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Accion | Small Business Loans

Accion is committed to bringing affordable small business loans to microentrepreneurs.

Actived: Wednesday Dec 2, 2020

URL: https://us.accion.org/

What Business Insurance Startups Need | Accion

Details: Commercial umbrella insurance gives your business additional financial protection from damaging lawsuits or accidents. Management and professional liability insurance. Management and professional liability insurance is also known as professional liability insurance (PLI), professional indemnity insurance (PII), or errors & omissions (E&O).

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Business Liability: What If Someone Gets Hurt? | Accion

Details: General liability insurance can protect your business from personal injury claims that occur at your shop or business location. General liability insurance is relatively affordable. Annual premiums start at less than one thousand dollars and go up from there, depending on the amount of coverage you seek and the nature of your business.

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Small Business Insurance Basics with The Hartford | Accion

Details: The core coverage consists of three key components: commercial property insurance, general liability insurance, and business income insurance. Commercial Property Insurance : This covers the “business owner stuff” – items that could be damaged or destroyed by theft, fire, natural disasters, and other unexpected events.

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Business Liability: Are You Protected? | Accion

Details: Invest in insurance. All small business owners should purchase insurance. The type of insurance depends on the nature of your business. If you own a storefront and retail shop, then liability insurance safeguards you against accidents or injuries on your property. Professionals, CPAs, doctors, and attorneys, should have malpractice insurance to

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Small Business Resource Guide | Accion

Details: Insurance. Find help with your business insurance needs. The Viti Companies provides customized insurance and financial solutions. Learn more. Support for Your Business at The Hatchery. The Hatchery is a 67,000 square foot food and beverage incubator owned by Accion and ICNC, and operated by nonprofit The Hatchery Chicago.

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How Does Underwriting Work | Accion

Details: Any additional collateral or credit enhancements (such as guarantees or key-person insurance). Let’s explore what each of those means and what an underwriter would be looking for. Income to Adequately Service the Debt. In a nutshell, this basically means your business has to be making enough money to pay back the loan with interest.

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Emergency Capital for Small Businesses in Illinois and

Details: Michael Broadus, President, and Michael Vasilou, Vice President, are the owners of The Better Benefits Family Group, a financial service and insurance agency located in downtown Chicago. Due to the pandemic, all of their in-person sales presentations were cancelled, limiting their ability to find new clients.

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Accion Serving Arizona, Colorado, Nevada, New Mexico

Details: Our History in Arizona, Colorado, Nevada, New Mexico & Texas. Accion made its first small business loan in Albuquerque in 1994 and is dedicated to helping entrepreneurs generate income, build assets, create jobs and achieve financial success through business ownership across the United States.

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Accion Serving Illinois & Indiana | Accion

Details: Accion in Illinois & Northwest Indiana is a certified Community Development Financial Institution (CDFI), SBA microlending intermediary, and SBA Community Advantage lender. We provide loans ranging from $500 up to $100,000 to qualified borrowers.

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Small Business Loans | Accion

Details: With over 25 years of experience serving small business loans across the country, Accion is a lending partner you can trust.

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Underwriter | Accion

Details: Accion (us.accion.org) is a nationwide nonprofit community lender dedicated to helping entrepreneurs generate income, build assets, create jobs and achieve financial support through business ownership.

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Small Business Legal Advice: 10 Basics for - Accion

Details: 8. Your Small Business Should Maintain Comprehensive Insurance. Any business, regardless of size, should maintain adequate insurance to protect itself in the event of an accident, natural disaster, data breach, or any number of possible claims. Dealing with property and general liability claims can result in lost time, expense, and frustration.

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How to Protect Your Small Business from Predatory Lenders

Details: You are subjected to aggressive marketing of additional debt, loans, lines of credit, or products like insurance. You want to feel safe in knowing you can provide your private financial information and social security number to a trustworthy, reputable business.

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Understanding Underwriting: Document Breakdown | Accion

Details: WHAT: Insurance policy that covers the loss of business assets. If your business is based in your home, this may include homeowner’s insurance. WHY: This document ensures the business has insurance coverage to mitigate potential asset losses in the event of a catastrophe. WHERE: You can get a copy of this from your insurance company.

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See If I Qualify | Accion

Details: What to Expect. A fast and simple online application experience paired with unmatched personalized service for every applicant.

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How to Write a Profit & Loss Statement | Accion

Details: If you have costs you pay yearly, like insurance, divide them by twelve to get your monthly expense. Step 5 – Calculate Your Operating Income. Deduct the cost of overhead from your gross profit. The result is your operating income. Step 6 – Adjust for Other Income and/or Expenses.

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Small Business Tax Deductions | Accion

Details: Health insurance for the self-employed can be pricey. The good news is that cost for paying your health-insurance premiums or long-term care insurance for the self-employed is 100% tax-deductible. Some caveats apply to coverage for spouses and children, depending on your spouses’ employment status and insurance coverage.

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GETTING STARTED: SMALL BUSINESS OWNER’S TOOLKIT

Details: liability insurance as well. You will also be personally responsible for the business’s financial obligations, so consider a business liability insurance policy too. Depending on what type of business you’re in, you may have to report sales or other taxes. Income taxes will be filed as personal income on your individual return with a Schedule C

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Small Business Health Insurance Credit: What You Need to

Details: How Much Is the Employer Health Insurance Credit? The tax credit may be worth up to 50% of your contribution toward your employees’ premium costs. The smaller the business, the bigger the credit. For example, the tax credit is highest for companies with fewer than 10 employees who are paid an average of $25,000 or less.

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What Taxes a Small Business Pays | Accion

Details: As with federal taxes, the legal structure of your business will dictate how and when they’re paid. Additionally, most states will require payments toward state unemployment and workers’ compensation insurance. California, Hawaii, New Jersey, New York, Rhode Island and Puerto Rico also mandate contributions toward temporary disability

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How Small Businesses Can Manage Risk and Prevent Loss

Details: According to The Hartford’s analysis of small business claims, “4 out of 10 small business owners are likely to experience a property or general liability claim in the next 10 years.” Dealing with property and general liability claims can result in needless lost time, great expense, and extreme frustration. In this case, the adage “an ounce of prevention is worth a pound of cure

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Legal Structure of a Business | Accion

Details: A sole proprietorship doesn’t offer you any personal protection from legal claims against the business, so it’s a good idea to get liability insurance, as well. You will also be personally responsible for the business’s financial obligations, so consider a business liability insurance policy too.

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Small Business Tax Deductions | Accion

Details: Health insurance for the self-employed can be pricey. The good news is that the cost of paying your health-insurance premiums or long-term care insurance for the self-employed is 100% tax-deductible. Some caveats apply to coverage for spouses and children, depending on your spouses’ employment status and insurance coverage.

› Verified 5 days ago

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The 3 Most Common Gaps in a Business Plan | Accion

Details: Taxes, insurance, zoning, regulations, finding vendors. Need another cup of coffee yet? It’s all too easy to shove these less-fun issues to the back burner and focus on how successful you’re going to be, but skipping over these parts of your business plan is going to seriously jeopardize that success.

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How to Rent Warehouse and Industrial Space | Accion

Details: The tenant pays a higher monthly rent, which covers the taxes, insurance, maintenance, utilities, and other expenses. This is the easiest option since you only have to make one payment and are able focus on your business – the landlord will deal with the building.

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How to Start a Production Company | Accion

Details: Insurance for a production company is mandatory; most clients will not even allow you in their building without liability insurance. The third big expense will be the cost of equipment. It’s not necessary to have your own equipment package to start a company or to start working as a freelance cinematographer.

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Business Credit vs. Personal Credit | Accion

Details: You’ll also need credit in order to get business insurance. In many instances, you won’t be able to buy goods and services for your business without access to credit. Why can’t you use your personal credit for all of that? In some cases you can, but you really shouldn’t. The IRS has strict rules about mixing personal and business expenses.

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Business Incubators: Pros and Cons | Accion

Details: Program attendees must also have general liability insurance, workers compensation insurance, a sales tax certificate of authority, and a food handler’s license from the Department of Health. NYCHA’s Food Business Pathways Program.

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How to Be Your Own Boss: Businesses that Cost Less than

Details: Startup expenses: insurance, leashes, pet food and treats, grooming tools, marketing materials . Elizabeth Renter is a writer for NerdWallet, which provides clarity around decisions that help you start or grow your small business. We provide clear unbiased information, entrepreneur-focused advice, and tools for small business loans, tax and

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Pros and Cons of a Home-Based Business vs. Brick and

Details: It can be costly to pay rent, buy office furniture, equipment, supplies, and maintain insurance. Commuting. You will have to commute and pay whatever costs may be associated with that. No Home-Office Tax Break. You will lose the home-office deduction if you currently qualify. Wardrobe Budget. You may need to spend more on office-appropriate

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6 Steps to Build a Better Business Plan | Accion

Details: As you get established, you’ll have more revenue and more ongoing costs – supplies, equipment, labor, insurance, rent, etc. In your financial projections, make it clear which costs are startup costs and which are ongoing. Make it clear when the revenue is expected to start covering the costs. Make it clear where any funds will go and how

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How Much is Your Business Worth? | Accion

Details: You may also need to know the value for insurance purposes. Business valuation is also important for purposes of estate planning and estate succession. For many small business owners, much of their net worth is tied up in the value of their small businesses. And passing that on can trigger an estate tax, depending on the value of the business

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Financial Forecasting | Accion

Details: Include all the direct expenses for your business, such as equipment, wages, and the cost of goods, along with general operating expenses like professional fees, insurance, advertising, etc. Some will be pure estimates, but others, such as rent and salaries, may already be determined.

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How to Write a Cash Flow Statement | Accion

Details: If you have an annual bill for something like insurance, but have to pay for it all at one time or twice a year, you would count the payment as an expenditure during the month(s) in which you pay it. (You should still budget for it monthly, but you’ll have to come up with the cash during the month it’s actually due.) 4.

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Judy Holder's Success Story | Accion

Details: Judy Holder Insurance has been a thriving business in Apache Junction since 2002, providing jobs for five local employees. A few years ago, Judy faced the challenge of remodeling her business’s outdated reception area. Luckily, a local banker referred her to Accion, and fueled by her loan capital, Judy was able to update her reception area to

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Business Continuity Plan: How to Stay Open During a

Details: Insurance and FEMA are available to help businesses in the wake of a disaster, but it’s important business owners take into account how long it takes to access relief funds. The window of when you should reopen your business can come and go while you wait for the money. Typically, small businesses don’t have much in the way of emergency

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COVID-19 Relief Loan Product - Accion serving Southern

Details: To use for working capital to cover rent, utilities, payroll, insurance or any other business needs due to adverse COVID-19 business impact; Interest Rate: 2.99%; Term: 36-60 mos. including first 6 mos. with no payments; A grant to cover upfront fees; No out-of-pocket costs and no prepayment penalties

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Document Reference Guide | Accion

Details: Insurance policy that covers the loss of business assets. If you r business is based in your home, this may include homeowner’s insurance. Why. This document ensures the business has the proper amount of insurance in the event of a catastrophic event. Insurance mitigates risk. Where. You can get a copy of this from your insurance company.

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Commercial Real Estate Basics for Small Business Owners

Details: The type of lease includes property taxes, property insurance, and maintenance of the common area paid based on the square footage of the property you occupy. Modified Gross Lease. A modified gross lease is a type of real estate rental agreement where the tenant pays base rent at the lease’s inception, but in subsequent years pays the base

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What to Consider When Renting a Commercial Space | Accion

Details: Many landlords require you to purchase insurance, but make sure you can make do with the terms. Not only do you not want to be uninsured, but you also never want to be underinsured! 6. Prepare an Escape Plan. Be aware of the punishments of breaking your lease. This means you’ll want to review the opt-out clause.

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Working with Vendors: Best Practices | Accion

Details: In addition, you always need to verify licenses and insurance policies of each vendor for your own protection. It’s ok to ask them to verify that they have appropriate insurance and licenses. You can also check their references online to make sure they’re being honest.

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Leveraging Small Business Resources to Survive and Thrive

Details: Payments for group healthcare coverage, including insurance premiums and retirement Payment of state and local taxes assessed on compensation of employees Interest on any debt incurred prior to February 15, 2020

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Seguros Para Los Pequeños Negocios | Accion

Details: Seguro para la propiedad comercial (Commercial property insurance): Esta póliza le brinda cobertura a su negocio por pérdidas o daños a su propiedad, como incendio, humo, viento, granizo, o vandalismo. La mayoría de las pólizas para dueños de negocios (ver arriba) incluyen un seguro para la propiedad.

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What is Predatory Lending? | Accion

Details: You don’t want or need additional credit, health or disability insurance (and if you do, you will almost certainly find them available elsewhere for less.) Watch out for prepayment penalties. Prepayment, if you can manage it, may not be in the lender’s best interest, but it is in yours.

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Business Plan Section 8: Funding Request | Accion

Details: We’ve talked before about the benefits of having a business plan for every business, but the truth is, most companies don’t put one together until they want to apply for funding, whether from a bank or investor. Sometimes, even if you don’t need a full business plan when applying for a loan, you will be asked for a funding request.

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Small Business Growth: Changing Your Business Structure

Details: Update your insurance records to reflect your changed business structure; Create (or update) partnership/stock agreement; Contact your vendors and suppliers to update them on the change; Double check with your tax and legal professionals that all paperwork is filed and complete . Finally, stay in touch with your financial and legal advisors.

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Business Banking: 10 Tips for Choosing the Right Bank

Details: Others may offer payroll services, hotel discounts, lowered insurance rates, and even tax prep help. You shouldn’t make this important decision based on good “perks,” but asking about what’s available to new business accounts may score you an added bonus or some worthy discounts. It can also help break the tie if you’re having a hard

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Small Business Taxes Archives | Accion

Details: Health insurance for the self-employed can be pricey. The good news is that cost for paying your health-insurance premiums or long-term care insurance for the self-employed is 100% tax-deductible. Some caveats apply to coverage for spouses and children, depending on your spouses’ employment status and insurance coverage.

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Commercial Property: Buying or Renting | Accion

Details: Who pays the property taxes and insurance on the premises? Everything is negotiable. Using your knowledge of the market, work out the best deal you can. Ways of reducing your costs might include getting a portion of rent back to improve the space, having the landlord pay for or subsidize renovations to the space, or a period of free rent so you

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How to Get Ready for Tax Time | Accion

Details: Keep records of how much you spend on things like homeowners’ insurance, mortgage, utilities, and maintenance. Similarly, if you use your personal vehicle for business (other than commuting), keep records of the miles you drive for work, repairs, fuel, oil changes, etc.

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