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Small Business Cents
Seller financing can be a flexible, mutually-beneficial process for both the sellers and buyers in a small business sale, especially when cash or traditional lending is hard to obtain. The Ins and Outs of Seller Financing In a business sale transaction, prospective small business buyers can choose to secure financing through bank loans, personal savings, or in some cases, seller financing. In a seller-financed transaction, the seller allows the buyer to put down a portion of the business purchase price, while the remaining balance is...
Money money money...these days, it's all about the money. Who's got it, where can you get it, how can you get it, and how to spend it? Well if you're a small business and are looking for just a small amount of money, a microloan might be just what you're looking for. Designed to provide more loans to small businesses, microloans have made small amounts of capital more readily available. Since conception, the microloan program has awarded over $112 million in more than 12,500 loans. What is the Microloan Program? The Small Business...
What Are They? The Community Development Block Grant (CDBG) program provides annual grants to state and local governments to fund a wide range of economic development projects, such as affordable housing, infrastructure improvement, assistance for low-income earners, and inner city revitalization. CDBG is one of the longest continuously run programs at the U.S. Department of Housing and Urban Development (HUD). HUD allocates funds to state and local governments on a formula based on several community need factors, including the extent of...
'I'm trying to get grant money to start a new business...' 'I'm looking for websites that offer free federal business grants...' 'Why is it a struggle when getting a business grant?' Each of these comments have been made in the community's Loans, Grants & Taxes forum on more than one occasion. People are constantly looking for 'free' money and continue to have trouble finding it. In the last blog post, the Truth About Government Grants, we explained why people are having so much trouble finding...
'Where can I get a small business grant?' is the single most common request asked by small business owners. And the answer is probably the single most frustrating one an entrepreneur hears, but here it goes, because it is worth repeating: Federal and state government agencies do not provide grants for starting a business, paying off debt, or to cover operating expenses. Government agencies do not provide 'special' grants for women, minorities, veterans or disabled entrepreneurs. The Federal government also does not provide grants to small...
Last month the President announced a plan to unfreeze credit markets for small business borrowers. This plan and the economic stimulus are intended to ease up the credit crunch in way that encourages banks to increase the number of loans made to small businesses. Many businesses have suffered under this credit crunch. Lines of credit have been significantly scaled back or eliminated altogether. Some business owners have seen their credit scores decline due to poor business conditions, and have had trouble paying their bills. So, the...
Regardless of background, the most important factor in securing small business financing is a strong business plan. Having a good understanding of your business needs and a clear path to fulfill them is a great start to obtaining financial help to start or expand a business. Keeping that in mind, additional resources are available to help the development of women and minority owned businesses. These opportunities are designed to maximize the potential of women and minority entrepreneurs and promote sustainability in the business...
With more parents working full time jobs, the demand for child care programs is extremely high; unfortunately, that demand heavily outweighs the current supply. There simply aren't enough programs to accommodate the millions of children that require care. Considering simple laws of supply and demand, it's no surprise that the price of child care has become nearly unaffordable. The average annual cost of child care programs is higher than the average tuition for public higher education. In many cases, this dynamic has made staying home a more...
If you have looked for a government grant for your business, it is very likely you have encountered several websites promising access to 'free government grants that you don’t have to pay back' and testimonials from apparent business owners who received tens of thousands of dollars to start a business. Are these legit? No. They are scams. Here’s how they work: The company guarantees that you will get a small business grant or your money back. For a fee of $30 - $50 you get a subscription to a grants database, or a grant...
Earlier today, President Obama and Treasury Secretary Geithner announced a plan to free up credit markets to help the nation’s struggling small businesses. The plan includes a release of $375 million for small business lending provided in the economic stimulus plan, which will increase the maximum SBA loan guarantee to 90 percent, and temporarily waive fees paid by borrowers. Primary bank lenders often sell SBA loans in the secondary market, and use the proceeds of these sales to make new loans to other small businesses. However,...
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by NicoleD, Former Moderator on Thursday, July 9, 2009 - 13:38