How Bridging Finance Works for Businesses

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There can be confusion around the terms “bridging loan” and “bridging finance” among people and businesses exploring their funding options. Bridging finance can be a great means of support to your business, and is worth exploring if you need to secure a temporary means of finance.

Bridging finance typically comes in the form of a temporary loan. As the name suggests, these loans are used to “bridge” the gap between a purchase and securing the funds needed to do so. This type of finance can help get you from point A to B until you can pay off the loan in full or until you can secure more permanent financial support.

Using a bridging finance loan

These loans are most typically used to fund property-related developments, either for the purchase of a property or to make renovations to one. This is a type of property development finance and can be used for both residential and commercial purposes.

Bridging loans are great for funding certain renovations and refurbishments. As they can usually provide funds very quickly, this means you can get your project going quickly.

Often, businesses will use this means of finance to convert their properties into a stage whereby lenders are able to offer commercial mortgages. This is great for projects that are not yet developed enough to be eligible for a commercial mortgage, giving them the push they need to get to this stage.

Businesses can use a bridging loan for a number of different commercial purposes. It’s worth noting that this type of finance is only intended to be used short-term, and the business will need to have a clearly laid out exit plan. As a business owner, establishing an effective, detailed plan of how you intend to pay off the loan is vital in securing this financing in the first place.


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Bridging finance versus other loan types

Bridging loans differ to other, more regular-term types of finance, as bridging finance is built as a short-term means of funding for specific purposes. More regular term loans, however, are used by businesses for more general commercial-related purposes.

One main difference which helps to distinguish a bridging loan from other commercial loan types is the speed at which the business can access funds. For general commercial finance, businesses can wait weeks for funds. Bridging loans, in comparison, can provide borrowers access to funds within a 24- to 48-hour timeframe.

Additional associated costs

Any and all additional costs associated with the loan will depend on the circumstances of the borrowing situation. Generally, an arrangement fee will be charged and as the name suggests, this fee is for the arrangement of the loan. Additionally, as with many products, there will be administration fees the borrower is expected to pay. The costs applied to a bridging finance loan will always depend on the lender you go for and the situation for which your business requires funding.

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[Klook in Web in Travel] STB INKS $2 MILLION DEAL WITH KLOOK TO PROMOTE DOMESTIC TOURISM AND LOCAL BUSINESSES

Hong Kong-based based travel activities and services booking platform Klook has been busy forming partnerships to promote tourism in Asia Pacific, recently with Grab and now with the Singapore Tourism Board (STB) in a S$ 2 million (US$ 1.47 million) domestic marketing partnership.

Read more here.

The post [Klook in Web in Travel] STB INKS $ 2 MILLION DEAL WITH KLOOK TO PROMOTE DOMESTIC TOURISM AND LOCAL BUSINESSES appeared first on OurCrowd Blog.

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A dating site for businesses: Matchmaker.Ruhr brings together startups and more established companies (Sponsored)

Are you looking for new contacts and joint projects? A new digital platform is bringing startups from all over the world together with companies from the Ruhr industrial region. Matchmaker.Ruhr is a new digital platform that is bringing startups together with established companies from the Ruhr region. This matchmaking platform lets startups know about companies that…

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WJR Business Beat with Jeff Sloan: Entrepreneurs and Small Businesses Must Go Digital (Episode 111)

On this morning’s Business Beat, Jeff discusses how the pandemic has caused more businesses to embrace digital payments, making the process of managing a company’s cash much more efficient.

According to a recent Mastercard study, more than three quarters of small business owners surveyed say the pandemic has forced them to become more digital, with over half of those business owners surveyed indicating that part of their move to digital includes increasing their use of digital payments to both send and receive money.

Tune in to the WJR Business Beat to learn more about taking your payments digital:


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Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at editor@startupnation.com and we’ll feature you on an upcoming segment of the WJR Business Beat!

WJR Business Beat Transcript

Good morning, Kevin.

The COVID-19 pandemic continues to reshape business in America in many ways. One of those changes? Businesses are finally embracing digital payments and that makes managing a company’s cash a much more efficient process. Money moves in real time, collections are easier and financial oversight and management becomes more efficient, as well.

According to a recent Mastercard study, more than three quarters of small business owners surveyed say the pandemic has forced them to become more digital with over half of those business owners surveyed indicating that part of their move to digital includes increasing their use of digital payments to both send and receive money, citing the speed, security and transparency as key reasons for the change in behavior.

Beyond simply sending and receiving money digitally, 77 percent surveyed say they’re moving invoicing and other manual processes to digital as well. As further confirmation of the migration to digital, online payments have grown 60 percent during the pandemic, while the use of cash and checks has decreased more than any other type of payment.

So, what does all this tell us?

Well, as we can tell to drive home here on the Business Beat, entrepreneurs and small business owners who want to stay current, stay relevant and stay in business must go digital.

I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

The post WJR Business Beat with Jeff Sloan: Entrepreneurs and Small Businesses Must Go Digital (Episode 111) appeared first on StartupNation.

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WJR Business Beat with Jeff Sloan: Huntington Commits $5 Billion to Michigan Small Businesses (Episode 112)

Yesterday, Huntington Bank and Michigan governor Gretchen Whitmer announced a $ 5 billion investment commitment to help Michigan businesses, consumers and communities. The funding plan will be focusing broadly on providing capital to small business owners with an emphasis on those owned by minorities, women and veterans.

You may recall that as we highlighted previously on the Business Beat, TCF Bank announced a similar program with a $ 1 billion-dollar commitment in July.

Tune in to this morning’s WJR Business Beat to learn more about this great initiative: 


StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here

“Michigan’s rural small businesses and urban micro-businesses have been especially hard hit as a result of the COVID-19 pandemic and its effect on Michigan’s economy, and minority- and women-owned businesses throughout the state are seeking opportunities to stabilize and thrive. Our commitment to Michigan’s small businesses reflects the role they play in driving the state’s economy and the foundation they provide for our economic health.”

– Sandy Pierce, Huntington’s director of private banking, in a press release

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at editor@startupnation.com and we’ll feature you on an upcoming segment of the WJR Business Beat!

WJR Business Beat Transcript

Good morning, Kevin.

Yesterday, Huntington Bank announced a $ 5 billion investment commitment to help Michigan businesses, consumers and communities get through the pandemic crisis and beyond. You may recall that as we highlighted previously on the Business Beat, TCF Bank announced this past July a similar program with a $ 1 billion-dollar commitment.

The funding plan will be focusing broadly on providing capital to small business owners with an emphasis on those owned by minorities, women and veterans. Over the next several months, Huntington will announce specific initiatives under the plan that it is putting in place to support these business owners.

In a press release issued yesterday, Sandy Pierce, Huntington’s director of private banking, had this to say about the investment commitment:

“Michigan’s rural small businesses and urban micro-businesses have been especially hard hit as a result of the COVID-19 pandemic and its effect on Michigan economy and minority- and women-owned businesses throughout the state are seeking opportunities to stabilize and thrive. Our commitment to Michigan small businesses reflects the role they play in driving the state’s economy and the foundation they provide for our economic health.”

Just as we were thankful when we heard the announcement made by Gary Torgow and TCF Bank, we’re equally thrilled now to receive Huntington Bank’s commitment to invest in our small business community and the citizens of the great state of Michigan.

I’m Jeff Sloan, founder, and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

The post WJR Business Beat with Jeff Sloan: Huntington Commits $ 5 Billion to Michigan Small Businesses (Episode 112) appeared first on StartupNation.

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‘Most entrepreneurs fail because they neglect legal aspects of their businesses’ – Guardian

‘Most entrepreneurs fail because they neglect legal aspects of their businesses’  Guardian
“nigeria startups when:7d” – Google News

Startimes, DStv, Others adjust prices as Nigerian businesses battle tough economic conditions – Nairametrics

Startimes, DStv, Others adjust prices as Nigerian businesses battle tough economic conditions  Nairametrics
“nigeria startups when:7d” – Google News

Give or Receive Help for Small Businesses with Small Biz Heroes

It’s no secret that 2020 hasn’t been the easiest year for a lot of people. Many businesses have been hit hard by COVID-19, and small businesses around the world are at risk of permanently shutting down within a few months. Luckily, people are stepping in to help, including the folks at Small Biz Heroes.

Small Biz Heroes is a global platform connecting small businesses in need with professionals offering free support. It was created as a response to the global health crisis caused by COVID-19, and brings people together to help keep small businesses running.

When a small business, or “small biz,” joins the platform, they’re able to register their businesses and create a Small Biz Project. These projects are created by verified small businesses in need of free support from a professional in order to complete specific business tasks.

Professionals, called “small biz heroes,” are able to join the platform to offer free help to these small businesses using their specific business skills, called “superpowers.” Superpowers include a variety of skills, including those that help small businesses move to and succeed in the digital space, such as social media marketing, graphic design, accounting, website development, career coaching and more.

Small businesses benefit by receiving the free help they need to not only survive but also thrive in today’s economy. Small biz heroes get to make new connections and know they made a big impact in someone else’s life and business.

Features for Small Businesses

Small Biz Heroes offers helpful features for small businesses in need of support.

  • Create an account: As a small business, you can join the platform and register your business as a small business that needs free support.
  • Create a Small Biz Project: On your Small Biz Project page, you can describe your company, your project, and mention which specific superpowers you’re in need of. You can also provide contact information like your website, links to your social media profiles, your location and the language(s) you speak.
  • Search for small biz heroes: You can scroll through the pages of small biz heroes, filter your search by specific superpowers, or search using your own search term.
  • Global: The Small Biz Heroes platform features small businesses and professionals from all over the world.

Features for Small Biz Heroes

Small Biz Heroes makes it easy for business professionals to find and help small businesses in need.

  • Create an account: When you sign up on the platform, you can create a profile that explains your experience, areas of expertise, and what you’re offering to small businesses.
  • Search for small businesses: You can scroll through the pages of Small Biz Projects or filter your search based on the specific superpower you’re offering.
  • Global: The Small Biz Heroes platform features small businesses and professionals from all over the world.

Small Biz Heroes was built on the concept of “Take what you need. Give what you can.” So far, they have helped connect thousands of small businesses across the globe with the free professional support they deserve.

Interested?
Whether you’re a small business in need of free professional support, or a business professional willing to offer your expertise, visit smallbizheroes.co to get involved.

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Small Biz Heroes

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