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25Aug 2020 by Stephanie Ha No Comments

Understanding the ELT Program

As more and more business owners continue needing loans, banks and loan companies will need a type of collateral to ensure payments are made. Collateral typically includes an owner’s house, but not all business owners are homeowners. To combat this issue, automobiles can also be used as collateral. When taking out a loan, a business owner can add the bank or loan company as a lienholder. In order to do so, they must go to the DMV and add the bank or loan company as a lienholder, which can be time-consuming and inconvenient. “DMV developed the Electronic Lien and Titling (ELT) Program to hold lienholders’ title information in an electronic format. This system uses electronic titles in place of paper titles to reduce handling, storage, and mailing costs.” -DMV In…

14Aug 2020 by Stephanie Ha No Comments

What To Do After Your SBA Loan Application is Declined

With the increasing need for loans, the SBA and other loan programs have become overwhelmed with the amount of applications received daily. A lot of times, applicants got declined for some of the following reasons: Low or nonexistent credit score Insufficient or incorrect information Lack of collateral Insufficient income After the initial denial, you can request an appeal. Our services help dozens of businesses who have been initially denied receive their desired loan. At MTKT Capital, we identify the cause of your denial by looking at your denial letter. We assess how to proceed by looking at your unique situation to make sure you as the client are receiving all our efforts. Some of the ways to receive the appeal is through adding a co-signer or applying at a different…

06Aug 2020 by Stephanie Ha No Comments

Paycheck Protection Program: A Pandemic Response

[caption id="attachment_1116" align="aligncenter" width="300"] Photo by Carlos Muza on Unsplash[/caption] In the wake of a global pandemic, small businesses struggle to keep afloat. Nail shops, tailoring services, auto shops, and more were forced to shut down due to stay-at-home orders, disrupting many business owners’ main source of income. After much anticipation, the federal government rolled out the Paycheck Protection Program (PPP)−a federally backed loan program aimed to aid small businesses and contractors through trying times. "The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll." - SBA/gov The Small Business Administration (SBA) offers loan forgiveness if all employee retention criteria are met, and the funds are used for eligible expenses. Businesses must use the entire fund on essential expenses such as rent and payroll for the…

02Jul 2020 by Ann Xia No Comments

How to Fill Out the PPP Forgiveness Application EZ Form

The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses who qualify. While applying for forgiveness may still seem daunting—- even with this simper form— the EZ form requires fewer calculations and less documentation for eligible borrowers. Who Can Use This Form? The PPP forgiveness EZ form is designed for businesses that meet at least one of the following criteria: Are self-employed and have no employees; OR Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees…

23Jun 2020 by Ann Xia No Comments

How To Write A Business Plan For SBA Loans

A business plan is a crucial piece of any SBA loan application. It’s what lenders will look at most closely when approving a loan, so it should be organized, well planned and persuasive. SBA's Business Plan Tool provides you with a step-by-step guide to help you get started. All of your information entered into this tool can only be viewed by accessing your account using the password you have specified. Not only can you save your plan as a PDF file, you can also update it at any time, making this a living plan to which you can often refer. You can also use your completed business plan to discuss next steps with a mentor or counselor from an SBA resource partner such as SCORE, a Small Business Development Center…

16Jun 2020 by Ann Xia No Comments

SBA reopens EIDL loan, $10K grant program

"Small Business Administration on Monday announced all small businesses could again apply for Economic Injury Disaster Loans — as well as free $10,000 advances regardless of the loan’s approval." The announcement provides another lifeline to body shops suffering reduced business in an America still partially closed over COVID-19. The 3.75 percent, potentially 30-year EIDL loans are deferrable for a year. They can be used for “debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan,” the SBA wrote in a news release. Applicants also can request an advance of $1,000 per employee up to a combined $10,000. “This advance will not have to be repaid, and small businesses may receive an advance even if they…

11Jun 2020 by Ann Xia No Comments

What Is a Startup Business Loan?

A startup business loan is any kind of financing aimed specifically towards startups with little to no business history. There are a variety of new business loans and financing methods available to new business owners: SBA microloans, business credit cards, business grants, friends and family, and crowdfunding. How Do You Apply for Startup Business Loans? The application process for new business loans depends on which method of financing you’re applying to. Here’s a breakdown of what to expect with each type of startup business loan. SBA microloans will typically have the most intensive application process. Many documents will be required and the process as a whole can take at least a few weeks.Business credit cards have a very simple application process, only requiring your federal tax ID or your Social…

28May 2020 by Ann Xia No Comments

What is SBA Loan?

An SBA loan is a small business loan that is partially guaranteed by the government (the Small Business Administration), which eliminates some of the risk for the financial institution who is issuing the loan. Of all types of small business funding, Small Business Administration 7(a) loans are one of the best ways to finance your enterprise. They’re guaranteed by the federal agency, which allows lenders to offer them with flexible terms and low interest rates. Getting one can help you grow your business without taking on possibly crippling debt. SBA loans, as the 7(a) loans are also known, are the agency’s most popular type of financing. There’s one big downside, however: It can be tough to get a loan from the SBA. Still, low annual percentage rates make the SBA program…

28May 2020 by Ann Xia No Comments

What is Merchant Cash Advance (MCA)?

Unlike other forms of business finance, a merchant cash advance can get you the money you need very quickly. Through United Capital Source, this could be in as little as 24 hours. A merchant cash advance is an option to get cash immediately for your business, in exchange for funds deducted directly from your credit/debit card payments in the future. An MCA is not as difficult to qualify for as other business loans, so business owners with little collateral, history in business, or a low credit score may benefit from this option. The amount of funding your business qualifies for depends on the amount of credit card receivables, or the sales you make to customers who pay using a credit card. So your merchant cash advance amount depends on your day-to-day…

28May 2020 by Ann Xia No Comments

What if you are not qualified for bank loans?

A lot of businesses that do not qualify for bank loans benefit greatly through our operation. Granted, the interest rates are higher compared to bank rates but a business is guaranteed continuity through the cash advance. Other benefits include; No security required – A merchant cash advance does not require anything to be held as security comparable to what banking institutions do. A business, therefore, does not have to undergo the unfortunate situation of losing its shares or assets trying to repay a loan. In addition, there is no issue of the credit score involved. As such, the credit rating remains unaffected and the business can comfortably meet its financial obligations. However - if you do have collateral available we can use it lower your payments and further qualify you…