Smarter Finance USA Blog

So...

You're gonna grow dope?

Did you know it's still technically illegal? 

Your friends probably think you're making money hand over fist...

Unless they also operate a marijuana business.

(Right?)

Lenders won't exactly line up to provide you with financing - but there are a few.

Be prepared for rates on the high side - costs rise with risk, and it's hard to think of a riskier business than growing weed.

P.S. We hear from lots of pre-revenue start-ups that have ridiculous assumptions in their business "plans" ...

....like their CO2 extractor is going to net $100,000 a month... 

...and then are surprised when the payments they are offered are higher than they had planned for. 

Let's have a sober discussion about what real costs are to lease equipment for your "legal" cannabis business. 

We help a lot of contractors buy equipment....

 A lot of the time, the folks we are helping are purchasing equipment they'll need for a large contract.

Have you been in this situation?

If so, you know that you'll have a lot of costs before you get paid at each stage.

Hopefully you get paid right on time...

... but we both know that doesn't always happen, right?....

Are you looking for a loan for your business but don't have perfect credit?

 Maybe you've spoken to some folks about either a merchant cash advance...

or a "working capital" loan...

... you know the type that suck payments out of your accounts every single day?

These products are the government cheese of the finance industry...

You'll choke them down if they are the only thing available to keep you alive - but you won't be very happy about it, right?

OnDeck Capital has fired Smarter Finance USA as a broker.

They were very nice about it and all...

....the email was an invitation to join their merchant referral program.

oh, but, they'd consider taking applications from us again in the future.

(No thanks, but the offer is appreciated).

Why did OnDeck drop the hammer on us?

Read on for one of the most honest Ondeck reviews on the Internet.... 

Are you thinking about starting a business, or have you recently started a new venture? 

You certainly aren't alone. In fact, 543,000 small businesses are started in the United States every month. 

That's the good news. Less good: half won't make it until year 5. 

The biggest challenge you're likely to face is not having access to the money you need to fully execute your business plan.

Think of your business like a video game: you don't want to play Super Mario Brothers with only one Mario. You want 5 "lives" because somewhere along the way, you're going to press the wrong button. Money for your business doesn't guarantee success, but having access to "do-overs" certainly makes it more likely. 

The biggest tragedy to all this:

There's plenty of money out there for startup business loans.

You just may not know all the rocks to look under. Let's look at 15 ways you can access money for your new business. 

Special Note: If you have a credit score of 700 or greater, just about the best start up business loans program we've seen offers up to $150,000 at rates from 7-10%. You may inquire about this program by clicking here.

Are you considering a dental practice loan?

You'd rather perform a root canal on yourself than talk to 13 different companies to find the information you need.

Right?

Here's the problem:

(Almost) every website you go to will tell you why their dental financing product is great...

... but the truth is, there is no "best" product.

The best way to finance your dental practice is the one that is fits best with your situation.

Let's go over some ways to finance your practice...

Are you searching online for medical practice financing?

There's a big problem.

Really big...

You may have noticed...

Most every website pitching loans for doctors tells you why they are the absolute best choice for you.  

That's ridiculous, right?

The best choice for you totally depends on your situation.

Kind of like those TV ads...

(Cue in old person playing golf or with grandkids)

"...Go tell your doctor that you need super-panacea RX.

You're way better off getting medical advice from a TV commercial than from someone with 25+ years of schooling and your medical records in front of them..."

The truth is, there is no one company or product that will always be the best fit.

Let's look at different ways to finance your medical practice... and where best to look.

If you're looking for a small business loan, there's a pretty good chance you've spoken to, or at least heard of, OnDeck Capital, Kabbage, or IOU Central.

All three of these lenders offer higher rate loans - IOU Central and OnDeck offer what's called "daily withdrawal", meaning that instead of a monthly loan payment, a certain amount of money is deducted from your bank account on business days (Monday through Friday). Kabbage offers a strange model which we'll go into below. 

The great thing about these loans is that, the payments are like, um, really reasonable, because it's just a small amount taken out of your account every day.

That makes them affordable, right? 

There are numerous methods for small business owners to get their hands on cash, but one of the least known and least used methods is called an  equipment sale leaseback transaction.

Sale-leaseback works kind of like an equity loan on your house. If you own equipment (particularly heavy machinery, titled equipment, or construction vehicles) you can use that asset to receive money immediately, and pay it back over a set period of time (typically 3-5 years).

Find out how much you could receive with a sale leaseback here.