Bankers out there…are you still approving loans for small businesses and mortgages?
I am at a Small Business Development Center conference right now, and we just went reviewed business plans. Our reviews from the commercial bankers were done before the past three weeks, and we were wondering if the companies that got the green light on projects a month ago would still be likely to get the funding in todays situation if nothing has changed on the borrower’s end (still have a great business plan and 25% down and good personal credit.) Has there been any official policy changes in the past few weeks?
Being a small business owner, you need to pay extra attention to management of financial resources. Since growth of your business somehow depends on its financial position, you should always be cautious about cash flaw within or outside your business. It is quite true that lack of finance can become a big problem in the way of the success of your small business. Since a sapling business face different kind of financial problems, any ordinary loan cannot meet these requirements. For that reason, the borrower needs to find out such a solution that may help small business owners in meeting different requirements of their small businesses. Small business loans are one of those business loans that are specially tailored to meet requirements of a sapling business organization. These loans can meet each and every financial requirement of a going business and can help that business in growing with a faster pace.
Since market is crowded with various business loan schemes, every small business owner can manage to get the desired amount without any problem. Therefore if you own a new and small business organization and financial shortfall is bothering you, then these loans can prove to be the best help for you. These small business loans are simple to get but for getting these loans, should have an approved business plan. This business plan must be working and should be approved from the national corporate body. For getting these loans, the borrower also need to estimate how much finance he or she will require for running his or her small business smoothly. Application for small business loans include purpose, amount and type of loan therefore, if you are looking for any such business loan, then evaluate these terms to get a suitable loan.
How would I find capital in which to start a business without resorting to small business loans?
I have no education beyond personal research and a high school diploma and I cannot afford college. Due to these circumstances, the only real jobs I can get are unskilled labor jobs that will never really get me anywhere in life. I have several ideas for potential small businesses, but the lack of money remains a consistent theme. Do any of you know a realistic approach to gaining some money so that I can start on my way?
You’re right to avoid loans. The reality right now is that you can get loans — only if you’ve got the money to pay. If you don’t have money — and most likely those who ask for a loan don’t have money — your loan application will not be approved
One option are crowd funding or crowd sourcing websites.
Basically, you present your idea to the community, and interested parties may support all or part of the investment you need. Members are typically not professional financiers, and often will provide only a small percentage of what you need. The amount of money given vary, and may be as low as $1 or as high as $2,500 or more. Your goal then is to find more of these interested people willing to help you come up with the amount that you require for your business or project.
Before considering whether crowd funding is a good approach to raising the needed funds for your business, be sure to read the rules carefully. Study the pitch and types of projects that are successful in raising the money they need.
Here are some crowd funding websites today
- Kickstarter http://www.kickstarter.com/
- Indiegogo http://www.indiegogo.com/
- Crowdfunder http://www.crowdfunder.co.uk/
- Chipin http://www.chipin.com/
- Citizen Effect http://www.citizeneffect.org
- Cofundit http://www.cofundit.com/
So what exactly is Obama’s plan for small businesses other than loans?
And this is not a negative posting. I am just interested in links or answers on what his plan is because I couldn’t find it. I heard on the news about the loans, which is good but what about taxes, etc?
I was wondering the same thing. I am a small business owner, and I work off of capital – not debt. Increasing business loans would do nothing for me. And it seems it would only contribute more to the problems many small business are already in – as if running your business on debt is a good thing? I would like some tax relief….
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