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Whether you’re looking to buy a sports bar or build a gastropub from the ground up, you’re likely going to need a fair amount of capital to make your vision a reality. Fortunately, bar owners (just like any other small business owners) have access to a wide range of business financing options.

The best loan for your bar business will depend on how much capital you need, how quickly you need it, whether you’re opening a new bar or buying an existing establishment, and your qualifications as a borrower.

Here’s what you need to know to get the right loan for your bar, tavern, pub, or nightclub.

What Are Bar Business Loans?

A bar business loan is any type of small business loan that can be used specifically for starting, renovating, or buying a drinking establishment. This type of loan can be short-term or long-term, and comes with varying rates, terms, costs, and required qualifications. You can find a bar business loan at a bank, through an SBA lender, or via an online lending platform.

How Do Bar Business Loans Work?

Bar loans work like other types of small business loans. You can find unsecured loans that don’t require collateral or secured loans backed by your business assets or the equipment you’re purchasing. Interest rates can be fixed or variable, with repayment terms lasting anywhere from six months to 25 years.

When a lender is assessing if you are eligible for a bar loan and how much they are willing to lend to your business, they typically consider several different factors, including your revenues, business history, plan for using the borrowed funds, available collateral, and your business and personal credit scores.

For a traditional term loan, you would receive the entire amount of the loan (the principal) up front, and then start paying back the loan (principle plus interest) on a predetermined monthly schedule.

Times When a Business Loan for a Bar Can Be a Good Idea

There are various scenarios in which you may want to get a bar business loan. These include:

•  Buying an existing bar

•  Opening a bar

•  Opening a second (or additional) location

•  Renovating a bar

•  Rebranding your bar

•  Purchasing bar equipment

•  Covering operational costs

•  Getting consulting services

Recommended: Commercial Real Estate Loans

Top Funding Options

Lenders offer different kinds of loans that you can use to build, buy, or renovate a bar, tavern, pub, or nightclub. Here are some financing options to consider.

SBA Loans

Business loans backed by the SBA can be an excellent option for bar entrepreneurs. The SBA itself doesn’t provide the financing, but rather works in partnership with approved lending partners — including banks and online lenders — to guarantee a large portion of the loan’s proceeds in the event that the borrower defaults.

Because this reduces the risk to the lender, SBA loans offer borrowers low rates, high amounts (up to $5 million), and long repayment terms (as long as 25 years). And with the popular 7(a) loan, you can use the funds toward almost anything, including equipment, inventory, refinancing existing debt, and buying property for your bar.

SBA loans can be difficult to qualify for, though. Applicants with prior experience owning or operating a bar will be more likely approved for this type of loan.

Equipment Financing

If you need to purchase high-ticket equipment for your bar, you may want to pursue an equipment loan. With equipment financing, the equipment itself acts as collateral for the loan, which keeps the interest rate low and your other assets (either business or personal) safe.

You would typically get a quote for the equipment you’d like to buy and a lender would then front you all or a large portion of the cost. Equipment financing can be limiting, however, as you can only use the funds for business-related equipment.

Peer-to-Peer Lending

Peer-to-peer (P2P) lending, also known as “crowd lending,” allows you to get loans directly from other individuals via an online P2P platform. Most P2P sites have a wide range of interest rates based on the creditworthiness of the applicant.

When you apply for a P2P loan, potential investors — regular people who are looking to grow their money with your interest payments — review your request, choose whether to finance the loan, and commit to funding all or just a part of it. (For this reason, there may be multiple people who are actually providing the capital you need.) As you pay off your P2P loan, those investors receive regular payments until the loan term ends.

Business Acquisition Loan

If you’re looking to buy an existing bar, you may want to consider getting a business acquisition loan. This type of financing often comes with favorable rates and terms because the bar you are buying likely has tangible assets that can be used as collateral for the loan. Acquisition loans must be used within the allotted time period and only for the purpose specified at the time of application.

Business Line of Credit

Business lines of credit are similar to credit cards, but the line of credit is often much higher than what you could receive from a major credit card company. The interest rates also tend to be more favorable. This could be a solid choice for a bar loan when you don’t know how much you’ll need and don’t want to pay interest on money you don’t end up using. A line of credit also gives you access to money in an emergency or during seasonal dry spells.

Merchant Cash Advances

A merchant cash advance (MCA) is another form of financing that may appeal to bar owners. With this type of financing, you receive a lump sum of money from an MCA company, called an “advance.” In return, you give that company a small percentage of each credit card sale you make until the advance is paid off (plus fees). In a business where a majority of sales are likely to come from credit cards, this can be a valid way to borrow money with minimal risk. However, costs tend to be higher than other forms of business financing.

Getting a Business Loan

When you’re thinking about getting a business loan, consider these key questions:

What Type of Loan Do You Want?

Things to keep in mind when choosing a loan include:

•  Are you comfortable securing the loan with either personal or professional assets? A secured loan will likely have a lower interest rate than an unsecured loan, but you could lose any collateralized assets in the event you default on the loan.

•  What kind of payment structure do you need? Do you want a standard monthly payment, or would daily or weekly payments work better for you? Also, do you want the repayment period to be as long as possible?

•  Do you need the absolute lowest interest rate possible? Or, is a loan with a fast turnaround and a high interest rate acceptable? Generally speaking, the lower the interest rate, the longer it takes for the lender to process your application. Are you okay waiting several months or did you need the loan yesterday?

Recommended: Business Loan vs. Personal Loan: What’s the Difference?

How Big a Bar Business Loan Do You Need?

It’s key to determine the correct amount of money that your bar needs. If you ask for too much, lenders will question your ability to repay the loan, and if you do not ask for enough, you will have trouble getting your bar business off the ground.

To find out how much money your bar needs, you should create detailed cost projections for the use of the loan. Include profit and loss and cash flow statements to estimate the revenue that you will generate by taking out a loan, as well as your costs. Doing this will not only help you determine the amount of money that you need, it will also show lenders that you are responsible and informed.

Gather Necessary Documents

Exactly which documents you will need to submit when you apply for a bar loan will depend on whether your bar is already in operation or you’re opening a new business. However, they may include:

•  Personal and business bank statements

•  Personal and business tax returns

•  Resume (for you and any other owners)

•  Business license and registration

•  Balance sheets

•  Profit and loss statements

•  Information on other loans

•  Proof of collateral

•  Business plan

•  A clear explanation of how you’d use the loan

Comparing Lenders

To choose the best bar business loan product from a lender, you will want to compare:

•  Interest rates

•  Fees

•  Repayment terms

When comparing loans, it’s a good idea to look at each loan’s APR (annual percentage rate), which is the true cost of the loan once you account for fees (such as origination and processing fees). While one loan may initially seem like the best option because it has the lowest interest rate, it may not be the cheapest once you account for all added fees.

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Applying for a Loan

Once you gather all of the appropriate paperwork, applying for a small business loan should be relatively simple. How you’ll actually apply will depend on the lender. An online lender may allow you to link your bank accounts through its website, whereas a bank or credit union may require you to apply at a branch or over the phone.

Either way, when filling out a business loan application, be sure to include everything the lender asked for and in the correct format. This can reduce any unnecessary back and forth and help make sure you get a decision as quickly as possible.

Business Grants for Bars

There are grants available for small businesses (including bars). And, unlike loans, this money doesn’t have to be paid back. Competition for small business grants tends to be stiff, and you may need to show that you are bringing economic opportunity to an underserved area or that you are a female- or minority-owned business.

You can find small business grants at government agencies, state organizations, and private corporations.

The Takeaway

If you’re ready to get a business bar loan, start by researching small business loan options.

If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.

FAQ

How do you start a bar with no money?

Typically, lenders want a down payment and some sort of collateral to secure a bar loan. If you don’t have either, you may want to consider getting capital for your bar through crowdfunding, peer-to-peer lending, or angel investors.

Can you get a loan to open up a bar?

Yes. If you have strong personal credit and a solid business plan, you may be able to get a startup loan through the Small Business Administration (SBA). Other options include a business line of credit, equipment financing, or a loan from an online or alternative lender.

How much does opening a bar typically cost?

The cost of opening a bar depends on a variety of factors, including whether you are starting from scratch (most expensive) or buying an existing business (generally less expensive), as well as what size and type of establishment you want to own. Starting a neighborhood bar can run as little as $20,000, while opening a large brew pub in a city could run into the seven figures.

Photo credit: iStock/santypan

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SOSB0424030

Getting your business the funds it needs to grow (or even just to get through a slow period) can be essential for its success. But when it comes to choosing the right financing product to get those funds, you can feel overwhelmed by the potential options you see. You may encounter everything from bank loans to online loans to business credit cards — and more.

In the end, if your credit is decent and your business is well-established, you may well find you’re trying to choose between a conventional business loan or a Small Business Administration (SBA) loan. Here, learn the pros and cons of each to help you make the right decision for your enterprise.

What Is a Conventional Business Loan?

A conventional business loan, or conventional bank loan, is offered by — you guessed it — a bank or credit union to a business. Among all of the many types of business loans, this one often has the most demanding qualification requirements, which may include being in business for a certain number of years and a minimum personal and/or business credit score.

How Does Conventional Lending Work?

Like many other small business loans, a conventional business loan provides a fixed sum based on an applicant’s qualifications. A business that has been operating for 10 years or more and has an excellent credit score may be eligible to borrow more than a business that’s been in existence just two years and has a good credit score.

Once a loan has been funded, the lender gives the borrower a payment plan. Each payment typically includes portions of both the principal of the loan and interest. Typically, the repayment period (called the loan term) is between one and five years. However, long-term business loans from banks can have terms as long as 10 years.

The interest rate charged is also based, in part, upon the applicant’s qualifications. The better your credit history, generally, the lower the interest rate will be. Interest rates also vary depending on whether or not you put down collateral (such as equipment, real estate, or another asset) to secure the loan. Secured vs. unsecured loans tend to have lower rates, since the bank can seize the asset to cover what you owe should you default on the loan.

An unsecured loan may require a personal guarantee. This is a written promise that if your business isn’t able to pay back the loan, you personally will pay it.

Recommended: What Is Cash Flow?

What Are SBA Loans?

SBA loans are small business loans that are partially guaranteed by the government (the Small Business Administration). These loans are offered through banks (which may also offer conventional loans) and online lenders that partner with the SBA.

The SBA itself does not actually lend the money. However, they guarantee up to 85% of the loan value should a borrower default on the loan, thereby reducing risk to the lender.

How SBA Loans Work

SBA loans work similarly to bank loans. However, since they’re backed by the SBA, they tend to come with broader eligibility requirements, larger loan amounts, and longer repayment terms than conventional business loans.

SBA loans can be secured or unsecured, which means they may or may not require collateral. Even if a particular SBA loan doesn’t ask for collateral, it will likely require you to sign a personal guarantee that you personally will pay the money back even if your business can’t.

The most common SBA loan program is the 7(a) loan program. Like any loan, the SBA 7(a) loans have certain requirements.

•  Your business must qualify as a small business, as the SBA defines it.

•  Your business must be for-profit.

•  You must do business in the U.S.

•  You personally must have invested equity into your business.

•  You must have used other sources of financing, including personal assets.

•  You must be able to demonstrate a need for the funds.

•  You must use the funds for business purposes.

Just as with a conventional business loan, if your application is approved for an SBA loan, you’ll receive a fixed amount and a repayment schedule. Typically, SBA loans have a repayment period of five to 25 years.

Recommended: How to Calculate Net Present Value

7 Key Differences Between SBA vs Conventional Business Loans

Both conventional business loans and SBA loans are worth considering if you’re seeking financing for your small business. But there are a few key differences to keep in mind.

1. Loan Terms

Conventional business loans typically have repayment terms of up to five years, whereas SBA loans can last as long as 25 years, which could make monthly payments more manageable.

2. Business Loan Collateral

Both conventional and SBA loans often require borrowers to pledge assets as collateral and may use the collateral to determine how much they will lend to a business. The SBA, however, will generally not decline a loan when lack of adequate collateral is the only unfavorable factor.

3. Loan Flexibility

SBA loans can be used for nearly any type of business operating expense (with the exception of paying taxes). Conventional loans, on the other hand, are typically issued for a specific stated purpose.

4. Loan Rates

Both SBA and conventional business loans from a bank offer competitive rates compared to other options (such as short-term business loans from alternative lenders, invoice financing, or merchant cash advances).

5. Loan Requirements

Both conventional business loans and SBA loans typically have stricter requirements than business loans from alternative lenders, but there are some differences between the two.

Banks tend to have high minimum credit score requirements for business loans, and often look for personal credit scores of 680 or higher. Banks may also require that you’ve been in business for at least two years and meet a certain threshold of revenues.

The SBA will not automatically disqualify you from taking out financing just because you have a lower credit score. However, lenders that partner with the SBA often set their own credit score requirements, which can be around 620 to 640 or higher.

6. Loan Approval Process

Here are some pointers on getting your small business loan approved.

The Complications of the Approval Process

The SBA requires a great deal of information about both the borrower and the lender to guarantee the loan. As a result, SBA loans generally require more paperwork than conventional bank loans. With a conventional loan, you only need to meet the bank’s requirements.

Approval Times

Due to the long list of regulatory rules and processes that lenders must abide by, SBA loans typically have longer approval times than conventional loans. As a result, a conventional business loan from a bank will fund faster than an SBA loan.

For small businesses looking for less than $500,000, however, SBA express loans can offer faster approval and funding times.

7. Maximum Loan Amount

Another important difference between an SBA loan and a traditional bank loan is the amount you can borrow, with caps being much higher for SBA loans.

Recommended: Business Credit Cards With No Business Income

Pros and Cons of Conventional Business Loans

Next, consider the upsides and downsides of convention business loans.

Pros of Conventional Loans

•  Low interest rates

•  Large loan amounts

•  Competitive repayment terms

•  Application process is less cumbersome than SBA loans

•  Faster funding time than SBA loans

Cons of Conventional Loans

•  Strict eligibility requirements

•  Slower to fund than online loans

•  More paperwork than online loans

•  May require specific collateral

•  May require a personal guarantee

Pros and Cons of SBA Loans

Here are the pros and cons of SBA loans.

Pros of SBA Loans

•  Broad eligibility requirements

•  Low interest rates

•  Long repayment terms

•  High loan amounts

•  Resource centers available to provide general business assistance

Cons of SBA Loans

•  Slow approval and funding process

•  Typically requires down payment

•  Collateral could be required

•  May need to sign a personal guarantee

•  Low-credit applicants are typically not approved

Recommended: Break Even Analysis Explained

How to Choose Between Conventional Business Loans and SBA Loans

Both conventional business loans and the options offered through the SBA can provide specific benefits to small business owners in search of funding. What’s most appealing to you may come down to your specific needs and qualifications.

For example, if your business needs a large amount of capital — beyond what your bank can offer — an SBA loan might be a better match. That’s because the SBA loan cap is typically much higher than a bank’s cap. But if you don’t need as much and you already have a relationship with a bank that can offer you a competitive rate, you might prefer to keep all your business financing products with the same lender.

If you’re looking for a loan you plan to pay back quickly, a conventional business loan may be ideal. However, if you prefer to pay less per month but over a longer period of time, you may want to consider an SBA loan.

Your decision will also depend upon which type of financing you qualify for. Some small business owners who don’t qualify for a conventional bank loan may be eligible for an SBA loan.

The Takeaway

Whether you decide on a conventional business loan or a Small Business Administration loan, you’ll want to make sure that you’re getting financing at a rate your business can comfortably afford.

If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.

FAQ

How difficult is it to get an SBA loan?

Although SBA (Small Business Administration) loans are intended to make low-interest loans more accessible to small business owners, they can still be difficult to get. The SBA has a long list of qualification requirements, and the application process can be labor-intensive. Still, many small businesses can and do get approved for SBA loans.

What are the advantages of an SBA loan?

SBA (Small Business Administration) loans typically come with higher amounts, longer repayment terms, and lower interest rates than most other types of small business loans. Also, credit score and other qualification requirements tend to be less strict than traditional bank loans.

What are the advantages of conventional loans?

Conventional small business loans typically offer large loan amounts, an array of interest rates, and competitive repayment terms. Compared to SBA loans, they can be easier to apply for and faster to fund.

Photo credit: iStock/monkeybusinessimages

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOSB0424028

A business audit can involve having the IRS comb through your books looking for tax discrepancies. While that may not be a small business owner’s idea of a great time, audits aren’t necessarily a bad thing, and you can take steps to prepare for one. In fact, an IRS audit is only one type of audit you may face and want to be prepared for.

Many small businesses actually find it beneficial to conduct their own audits (known as internal audits) once a year to ensure the accuracy of their books.

An external audit, which is done by an independent third party, can help you qualify for certain programs and certifications. It can also help you attract investors and apply for small business funding.

Read on to learn what a small business audit is all about, plus how to avoid the kind you’d probably rather not have to deal with — one by the IRS.

What Is a Small Business Audit?

A small business audit is a review of your business’s accounts, including your small business accounting systems, financial documents, invoices, and tax returns, to make sure they are an accurate view of your company and comply with applicable laws.

A company can elect to do a self-audit to make sure everything is correct, and also ensure that they are maintaining operational efficiency. The IRS might also do an audit of your company.

You might be subject to an external audit when applying for certain business certifications, bid on a contract, a business insurance policy, or if you decide to sell your company.

How Small Business Audits Work

Because the purpose of an IRS small business audit is to ensure the accuracy of financial records, an auditor will do a thorough evaluation of your accounting books and financial statements.

To do this, the auditor will likely request a physical copy of your books or log-in access to your accounting software. Typically an auditor will check a year’s worth of financial data and will review income and expenses to make sure everything lines up as it should.

For example, starting a small business often requires a large financial outlay, but if one of those expenses was to put in a pool at your home, that may trigger some questions in the audit.

It can be helpful if your financial records (whether physical or electronic) are organized by year and category of income or expenses. This can help ensure that an audit doesn’t take more time than necessary.

In the case of an IRS audit, the audit may happen in person or through the mail. Typically, the IRS will send you a letter requesting the information they need about certain items on your tax return, such as income, expenses, and deductions. If you have too many books to mail, you can request an in-person audit.

3 Types of Small Business Audits

There are three main types of small business tax audits you may want to become familiar with.

Internal Audits

This is conducted internally, meaning you elect to conduct an audit, maybe to ensure your financial statements and books are accurate. A small business might hire an outside auditor, while a larger company might use its in-house accountants.

Handling the audit with your team can be much more cost-effective, however you may lose a level of objectivity a third party would bring to the process.

Typically, internal auditors don’t only check a business’s finances. They may also look into company policies, procedures, and processes to make sure they are as efficient as they can be and comply with federal, state, and local laws.

An internal audit is for your own purposes; you don’t submit the results to an external organization.

Process of Internal Audits

An internal auditor may identify a specific department to audit, and will then conduct an evaluation to fully understand the current internal control process being used by that department. Typically, they do this by observing, taking notes, reviewing documents, and interviewing employees. The internal auditor will then follow up with department staff to go over strengths and weaknesses they’ve identified, then prepare an official audit report and review it with company management.

How Often Should Internal Audits Take Place?

An internal audit can be done on a daily, weekly, monthly, or annual basis, depending on the circumstance and needs of the business. Some departments may be audited more often than others. Generally, internal audits should be conducted often enough to pick up problems and to prevent compliance issues. They can be scheduled ahead of time to give employees time to prepare or by surprise (if any unethical activity is suspected).

Why Are Internal Audits Performed?

Internal audits are performed to evaluate the effectiveness of a company’s internal controls, corporate governance, and accounting processes. An internal audit helps owners and managers ensure that the business is complying with laws and regulations and can uncover areas of waste or inefficiency. An internal audit may also be done before a required external audit to find any potential issues and correct them in advance.

External Audits

With an external audit, an independent (or third-party) auditor will typically be hired to review your financial records and provide an audit report. If there is any evidence that your financial records don’t accurately represent your financial position — for example, you claim more profit than you actually had — the auditor is required to report the discrepancy.

The external auditor will typically provide you with an audit report that abides by generally accepted accounting principles (GAAP). They will likely also provide an opinion as to whether your company passed the audit.

Process of External Audits

During an external audit, an independent auditor will thoroughly review your company’s financial and accounting records. They will be checking the accuracy and completeness of these records, and whether or not they have been prepared in accordance with generally accepted principles. They will also likely compare your business to others in the same industry to identify anything that could be a sign of incorrect financial reporting.

At the end of the audit, the auditor will prepare and deliver an auditor’s report to your business that includes all of their findings and states their objective opinion.

How Often Should External Audits Take Place?

Typically, a company would not have more than one external audit per year. Publicly held companies are legally obligated to have annual external audits. Some nonprofit companies are also often legally obligated to perform annual external audits due to federal and state regulations.

Why Are External Audits Performed?

External audits are typically performed when a third party wants to validate a company’s financial statements and provide assurance of the accuracy of financial reports. While external audits aren’t generally required for small businesses, some owners will elect to conduct an external audit voluntarily in order to have a verified auditor’s report, and/or to help build public confidence in their company. In some cases, an external audit may be required for a small business to bid on a contract or apply for a small business loan, grant or special certification.

IRS Audits

An IRS audit is a review of an organization’s accounts and financial information to make sure information was reported correctly according to the tax laws and to verify the reported amount of tax is correct.

Getting audited by the IRS doesn’t necessarily mean there’s a problem. The agency uses different methods to generate audits. Typically, they are triggered by a computer using a statistical formula: Randomly selected returns are compared against “norms” for similar returns.

Another reason your return might also be selected for an audit is it involves issues or transactions with other taxpayers, such as business partners or investors, whose returns were selected for audit, according to the IRS.

If the IRS finds any potential errors in your return, it will usually be for a return filed in the last three years, but it could go back further if the IRS finds a substantial error. They typically don’t go back more than six years.

IRS Correspondence Audits

Correspondence (or mail) audits are the most common type of IRS audit. With this type of audit, the IRS identifies possible errors in your tax return and sends you a letter describing each error in detail. These issues can be corrected or explained away by sending the IRS additional documentation.

IRS Field Audits

With this type of audit, an IRS auditor will visit your place of business in person. During these interviews, the IRS agent will review financial statements, past tax returns, and other relevant documents in order to legitimize the suspect items on your audited tax return. They may also make assessments based on observations about your place of business and the processes occurring there.

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Internal vs External Audits: Similarities and Differences

Here’s a look at how internal and external audits compare.

How to Avoid Getting Audited: 7 Top Triggers

If you want to know how not to get audited, it can be helpful to understand what may attract IRS scrutiny. The following may be considered red flags:

1. Having a Lot of Cash Transactions

Because it can be challenging to verify income for a business that operates mainly in cash (such as one that sells products at a farmer’s market or a housecleaning business), regularly processing cash transactions can potentially trigger an IRS audit.

For the same reason, making large purchases (like a company car or piece of equipment) in cash can also garner the IRS’s attention.

If you need or prefer to deal mostly in cash, it can be smart to keep clear and accurate receipts of all sales and purchases, and record them in your accounting software.

Recommended: Business Cash Management, Explained

2. Deducting Too Many Expenses

The general rule from the IRS about deducting a business expense is that the expense is “ordinary and necessary” for your line of business.

If you’re unsure about whether a meal, fill-up at the gas station, or a travel expense falls squarely in the realm of ordinary and necessary, it can be a good idea not to claim it on your tax return.

A sudden increase in the amount of tax deductions your claim from one year to the next can also be a red flag to the IRS.

3. Excessive Claims of Business Use for a Vehicle

While car expenses are a legitimate expense for business owners, the IRS may look more closely at your return if you claim 100% business use of a vehicle.

If you do use a car exclusively for business, it can be a good idea to document all of your vehicle expenses, including the purpose of each trip.

4. You’ve Misclassified a Contractor

You may have freelance contractors who work for you, but there are rules about at what point you need to classify a contractor as an employee. For example, if you have 10 contractors who work 40 hours a week and no full-time employees, that might indicate to the IRS that you’re trying to get around paying payroll taxes.

5. Not Reporting All of Your Income

If you do not report all of your income, you may well hear from the IRS. For example, if you receive 1099s (because you work as a contractor for others), your 1099s must match up to what you’ve reported as income on your taxes. A discrepancy could trigger an audit.

6. Reporting Round Numbers and Making Calculation Mistakes

While rounding numbers can be convenient, the IRS might notice if a business isn’t using exact numbers to report earnings and expenses. Making a simple math error can also lead to IRS scrutiny, so it can be well worth your time to double-check all of your numbers and calculations.

7. Reporting a Negative Business Income in Multiple Years

If your business has reported net losses in three or more of the past five years of operation, the IRS could potentially want to take a closer look at your books.

8. Filing an Amended Return

While this is not automatically a red flag, it’s better to avoid filing an amended return if at all possible. Because you can’t e-file amended returns, an IRS employee will have to process and accept the return. This gives the IRS a second chance to screen your return. As a result, any small mistakes that may have gotten through the first time could potentially get picked up the second time.

9. Filing Manually

Mailing in a paper return doesn’t make you any more likely to be selected for an audit. However, it does increase the likelihood that you will make a mistake that could trigger an audit. The error rate for paper returns is 25%, compared to 0.5% for e-filed returns.

How Can a Business Audit Benefit Your Company?

An audit of any kind can sound intimidating, but an internal or external audit of your company can actually help your business become more productive. Below are some ways your small business might benefit from an audit.

•  It could make your business more attractive to investors or lenders. If you’re looking to bring on investors, get a small business loan, or sell your company, having an audit can give any potential investors, buyers, or lenders confidence that your company is fiscally responsible and, therefore, a good investment.

•  It might shine a light on problems, as well as opportunities for growth. An audit can expose inefficiencies, fraud, or employee theft. It might also reveal that a particular product is selling well and prompt you to expand on that line.

•  It can make it easier to file your business taxes. The process of auditing can force you to get all your numbers and financial statements in order, which can make filing your taxes at the end of the year significantly easier. If it makes the process faster for your account, that could also save you money.

•  It can enable you to receive business certifications. Many business certifications (such as ISO 9001, an internationally recognized standard for quality control) require regular business audits.

Preparing for Audits

The most time-consuming step of preparing for an audit is often gathering all the financial documents you may need. What will be required will depend on who is doing the audit and the purpose of the audit.

For an IRS audit, you may want to gather the following documents:

•  Bank statements, canceled checks, and receipts The auditor will likely want to see bank records from all of your accounts, both personal and business.

•  Books and records Whether all you have is a checkbook and cash register tapes or you maintain balance sheets, ledgers, and journals, the auditor will likely want to see your business records.

•  Appointment books, logs, and diaries An entry in a business diary can help justify an expense to an auditor if it appears to be reasonable.

•  Records for certain equipment If you use certain equipment, like a cell phone or a car, for both business and personal use, you will likely need to show records of usage.

•  Records for travel and business-related meals You may need to show written records of the specific business purpose of the travel and the costs you incurred, as well as receipts.

Recommended: Personal Loan Alternatives

Finding the Right Auditor

A qualified auditor will have an active CPA license, as well as an active external auditor certification from the AICPA (Association of International Certified Professional Accountants). Specialized auditors may have additional certifications, such as the CFE (Certified Fraud Examiner).

When vetting potential auditors, you’ll want to make sure they have experience with firms in your industry and that they’re well-versed in your internal accounting software. You may also want to ask them to spell out their process in a proposal, and to provide references and/or testimonials from companies similar to your own. You can also look for reviews online.

Making Sense of an Auditor’s Reports

Whether you undergo an internal or external audit, you will receive the auditor’s report. This consists of a written letter from the auditor (attached to your company’s financial documents) that describes the focus, scope, and set of standard accounting practices held for the audit. It will also include the auditor’s opinion. which may be:

•  Clean or Unqualified Report (no issues)

•  Qualified Opinion (the company did not follow the proper accounting standards, but did not break any laws or compliance rules)

•  Adverse Opinion (the company did not follow acceptable accounting practices and there were discrepancies in the company’s financials)

•  Disclaimer of Opinion (the auditor could not complete the audit or has chosen not to provide their opinion due to lack of impartiality or adequate information)

The Takeaway

A small business audit may not be fun, but there is no need to dread the possibility of it happening. Doing an internal audit can actually be an effective way to spot inefficiencies and make improvements that help grow your business.

If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.

FAQ

What are the different kinds of business audits?

The most common business audits are internal, performed internally by a company to assess their processes and legal compliance and identify ways to improve performance, and external, a financial review that is conducted by a party not associated with the company or department that is (voluntarily or involuntarily) under audit.

What causes businesses to get audited?

By law, the annual financial statements of public companies must be audited each year by independent auditors. Private businesses may need to undergo an audit if they apply for certain grants, loans, special certifications, or government contracts. Also, any business can be audited by the IRS (Internal Revenue Service), randomly or if the IRS finds any discrepancies or errors in the company’s tax return.

What happens when your small business gets audited?

If you are audited by the IRS, you may simply receive a letter specifying possible errors in your tax return. You can then explain or correct these issues by sending the IRS additional documentation. A field audit by the IRS entails a visit from an IRS agent who will review your business’s financial statements, past tax returns, and other relevant documents and interview you in person.

Photo credit: iStock/PeopleImages

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Ohio has almost 1 million small business owners statewide who can apply for small business grants. Submitting an application and competing for Ohio small business grants can help you grow your small or medium-size enterprise in the Buckeye State.

Ohio’s statewide economy has a gross domestic product of $822.7 billion as of 2022. That’s the seventh largest GDP in the United States out of the 50 states and the District of Columbia.

Small and medium-sized firms exported about $11 billion worth of goods from Ohio, which ranks 13th in the nation out of the 50 states and Washington, D.C., according to the most recent U.S. Census Bureau export data.

Learn about some of the top small business grants in Ohio that you can explore.

Grants for Small Businesses in Ohio

If you’re looking for small business grants in Ohio, here are some potential options to consider:

International Market Access Grant for Exporters (IMAGE)

•  Program description: The IMAGE program can help you export your goods or services from the Buckeye State to foreign markets.

•  Incentive: Eligible businesses can receive up to $10,000 in reimbursements for eligible business expenses, including translations of company marketing materials and international trade show participation costs.

•  General requirements: Here are some of the general requirements for this grant:

◦  Be an Ohio small business owner

◦  Manufacture, assemble, and distribute a product or provide an exportable service

◦  Have a strategic plan for exporting

◦  Have a product or service consisting of at least 51% U.S. content

◦  Have at least 12 months of operational experience

◦  Be in good standing with all Ohio state regulatory agencies

◦  Not be debarred from doing business with the federal government

◦  Attest that you will not enter knowingly into any transactions with a person in the Excluded Parties List System

•  How to apply: You can apply for IMAGE and export training grants on Ohio’s Department of Development application portal.

Safety Intervention Grant (SIG) Program

•  Program description: The SIG Program provides matching grants to eligible employers who buy workplace equipment to substantially reduce or eliminate injuries and illnesses associated with a particular task or operation.

•  Incentive: Receive up to $40K in matching funds comprising $3 for every $1 you contribute toward making your workplace safer.

•  General requirements: Here are some of the general requirements for this grant:

◦  Be a private, state-fund employer or a public employer taxing district covered by Ohio’s State Insurance Fund

◦  Maintain active coverage

◦  Complete sufficient payroll or true-up reporting as required

◦  Be current on all monies owed to the Ohio Bureau of Workers’ Compensation (BWC)

◦  Demonstrate a need for safety intervention

◦  Provide one-year baseline data

•  How to apply: You can apply for SIG funding through the BWC online grant management portal. Information is posted about when funds become available.

Trench Safety Grant (TSG) Program

•  Program description: The TSG program provides matching grants to eligible employers who buy qualified items that substantially reduce or eliminate injuries associated with trenching operations.

•  Incentive: Receive up to $12K in matching funds comprising $4 for every $1 you contribute toward making your trenching operations safer.

•  General requirements: Here are some of the general requirements for this grant:

◦  Employ workers who perform excavations or who work in trenches

◦  Be a private, state-fund employer or a public employer taxing district covered by Ohio’s State Insurance Fund

◦  Have active Ohio workers’ compensation coverage and maintain continuous active coverage while participating in the program

◦  Be current on all monies owed to BWC

◦  Have at least 12 months of operational experience

◦  Have reported payroll for at least one full policy year

◦  Demonstrate a need for trench safety intervention

•  How to apply: Access the TSG funding application online and submit your completed application to BWC via email. Information is updated on the site about when funds become available.

Drug-Free Safety Program (DFSP) Grants

•  Program description: DFSP grants can offset some of the costs of fostering a drug-free workplace in compliance with Ohio’s Drug-Free Safety Program.

•  Incentive: Be reimbursed for some of the costs involved in developing a written DFSP policy in conjunction with legal review, educating employees on the misuse of alcohol and other drugs, and offering relevant supervisor training.

•  General requirements: Here are some of the general requirements for this grant:

◦  Be a private, state-fund employer or a public employer taxing district covered by Ohio’s State Insurance Fund

◦  Have active Ohio workers’ compensation coverage and maintain continuous active coverage while participating in the program

◦  Be current on all monies owed to BWC

◦  Have reported payroll for at least one full policy year

◦  Participate in BWC’s DFSP

•  How to apply: Access the DFSP grant application online and mail your completed application to the BWC. Note deadlines and updated protocols on the site.

Toledo Facade Improvement Grant Program

•  Program description: The City of Toledo typically offers Facade Improvement Grant funding to eligible property owners who enhance the facade of a building used for commercial, industrial, or mixed-use purposes.

•  Incentive: Be reimbursed between $10,000 to $40,000 for implementing a comprehensive facade improvement project that enhances an eligible building in the City of Toledo.

•  General requirements: Here are some of the general requirements for this grant if you’re a small business owner:

◦  Own eligible property in the City of Toledo used for commercial, industrial, or mixed-use purposes

◦  Be in good standing with local, state, and federal government agencies

◦  Propose a comprehensive facade improvement project to an eligible building

◦  Comply with Toledo’s zoning and building codes

◦  The following businesses are not eligible for this grant:

■  Liquor stores

■  Tobacco stores

■  Pawn shops

■  Payday loan businesses

■  Weapons dealers

■  Adult entertainment firms

■  Franchise or chain businesses

•  How to apply: Anyone interested in Toledo’s Facade Improvement Grant Program can apply, noting application deadlines on the website.

Who Provides Small Business Grants in Ohio?

Local and state government agencies, including the Ohio Bureau of Workers’ Compensation, offer a variety of small business grants in Ohio.

You can compare small business grants in Ohio with similar programs in other states, such as:

•  Illinois small business grants

•  Indiana small business grants

•  Maryland small business grants

Do You Have to Pay Back a Small Business Grant?

A small business grant typically comes with terms and conditions, and you may be responsible for paying back the grant if you violate those terms. In general, small and midsized business owners are not required to pay back an SMB grant absent any violations.

You typically have to sign a funding agreement to accept a small business grant. As mentioned above, the grant may come with certain conditions. Using the grant for an illegitimate purpose may violate the agreement and require business owners to pay back the grant.

Small business grants may require you to spend the money by a certain date. You may also have to provide proof of payment and a written statement detailing how you’ve spent the grant.

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Who Is Eligible for Small Business Grants in Ohio?

Local business owners or operators of an enterprise with fewer than 500 employees may be eligible for small business grants in Ohio.

The U.S. Small Business Administration’s Office of Advocacy generally defines a small business as an independent business having fewer than 500 employees. A small business, including individuals with freelancing business ideas, may be eligible for small business grants.

What Industries Does Ohio Support With Grants?

Ohio offers a variety of grants supporting the following industries:

•  Advanced manufacturing

•  Aerospace

•  Construction

•  Dairy product manufacturing

•  Landscaping services

•  Nursing and residential care facilities

•  Packaging and labeling services

•  Retail trade (store and nonstore retailers)

Ohio Resources for SMB Owners Looking for Funding

Here are some resources for small and medium-sized businesses looking for funding in the Buckeye State:

Ohio Small Business Development Center (SBDC)

The Ohio SBDC is a statewide program that can provide Ohio’s small business owners with the following services:

•  Cash flow analysis

•  Export assistance

•  Market feasibility and research

•  One-on-one business counseling at no cost

•  Workshops and training programs

SBA District Offices in Ohio

The U.S. Small Business Administration (SBA) is a federal agency that provides resources and support to small business owners. The SBA has two district offices in Ohio:

•  SBA Cleveland District Office. This SBA district serves 28 urban and rural counties in northern Ohio. It’s based in Cleveland.

•  SBA Columbus District Office. This SBA district serves 60 counties in southern Ohio. Depending on where you’re based, you can contact the main office in Columbus, satellite office in Cincinnati, or the virtual office in Dayton.

Alternative Funding Sources for Small Businesses in Ohio

Here are some alternative funding sources for small businesses in Ohio:

Ohio State Small Business Credit Initiative (SSBCI)

Ohio’s SSBCI is a federally funded program for small business owners in the Buckeye State. Federal law — the American Rescue Plan Act of 2021 — allocates more than $182 million to Ohio’s State Small Business Credit Initiative program.

Here’s how Ohio plans to use the SSBCI funding:

•  Ohio Venture Fund — $75 million. This program will help eligible growth-stage technology companies access venture capital.

•  Community Development Financial Institutions (CDFI) Loan Participation Program — $45.7 million. This program uses SSBCI funds alongside private funds to support loans to Ohio entrepreneurs who need financing for working capital, research and development, real estate transactions, or other eligible purposes.

•  Ohio Early Stage Focus Fund — $36.7 million. This program will help eligible early-stage technology companies access venture capital, including minority woman-owned small businesses in the Buckeye State.

Ohio Microloan Lenders

Community-based nonprofits may offer microloans of up to $50,000 to small business owners in Ohio, including microloans for women-owned small businesses. In general, microloans can range from $500 to $50K and may be available to startups.

Ohio SMB Loans from Private Lenders

Banks, credit unions, and private lenders may offer different types of small business loans to Ohio business owners.

Here are some of the funding products you may consider depending on your needs:

•  Commercial real estate loans

•  Equipment financing

•  Small business loans for startups

•  Working capital lines of credit

Recommended: Typical Small Business Loan Fees

The Takeaway

Ohio small businesses can explore a number of different grants, ranging from state and local governments to private sources.

If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.

FAQ

How do you get a small business grant in Ohio?

You can apply for Ohio small business grants, but there’s no guarantee you’ll get approved for one. You may have to submit a grant application as a qualified small business owner to be considered for a small business grant in Ohio.

How hard is it to get a business loan in Ohio?

You may have difficulty getting a small business loan in Ohio if you have bad credit or insufficient business experience. You generally have to pay back business loans with interest.

What is the easiest SBA loan to get approved for?

There’s no guarantee you’ll get approved for any SBA loan, but SBA microloans may be one of the easier ones to get if you’re a new business owner. Startups may be eligible for SBA microloans of up to $50K. If you’re looking for a streamlined application process, SBA Express working capital loans are an option you may consider.

Photo credit: iStock/risamay

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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If you own or want to start a business and you also happen to be female or a member of a minority group, you may want to seek special certification for your company.

Being officially recognized as a woman- or minority-owned business typically comes with a number of advantages, including eligibility for corporate and government contracts, more funding opportunities, as well as access to business counseling and other assistance.

Read on to learn what it means to be certified, plus the steps you need to take to get your company registered, whether you’re just starting out or have been in business for many years.

Recommended: Hispanic Owned Business Survey

How to Know if You Might Qualify as a Minority- or Woman-Owned Business

A good first step to starting a minority- or woman-owned business is to make sure your business qualifies as one.

If you’re planning on certifying as a woman-owned business, you’ll likely need to meet the following qualifications:

•  At least 51% of the organization must be owned, operated, and run by one or more women.

•  The women who own and operate the business must be U.S. citizens.

•  A woman must be in charge of the daily processes and operations in the company.

•  One or more of the women owners must control the management of the organization.

To be eligible for the Women-Owned Small Business (WOSB) Federal Contract program, you’ll also need to be considered a small business according to the Small Business Administration (SBA), which offers this online size standards tool.

If you’re applying for a minority certification, your business will likely need to meet these criteria:

•  At least 51% of the organization must be owned, operated and run by one or more minority members.

•  The minority owner must be a U.S. citizen.

•  The owner must have someone who is at least 25 percent Hispanic-American, African-American, Asian-America, Native American, Pacific Islander, or native Alaskan.

•  The minority owner must have paperwork to prove their background.

Recommended: Comparing Personal Loans vs Business Loans

Steps to Starting a Minority- or Woman-Owned Business

If you’re starting a new minority- or woman-owned business, there are a number of steps you’ll likely need to take before applying for certification. These include:

•  Nailing down your business idea

•  Writing a business plan

•  Registering your business name

•  Choosing a legal structure for your business

•  Registering for federal, state and local taxes

•  Getting any necessary business licenses or permits

If your goal is to get certified as a minority- or woman-owned businesses, it can be smart to keep the qualifications listed above in mind as you plan, structure, and get your business off the ground. If you’re looking for capital for your new venture, you may also want to explore small business loans for startups.

While certification programs typically require companies to have one to two years of business activity before they can apply for minority or women-owned status, some will consider newly formed entities.

When you’re ready to apply for certification, these steps can help you navigate the process.

1. Choosing Your Preferred Organization

You can apply for minority- or women-owned status through several different organizations. These include:

•  The National Minority Supplier Development Council (NMSDC), which offers certification as a minority business enterprise (MBE)

•  The Small Business Administration (SBA), which offers Women Owned Small Business (WOSB) certification.

•  The National Women Business Owners Corporation(NWBOC), which offers Women Business Enterprise (WBE) certification

•  The Women’s Business Enterprise National Council (WBENC), which offers Women Business Enterprise (WBE) certification

WBE certification opens up opportunities in the private sector, whereas WOSB certification allows you to bid on government contracts.

If your business is primarily involved in government work, another option is to pursue certification through a state or local agency. You can check your city’s official website to see if it has certification programs.

2. Gathering the Necessary Documents

Once you’ve chosen an organization or agency, you can review the documents you’re required to submit for the type of certification you’re applying for.

To apply for minority business enterprise (MBE) certification with the NMSDC, necessary documents include:

•  Fictitious business statement (also known as “doing business” as or DBA statement)

•  Driver’s license

•  Proof of U.S. citizenship

•  Proof of ethnicity for owner(s)

•  2 years of federal business tax returns

•  Current financial statements

•  Business licenses

•  Employer Identification Number

Documentation requirements for a WBE include:

•  History of Business (explaining the start and history of your business, including when, where, why, with whom, and how the business was started/acquired, as well as an explanation of the primary business of the company)

•  Professional and business license(s), if applicable

•  Resumes of all owners, board of directors, and key management team

•  Copy of current U.S. Passport, U.S. Birth Certificate, or Driver’s License

•  Financial statements for the business

•  Three years’ federal income tax returns (or, for businesses less than three years old, personal federal income tax returns)

Spending time in advance gathering the documents you’ll need can save you time in the application process.

3. Starting the Certification Process

Depending on the type of certification you’re seeking and the organization or agency you’re applying through, you can typically do the application online.

For WOSB certification through the SBA, you can either apply through approved third parties, such as the WBENC or WOSB, or self-register on the SBA’s website.

How to Apply to Become a WOSB

Here are steps you may need to take to become a WOSB:

•  Apply for your D-U-N-S number from Dun & Bradstreet (D&B). It’s free to obtain. This number is used to establish your company’s D&B file, which can help potential partners and lenders learn more about your business and make more informed decisions about whether or not to work with you as a client, supplier, or partner.

•  Set up an account with the System for Award Management (SAM). This is the official government site for contracting and more, and it’s free to register.

•  Create your SBA Connect account. This account will make it easy to log into different SBA websites.

Once you’ve gotten your D-U-N-S number and registered for these accounts, you can apply to become a Woman Owned Small Business or an Economically Disadvantaged Woman Owned Small Business, depending on your financial situation.

4. Paying the Application Fee

After you’ve filled out your application and submitted all the necessary documents, you may need to pay a fee to officially submit your application.

Fees vary depending on the type of certification you’re seeking and the organization or agency you are working with, but they tend to run around $350 to $400.

Recommended: Minority Business Grants

How Long Can It Take?

Once you submit your application, you can typically expect an on-site visit and interview. The certification and review process can take anywhere from one to three months.

Funding Options for a Minority Woman-Owned Business

Once you’ve gotten certification, there are specific grants and loans aimed at women or minority businesses, and these could provide the financing you need to launch or grow your business.

If you’re looking to raise capital for a women-owned business, you may also want to explore business grants for women, as well as minority women small business loans.

If you’re a minority entrepreneur, there are several minority small business grants, as well as loans available. Good resources include:

•  Minority Business Development Agency

•  National Minority Supplier Development Council

•  The USDA Rural Business Enterprise Grant Program

The Takeaway

Getting certified as a minority- or women-owned business can give you access to a wealth of opportunities, plus support and resources to grow your company. Many state and federal agencies, as well as many corporations, allocate a certain percentage of projects and contracts to officially recognized minority and women-owned businesses.

If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.

Photo credit: iStock/Prostock-Studio

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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