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I am taking Entrepreneurship 101 at my local community college and the professor gave us our first assignment. We have to find a small business owner we do not know and never met, and interview them 3 separate times. How would I find someone, and how do I get them to let me interview them?

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I am a small business owner and my partners seem to think the best way to pay ourselves is a payroll check. However, we are paying double taxes (personal and business payroll taxes).

I contend there is an easier way to pay our salary, ie Draw or some sort of way.

This business has annual sales of 500,000 per year and has a 60% profit margin. We employ 3 people.

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Can I log every time I drive to my business to work? When I go to the bank, store etc.? I just need to know what exactly will work come tax time.

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I am a small business owner and have been developing my company for the past year. Because I left my previous job to start this business I do not have a current income and because my company only recently officially “opened for business” we do not have a profit line. Do I need to file? What about the business expenses that I incur?

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You are one of the many small business owners in the United States. And unfortunately, due to the current economic situation, you are also one of the many small business owners in the United States who do not qualify for small business loans. This has led you to ask the question, “What should I do for business financing if I can not get a small business loan?”

There are many alternative options out there, but this article will focus on the one small business financing option that was designed with merchants (owners of retail and/or service-oriented businesses) in mind; the business cash advance.

What is a Business Cash Advance?

A business cash advance is a method of business financing in which lenders utilize credit card factoring. In other words, a business cash advance lender can give you cash now, and will eventually collect the advance through your business’s daily credit card sales. Only a small percentage of those daily credit card sales will be deducted, allowing your business as much time as it needs to repay the business cash advance.

Who is Eligible to Receive a Business Cash Advance?

Most business cash advance lenders hold similar requirements. Basically, a small business owner of at least six months, who owns a retail and/or service-oriented business that processes a minimum of $5,000 in monthly credit card sales is eligible to receive a business cash advance. Other things such as the applicant’s credit score and the business’s lease are also taken into consideration. But generally, a small business owner does not have to have great or even good credit to be approved for a business cash advance.

How Much Money Can I Get with a Business Cash Advance?

Small business owners can typically receive anywhere from $5,000 to $500,000. How much money they actually receive depends on their businesses’ monthly credit card sales volume. Though there is a chance that a borrower may not qualify for an advance as large as he/she had hoped, many lenders do allow borrowers to renew their advances every three to four months, giving small business owners the opportunity to acquire the funds they need over time.

How Do Business Cash Advance Repayments Work?

Just as the amount that one can be advance is based on his/her business’s monthly credit card sales volume, repayments are also linked to a business’s credit card sales. When customers make payments with their credit cards, a small percentage from those daily sales goes toward the repayment of the business cash advance. It generally takes about six to eight months for a business cash advance to be repaid, but there are no fixed terms and, therefore, no penalties for early or late repayments.



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Ilya Bodner is a successful entrepreneur and owner of Initial Underwiting Group, an organization that underwrites business loans for owners that are ready to start up or expand a small business. In a recent interview, Mr. Bodner answered some of the most frequently asked questions that are on the minds of business owners when they need financing and commercial loans.

How did you get involved in business credit?

I needed to raise money for my first business venture; being young and just out of college my personal credit could not support $250,000 loan.  I found out about Dun & Bradstreet and spent 3 years carefully learning its methods and lenders that use that information.

Why did you decide to help small businesses obtain loans?

I got $250k for my own business through the use of business credit, realized that a lot of business owners don’t know about business credit and decided to cater to the demand.

What is the worst mistake you see small business owners make?

Being undercapitalized – Worst mistake is not to plan for unpredicted expenses, loose projections, and shift in demand; which all contributes to increased spending and lowered sales.

Do you think it is fine for new business owners to borrow money from people they know?

No, I don’t think it is fine to borrow from people you know – If you undercapitalize, you tend to go to friends and family for immediate money.  Otherwise, borrowing with caution and enough reserves to pay back in case of total loss, is the only acceptable method of borrowing from your loved ones.

Do you see a trend in why small business owners get rejected for loans?

High Risk – the lenders see a small business owner as a renegade who may or may not pay back the loan + interest.   3 out of 4 businesses don’t survive; and the small percentage of small businesses that do survive end up defaulting at some point. 

Is there a way to apply for a business loan without revealing your personal credit history?

Yes, some banks offer business credit based programs.

In your experience do you see business owners without business credit, get lines of credit and business credit cards?

Yes, they take the steps to establish a strong business credit profile and go to the right lenders.

Can a business owner apply for a business loan if they declared bankruptcy sometime in the past?

Yes, only if a strong business credit profile already exists. Apply with a lender that offers business credit-based financing.

How should one establish business credit when just starting out?

Establish a legal entity with an EIN number first.  Then, apply for a Dun & Bradstreet number and an Experian report – both are free.  Lastly, sway 6 vendors to report payment history (this part is tricky if you don’t have the leisure of time).

Do your business credit habits automatically get submitted to the business credit reporting agencies?

No – Reporting can be done by all; however, automatic reporting is done by only a few vendors and lenders. 

Is it easy to get financing once you have a business credit profile?

Nothing is easy in the current state of our credit-crunched lending sector.  By having business credit a business is open to more lending options.

Is the SBA the only resource for small business loans?

Not anymore – more and more banks offer business credit based financing.

Will the current situation in the banking industry and the economy affect a new business owner’s ability to get a loan?

Yes, for those that don’t have business credit.

Will a business owner be expected to pay high fees when they apply for business-credit based financing?

No, these are the same banks and the same lending guidelines – pulling business credit reports, not personal credit scores.

Can a business owner, without business credit, get lines of credit and business credit cards?

Yes, take the steps to establish a strong business credit profile and go to the right lenders.

Any tips for all of us who are looking for loans to expand, start, or restructure our business?

Just like you take the time to go to an accountant for tax advice and preparation (regardless if it is your first year of operation or tenth year), spend some time with a business professional to prepare and take advice on strong business credit.





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