for their employees.

While some workers benefit from a pension plan or a supplemental pension plan, this is not the case for most small business owners. It is you who must plan your future and determine how you will finance your retirement. Here are some questions to help you prepare.

How soon would you like to retire?

It is a good starting point for planning your future. Even if you have only a vague idea of when you will retire, the important thing is to have a goal to achieve. This will help you think about the number of years you want to continue working, what you would like to do after retirement. It will also help you determine how much you can save by then.

There are many factors to consider, such as your physical and financial health, when determining the date that is best for you, your family, or anyone else with whom you plan to retire.

What lifestyle do you want to have in retirement?

It is essential to consider the lifestyle you want to have in retirement when determining the amount you will need to take full advantage of it. Consider how often you would like to travel and ask yourself if you would like to volunteer or stay home. Retiring does not mean that you have to stop working completely. You could delegate specific responsibilities, work part-time, or act as a consultant while your successor becomes familiar with the business’s inner workings.

How will you finance your retirement?

The good news is that you can choose from several options to finance your retirement. Government programs such as the Pension Plans, the Old Age Security Pension Plan can provide you with basic income. And during your working years, you can take advantage of the tax benefits offered by the registered retirement savings plan, and the tax-free savings account to save for retirement.

The individual pension plan and the retirement agreement are also options available to business owners who finance their retirement themselves.

If some owners count on their business’s sale to finance their retirement, this strategy is not without risks, the unknowns being numerous. An important question is whether someone will be ready to buy your business when you put it up for sale. It would help if you also had it appraised to find out its fair market value before you start looking for potential buyers.

Financing your retirement involves many important decisions. It would help if you spoke to your advisor about what to do to diversify your retirement income sources.

What future do you want for your business?

Every owner has to leave his business sooner or later. However, to be in good financial health at retirement and protect your assets, establishing a succession plan is essential.

Here are some scenarios to consider:

Transfer or sell the business to a family member
Sell to a partner or employee
Sell to a third party

Even if you know who will take over your business, it will take time – perhaps a few years – to help them prepare to take over. Your successor may need to acquire specific skills and build relationships beforehand, in addition to having to become familiar with all aspects of the business.

It would help if you did not answer all these questions alone: your advisor, accountant, and a lawyer can help you with your planning, be it estate planning, tax-efficient investments, or retirement savings plans.

Knowing that you are ready for various situations can save you a lot of worries and allow you to focus on your business. Even if retirement is still far away, having a plan means that you can cope with any eventuality. It is merely a good business strategy.