Guaranteed Online Personal Loans

Know What You Need To Ask For

Knowing the correct type of loan to ask for is essential in getting the bank to approve your desired loan. Banks have many different loans available and it is necessary for you to have a written business plan in place before approaching the bank of your choice.

Also, business owners have several types of funding choices, based on various factors about your business. Some of the programs available through the Business Credit Services are below.

Types Of Business Loans (Explained Basically)

• Secured Working Capital Loans

These loans are secured by collateral. The lender will take a security interest in your property. If you do not pay the loan back the lender has the right to seize your collateral. Most lenders will require collateral to secure a small business loan. Lenders will not lend you more than 100 percent of the value of your collateral and will usually only lend you 60 to 80 percent of its value.

• Unsecured Working Capital Loans

As the name implies, these are loans that are not secured by any collateral. Credit cards, while not technically loans, are the most common example of unsecured debt. The lender is loaning you money based on your reputation and credit worthiness. It is very. very rare to find a lender willing to give you an unsecured loan for a new business. Because you have no track record for them to work from.

• Start-up Loans

Loans for the new or start-up businesses

• Commercial Real Estate Loans

Commercial Real Estate loans with fixed or variable terms.

• Business Acquisitions

Loans to acquire an existing business.

• Accounts Receivable Factoring

Accounts receivable serve as collateral for short-term working capital loans that you ca obtain fast and cost effectively.

• Merchant Account Cash Advance

Up to a $50,000 advance against regular occurring monthly merchant credit receipts.

• Franchise Start-up Loans

Specialized financing reserved for the franchises of recognized, typically nationally known, franchises.

• SBA Business Loans

Loans to small businesses from private-sector lenders (banks, etc.), which are guaranteed by the SBA. The SBA has funds for direct lending or loans to small businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.

• Lines Of Credit

A pre-arranged amount of credit based upon existing inventory, A/R and PO’s or up to $200,000 in business credit based upon credit worthiness with no collateral.

• Equipment Leasing

An easier way to find financing for your equipment needs and obtain tax benefits at the same time.

• Hard Money Equity Loans

Loans available that are typical hard to obtain from a local bank lender.

• Equipment Sale-Lease Back

If you have existing equipment, sell it and then lease back the equipment. Essentially you get cash for your equipment and then lease it back.

• Construction Financing

Loans for home or commercial construction.

• Business Only Loans

Loans can be obtained in the business name without the use of personal credit as long as the business can justify the loan amount and ability to pay it back.

• Residential Equity Lines

Lines of credit secured by the equity in your home.

There are also short-term and long-term loans with the above. So study before heading to the bank and it will help you with many of the questions you will have.

The Difficult Situation In Lending Money

Having raised three sons I can remember the words loud and clear, “Mom, can I borrow a dollar?” As they grew so did the amount. Never once in thirty-seven years did I plan on seeing any of that money I ‘loaned’ to them again.

They are grown men now and wear the white cowboy hats of the family. If anyone of them requested funds there would be no questions asked because they have proven over and over their integrity, honesty and loyalty to us. And all three make quite a handsome income compared to their dear old parents.

Lending money is inherently an emotional situation for all parties involved and usually more so for the female member. It is a common practice for a female to be the caregiver and to please loved ones and friends.

There are other family members that wear the black cowboy hats and have caused much friction, disappointment and family rifts that have spread deep roots within the relations.  Holidays, graduations, births, baptisms and all other family gatherings can become strained.

A temporary crisis isn’t always so temporary and can quickly become an uncomfortable situation if the lender has to ask for the money to be repaid. It’s the same rule as gambling: Don’t loan what you can’t afford to lose. If you don’t have cash lying around, a loan might not be feasible.

Everyone wants to be a good friend, but no one enjoys feeling like someone is taking advantage of their generosity. It is better not to lend and have a friend, than to lend and lose both. Therefore, as a couple we have set up rules for conducting successful financial transactions with friends and family. Perhaps they will help you also.

Tips To Consider Before Lending Money

If you are lending money to someone close to you and if you’re financially able, consider making it a gift rather than a loan. This way it will not be a burden upon your mind nor your heart. (If it is repaid fine, however, certain people in your life are special enough for this deed without them even knowing.)

To make collecting a debt easier and more comfortable for all use a service called PayPal. This makes it possible to send and receive payments online. With PayPal, you can send email reminders to the borrower. The lender can then get the money back instantly via email.

Never co-sign a loan or credit card application for someone else without clear, WRITTEN parameters and possible assets involved. And always maintain a business-like environment.

Don’t lend beyond your means. Only lend money that you do not need back immediately so as not to ruin your credit or your relationship with the borrower. And always have the agreement in writing.

These are the only four items that we could agree upon. Perhaps there are many more or far less for your family or situation. If we are approached for funds and feel uncomfortable with the person or we cannot accommodate within our plan, we decline and all associated go on with their lives.

Women Entrepreneurs

If you are a woman business owner then you know that there are many things for you to focus on, especially how to find money for your business so it can grow and thrive.

Did you know that some funding sources out there specifically target women entrepreneurs?

It is not a secret that women are beginning to own more and more businesses everyday. Not only this, but these businesses are becoming just as successful as men’s businesses are.

If you are looking for a grant, don’t be hesitant to look because of what the business is going to be. There are literally hundreds of grants for women wanting to start craft businesses, consulting, brokerage, record labels and more.

When looking for a grant or loan there are options of spending hundreds of dollars to pay somebody to get you there. However, there are other ways that are completely free, but may be more time consuming than you would hope. Here are several sites that hopefully will prove helpful and lead you to what you are looking for.

Funding Available For Business Women, Where?

One site that is worth checking out is The Ladies Club 2000. It is required that you sign up and become a member. It’s free of charge and then you will have access to grant information. www.theladiesclub2000.com/grantsforwomen.htm

On Women’s Finance, there are two different kinds of grants offered. There is the new business grant that is between $100 and $5,500 and one for existing business that ranges from $1,000 to $5,000. You must apply. www.womensbusinessgrants.com

It seems at times that our government does not want us to succeed, but it does. Most places have requirements in order to get a grant such as being over 65, a minority, or even having bad credit. The site listed below has about ten different sites that are specifically looking for women to give grants to in these areas.
www.womenowned.com/Growing/Funding/Opportunities.aspx

Here is a new fundraising organization that raises money from women for women. Loans are given from $500 to $10,000 (for first time recipients the maximum amount is $5,000). It is called Count-Me-In and looks like a great resource with funding consideration based on experience over credit history.
www.count-me-in.org

The Women’s Funding Network promotes the development and growth of women’s funds then empowers women by fostering strategic alliances among women donors and institutions.
www.wfnet.org

www.WomensNet.Online.net sounds great in several ways. First, if offers helpful resources from grants for women business owners to detailed practical help with marketing, advertising, accounting and thousand other details serving women entrepreneurs. In the write up, it states that it was launched in memory of her younger sister Amber, who was the epitome of the woman entrepreneur, strong, resourceful and always willing to help others.

The Ada Project for Women (TAP) includes information on discussion groups, fellowships, grants and notable women in computer science.
www.tap.mills.edu

The sites listed above are worth checking out to help you find small business grants, loans or fellowships. Don’t get discouraged, as this is time consuming and will lead you away from your dream. Remember, above is just a start and they can lead to other sites or points of promise. Good luck, you deserve it as much as anyone else!

The Necessary Elements For Your Loan Proposal

When applying for a business loan, you will need to put together a complete packet of information for the lender that will clearly set forth the exact loan proposal that you require.

Your proposal should tell the lender the purpose of the needed financing, the justification for the funds, the structure of the proposed loan and your estimated use of the loan proceeds.

A well-prepared borrower will provide the lender with justification of the funds explaining how a business loan is the best source of the fund being requested. The lender may be aware of alternative sources and will often test if the borrower has knowledge of them as well.

Therefore, you should be prepared to explain why a loan is your most feasible source of financing due to costs, better terms, higher leverage, or any other factors that convinced you to choose to apply for the loan.

Next, it is best for the borrower to offer input of how the loan should be structured at the time the loan request is submitted. This will settle the conditions and terms that define the transaction between you and the lender. You will have the most opportunity to influence the structure at the beginning of negotiation than any other time.

Loan structure components usually include:

Loan amount: specify exactly how much money you need and why and be ready to defend it with support data.

Loan term: define the period over which it would be advantageous for the business to repay the loan. However, the lender will be setting the terms.

Interest rate: interest rate is a function of the lender’s risk. It does no harm to ask, but be realistic about how much risk your deal presents to the lender.

Before initiating the loan structure, be sure you know how to calculate the loan payment using the amount, interest rate and repayment term that you are requesting. It’s essential to determine if the payment is within your company’s budget. There’s no sense in agreeing to terms that you will not be able to fulfill.

If the borrower does not specifically declare exactly where, when and how much money is needed, the lender will decide based on limited information, which can slow down the approval. You must have a specific schedule that defines precisely how the funds will be used.

Tips And Warnings

Even if a proposal is not requested in the loan application package for a business loan, take the initiative and prepare one anyway. This step will show the lender that you are professional and savvy about the loan process.
Be realistic and honest. Don’t inflate your projected profits, and come clean about any serious difficulties your company has experienced in the past. The facts in your proposal are easy to check, so any misstatements will most likely come back to haunt you.

Make sure your information is complete, but don’t write a book. Lenders are extremely busy and unnecessary fluff might work against you.

Let your attorney and accountant have a look at the proposal before you submit it.

Experiencing a foreclosure can be a devastating thing to your credit history and will have serious consequences on your financial future if it is not addressed and taken care of quickly. Many people in todayís society like to invest in several pieces of property with the hopes that the real estate value will grow and help them make more money. The real estate business has become very popular in the United States and has caused many entrepreneurs to become involved.

A Common Real Estate Mistake

The fact that some real estate business owners sometimes forget, however, is that all of your property investments are tied together under your name and therefore anything that happens to them will affect other investments. For example, if you allow one piece of property to into foreclosure because you lack the necessary funds to pay off the mortgage, then it will have an immediate effect on the success of your other investment properties. If several of your properties go into foreclosure, then the lending companies can also take your own home or other belongings as forms of collateral.

Collateral

Collateral comes in many different forms and protects lending companies from financial loss just in case you are not able to pay off the acquired loans that you have taken out for your properties. Before signing a contract that lets you have a multiple mortgages, the financial supervisor will assess whether or not you have anything that would qualify as collateral.

Collateral usually includes things that are highly valued and can be accurately priced without any problems. Such things could include cars, boats, houses, motorcycles, or other large purchased items. These things are added to the loan contract as collateral and they are confiscated if you are unable to completely pay off the business loan.

Consolidation

Instead of letting your property go into foreclosure, there are other options that are available to real estate investors. These include a consolidation of all your debts into on e great lump of money, the taking out of a second mortgage, or by simply reselling the piece of property that you own. It is much more effective to choose any of these options than to let your investment property go into foreclosure and cause more financial burdens to come upon you.

Sell It

Selling your piece of property is usually the best way to avoid foreclosure because it helps you to pay off the great amount of debt that is due. Instead of creating more problems in the future, just simply resolve the problem by selling the property and getting your hands on more usable money. After paying off the required mortgage that was due on the property, you can then use any additional income from the sale to make payments on all properties that you own.

Do not threaten your financial situation by doing things that are unwise and even illogical. The extreme situations of the real estate business can almost always be avoided through the activating of other options and smarter choices.