What to know about Small Business Loans and Funding
In this Small Business Show Newsletter we will cover several topics from previous shows on funding your business for success!
You’ll Learn About:
- Employee Loans and Alternative Funding (240)
- Health Insurance, Family Funding (295)
- A Special Look At This Week’s Sponsors
Employee Loans and Alternative Funding
Should your Small Business make loans to employees that are in a bind and if so, what policies and procedures do you need to put in place to protect yourself? And creating your own reality is great, but what about the reality of not being able to pay your bills? Join us today for a special listener questions edition of the Small Business Show!
Most Small Business owners have found themselves in the position of being asked for a loan or payroll advance from an employee. When this comes up, should you make the loan? If you do, how do you protect your business and yourself and create standards to follow for future payroll advances?
When an employee asks for a loan:
- Can You Afford It?
- Be EXTREMELY CLEAR on the terms and conditions
- Get This In Writing
- Make Company Loans Over Personal- take it out of paychecks
- RocketLawyer Loan Agreements: Make A Free Loan Agreement Here
- SHRM Pay Advances
What to do when you run out of money?
Get your capital in line with these resources:
- HELOC- Home Equity Line Of Credit
- PayPal Small Business Loans
- Amazon Payments Small Business Loans Book
- Stripe Small Business Loans
- Kabbage : Grow Your Business
- Credit Cards= access to capital
Health Insurance and Family Funding
Tips for finding health insurance for your family and employees
- Find an Independent Insurance Agent
- Use Health Markets to Find an Agent
- Always Look For The Best Deals By Comparison
Borrowing Money From Family and Friends?
- File a UCC Financing Statement With Your State
- Use This Promissory Note Template
- Be Careful Who You Partner With! https://www.amazon.com/exec/obidos/ASIN/1890768022/businessshow-20
- Who Is Backing The Loan?
Sponsors This Week:
Sanebox : SaneBox. SaneBox’s Artificial Intelligence monitors your Inbox. Automatically, knucklehead email is moved to your SaneLater folder. All that’s left is the important stuff and your smiles. Use SaneBox.com/smallbusiness for 14-days free and a $25 credit.
Get In Touch:
SHANNON JEAN https://www.linkedin.com/in/shannonjjean
DAVE HAMILTON https://www.linkedin.com/in/davehamilton/
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Watch Our Latest Episode Here: https://www.businessshow.co/podcast-episodes/