Although Hurricanes Katrina and Rita took place several years ago, efforts to provide disaster relief to the devastated communities still continue. SBA, FEMA, and other government agencies are actively trying to revitalize these areas. Small businesses are in vital need of expedited, moderately sized loans ($150,000 or less). In an effort to provide a program beyond the traditional realm of disaster relief, SBA implemented the Gulf Opportunity Pilot Loan Program (GO Loan Pilot). Originally implemented as a temporary program in November 2005,...
Traditionally, businesses have spent countless dollars, time, and space maintaining paper business records. In recent times, many business owners have cut costs and improved their operational efficiency by going paperless. If this is something you've considered or have already implemented, check out these this quick guide to going paperless. Should your business go paperless? Consider potential benefits and how they would affect your business Cutting Costs - Going paperless has the potential to cut certain costs from your budget. You...
Choosing a bank for your business can be an overwhelming and frustrating process, but it can also have a big impact on your success. Whether you find yourself having too many choices or not enough, it's important make an effort to find the bank that makes the most sense for your business. Follow these tips and tricks when it comes time to make your decision... Each Bank is Different It's easy for people to fall into the trap of thinking that all banks are the same - that each is just a copy of the last with a different name....
During difficult economic times, it's not uncommon to see a business forced to file for bankruptcy. True to the phrase, "one man's trash is another man's treasure" a change in ownership may breathe new life into a failing business. Here are the six steps to follow when buying a bankrupt business. 1. Analyze the Business Data Before you begin the process of acquiring a bankrupt business, make sure to realistically evaluate your potential investment. Review court documents to understand the financial and operational...
Back in March, we started the Loans & Grants Advisor to provide details on new or expanding small business financing programs. To date, we've blogged about the Recovery Act, government grants, credit scores and other financing topics of interest to the small business community. Recently we decided to expand the scope of the Loans & Grants Advisor to include even more relevant financial information beyond loans and grants. Not to worry - we'll still be covering loans and grants regularly - we'll just add some new topics to the mix....
Most people can tell you that obtaining a loan can be a lengthy process that requires a great deal of paperwork. It's easy focus on the loan's key areas and most importantly, approval. What's less clear is what actually make those documents so long. What is in the fine print? The Devil is in the Details Simply knowing your interest rate and length of your loan is not enough. The terms detailed in the fine print of your loan agreement, often times found in the promissory note or security interest section, contains valuable...
The most recently published blog from the Loans and Grants Advisor discussed acquiring and maintaining a business credit score. For most lenders, a great credit score will only get you so far. Whether entrepreneurs try to take advantage of using business credit, or rely solely on their personal credit scores, at one point or another they will be required to show some form of business loan collateral. What is business loan collateral? Loan collateral comes in the form of identifiable personal assets. These assets are used by lenders and...
Your credit score can either be a blessing or a curse when it comes to functioning in today's society. Buying a car, taking out a mortgage, or paying for school can all be relatively painless if you have a great personal credit score. Unfortunately, for those of you with poor credit, managing your finances can quickly turn into a nightmare when your credit score starts to drop. Pressure like that can make the financial burden of starting and running a business quite daunting. Fortunately for entrepreneurs, you have the unique opportunity...
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...
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