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The fact that minority groups only own eight point five percent of the small businesses in the country as noted by Congressman Mike Honda of California is a trouble fact. Mike Honda is the Chair of the Pacific-Islander Caucus within the United States Congress. Honda has tried to work hard to expand government grants and loans to average people around the country. Mike Honda believes everyone should get a shot at the American dream. If the entire state of California were to find some good grant finding software, this could greatly decrease the unemployment rate there. If we want more minorities to have a shot at owning a small business we are going to need many women stepping up and attempting to start their own small business.

Truthfully there are government grants out there to start a small business and programs through the Small Business Administration, but the truth is that the cottage industry of grant writing is also quite crucial to the growth of the economy. It is possible that philanthropists who have deep ties within the government such as the Rockefeller family who could do plenty as far as finding grants that women need to open up their own dining establishment.

Continue reading ‘There Are Plenty of Free Government Grants For Women Small Business Owners’ »

Trying to get cash for your business when you have poor credit isn’t as difficult as it used to be. It used to be that if the bank turned you down for a loan, there weren’t many options available. That has changed in the past few years since the business cash advance was introduced.

The idea is pretty simple; eliminate a lot of the risk associated with loans and you are able to fund a greater number of people. In fact; some cash advance providers can approve nearly 95% of all businesses who apply. That is a pretty staggering number when you consider that banks only fund about 10%.

How does a business cash advance work?

Rather than relying on your credit history, they look at your sales history as the basis of the advance. More specifically your businesses credit card sales. Once they determine a monthly sales average; they advance you money based on that monthly average. Once you are funded; your credit card processor is set up to automatically use a percentage of your credit card sales to pay them back.

Continue reading ‘Who Says You Can’t Get a Business Loan With Bad Credit?’ »

It is relatively easy to obtain finance for your business in the form of a business loan. There are many lenders offering business loans and quite a number of loan options available. But you will need to make a sound application to be successful in your request for credit.

There are a few guidelines to follow to guarantee that you can secure a business loan. Having a clean finance record is a good place to start. You will have to show previous credit history and if possible still be servicing a line of credit. Having one loan and a clean payment record should almost guarantee further credit as long as you are able to show that you can service the loan by demonstrating a strong level of assets.

Continue reading ‘Getting a Business Loan’ »

Money plays a major role in our lives. From the moment we are born and start relating with our surroundings, the one thing that captures our attention is money. Somebody once said “money makes the world go round.” As much as we would like to believe there are things that are more important than money, the fact remains that this media of exchange is central for the survival of the human race.

Wealth does not mean you can buy health or eternal life. Even though money is not everything, there are some necessities of life that you can’t be acquired with it. In the bible King Solomon puts it so well when he said, “money answers all things.” To that extent we simply can’t do without it.

The necessities of life like food, shelter, clothing and good education can’t be obtained without having cash. All these necessities are a means to achieving happiness and comfort in life.

Continue reading ‘What Is it About Money and Happiness?’ »

Several new business buyers in the United States use SBA (Small Business Administration) loans to fund their first business purchase or a line of credit. There are some definite pros and cons for using these funds that business buyers should be aware of. I’ve listed 5 of the pros and cons so you can begin to evaluate the process for yourself. Remember all lenders expect to be repaid and businesses are not 100% fool proof.

1. All owners of 20% of the business are required to give a personal guarantee- When you go to your business banker they are going to request you to sign an application and a loan that commits you to a personal guarantee for the money you are borrowing. The bank is guaranteed by the federal government that they will get their money back if your business fails. On your loan documents it will state the percentage of the guarantee by the SBA. In the event of your default they can legally pursue all borrowers with personal guarantees.

2. SBA 7(a) loan lends up to 90% of the loan to value of your business purchase with real estate- Lenders have now increased their loan to value lending limits to encourage more business buyers and entrepreneurs to stimulate the economy. Not all lenders will lend up to 90% of the purchase.

Continue reading ‘Should I Use an SBA Loan to Buy My First Business?’ »

Like credit card companies, there are a number of credit repair facilities out there who are simply out to make money, not really help your situation. Credit cards are as common as cell phones today, just about everybody has one. But what is not well known is that not all credit repair companies are created equal. Some are flat out liars and all they really care about is making money, not helping you with your problem.

What you will want to do is research any company you are going to do business with. Don’t rely on what they say. Of course any company is going to tell you how legitimate they are, how long they have been in business, how professional they are, but the truth is, anybody can say that, and those words mean nothing.

Continue reading ‘How to Repair Your Credit – Make Your Life Easier by Doing it Right From the Start’ »

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Directors of limited companies may face bankruptcy if they have personally guaranteed the borrowings of the company. In a liquidation of a business, many creditors both secured and unsecured do not get their debts paid in full. Often the directors of the business have had to secure borrowings for the firm by providing their own assets as collateral. If the company cannot afford to repay the loans provided to it, or discharge an overdraft or invoice finance then the directors who agreed to pay those debts in the stead of the company will be called into do so.

It is my general experience that guarantees are often limited to set sums, for instance £25,000 or £50,000. Equally often a charge is taken over property of the director, usually a matrimonial home. These personal assets are at risk if the company debts cannot be re-paid. In rare occasions, where the loans are perceived as risky or maybe open ended in nature, unlimited guarantees may be obtained.

If the Personal Guarantee is called in the Director may be given some small time in which to arrange his affairs to pay off the debt. However, it is often the case that as the company folds so does any income that the director could earn to pay off the liability to the lender.

Continue reading ‘Directors Bankruptcy – Early Action Can Help Avoid Personal Insolvency’ »

When you bought your dream home several years ago, you may have taken out an adjustable rate mortgage, thinking you were doing the smart thing to get the best rate. You were probably right at the time; market conditions in the past were more favorable and those with an adjustable rate mortgage often saw their payments decrease in certain years. Unfortunately, the credit crunch is here, and the adjustable rate mortgage is causing more and more homeowners to lose their homes and destroy their credit rating.

Fluctuating Rates Means Instability For You

An adjustable rate mortgage has a rate that is adjusted at the beginning of each fiscal year (July). Using a formula that takes into consideration the fluctuations in the economy and in the housing sector, your lender will give you a rate that they have adjusted for these conditions, and that rate will apply until the following fiscal year, at which time it will be readjusted to suit current trends. A lot of folks are finding that the past few years have seen their payments of around $600 a month balloon up to $1100 or more. That is nearly double the amount that they had planned to pay when they signed on.

Obtain A Fixed Rate – Know What Your Payment Is

The best way to get rid of your adjustable rate and the uncertainty that it carries with it is to refinance. By refinancing, you can obtain a fixed rate that is more pleasant on your budget – assuring that you will not become one of the tens of thousands who have had their homes go into foreclosure because of their adjustable rate mortgage.

Continue reading ‘Adjustable Rate Mortgage – Refinance And Save’ »

When you bought your dream home several years ago, you may have taken out an adjustable rate mortgage, thinking you were doing the smart thing to get the best rate. You were probably right at the time; market conditions in the past were more favorable and those with an adjustable rate mortgage often saw their payments decrease in certain years. Unfortunately, the credit crunch is here, and the adjustable rate mortgage is causing more and more homeowners to lose their homes and destroy their credit rating.

Fluctuating Rates Means Instability For You

An adjustable rate mortgage has a rate that is adjusted at the beginning of each fiscal year (July). Using a formula that takes into consideration the fluctuations in the economy and in the housing sector, your lender will give you a rate that they have adjusted for these conditions, and that rate will apply until the following fiscal year, at which time it will be readjusted to suit current trends. A lot of folks are finding that the past few years have seen their payments of around $600 a month balloon up to $1100 or more. That is nearly double the amount that they had planned to pay when they signed on.

Obtain A Fixed Rate – Know What Your Payment Is

The best way to get rid of your adjustable rate and the uncertainty that it carries with it is to refinance. By refinancing, you can obtain a fixed rate that is more pleasant on your budget – assuring that you will not become one of the tens of thousands who have had their homes go into foreclosure because of their adjustable rate mortgage.

Continue reading ‘Adjustable Rate Mortgage – Refinance And Save’ »

Insolvency is an option that still appears to be a choice for buyers in debt. The 1st time you file for bankruptcy, you are facing a nearly year long process. Even with the known bad complications that come with clearing your debt by bankruptcy, the majority used it in previous years. Insolvency can be initiated by the creditors, however it is mostly done by the debtor to clear deep debt.

Continue reading ‘Business Bankruptcy- Helpful Tip For New York Bankruptcy’ »