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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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• How To Apply For a Business Loan.
Worried about how to apply for a business loan? Although it may seem like a daunting task at first, it can be made less so by careful preparation. When applying for a business loan, you must prepare a written loan proposal. Make your best presentation in the initial business loan proposal and application; you may not get a second opportunity.
• Credit Enhancements: Seven Tips For Enhancing Business Credit Transactions. What are the avenues available to businesses with weak credit profiles or to companies pursuing credit transactions that are perceived as too risky by credit providers? Many companies apply for credit at banks, finance companies or equipment leasing firms and are routinely rejected due to the high degree of perceived credit risks. When approaching a credit provider, it is helpful to understand what can be done to reduce the risk of a credit transaction in the eyes of the provider.
• Business Credit Scoring: Is It a Killer Application or Application Killer. By gaining a better understanding of the credit scoring process, you may be able to help your firm maneuver in the new world of credit scoring. Here are some key points about business credit scoring worth noting
• Equipment Leasing Blunders That Can Cost Your Firm a Mint.
Rod McHenry, the financial vice president of a document imaging company, thought he had great cause for celebrating. He had signed an unbelievable $370,000 lease proposal covering computer servers, workstations, software and other networking equipment. McHenry believed he had snared an incredible lease rate, capping off weeks of negotiating an acceptable equipment price with the equipment vendor. The proposal guaranteed a lease closing and offered a return of the 2% ‘commitment fee’ paid by McHenry’s company if the leasing company failed to give credit approval within two weeks. Little did McHenry know that signing this proposal would lead his company into the ‘Twilight Zone’ of equipment leasing. Ultimately, his firm would fork out more than $15,000 in legal fees seeking lessor performance, only to learn that the lessor was already insolvent and mired in several similar lawsuits.
• Financing Basics.
Before inquiring about financing, ask yourself the following:
• Getting a loan means laying some groundwork. Small business owners wanting to borrow money from a bank or other lender should expect to lay some groundwork long before making a phone call or filling out an application.
• Applying for a Loan. When applying for a loan, you must prepare a written loan proposal. Make your best presentation in the initial loan proposal and application; you may not get a second opportunity.
• A primer on SBA disaster loans. Summer storms, floods and fires can strike fear in the hearts of small business owners, who know their hard work and dreams can disappear in a matter of minutes when a disaster happens.
• Fourth quarter is a time for tax planning _ for 2005 as well as 2004. With the arrival of the fourth quarter, small business owners need to be doing some year-end planning _ looking at their companies' finances and taxes and making some decisions for the rest of 2004 and early 2005.
• Finding the right bank for your small business. Ann Taylor, who owns a public relations firm in Houston, had been using the same regional bank for five years when she decided to ask for a line of credit for her company.
• Equity Financing.
Most small or growth-stage businesses use limited equity financing. As with debt financing, additional equity often comes from non-professional investors such as friends, relatives, employees, customers, or industry colleagues. However, the most common source of professional equity funding comes from venture capitalists. These are institutional risk takers and may be groups of wealthy individuals, government-assisted sources, or major financial institutions. Most specialize in one or a few closely related industries. The high-tech industry of California's Silicon Valley is a well-known example of capitalist investing.
• Debt Financing. There are many sources for debt financing: banks, savings and loans, commercial finance companies, and the U.S. Small Business Administration (SBA) are the most common. State and local governments have developed many programs in recent years to encourage the growth of small businesses in recognition of their positive effects on the economy. Family members, friends, and former associates are all potential sources, especially when capital requirements are smaller.
Loan Calculator
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
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