Definition A credit union is a financial cooperative owned and operated by its members, who are typically individuals with a common bond. What is a credit union? Unlike traditional banks, which are owned by shareholders and operated for profit, credit unions are nonprofit organisations that exist to serve their members’ financial needs. Credit unions are […]
Definition Bankruptcy is a legal process that individuals and businesses can use to obtain relief from overwhelming debt burdens when they are unable to repay their creditors. What is bankruptcy? Bankruptcy involves filing a request in a bankruptcy court, where a judge oversees the process and resolves the debtor’s financial issues. Bankruptcy laws vary by […]
Definition An acceleration clause allows the lender or creditor to demand immediate repayment of the entire outstanding balance or take other specified actions if the borrower fails to meet certain obligations outlined in the agreement. What is an acceleration clause? An acceleration clause grants the lender the right to accelerate the repayment schedule, making all […]
Definition The interbank rate refers to the interest rate at which banks lend funds to each other in the interbank market. What is an interbank rate? The interbank rate facilitates the flow of funds between banks, allowing them to borrow or lend money to meet short-term liquidity needs or to manage their balance sheet positions. […]
Definition Form W-2 is a tax form used in the United States to report wages paid to employees and the taxes withheld from those wages. What is a Form W-2? The primary purpose of Form W-2 is to report an employee’s annual earnings from wages, salaries, tips, bonuses, and other compensation received from their employer […]
Definition A FICO score is a credit scoring model that is widely used by lenders to assess the creditworthiness of individuals applying for credit, such as loans, credit cards, mortgages, and other types of financing. What is a FICO score? The FICO score is based on information in individuals’ credit reports and provides a numerical […]
Invoice factoring calculator Our invoice factoring calculator can help businesses estimate the cost and benefits of using invoice factoring services. It helps in determining how much cash a company can receive by selling its accounts receivable to a factoring company and what fees or charges may be involved in the process. Page written by AI. […]
Definition Revenue refers to the total amount of money earned by a company from its normal business activities over a specific period. What is revenue? Revenue, also known as “sales” or “income,” represents the top line of a company’s income statement and is calculated by multiplying the quantity of goods sold or services sold by […]
For small businesses or start-ups, securing funding is the foundation for expanding your company. Business loans and lines of credit can provide the necessary capital but also come at a cost. Calculating your cost of debt helps you to figure out if taking on debt makes financial sense for your company’s situation and future goals. […]
When starting a small business, one of the most important legal and structural decisions owners face is whether to establish a partnership or corporation. The business structure you choose for your small business can impact everything from day-to-day operations, legal protections, taxation, and financing. Understanding key differences will ensure you choose the best structure to […]
Tractor financing Page written by Chris Godfrey. Last reviewed on July 11, 2024. Next review due October 1, 2025. Chris Godfrey Expert financial copywriter Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more […]
Forklift Financing Page written by Chris Godfrey. Last reviewed on July 11, 2024. Next review due October 1, 2025. Chris Godfrey Expert financial copywriter Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more […]
A DUNS (Data Universal Numbering System) number is a unique nine-digit identifier assigned to businesses by Dun & Bradstreet, a leading business information provider. This number is used to track your company’s credit and financial history, as well as to verify your business’s identity and legal status. As a small business owner in the United […]
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