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HostGator

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HostGator.com is a provider of shared, reseller, VPS and dedicated web hosting. With over five million domains hosted by HostGator, they make up approximately 1% of the world’s Internet traffic. HostGator.com allows you to have unlimited subdomains under your account, with no restrictions on bandwidth or disk space. The down site to having so many …

LogoWorks

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LogoWorks is a service of HP. They spell out a very detailed process, which inspires confidence. Plus, they have customer feedback and ratings right alongside each package choice. They have designed over 45,000 logos; packages start at $299. HP also offers LogoMaker, a free logo creation service with an upgrade plan of $49. It is …

Logo Design Team

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Logo Design Team stands on its in-house design team, as opposed to a freelance team of people spread around the globe. They offer a $149 start price. Logo Design Team offers a “logo repair” service where they will update your existing logo, refreshing it to something modern and hip.

Logo Mojo

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Logo Mojo (a division of Deluxe) has a starter package at $195 which includes six concepts, two rounds of changes, and a three-day turnaround. They offer other artwork services, too, including Twitter backgrounds and Facebook profile images.

Sage One Invoicing

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Sage One Invoicing is a monthly subscription-based invoicing service that will run you $9 a month. Sage One Invoicing allows you to send out your invoices from Sage, and the customer can pay directly from the invoice into Sage’s credit card service or through Paypal. If the payment is late, Sage One will tell you …

WePay

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Online invoicing and payment app service WePay just released a new app for iOS devices that allows small businesses to send invoices and charge credit cards from mobile devices. Credit card processing and invoicing both come with a fee of 2.9% and $0.30 per transaction. The payment app accepts all major credit cards, and there …

FreshBooks

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FreshBooks signup is easy, fast, and free. No credit card required, which is always helps reduce signup friction. You can trial the software for 30 days for free, then decide on a paid plan or a forever-free plan. Of course, the free plan is limited, but it may work for your business. Paid plans start …

Guru

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Guru offers a wide variety of freelancing jobs and allows you to create up to five different profiles. Their commission is variable, but they handle tax reporting so you do not have to give out your Social Security number to every employer. Escrow ensures freelancers are paid, but can be confusing. The onsite messaging is …

oDesk

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Odesk is designed for freelancers who prefer hourly wages as opposed to flat fees. They are a little more expensive in their commissions, but they cover employer tax costs if the employer wants to hire you through their payroll service. You need to log in to the website while you work so it can record …

Freelancer.com

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Freelancer.com is one of the world’s largest outsourcing and crowdsourcing marketplace for small business. The site connects over 3,961,410 employers and freelancers globally from over 234 countries & regions. Through the website, employers can hire freelancers to do work in areas such as software, writing, data entry and design right through to engineering and the …

Infusionsoft

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Infusionsoft combines everything your business needs — contact management, CRM, marketing automation and e-commerce — into a single online system. Along with their impressive array of features available, Infusionsoft allows you to be able to place a single contact into multiple list. This gives you the ability to track and target your customers more effectively …

MailChimp

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MailChimp is a Web-based email marketing service that comes with a great suite of tools. With over 95 million emails sent per day on average, MailChimp proves that email is still a viable way for small businesses to get the word out. One of the most important things to know is the service is completely …




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Biz2Credit Small Business Lending Index for Jan. 2014 Reports New High Approval Rates at Big and Small Banks | Small Business News, Tips, Advice – Small Business Trends

Biz2Credit Small Business Lending Index for Jan. 2014 Reports New High Approval Rates at Big and Small Banks

  • February 11, 2014

NEW YORK, NY, February 11, 2014 – Small business loan approval rates at big banks ($10 billion+ in assets) increased to a new high of 17.8% in January 2014, up from 17.6% in December 2013, according to the Biz2Credit Small Business Lending Index, a monthly analysis of 1,000 loan applications on Biz2Credit.com. In a year-to-year comparison, lending approval rates at big banks have increased more than 15 percent.

“Increasingly, creditworthy borrowers are applying for small business loans at big banks and having them approved,” explained Arora, one of the nation’s leading experts in small business lending. “Big banks, which request proof of three years of profitability, are now receiving applications from companies whose fortunes increased from 2011-2013.”

Small business loan approvals at small banks reached a new benchmark of 50.9% in January 2014, up from 48.7% in the previous month. While lending approval rates at small banks are up by 2 percent in a year-to-year comparison.

“SBA lending has picked up considerably over the last month,” said Biz2Credit CEO Rohit Arora, who oversaw the research. “The increase in popularity over the last month in SBA lending accounts for the rise in approval rates at small banks, which rely heavily on the SBA Express program (loans less than $350,000) and SBA 7(a) program (loans between $350,000 – $5 million).”

Meanwhile, credit unions experienced a drop in small business approval rates in January, thereby continuing their slide. Approval rates at credit unions dipped to an all-time low of 43.4% in January from 43.9% in November. Further, lending approval rates by credit unions has declined in 16 of the last 20 months and is down nearly 25 percent in that 20-month period.

Alternative lenders, which emerged as important players in small business lending in 2013, experienced a drop-off in approval rates from 67.3% in December to 64.1% in January 2014. Alternative lenders had been the biggest benefactors of the government shutdown last October.

“What we may be seeing is a return to normalcy for alternative lenders. While they offer speed in their decision-making, alternative lenders charge higher rates than others,” said Arora. “As banks have become more aggressive in small business lending, the higher quality borrowers seem to be going to them.”

Biz2Credit Small Business Lending Index for Jan. 2014

Institutional Lenders, a new category in the Biz2Credit Small Business Lending Index, approved 56.5% of the funding requests they received. This category of lenders includes credit funds, insurance companies, family funds, and other yield-hungry, non-bank financial institutions that typically offer more competitively priced loan options than alternative lenders in amounts up to $1 million.

“Institutional investors have emerged in small business lending and offer interest rates that generally fall somewhere between the rates offered by banks (around 6%) and alternative lenders that charge up to 30-50%,” Arora said. “As more institutional lenders come into the marketplace, it provides greater amounts of long-term, stable money to the marketplace. Borrowers can get better products at attractive interest rates and terms.”

In the last 3-4 months, Biz2Credit has processed over $20 million in small business financing from institutional lenders.

“The demand for short-term, high-interest financing will go down, and institutional lenders will fill that void,” added Arora, who expects this category to grow as the economic conditions continue to improve.

To view the historic chart of the Biz2Credit Small Business Lending Index, visit https://www.biz2credit.com/small-business-lending-index/january-2014.html.

About the Biz2Credit Small Business Lending Index

Biz2Credit analyzed loan requests ranging from $25,000 to $3 million from companies in business more than two years with an average credit score above 680. Unlike other surveys, the results are based on primary data submitted by more than 1,000 small business owners who applied for funding on Biz2Credit’s online lending platform, which connects business borrowers with more than 1,200 lenders nationwide.

About Biz2Credit

Founded in 2007, Biz2Credit has arranged more than $1 billion in small business funding throughout the U.S. and is widely recognized as the #1 online credit resource for startup loans, lines of credit, equipment loans, working capital and other funding options. Using the latest technology, Biz2Credit matches borrowers to financial institutions based on each company’s unique profile — completed in less than four minutes — in a safe, efficient, price-transparent environment. Biz2Credit’s network consists of 1.6 million users, 1,200+ lenders, credit rating agencies such as D&B and Equifax, and small business service providers including CPAs and lawyers. Visit www.biz2credit.com, follow on Twitter @Biz2Credit, and Facebook at www.facebook.com/biz2credit.

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