6 Confusing Small Business Loan Terms Defined

MEGAN TYLER | August 10, 2018

article image
Getting a business loan can be tough. You know the ins and outs of your own business, but you might not know how to get the funding you need. To make matters worse, small business lending is full of confusing bank lingo that you may not understand. If you need a crash course in business lending lingo, here’s a quick rundown of five confusing small business loan terms. You see APR everywhere when applying for financing, but you might not remember everything that goes into calculating the APR for different types of financing. APR stands for Annual Percentage Rate, and it estimates the overall annual cost of a loan including fees and compounding interest. This means that when looking for business financing and credit cards, an APR is often a better point of comparison than the interest rate alone. If your loan doesn’t give you an estimated APR, you can always use an APR calculator to get an idea of how much your loan will cost.

Spotlight

Juniper Park \ TBWA

Juniper Park \ TBWA Toronto is growing. We want super smart, creatively strategic / strategically creative people that love to play in the “tall grass” (vs. only the paved road). Think you know what that grass analogy means? Send your resume to iwantajob@jptbwa.com - tell us you found us on LinkedIn.

OTHER ARTICLES

Simple Security for Every Small Business

Article | February 10, 2020

If you’re a business owner you really have your hands full, every day, with the minutiae of running your business, balancing your books, orders, employees, scheduling, inventory, servicing customers, payroll, taxes well, you get the idea as you’re living it every day. You might read that and think that I’m crazy, and that you do take security into account, and your office and systems are secure. Frequently, it’s not in the day to day operation of your business which is why we have statistics like this: In the first 6 months of 2019 alone, over 3,800 data breaches were reported, with over 4 billion records being exposed as a result. If you broke it down evenly, that would be over 20 million records stolen every single day this year.

Read More

Payroll Tax Changes for Small Businesses Impacted by Coronavirus

Article | April 10, 2020

As small businesses across the country fight to remain in operation and generating revenue despite the coronavirus pandemic, making payroll has emerged as one of the biggest ongoing dilemmas for business owners. Businesses are now compromised in terms of their ability to pay their employees, due to a combination of health concerns, shelter-in-place restrictions, limited foot traffic, and reduced spending by customers. No business owner wants to lay off their staff, but if money isn’t coming in, there are few other options.

Read More

The Changing State of the Office

Article | June 15, 2021

It’s been more than a year since the pandemic shutdown began. And in that time, the office, like the entire world, has changed — most likely forever. But the changes we’ve seen to date are just the start; more are on the horizon. This was ever-present throughout May as the news cycle continued its coverage of companies and states pulling back their return to office plans. As large companies grapple with bringing employees safely back to the workplace, small-to-medium business (SMB) owners have both advantages and disadvantages. They are usually more agile and can institute change more quickly than their larger counterparts, but their budgets and operational plans may not readily handle sudden shifts.

Read More

How to Pivot Your Small Business Strategy During the COVID-19 Crisis

Article | April 1, 2020

As small business owners, we’re prepared for a lot of things, whether it’s a seasonal shift in sales or an unexpected employee absence we have to step in and cover. But we’ve never seen anything like the COVID-19 pandemic, leaving us uncertain about how to cope in these strange times. I know that this is a scary and isolating time both personally and professionally. I hope you’re staying safe and healthy, and that this article can help you with planning for business challenges related to the coronavirus. I’ve personally had to pivot many times as an entrepreneur, and while it can be stressful, it can also be a time of innovation and growth.

Read More

Spotlight

Juniper Park \ TBWA

Juniper Park \ TBWA Toronto is growing. We want super smart, creatively strategic / strategically creative people that love to play in the “tall grass” (vs. only the paved road). Think you know what that grass analogy means? Send your resume to iwantajob@jptbwa.com - tell us you found us on LinkedIn.

Events