Starting a business is an exciting journey, but it can also be challenging, especially when it comes to raising funds for your business. A lack of capital can be a determining factor in the success or failure of your business. Therefore, it’s essential to understand your options and the best practices for raising business capital. […]
If you are a small business owner who has ever thought about growing your operations with a loan, one important financial metric you will need to be aware of is your Debt Service Coverage Ratio (DSCR). Calculating this ratio can sound intimidating, but it is a crucial step to understanding your financial health and your […]
Applying for a business loan can be a time-consuming and difficult process. You have to fill out all the paperwork, provide multiple documents, and go through the review process. So when you find out your application has been denied, it can be discouraging. But why might that happen? To give you an idea of what […]
As startups turn to established companies, and established companies turn to mature organizations, there’s a good chance of finding yourself needing more cash than you have in the bank. But it can be hard to plan for when those moments happen so you can be ready. We’ve gathered a list of some critical moments across […]
At Backabl, we believe efforts to support diversity and inclusion create environments where people thrive, local economies grow, and new ideas blossom. Whether it’s chasing growth or challenging adversity, we support LGBTQI+ individuals and businesses during Pride Month and beyond. Like many socially disadvantaged groups, LGBTQI+ entrepreneurs can face unique challenges in establishing and growing […]
Thanks to ongoing policy initiatives and growing entrepreneurial spirit, women-owned business are becoming a much bigger component of the US economy. According to a 2019 report by American Express, there are roughly 13 million women-owned businesses in the US, and they generate nearly $1.9 trillion in revenue. The rate at which women founders launched new businesses […]
One thing an entrepreneur never has enough of, is time. Whether it’s marketing, hiring, building your website, or managing your inventory — there’s always something else that needs to be done, and never enough time to do it. But when it’s time to grow their business, most entrepreneurs face a catch 22. Growing requires funding. […]
Getting a small business loan is a difficult process. It requires research, gathering documentation, working with a lender to submit multiple forms, and more. Today’s entrepreneurs take an average of 25 hours to complete a single application, according to a Harvard Business School study. Before you invest time on your search for the right funding, take […]
Now more than a year since the start of the COVID-19 pandemic, small businesses and entrepreneurs are steadily recovering. The pandemic shined a spotlight on the unwavering strength and courage of small business owners across the country. Unfortunately, many closed their doors. For others, the Paycheck Protection Program (PPP) offered by the U.S. Small Business Administration […]