badcreditbusinessfunding.comBad Credit Business Funding | Small Business Owners: Got bad credit & need capital? Get up to $50K!

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Title:Bad Credit Business Funding | Small Business Owners: Got bad credit & need capital? Get up to $50K!

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Bad Credit Business Funding | Small Business Owners: Got bad credit & need capital? Get up to $50K! Bad Credit Business Funding Main menu Skip to content Home Need a Small Business Loan? Contact Us Today! Small Business Owners: Got bad credit & need capital? Get up to $50K! Post navigation ← Older posts Are Banks Really Lending to Small Businesses? Posted on August 5, 2013 by qtbizteam 0 Are Banks Really Lending to Small Businesses? According to Bloomberg Businessweek’s July 11, 2013 online article, banks are lending money to businesses both small and large, but they are lending more to large businesses and lending to small businesses in 2012 decreased by 3.1 percent when compared to 2011. With $588 billion in small business loans outstanding as of June 2012, it is clear that banks are lending money, but the competition may be fiercer than you expect and you have to really have your head in the “game” of lending. The Small Business Lending in the United States 2012 Report (July 2013) provided by the Small Business Administration (SBA) reports the change in the total number of small business loans increased from negative 4.7 percent in June 2011 to 10.4 percent in June 2012. Micro and Commercial & Industrial (C&I) loans under $100,000 accounted for practically all of the small business loans and for the entire increase in the total number of C&I loans reported in June 2012. Large lenders, defined as lenders that have $50 billion or more in assets, dominated the number of small business loans, holding three-fourths of them. The smaller lenders whose assets fall below $100 million report that roughly 15 percent of their total assets are in small business loans, compared to the largest lenders who reported that less than 4 percent of their total assets were in small business loans. Overall, the most recent reports indicate that both small and large lenders are issuing small business loans, large businesses have a larger share of all lender assets and, of the small business loans being issued, microloans are the most prevalent. So what do the statistics mean to you as a small business owner that is seeking funding? First, it means that you should seek a loan with confidence knowing that there are banks ready and willing to lend money to small business entrepreneurs. Second, you should be sure to look at all funding sources, both large and small, knowing that each has a recent track record that shows that small business lending is on a slight upswing, especially for microloans. Third, you should be prepared to be competitive when applying for the loan because you are competing with other small businesses and larger companies that may be more established. There was a time in the last five years when banks were really scrutinizing the small business loan applicants and loans were not as plentiful. Although pressure on small business lending is easing and standards are loosening a bit, the competition for the loans is increasing and economic uncertainly is still causing the lenders to remain cautious about providing more capital to small business owners. Like most things in life worth having, small business owners are going to have to put some work into obtaining funds from lending institutions. Competition with all sized businesses means that the playing field may not be exactly level. Although business owners have no way of knowing who the “opponents” competing for the same money are, one simple way to level the playing field is to truly understand the “game” being played. Learning about the lenders and their lending standards and criteria will surely give you the upper hand when you apply for a small business loan. Most small business owners do not have financial advisors or other staff that is qualified to give them the inside scoop on lending, so it is advantageous to seek the help of a company that specializes in assisting small business owners to obtain the funding they seek. Companies that provide small businesses with lending solutions and guidance prepare business owners just like a coach would prepare an athlete for a game. If you are a small business owner that is seeking a loan for the first time, you stand to benefit from an experienced company when you are competing for funding. If you have been denied a small business loan, you may also wish to seek the help of such a company to tell you what you did wrong and guide you to doing it better in your next “game” in the competition for funding. [SIDENOTE: Need help writing your business plan or obtaining a small business loan? Ask an expert. Go here for more information: http://bit.ly/QTBLinkedin.] Posted in Bad Credit Loans, Small Business Loans Tagged bad credit business funding, Bad Credit Loans, business loans for people with bad credit, Business Startup Funding, microloans, Small Business Funding, Small Business Loans, Working Capital Funding Your Small Business Doesn’t Have to be Complicated Posted on August 4, 2013 by qtbizteam 0 Your Options for Funding A Small Business Many people dream of being an entrepreneur because the concept of being one’s own boss is a very appealing thought. Having a business idea is just one small part of becoming an entrepreneur. Another important part is figuring out how you are going to fund your small business. While the concept of using money that you already have is the most attractive choice when starting a business, it is not always an option. When the urge to pursue your dream crops up, you may have to look outside of your own bank account to get the business off the ground. Determining that you need outside sources for your funding is step one, step two is identifying what those possible sources are. Venture Capital Venture capital is financial capital provided to early-stage, high-potential, high risk startup companies. The venture capital fund makes money by owning equity in the companies it invests in. Venture capital is private equity and is attractive for new companies with limited operating history that are too small to raise capital in the public markets and have not reached the point where they are able to secure a bank loan or complete a debt offering. In exchange for the high risk that venture capitalists assume by investing in smaller and less mature companies, venture capitalists usually get significant control over company decisions, in addition to a significant portion of the company’s ownership (and consequently value)1. Angel Investors An angel investor is an affluent individual who provides capital for a business startup, usually in exchange for convertible debt or ownership equity. Many of these investors have organized themselves into angel groups or angel networks to share research and pool their investment capital, as well as to provide advice to their portfolio companies. Angels typically invest their own funds, unlike venture capitalists who manage the pooled money of others in a professionally managed fund2. AngelList is a service where startups create a profile and pick which investors can see them. AngelList administrators can also send the startup profiles to investors based on the interests they have indicated. Crowdfunding Crowdfunding, alternately known as crowd financing or crowd-sourced fundraising, is the collective effort of individuals who network and pool their money, usually via the internet, to support efforts initiated by other people or organizations. Crowdfunding can also refer to the funding of a company by selling small amounts of equity to many investors. In either scenario, funds are collected through small contributions from many parties in order to finance the business. In order to use crowdfunding to support your business’ financial needs, the owner sets up a platform and profile that reveals why they’re seeking financial support. Then crowdfunding services help users promote the campaign via email and social media. A monetary goal and deadline is established and the services take a 4 to 6 percent cut of the funding goal if it is reached3. Online Pawn Shops Web-based pawn shops charge service fees as low as 3 percent, which is very low compared to the typical 10 to 20 percent of the amount borrowed. Borrowers complete an online form describing the items they wish to pawn. An agreement is reached and the borrower is sent the packing materials to ship the items. The pawn broker wires the funds once the online pawn shop receives the borrower’s goods. Although this method may work for small infusions of money, typically it does not raise the amount of funds startups need to get the business off the ground4. Friends and Family Many people who have a startup business idea talk to their friends and family about the business and end up with investment offers from those very people. It may, however, be better for entrepreneurs to keep their business and personal life separate. Friends and family are likely not as well connected as angel or venture firms nor are they likely to be accredited investors, which might complicate the business structure later. If a business owner does accept money from friends or family, he or she should consider executing the deal with a convertible note, which is a loan that turns into equity in the event of a significant cash infusion5. Revenue Based Financing Revenue based financing is a type of financial capital provided to small or growing businesses wherein investors inject capital into a business in return for a percentage of ongoing gross revenues until the initial capital amount, plus a multiple, is repaid to the investor. This loan typically is repaid within four to five years. This type of loan fits somewhere between a bank loan and angel investment (or venture capital) because collateral is provided by the business owner and an equity portion of the business is sold in exchange for the investment6. Contests and Accelerator Programs Although less common, contests where entrepreneurs receive cash prizes for their business can be a source of funding. Slightly more common than contests are accelerator programs where entrepreneurs must apply and, if accepted to the program, must move to a set location for several months. The business owner will get free office space, mentorship, the opportunity to pitch their business to investors and, sometimes an equity investment7. Bank Loan A loan is a debt evidenced by a note which specifies the principal amount, interest rate and date of repayment. In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back an equal amount of money. The money is paid back in regular installments. The loan is provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan8. There are a variety of loans that entrepreneurs can seek from lending institutions including secured and unsecured loans, small business loans and SBA loans, lines of credit, equipment financing, and working capital loans. This list of funding options is not comprehensive, but gives the aspiring entrepreneur an idea of the options that may be available to him or her. Having so many options may be overwhelming and may leave the business owner wondering what the right source of funding is, or even the sources that are available to that business In order to navigate effectively through the complications of finding and securing funding business owners can seek the help of companies that help them determine the right kind of loan and then assists with the approval process. [SIDENOTE: Need help obtaining a small business loan? Ask an expert. Go here for more information: http://bit.ly/QTBLinkedin.] Sources: 1,2,6,8 Venture Capital; Angel Investors; Revenue Based Financing; Loan. Retrieved July 18, 2013, from http://en.wikipedia.org 3,4,5,7 Nate C. Hindman (2013). Startup Funding: 7 ways to Raise Money for Your Business. Retrieved July 18, 2013 from http://www.huffingtonpost.com/2011/12/23/startup-funding-7-ways-to-raise-money-in-2012 Posted in Bad Credit Loans, Small Business Loans Tagged bad credit business funding, Bad Credit Loans, business loans for people with bad credit, Business Startup Funding, microloans, Small Business Funding, Small Business Loans, Working Capital How to Determine if a Small Business Loan is Right for You Posted on August 3, 2013 by qtbizteam 0 Taking the Next Step: Appropriate Funding for Your Business There are many ways to fund a small business to take it from an idea to a reality. Whether the idea is to keep an existing business going, bring an existing business to the next financial level, or simply start a business “from scratch,” start-up financing comes in a variety of forms, all of which require a sound business plan and proof that you can pay the loan back. Leave it to a down economy to make it more difficult to obtain a loan that could cause your business to thrive and, thus, bring the economy back on the upswing. Despite the economy and, surprisingly, despite applicant limitations, loans are being financed for small businesses and start-ups. There are two main financing options for entrepreneurs: borrowing funds (debt financing) or selling ownership interests in exchange for capital (equity financing). With debt financing the lender does not have any control over how the business is run and will not be entitled to any profits the business generates. This is viewed as an advantage of debt financing, giving the owner the ability to operate the business as he or she sees appropriate. Of course there are disadvantages to debt financing, most of which can be managed with sound business decisions and ensuring that the terms of the loan are easily satisfied. The disadvantages of debt financing include the following: The loan payments may burden the business. Excessive debt brought on by the loan may cause an increased risk of bankruptcy and/or failure. Failure to make the loan payments risks forfeiture of assets, including personal assets that were offered as collateral by the owner(s). The credit approval process is sometimes tedious, lengthy, and may ultimately result in the applicant only qualifying for a high-interest loan. With equity financing, or the selling of ownership interest, the business can use the equity to fund the business rather than making loan payments. The business and owner(s) will typically not have to repay investors if the business is not turning a profit or if the business ultimately fails. Whereas this option may seem like a better option to making potentially burdensome loan payments despite the amount of profit being made, there are also disadvantages to equity financing including the following: The business owner does not have total control of the business decisions as a portion of the ownership interest has been sold. Investors in the business are entitled to a share of the profits. Investors must be informed of business decisions and the business owner must always act in the best interest of the investors. Although the concept of “avoiding” loan payments may initially sound like the best course of action for your business, many small business owners and start-ups find that the debt financing option fits the business’ needs better. The quickest way to disassemble a solid business plan is to involve many people into the decision-making process. If you determine that a debt financing is the best choice between the two options, you must really be sure that securing a loan is the right choice to move forward with your business venture. Referring back to the debt financing pros and cons list above, as the owner of the business, you should be able to answer “yes” to the following questions before securing a loan: Do you have the time, energy and necessary funds to apply for the loan you are seeking? Have you determined that your monthly profits will enable you to pay the loan, the overhead, the employees and you. Will the projected monthly profits be sustainable long enough to pay the loan back according to the terms? Do you have a backup plan if the business does not profit enough to make the appropriate payments to the lender, employees, suppliers, etc.? Do you anticipate enough profit to support business growth and subsequent need to hire additional employees or purchase additional equipment? If the business fails and the collateral placed for the loan must be sold, can you afford for that to happen? Creating a thorough business plan is the best way to answer these questions and really determine if your business ideas have the potential to achieve your financial goals and commitments. All small business lenders require the applicant to submit a business plan with their application, so it stands to reason that you should create the business plan and use the creative and investigative process to answer the questions posed above. Fortunately for those that have never created a business plan before, there are companies that specialize in helping small business owners and start-up entrepreneurs create a plan that incorporates your ideas and goals with realistic financial projections. Providing lenders with a concise, all-encompassing business plan is one of the many advantages of working with this sort of company. Should you seek help in creating your business plan, you should ensure that the company has experience writing business plans, has access to and relationships with lenders that will consider you as an applicant, and has a track record of successfully helping businesses like yours gain funding. [SIDENOTE: Need help writing your business plan or obtaining a small business loan? Ask an expert. Go here for more information: http://bit.ly/QTBLinkedin.] Posted in Bad Credit Loans, business planning, Small Business Loans Tagged bad credit business funding, Bad Credit Loans, business loans for people with bad credit, Business Startup Funding, microloans, Small Business Funding, Small Business Loans, Working Capital How Many Small Businesses Fail Each Year and Why Posted on August 2, 2013 by qtbizteam 0 Will Your Small Business Succeed? Starting a business is a daunting task for anyone. If you have ever discussed a start-up business with someone, you may have been asked what the survival rate is for your intended venture. Having recently experienced a downturned economy, many people take a pessimistic opinion of and “devil’s advocate” approach to new business ventures. According to the annual Frequently Asked Questions publication produced by the Small Business Administration Office of Advocacy, about half of all new establishments survive five years of more and about one-third survive 10 years or more. The probability of survival increases with the business’ age and survival rates have changed very little over time. About 10-12 percent of businesses with employees open each year and about 10-12 percent close. Statistics show that non-employer businesses (those that are owner-operated with no employees) have turnover rates three times as high as employer firms, mainly because it is easier for non-employers to start and stop as they tend to be smaller than employer firms. With small businesses (those with 500 or less employees) making up 99.7 percent of U.S. employer firms, there is no shortage of small businesses in our country. Sure statistics are helpful to gauge whether the economy is getting better or worse, but not always helpful in determining what the best course of action is whether the business exists or a start-up. According to Michael Ames in his book Small Business Management, the following are the top reasons for business failure: Lack of experience Insufficient capital Poor location Poor inventory management Over-investment in fixed assets Poor credit arrangements Personal use of business funds Unexpected growth There are some other obvious reasons for failed businesses, including competition and low sales, both of which are somewhat related to lacking experience, having a poor location and poor inventory management. One of the biggest obstacles entrepreneurs face is underestimating the difficulty of starting a business. However, applicably quoted by an unknown source, “the search for the perfect venture can turn into procrastination. Your idea may or may not have merit. The key is to get started.” Comparing your business plan against the top reasons that businesses fail is a step toward determining whether your business is going to succeed or fail. If you find that you are currently or will be unprepared to handle unexpected growth, or have a concern that your first choice of business location is not really ideal for the business traffic that you seek, you should certainly take steps to change those factors before seeking a business loan or investing your personal assets into the venture. Sometimes you have to obtain funding in order to change the adverse factors. In this situation you may want to seek the counsel of a company that provides guidance to small business owners. Careful analysis of your business plan with the help of an experienced company could be the difference between your business venture succeeding or failing. [SIDEBAR: Need help writing your business plan? Ask an expert! Go here for more information: http://bit.ly/QTBLinkedin.] Posted in business planning Tagged business planning, business plans, get help with business plans, how to write a business plan, marketing plan How the Small Business Administration Helps Fund Small Business Posted on August 1, 2013 by qtbizteam 0 Make Your Dream a Reality: Utilizing the SBA to Fund Your Business Walt Disney is one of the most notable and successful American entrepreneurs of the twentieth century. Disney’s small business “was started with a dream and a mouse” and stands as an inspiration to all business owners. Of the many Disney quotes one shines as an appropriate call to action for anybody with a dream of entrepreneurship: “The way to get started is to quit talking and begin doing.” So how does someone with the dream of being a successful business owner “begin doing”? Before any great endeavor the best first step is to identify one’s resources. Those looking to start a small business could certainly consider the U.S. Small Business Administration (SBA) a resource, perhaps even the first stop on the journey to entrepreneurship. The SBA was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interest of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation1. The government recognizes that small business success is critical in order to strengthen the economy on a national and global scale and, in response, offers qualified small business owners an opportunity to utilize an extensive network of field offices and partnerships with public and private organizations2. [SIDENOTE: Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin.] Types of SBA Financing and Assistance There are three types of financing that the SBA offers. The first is the 7(a) Loan Guarantee Program which is designed to help small entrepreneurs start or expand their businesses. Capital is made available to small businesses through bank and non-bank lenders. The second type of financing is the 504 Fixed Asset Financing Program which is administered through non-profit Certified Development Companies. This program provides funding for the purchase of construction or real estate and/or the purchase of business equipment and machinery. Of the total project costs, the lender must provide 50% of the financing, a Certified Development Company provides up to 40% of the financing through a 100% SBA-guaranteed debenture, and the applicant provides approximately 10% of the financing. The third type of financing the SBA provides is the Microloan Program where $50,000 is the maximum amount financed. The microloans are financed through non-profit microloan financial intermediaries3. Whereas the microloans are often utilized by individuals and businesses that have been affected by disasters, also called Disaster Relief Loans, they are also offered to small business owners that simply need working capital, or funds to purchase equipment, inventory, and furnishings4. In addition to the lending programs, the SBA also has entrepreneurial development programs which are non-financial assistance programs that are primarily funded by state grants. There are approximately 900 Small Business Development Centers, typically located at community colleges, state universities and other entrepreneurial hubs, set up to provide guidance to small business owners. The 100+ Women’s Business Centers often serve small, home-based enterprises that are, obviously, owned/operated by women. The Service Corps of Retired Executives (SCORE) program consists of 350 chapters of volunteers who provide free mentoring and counseling to entrepreneurs and small business owners. In addition to these three development programs, an additional program called the 8(a) Business Development Program assists in the development of small businesses owned and operated by individuals who are socially and economically disadvantaged such as women and minorities5. How SBA Loans are Funded Large banks generate the bulk of their SBA loan volume through loans to businesses that would be declined for “normal” bank credit due to conservative and “safe” underwriting practices, such as lending to those businesses that have been in operation for a long time or whose owners have good credit. Those with bad credit or are looking to start a business would not typically qualify for a traditional bank loan and, therefore, could benefit from SBA loan programs that are willing to consider “risky” applicants. Banks of all sizes provide SBA loans to businesses for the purchase of real estate, especially for businesses that need specialized construction such as bowling alleys, gas stations, motels, petroleum storage, and other such businesses that require a specific construction and subsequent limited resale value. In 1958 Congress created Small Business Investment Company (SBIC) program to facilitate the flow of long-term capital to America’s small businesses. The SBA does not provide capital directly to businesses. Instead, SBA partners with private investors to capitalize professionally-managed investment funds (known as SBICs) that finance small businesses. In this lending scenario, investors use their own capital to invest in a small business and the money is backed by an SBA guarantee6. [SIDENOTE: Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin.] Determining If You Qualify for an SBA Loan If the first step toward securing a loan for your small business or start-up is to identify your resources, the second step is to determine if you qualify under the terms of said resources. Every state has an SBA office and a phone call or visit to the office may be in order to get your business off the ground or to keep it from folding. With any financial endeavor it may be in your best interest to seek the advice of a professional that is familiar with SBA loans and programs. Although there are plenty of businesses that were able to get started and thrive without loans, there are just as many that were started and are thriving because of loans. Perhaps step three on your journey to owning and operating a thriving business is a consultation with a company that specializes in securing loans for people just like you who have dreams of being successful small business owners. Walt Disney had a dream and a mouse. Isn’t it about time for you to determine what you have compelling you to success? Sources: 1,2 About SBA. U.S. Small Business Administration. 16 July 2013. 3,5 Lending Programs. Small Business Administration. 16 July 2013. 4 About the Microloan Program. U.S. Small Business Administration. 16 July 2013 6 SBIC General Information. U.S. Small Business Administration. 16 July 2013. Posted in Bad Credit Loans, Small Business Loans Tagged bad credit business funding, Bad Credit Loans, business loans for people with bad credit, Business Startup Funding, microloans, Small Business Funding, Small Business Loans, Working Capital Four Basic Tips to Help You Get a Small Business Loan Posted on July 31, 2013 by qtbizteam 0 The more you prepare and take care to provide the right information, the easier the process of obtaining a small business loan will be. Simplifying and expediting the loan application process is more common sense than it is an industry secret. Plan your work and work your plan Prepare a well laid out business plan backed by a proper financial strategy and marketing method. This is essential for any applicant hoping to escape rejection by the lender. There is absolutely no lender who will commit finances without considering the potential outcome of the venture. Take into consideration the fact that a good business plan is a guide to the day-to-day operation of the business. The lender cannot assume how your will operate your business, so it is up to you to tell the lender, in the form of the business plan, exactly how the business will be run, what the business goals are, and how you will achieve those goals. Looking for easy support Seek out the most readily available financier with the lowest interest rate on small business loans. Although borrowing the money from grandma and grandpa might fit this bill, it is not always an option and, perhaps, not in the best interest of familial relations if you find yourself unable to make a payment on time. Whether you make phone calls to local banks and credit unions or pay them a visit in person, you must know the dollar amount and feasible terms that you are looking for and then seek a lender that has a loan package that fits your needs the best. Having the amount and terms in mind before you start looking will help you identify the best loan for your needs and when you find it, be sure to apply for that loan first. Know your audience Knowing the lender’s criteria for lending as well as what is expected of you as the business owner will surely help you formulate your application and business plan. For example, all lenders require that collateral be offered for a loan to be approved. Make sure that you know the kind of collateral and ideal worth that the lender is seeking for the size loan you are seeking. Offering a large asset as collateral reduces the bank’s risk in approving the loan. Another important item to understand is what will attract the lender, or even an independent investor, to your business plan. For a lender, the promise of being repaid for the loan lies in the business’ success. In order for the lender to approve the loan, they must see that the risk involved is low and the return is high enough to repay the loan. If you are seeking an independent investor the same principle applies, with a twist. Independent investors seek to make a profit from the business’s success, so it is important to show that the risk is low and the return to the investor’s pocket is high. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. Focusing on the needs of the lender/investor Focusing on the needs of the lender or investor is one way of boosting your credentials and having an edge over other seeking a small business loan. Both lenders and investors look at the business environment and the future potential of the business. These serve as the pillars on which the business grows and can potentially attract other interested parties. The composition of the management team also matters if the business is such that it is not solely owner-operated. A flexible and dynamic management team offers a bit of reassurance to lenders and investors because the work is divided amongst capable people and if the owner of the business is unable to perform his or her duties, for whatever reason, there are experienced people available to fill in. Knowing what factors the lender/investor is looking for in the structure of the business will help you devise the appropriate application package to showcase the fact that your business has what they want in a borrower. Of course it is easy to say that a business owner should pull together a comprehensive business plan, find the right loan for the business, come to understand what the lender is looking for and then offer exactly what they are looking for, but in practice performing these four steps is not easily done. As a small business owner seeking a loan, if you cannot foresee fulfilling these four steps, do not give up on your dreams just yet. Seek the help of a business loan consulting company that is well-versed in helping small business owners obtain the loans necessary to achieve a successful and thriving business. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. Posted in Bad Credit Loans, Small Business Loans Tagged bad credit business funding, Bad Credit Loans, business loans for people with bad credit, Business Startup Funding, microloans, Small Business Funding, Small Business Loans, Working Capital SBA Microloan Application Process Overview Posted on July 30, 2013 by qtbizteam 0 In general, applying for and obtaining a small business loan entails the same process regardless of the lender. There are prerequisites for the borrower, an application must be completed, and a certain amount of evidence must be presented indicating that the borrower deserves, and subsequently can repay, the loan. Although the general process is the same, each lender has their own lending criteria and process, some of which are more difficult to fulfill and/or qualify for than others. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. Requirements for getting an SBA microloan The application for the SBA microloan requires both basic and detailed information. Obviously, information on the business owner and the business itself is required. Slightly more in-depth information is also required such as whether the business is a start-up or has been in operation. The answer to this question enables the lender to determine the level of risk involved and propose the necessary financial support. Another important question that requires research and attention to detail is how much money is needed and the reason that the borrower is requesting the funds. The third item that requires even more detailed reporting is the composition of the management team and experience in their respective field. The applicant must be honest and thorough when answering all questions, of course, but one of the prerequisites that requires proof is what will be put up for collateral. Collateral for an SBA microloan includes, but is not limited to, equipment, contracts or inventory. An accompanying concern the lender will have is how much has been invested in the business already and how much more is the owner willing to invest. Additional information required during the loan process includes personal financial information, including tax returns, if the business is a start-up. The business’ financial records and tax returns are required if the business has already been in operation. New businesses need a formal business plan submitted with the application and existing businesses need to provide market research that includes the business’ capacity and competition. Once all of the information is submitted, the borrower meets with the lender’s representative(s). The review process and timing is typically shorter for smaller amount loans and, predictably, longer for larger amount loans. Full disclosure is not optional Competition for an SBA microloan is as fierce as it is for a traditional microloan, so one must be sure to give the lender every reason to accept and approve the application. Full disclosure and total honesty are an applicant’s two best friends when applying for an SBA microloan. Discrepancies, vague explanations and missing information cause delays in the review process. Having a small business loan consulting company is one of the best ways to ensure that your application is up to the SBA’s standards and includes all that is needed. This type of company can help you with every step of the application process, check over you application to make sure you have left no stone unturned, and can counsel you on alternative lenders should your SBA microloan application be denied. Although borrowers can always reapply for an SBA microloan if they were denied, it is advisable to give it your best effort the first time around because the process can be much longer than the amount of time you have before your business runs into financial trouble. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. Posted in Bad Credit Loans, Small Business Loans Tagged Bad Credit Loans, business capital, business start up funding, Small Business Funding, Small Business Loans, start up capital, startup capital, Working Capital SBA Microloans: There Is No Such Thing as Too Much Effort Posted on July 29, 2013 by qtbizteam 0 While the process of obtaining an SBA microloan may seem long and tedious, there are strategies that, when used properly, can make the process a much easier undertaking. Understanding the loan application process and the demands of the lender is imperative for ultimate success in securing the loan. If possible, try to visit the local economic development office and ask to speak to a person in charge of microloans. Not only will you be able to obtain details of the various lending sources available to you and your business, but you will learn about the requirements for eligibility. It is possible to obtain this information online, on the phone or through the mail, but these methods will never be able to replace a good, old-fashioned face to face with someone that has the information that you need. After deciding on the source of the loan, the borrower should provide the lender with all required and requested information. The information provided at this point enables the lender to determine your eligibility. To enhance your chances of securing the loan, it is advisable that you develop a good relationship with the financial institution, loan officer, or whoever you are dealing with during the process. Be sure to ask about training sessions related to the loan process or other interrelated subjects. The more familiar you are with the process, both before and after the loan is obtained, the better off you will be and the proactive approach may be a consideration when the application is being reviewed. Another strategy that may work for you as a small business owner is to start small and build big. Requesting a smaller loan and then repaying that loan in a timely fashion will cast a favorable light on your next loan application. If a larger sum of money is ultimately needed and you fear that the lender will be hesitant to loan a larger amount to you, you should consider taking out a series of smaller loans and work your way up to the larger loan. Having a positive loan repayment history may also prove to give your next application an edge over other borrowers. If you are worried that the amount of money that you and your business needs is higher than what you suspect you will be approved for, then you should seriously consider seeking guidance if you absolutely do not have enough time or capital to go through a series of smaller loans. This guidance can come in the form of a fellow business owner who has been through the process or a company that provides consulting and preparation services for small business owners seeking loans. Whether you go through the loan application process alone, with a mentor, or with the help of a consultant, the keys to success will always include having a sound business plan, doing your research, and maintaining your integrity throughout the process. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. Posted in Bad Credit Loans, Small Business Loans Tagged bad credit business funding, Bad Credit Loans, business loans for people with bad credit, microloans, small business fundng, Small Business Loans Understanding SBA Microloans Posted on July 28, 2013 by qtbizteam 0 What is the SBA? The U.S. Small Business Administration (SBA) is an independent agency of the federal government created to aid, counsel, assist and protect the interests of small business concerns. The SBA loan program uses non-profit intermediaries to offer loans to existing and start up businesses. The main goal of the SBA is to encourage small enterprises in all areas and in order to do that they work to provide funding and other services to small businesses that would not otherwise qualify for a loan or assistance. Many financial institutions only offer loans to existing and well-established businesses, so the SBA is a welcomed lending alternative to small business owners that are start-ups or not established enough to qualify otherwise. As with all lending scenarios, there is an application and review process, as well as stipulations on what the funds can be used toward. For example, the funds can be used for working capital, inventory, supplies, furniture, machinery and equipment. Proceeds from this type of loan cannot be used to pay existing debts or to purchase real estate. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. SBA Microloan vs. Bank Loan According to the SBA’s website, www.sba.gov, the Microloan Program provides small, short-term loans to small business concerns and certain types of not-for-profit child-care centers. The SBA makes funds available to specially designed intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers, with the maximum loan amount of $50,000, and an average microloan amount of $13,000. Quite often the interest rate is negotiable, thus setting the small business owner up for a successful repayment of the loan. Whereas a traditional lending institution may see a risky investment if the small business seeking the loan is relatively new or has limited assets, the SBA uses the intermediaries to help determine the likelihood of that business’ success in its marketplace and takes into account how the loan money will be used. Similar to traditional loans, collateral is required and with the SBA microloan collateral typically takes the form of equipment, contracts and inventory. An SBA microloan differs from a traditional loan in that all applications are considered even if the business is new or not yet well-established Another caveat that small business owners may encounter with a traditional lending institution is that lenders can define the nature of the ventures that they want the borrower to pursue, thus being forced, to some degree, to fulfill the best interest of the lender and not necessarily that of the business. SBA microloans do not include such limitations in most cases and, therefore, are a means for borrowers to initiate projects of their own choice. With all loan programs, there is an application process and work must be done in advance to identify what the small business owner has in assets, what he or she needs in order to succeed, and exactly what the business owner wants to do in order to cause the business to succeed. As with all loan processes, if the business owner is unfamiliar or unsure of what steps to take, he or she should seek the help of a professional that knows the ins and outs of the SBA loan program and how to compare it to other loan programs available. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. Posted in Bad Credit Loans, Small Business Loans Tagged bad credit business funding, business loans for people with bad credit, microloans, Small Business Funding, Small Business Loans Got Bad Credit & Need a Small Business Loan? No Need for Smoke & Mirrors Posted on July 27, 2013 by qtbizteam 0 If you are a small business owner who is struggling to keep the business profitable, one of the first solutions you may think of to remedy your business’ financial strain is obtaining a loan. Small business loans are a good solution if a viable and typically thriving business needs a financial boost, but what do you do if your credit does not allow you to qualify for this much needed capital? Well, simply put, you apply for a loan that is specifically designed for people that have bad credit. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. Which banks give business loans to people with bad credit? Most things are easier said than done, and obtaining a loan for your business is not exempt from this adage. Whether you have great credit or less-than-great credit, the process for obtaining a loan always starts the same: identifying a lender that has a loan program that you qualify for. If you have bad credit, the list of such lenders may be short, but the great news is that there are lenders that will loan to business owners with bad credit. Fortunately, these lenders are willing to take the reasons for your bad credit into account as part of the evaluation process. Since the lenders are few and far between, you must be prepared to put a lot of time and energy into the application and loan review process. If you are struggling to locate a lender that will consider you for a business loan you may need to consult with a company that specializes in providing guidance to small business owners to help locate lenders and secure small business loans. When selecting a company to help you with the loan process, be sure to select one that has a track record of helping those with bad credit obtain loans. Inexperience in this arena may result in loan denial and a hefty consulting fee. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. How do you convince a bank to give you a business loan? One of the biggest pitfalls for business owners with bad credit is that they have not really evaluated what is and is not working for the business in terms of sustainability and profitability. A close analysis of your business’ pros and cons is a great way to establish the reasons that you are applying for the loan in the first place. The lender will require you to disclose, usually through tax documents, your business’ sales history, your current income from sales and services, delinquent customer accounts (accounts receivable), and delinquent payments to vendors and employees (accounts payable). Other factors that may be explored include the business’ reputation, local competition, and what reasons can you give for deserving a loan. Most of this information should be presented in your business plan. Most lenders look to the business plan for specific information, so it is important to research effective business plans and reflect the standard information in your business plan. If you are unsure of how to properly present your business plan to the lender, again, you may want to consult with a company that specializes in helping small business owners obtain loans. Typically, these companies will charge a fee to write a business plan based on what you tell them about the business. Having your plan in a concise, well-worded, organized format will certainly help your chances of being approved for the loan. The most important factor that the lender must be convinced of is that you will be able to pay the loan back. The way that the lender is convinced of this varies for each loan applicant, so you must start the process by honestly and thoroughly evaluating your business plan and truly having a viable way to earn enough money to pay the loan back and cover the business’ overhead costs. You may require help making this determination, so keep an open mind when it comes to seeking professional guidance in order to avoid a loan denial due to a lack of sustainability and profitability. Need help obtaining a small business loan? Increase your chances of approval by working with an expert. Go here for more information: http://bit.ly/QTBLinkedin. Posted in Bad Credit Loans, Small Business Loans Tagged bad credit business funding, Bad Credit Loans, business loans for people with bad credit, microloans, Small Business Funding, Small Business Loans Post navigation ← Older posts Webform Enter your contact information here to learn more! First Name * Last Name * Phone * Email * Share: Submit Search Recent Posts Are Banks Really Lending to Small Businesses? 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