Empowering small businesses with the financial strategy, tools and resources they need to thrive.
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Customized Lending Solutions
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Tax Compliance and Financial Software Implementation
Our team of financial professionals specializes in supporting small businesses. With expertise in lending, financial planning, and compliance, we provide tailored solutions to help you overcome financial challenges and achieve your goals.
We recommend and implement industry-leading financial software to help you manage your business finances effectively.
A comprehensive HR platform, Gusto streamlines payroll, benefits, and compliance for small businesses, while offering tools for onboarding, time tracking, and employee management.
Our financial services have empowered small businesses to secure funding, improve cash flow, and achieve their goals. Stay tuned for detailed case studies showcasing how we’ve supported businesses like yours.
Small businesses and nonprofits have several funding options available to meet their specific financial needs and goals. These options vary in terms of accessibility, purpose, and repayment conditions. Here’s an overview of the main funding options:
Merchant funding or cash advances are generally not recommended for small businesses or nonprofits due to their high risks and unfavorable terms. These funding options often come with short repayment schedules, high fees, and frequent account withdrawals, which can strain cash flow and lead to long-term financial instability. Furthermore, the lack of transparency in fees or interest rates makes it difficult for borrowers to fully understand the cost of these loans, increasing the likelihood of debt accumulation.
Instead of merchant funding, businesses and nonprofits should consider the following lower-interest, more sustainable funding options:
Community Development Financial Institutions (CDFIs) and mission-driven lenders offer flexible and affordable loan options tailored to small businesses and nonprofits. These lenders, such as Ventures, RVCDF, and Craft3, provide loans with lower interest rates and more favorable repayment terms compared to merchant funding. Additionally, they often combine financial products with business coaching to ensure long-term success..
These organizations are ideal for socially and economically disadvantaged businesses seeking sustainable funding solutions.
A line of credit is a flexible funding option that allows businesses to borrow funds as needed, up to a predetermined limit. This option is particularly useful for managing short-term cash flow gaps or covering operational expenses. Unlike merchant funding, lines of credit typically have lower interest rates and more manageable repayment schedules.
Traditional bank loans are another reliable alternative, with interest rates significantly lower than those associated with merchant funding. Loan amounts can range from small startup loans to large-scale business expansion funding. Community lenders also offer bank-like loans with terms tailored to underserved groups, such as women, veterans, and minority entrepreneurs.
For nonprofits and mission-driven businesses, grants provide an excellent source of funding without requiring repayment. While grants may be competitive and come with strict eligibility criteria, they are a debt-free way to secure resources for specific projects or initiatives.
While not ideal, some entrepreneurs use personal loans to fund their businesses. This option should only be considered if other low-interest debt instruments are unavailable, as personal loans carry financial risks and can impact personal credit if repayment becomes an issue.
By avoiding high-risk merchant funding and opting for these alternatives, businesses and nonprofits can achieve financial stability and sustainable growth. For personalized assistance, consider consulting with a community lender or financial advisor.
To open a business bank account, follow these steps:
By completing these steps, you’ll have a business bank account that allows you to manage your company’s finances effectively and comply with regulatory requirements. If you’d like additional guidance on choosing the right financial institution or preparing the necessary documentation, Launch is here to help!
To set up the financial systems for your new organization, consider implementing the following key components to ensure smooth operations and compliance:
By setting up these financial systems, you’ll create a strong foundation for your organization’s financial management and growth. If you need further support, Launch offers services like managed bookkeeping, financial forecasting, and guidance on accessing capital to help you succeed.
LivePlan is an excellent software for creating business plans. It offers over 500 sample plans that you can use as a reference or import content from, making it a powerful tool for developing detailed and actionable business strategies. Additionally, LivePlan supports financial planning to help strengthen your business forecasts and improve your planning process. It’s highly recommended for businesses aiming to create comprehensive and professional plans with ease.
Launch's monthly finance review service is a valuable opportunity to educate clients about their business's financial health and empower them to make informed decisions. Here’s how it benefits clients in terms of education:
Through this education-focused monthly review, clients not only maintain accurate financial records but also develop the knowledge and confidence to drive their business toward success.
Explore our library of financial resources, including guidance on securing loans, improving credit, and managing cash flow, to help your business thrive.