Browse Tag

business loans

3 mins read

SHOPPE BLACK and Lendistry Partner to Provide Black Entrepreneurs with Greater Access to Capital

It is with great excitement that SHOPPE BLACK announces its partnership with Lendistry, the country’s largest African American-led deployer of capital.

Our shared vision of empowering Black business owners and connecting them with vital resources is at the heart of this collaboration. Lendistry has proven to be a reliable lending partner, always putting the best interests of Black entrepreneurs first and supporting their financing needs to help them scale through the growth stage.

Through our partnership with Lendistry, we aim to educate our platform’s loyal business owner audience about the innovative financial products Lendistry offers and encourage them to apply. This will involve featuring Lendistry’s information and application links in our online content, and newsletters.

We will also be cohosting webinars that will offer valuable insights, strategies, and practical guidance to further empower business owners.

Together, we are determined to uplift and support Black entrepreneurs in every way possible. By combining our expertise, reach, and commitment, we are confident that we will make a significant impact in fostering economic growth and prosperity within the Black business community.

“SHOPPE BLACK has been a valued ally behind the scenes, so we are excited to make our partnership official,” says Everett K. Sands, CEO of Lendistry. “Lendistry’s team has lived the mission and understands the challenges and strengths in our communities. It’s important for business owners to know who is in their corner, and who can give them a fair chance at the capital they need to grow, so we appreciate SHOPPE BLACK helping us reach their large and engaged audience.”

“At SHOPPE BLACK, we believe that Black entrepreneurs are a vital part of our economy, and we’re committed to doing everything we can to support their success,” says Tony O. Lawson, CEO and Co-Founder of SHOPPE BLACK. “That’s why we’re thrilled to partner with Lendistry as a part of our ongoing efforts to provide greater access to the capital that these entrepreneurs need to grow their businesses, create jobs, and build wealth within our communities.”

As committed partners in an expanding and equitable ecosystem, we are dedicated to enhancing our offerings and capabilities for the betterment of underserved small business owners.

Entrepreneurs can learn more about this partnership and apply for a loan here.

4 mins read

Documents to Have Ready before Applying for a Loan

When you’re applying for a small business loan, having your financial records in order shows the lender that you are a trustworthy and accountable borrower.

If these documents aren’t in order, or if you’ve submitted the incorrect information, it could lead to your business being denied necessary funding.

In this post, we outline the documents that are frequently requested by traditional small business lenders and how you can stay prepared for the loan application process.

A Clear Strategic Plan

To secure a loan, most financial institutions require you to submit a comprehensive business plan along with the loan application. It serves as a short introduction to who you are and what your company is all about.

The business plan should include a complete set of projected financial statements, including profit and loss, cash flow, and balance sheet. This should reflect a calculated strategy that can communicate to the lender the company’s aims, mission, and how you plan to meet all of your goals.

Business & Personal Credit Scores

When you submit a business loan application, a lender will typically review both your personal and business credit to assess the risk you pose. Having a good business credit score and business credit history makes it easier to get financing for your business.

Otherwise, you may have to rely on personal savings and personal credit cards. Moreover, a good personal credit score can increase your chances of approval and securing a lower interest rate, whereas a bad personal credit score can make the whole process more difficult.

One of the most popular business credit scoring models—Dun & Bradstreet (D&B) PAYDEX—ranges from 0 to 100. A good score ranges from 80 to 100; a bad business credit score ranges from 0 to 49. Experian is also a common scoring model with FICO scores ranging from 300-850.

Income Tax Returns

Your business’ income tax returns illustrate how your business has performed in the past. So most loan programs require applicants to submit the last two to three years of signed personal and business federal tax returns.

If your business is new, you should ask your accountant to help you create a projection of what your tax returns might look like in the upcoming year. Your personal tax returns may also be requested.

Income Statement

Income statements are especially useful for small business lenders who want to understand how a business has performed over the past year(s). Even if your expenses exceed your revenues—which is often the case for newer businesses—all lenders will want to view your income statement.

Balance Sheet

An income statement is a historical report, whereas your balance sheet is a glimpse of your current financial situation. A balance sheet will represent your business’s financial components, such as:

  • Current Assets & Liabilities
  • Sources of Equity
  • Accounts Receivable

Each of these figures is very important to commercial lenders. If your liabilities exceed your current assets, you may face challenges securing a small business loan with a low-interest rate.

Bank Statements

Small business lenders may want to review your business’s bank account statements during the application process. It’s important that your financial statements reflect the fact that your business is actively earning revenue while managing expenses in a healthy way.


Let Lendistry guide you through the business loan process. If you want to learn more, call 888-594-7270 or contact them online!

7 mins read

Follow These 9 Tips for a Successful Home Based Business

In today’s connected world, it is not always necessary to have a big space or a warehouse to run a business. Thanks to the internet, all you need to run a business these days is just one small spare room.

Since more and more people are using remote strategies to pursue entrepreneurship with their headquarters at home, home based businesses are currently on the rise.

But again, just with any other business, starting a home based business comes with its own set of complications. From advertising to zoning, there is always something that will require your attention. Though this type of business allows you to run operations from your comfort zone, one of the biggest challenges faced by home-based entrepreneurs is maintaining professionalism at all times.

Here are some tips to keep you focused on your quest to make your home-based business a success and reap maximum benefits:

Determine If Your Ideas Are Appropriate for a Home Based Business

Home-based businesses are in vogue right now, but not all home-based businesses are guaranteed to work out. Starting a business out of your home requires you to consider a variety of factors, including your location, zoning, legal restrictions, licensing, work style, personality, and your family’s needs.

For example, you cannot start a manufacturing business in a residential neighborhood. And if your business involves a lot of in-person client interaction, it may not be practical to conduct your operations at your home office.

Narrow down your list of ideas to businesses that:

  • Are feasible to conduct from a home office
  • Allow most of the work to be done from home rather than on site

This will leave you with a list of business ideas that are practical and possible for you to start a business from your own home.

Examine Your Skills

Honing your skills can take time. You may be good at writing content or really good at designing or drawing. But running a successful business often requires acquiring new skills, such as marketing, cold-calling, or organizing skills. So you need to adjust the scope of your business based on your current skill levels.

Create a Proper Business Plan

For any business idea to be successful, there should always be a concrete business plan. The plan will act as a roadmap for success, laying out a plan for every aspect of the business from marketing to budgeting. A plan prevents you from going haywire and wasting unnecessary time on irrelevant things. It will help you to clearly understand your goals, prioritize the main business tasks, and ensure that your objectives are met on time.

A business plan will also be a must as your business grows, because small business lenders, investors, and potential partners will certainly ask for a business plan.

Moreover, as a business owner, a good plan will guide you to achieve specific targets as you grow. Operating a home-based business should have an appropriate short and long-term plan and specific steps to achieve along the way.

Create Business Networks

Even a home-based business owner must have a network of business relationships. How else will you be aware of current business trends and tools, and fill gaps in your personal experience?

You can join business associations that organize business events and conferences in order to stay updated on emerging issues in the business world. Join your local chamber of commerce to meet and form relationships with other business owners in your area.

Treat Your Business Like a Full-Time Job

One of the biggest attractions of home-based businesses is the comfort of working from home and the ability to work flexible hours. But this has proved to be a downside for many since having your working space combined with your leisure space can interfere with productivity.

It’s crucial that you come up with a schedule that dictates your working hours, make it known to your family, and restrict any distractions or interference. Therefore, setting aside certain time slots entirely for work is a good place to start.

Maintain Separate Business Space

Set aside a specific area in your home just for business. During working hours, keep all home activities at bay and never let them interfere with your business operation. If you have even one or two employees working for you, ensure that you have adequate supplies and materials they will need to carry out day-to-day operations, as well as a website and designated space for them to work.

Wear the Right Clothes

More often than not, people who work from home are tempted to wear whatever is within reach, even if it’s a pair of old pajama shorts. You don’t need to wear formal attire, but sticking to business casual helps keep your brain on the right track and promotes a professional mindset. When entertaining clients, you should dress to impress and stay appropriate to your industry.

Don’t Hold Back on Marketing

Your home-based business will also require a significant amount of time, investment, and of course, marketing. Though marketing can sometimes be a bit of a challenge for home based businesses, it’s significant to spend a few bucks on a marketing strategy, including a website and social media, to introduce your product or services to new customers. A quality marketing campaign can never go wrong and can, in fact, bring in huge returns.

Get the Right Licenses and Registration

Just like with any other business, licensing and registration of home-owned businesses are also mandatory, and every startup should adhere to all the rules and regulations set by different states and government authorities.

Running a home-based business? Lendistry supports small businesses and provides them with the resources they need to grow. For more information, call 888-594-7270.

3 mins read

4 Ways Lenders Can Add Digitalization to Their Processes

Lending is an industry that has seen a lot of changes in the last few decades. Not only is the economic environment lenders work in constantly evolving, but the processes in the industry are as well.

Influenced by the multiple innovations taking place in fintech, the lending industry has opened its doors to different kinds of lenders, resulting in the need for new processes to meet the evolving demands. Digitization is now a best practice when it comes to opening up access to lending for all small business owners.

Financing is a critical part of every business’s growth. It helps businesses get the tools and equipment they need to grow and expand. Keep reading to discover the different ways in which lenders can add digitalization to their processes so that they can provide the best service possible.

Acquiring Customers through Digital Touchpoints

Digital Data Lending

This involves gathering as much information as possible about potential customers before they apply for a loan so that you can make an informed decision about whether or not they should be approved for one. This can be done by using an algorithm that calculates the probability of default based on past behavior and other factors such as social media activity or credit history.

Distribution of Funds through Digital Channels

Lenders can use digital channels to transfer loans once they’ve been approved—meaning that if someone wants their money right away, now they’ll be able to access it quickly through an app or website. While there may be some costs associated with setting up these systems initially, they will save lenders a lot of time and money in the long run.

Educational Videos to Explain Banking Concepts

Creating educational videos to explain banking concepts would help engage with and provide financial education to customers, from how to take out a loan to how to save for retirement and more. Instructional videos also help to walk customers through steps in the application process that often trip applicants up.

Additionally, lenders could create interactive apps that walk customers through the steps of applying for a loan or opening a new account. These features could be accessed through the lender’s website or a mobile app. By making the process more digital and user-friendly, lenders can provide a better experience for their customers.

In today’s competitive world, lenders have had to transform their business goals and business models to place their customers’ interests at the forefront. With client satisfaction in mind, they need to focus on the value proposition of digitalization in making processes easier and more user-friendly.

Lendistry prides itself on being a reliable source of financial education for small business owners. With the help of innovative technology and a wide range of financial programs, the Lendistry team provides economic opportunities for small business owners looking to serve their communities.

8 mins read

When Should You Consider Refinancing Business Debt?

When you run a bustling small business, even minor expenses and debts can add up fast. Whether you took out a loan to get started or found yourself in debt because of some unexpected hurdles, there’s a good chance that refinancing your business debt might be the best answer.

To build a strong financial foundation, you want to ensure that you’re taking the necessary steps to protect your cash flow and grow your business. Refinancing can help you with this—keep reading to find out how.

What You Need to Know About Refinancing Business Debt

When Is Refinancing a Good Option?

Before answering this question, let’s examine what refinancing is.

Refinancing is when a business takes out another loan with the intention of paying off its existing debt with the new loan. This reduces the monthly payments on the loan by extending the term of the loan or lowering monthly payments altogether.

Refinancing allows you to get a lower interest rate, pay off your loan sooner, or take advantage of other attractive features of the new small business loan. This makes it a great way for businesses to expand their operations and leverage new opportunities without having to take on more debt or spend more money long term on interest payments. But when should you consider refinancing?

Financial Difficulties

Most companies usually decide to refinance or restructure their debt when they’re in a financially distressing situation and cannot make their monthly payments on time. In this instance, a chance to lower the interest rate or extend their loan term might help them make their payments on time without going under.

Favorable Market Conditions

However, financial decisions are not the only reason businesses refinance their loans. Businesses might also choose to restructure their debt because of improved credit ratings or decreasing interest rates. Taking advantage of favorable market conditions allows them to free up cash for other business operations and investment opportunities.

Why You Should Refinance

Have you ever wondered if it is a good idea to refinance some of your business debt? Maybe you have heard that you should refinance your business debt but don’t know why or are confused about if it really is the best option for you. It’s easy to get mixed messages about business debt, and this makes it hard to know what to do. Keep reading to find out when it makes the most sense to refinance your business debt.

To Escape Higher Interest Rates

Refinancing is a great way to escape higher interest rates and save money on your mortgage. By refinancing, you can lock in a lower interest rate and monthly payment, which can help you free up some extra cash each month for more business growth and innovation.

Many businesses in their early stages take on high-cost debt with astronomical interest rates, or predatory loans. Without refinancing, predatory loans cause you to be paying off your loans for longer than planned, which can redirect funds from important business ventures. Refinancing offers you an out, lowering your interest rates, allowing you to pay off the loan faster, and resulting in more savings.

To Elevate Your Credit Score

Refinancing can help you improve your business credit score in a number of ways. First, it can help elevate your credit utilization ratio, which is the amount of credit you’re using compared to the amount of credit you have available. If you’re using a lot of your available credit, it can hurt your credit score. Refinancing can help by giving you more available credit and bringing your utilization ratio down.

In addition, it can help improve your payment history. If you have a history of late or missed payments, it can drag your score down. Refinancing can give you a chance to make all of your payments on time and fix your payment history.

Finally, refinancing can help you get rid of high-interest debt. If you have debt with a high-interest rate, it can cost you a lot of money in the long run. Refinancing can potentially get rid of that debt and help save money on interest.

The Revenue Generation Has Slowed Down

When a business is not generating as much revenue as it once was, refinancing can be a helpful option since it helps lower the monthly payments. This can be useful when revenue has decreased as it provides businesses with access to the extra funds they need to keep operating.

Change in Payment Frequency

By refinancing, you can change the payment frequency to one that better suits your needs. It can help you pay off your debt faster or slower, providing you with some much-needed breathing room by giving you a lower monthly payment. This can help you better manage your finances and make your payments more affordable.

Switch to More Favorable Payment Terms

Since refinancing involves taking out a new loan to pay off an existing one, you can fix your own payment dates or months based on your convenience. This will help you pay the debt at an improved rate as per your preference and business needs.

Who Should Consider Refinancing Their Business Loans?

Any business that is struggling financially can benefit from refinancing. However, you will generally have better results from refinancing if your main problem is a low credit score. If you’re struggling due to other factors such as high interest rates or lack of funds, refinancing might not really solve the problem, depending on the situation.

If you own a small business, you may have more than one type of business debt. A good credit score and cash flow is something everyone strives for while running a business, but sometimes debt can build up, and you might feel like you have nowhere else to turn. In these instances, you can lower your interest rates and gain more flexible terms if you opt to refinance.

Refinancing can help lower the financial burden on your business in some cases. Lendistry strives to be a source of financial education for small business owners and offers a wide range of financial programs to help businesses grow and serve their communities.

4 mins read

How to Grow Your Food Services Business Using Small Business Loans

Is your food truck, restaurant, catering company, or grocery store doing well this season? Are you thinking of expanding your business?

In this scenario, small business loans might help you buy equipment, hire personnel, expand your business, or pay your bills during a sluggish period. Read on to know about expanding your foodservice business using small business loans.

Listed here are some of the ways in which you should utilize your small business loans to help your food services business develop.

Purchase Inventory

Small business loans allow you to purchase supplies as needed, so you won’t have to worry about running out of inventory. This way, you’ll also have better control over your operations and can fulfill your customer’s needs smoothly.

Hire Employees

If you’re taking a loan to expand your business, you’ll need to ensure you have a staff that can handle the increased workload. Hiring competent employees with prior catering expertise will enable you to serve more customers and deliver the most satisfactory service possible. Furthermore, you might use the loan to train your personnel in areas like customer service, event planning, and food and beverage management.

Prioritize Technology

Although you have a talented team, it’s worth thinking about how technology may make your processes more efficient and easy. You can use your loan to pay for automated technology, like inventory management, cloud computing, and scheduling software.

These technologies will enable you or your team of talented professionals to manage fewer administrative activities, allowing you to focus on more important commitments. Additionally, tech solutions like delivery and tracking apps played a pivotal role in helping businesses offer takeout and curbside pickup options to customers.

Invest in a Marketing Strategy

Even if you have the means to cater more events, your food business will not develop unless you attract new customers. To accomplish so, you’ll have to invest in marketing tactics that will assist you in locating and promoting your ideal customers. You can get a loan to pay for marketing materials or outsource projects to a professional agency.

Purchase or Lease a Vehicle

Before buying a van, consider whether you need numerous vans, built-in storage for food trays, or refrigeration for traveling with prepared food.

Purchasing a new vehicle with a business loan is a wise investment for your catering company. Having a dependable vehicle with the capacity and features you require means you’ll be less likely to be late for events and to arrive with food in perfect condition.

Expand into a Commercial Space

A commercial kitchen will allow you to prepare for more significant events, purchase larger culinary equipment, and store more supplies.

Furthermore, having a physical address for your company can help potential customers see you as a legitimate business. This makes them more likely to hire your services.


Lendistry’s diverse financial solutions provide small food services businesses with the affordable capital they require to expand and serve their communities. If you’d like to learn more, call them at 888-594-7270 or contact them online!

3 mins read

5 Ways to Expand Your Business

When it comes to running a business, one of your main goals is to maximize your profits. One way to do that is to expand your business. However, funds are needed to take your business to the next level of growth.

That’s where an acquisition loan comes into play. With an acquisition loan, several business owners have been able to expand their companies. But aside from that, there are many other ways you can further develop and grow your business.

We’ve put together a list of five ways you can grow your business.

1.  Research the Competition

Whatever your business may be, the marketplace tends to be a highly competitive space with multiple vendors selling similar products or services. One way to stay ahead of the competition is to do thorough research on what other businesses have to offer and the strategies they implement and embrace new concepts that could work for your business.

2.  Implement a Loyalty Program

Implementing loyalty programs can help increase sales and help you upscale your business. Research shows that acquiring new customers tends to be more expensive than selling to an existing customer.

However, with a customer loyalty program, businesses can retain existing customers while also attracting new leads who can contribute to your business’s growth. A customer loyalty program can be designed, developed, and implemented to work with both existing and new customers.

3.  Identify Opportunities That Complement the Business

Another way to expand your company is to start diversifying your offers and selling products that compliment your existing business.

Essentially, by tackling your consumer base’s pain points and identifying the possibilities, you can take advantage of the opportunities within your niche and further grow your business.

4.  Consider Entering a Franchise Model

If your business is booming and aims to expand, entering into a franchise model can help. It can make a difference for business owners looking for rapid growth and expansion.

5.  Take over Another Business with an Acquisition Loan

Another way to expand your business is to acquire another company that complements your business with an acquisition loan. This type of loan also allows you to purchase assets.

Acquisition loans are typically given out to business owners looking to expand but don’t have the capital. However, before sanctioning the loan, the lender tends to take into account several factors, including the business owner’s capability to successfully run their expanded business and pay back the loan.

There are different types of acquisition loans, and in order to be eligible for one, your business should be operational for a specific time period.


If you’re considering expanding your business and are looking to acquire an acquisition loan, get in touch with Lendistry. They offer a wide range of comprehensive and affordable financial services.