Archive for the ‘Small Business Loans’ Category

Lower Your Current Interest Rate

August 14th, 2011 webkriti

Refinancing is the best option to lower your current mortgage interest rate and therefore decrease your monthly payment. To qualify for the lowest mortgages rates, there are several pieces that are helpful to be aware of.

 

Looking for the Lowest Mortgage Refinance Rates

Over the internet you can find hundreds of mortgage lenders. Opting for a home finance online is just like shopping for the all other products on the internet. You most often will find some of your best interest rates online.

 

It is very necessary to study the different lenders. Compare their services, rate of interest and then wisely choose the most feasible option for yourself. Finding the best possible deal is the key. The lender fees and closing costs can vary dramatically for each company. Don’t always choose the big banks and big lenders for your next refinance. You will find that these banks charge higher rates because of their big name. Many people who have never refinanced their home don’t realize that an ideal mortgage lender are those with smaller offices that have people who are available to discuss your mortgage refinance options and willing to help with your situation.

 

Run the Numbers First

For a mortgage refinance it is very important to calculate the break-even points.

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How to Lower Your Mortgage Payment

August 12th, 2011 webkriti

The most common way that home owners lower their monthly mortgage payment is by refinancing an existing mortgage. By refinancing you can save yourself from paying a higher interest and therefore pay less each month. Like any major financial decision there are factors to consider while evaluating your options. Let’s take a look at the benefits vs the risks of refinancing your current mortgage.

 

Benefits:

Today’s interest rates are far lower than they have been in the past years. In most situations, that means the current rates are lower than when you first financed your mortgage. Refinancing could provide a better rate of interest which reduces your monthly payment. If you happen to be someone who has ARM financing then a ARM mortgage refinance is something you should strongly consider. Although rates are low now and your current ARM rate may be low, this will not always be the case. It’s best to lock in your low rate before market changes causes an increase in interest rates and your mortgage payment increases. Sometimes, by refinancing you can even increase or decrease the loan payment period to extend the loan of pay it off sooner.

 

Risks:

There are often fees anytime you are financing a loan. A mortgage is no different.

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Small Business Grants and Loans for Women

June 16th, 2011 webkriti

For many, many years it has been true that white males dominate the business world.  Of late, minorities have been moving up the ranks, tackling executive positions, running multi-national corporations, and even venturing into the uncharted (for them) territories of entrepreneurship.  And along with changing times have come changing attitudes about who can succeed in business and the types of strategies that will hit big.  So if you’re a woman who is looking to start a business and you have both a great idea and a comprehensive plan, but find yourself woefully lacking in funds, then you’ll be happy to hear that there are a lot of resources out there geared at helping you get your enterprise off the ground.  Investors are one avenue of funding you may want to explore at some point, but why borrow when you can get the money for free (or at a reduced rate) simply because you’re a female entrepreneur?  You should start by looking for grants and loans specifically created to help you.

Of course, you need to know where to look.  And a good place to start is at the federal level.  The government has a wide range of both grants and loans available to help businesses that are just starting out, so make your first visit to Grants.gov to seek out grants for which you may be eligible.  Believe it or not, you may find several aimed at women in the business arena and the site makes it easy to apply for as many grants as you want.  Next you’ll want to speak with someone at the Small Business Administration (SBA), preferably in the Office of Women’s Business Ownership.  This organization may be able to help you secure a loan for your business at some of the best rates around.

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5 Big Mistakes Small Business Owners Make When Applying for a Loan

April 21st, 2011 webkriti


As a small business owner, there will likely come a time when you have to apply for a loan in order to start, stabilize, or expand your professional operation.  This is practically inevitable unless you happen to be independently wealthy or you are willing to liquidate personal assets to finance your business.  However, you should be aware that the road to securing funds from a lender can be fraught with roadblocks, especially if you neglect to put in the time and effort necessary to ensure that you have all your ducks in a row.  Here are just a few of the mistakes that many business owners make when applying for a loan – and how to avoid them.

1.       Mixing business and pleasure.  This is never a good idea, but it is especially pertinent to your finances.  By comingling your personal and business finances, rather than setting up some type of corporation and attendant banking to go along with it, you could be in for a world of problems.  Not only can this decimate your personal finances, putting your assets on the hook should your business fail, it can also go the other way.  If your personal finances are unstable, black marks will transfer to your business, making it extremely difficult to secure a loan.

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Finding Investors for Your Small Business

March 17th, 2011 webkriti


One of the biggest problems that many entrepreneurs face when starting their small business is the lack of initial funding.  Since most of us don’t have the capital on hand to get a business off the ground and keep it running until it starts to turn a profit, investors are a necessary evil (so to speak).  Of course, you may have to meet certain requirements or make some concessions in order to get the money to help your venture take flight, but if you truly believe in the potential of your business plan and you have done everything possible to ensure that it will earn enough not only to stay afloat, but to be profitable over time, then you should take help from every corner in your efforts to launch your new company.  Here are just a few different types of investors that can benefit your operation.

1.       A bank.  A bank loan is still the most common method of securing the funds needed to start a small business.  And with interest rates remaining low due to the recession, now is a great time to think about making your professional dreams a reality.  Unfortunately, banks these days are making it harder than ever to get a loan, so you’ll probably have to come prepared with a stellar credit score and possibly even some collateral.

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Funding Options for Your Small Business

November 25th, 2010 webkriti


These days, funding for any type of business venture can be fairly difficult to secure.  Although business lenders are playing an entirely different ballgame than the mortgage lending market, many have still opted to tighten the purse-strings in accordance with the dismal state of our economy.  As a result, you may face unexpected road blocks when it comes to starting your small business or keeping it afloat for the duration of the recession.  What you need to understand going into the process is that there are many types of business loans.  Some are going to be more desirable than others and there will definitely be those that are better suited to your purposes.  It pays to be aware of the different funding options available so that you can choose the one that fits your business and have a better chance of obtaining the monies you need to succeed.

  1. Grants. This might be the best way for you to get at least a portion of the funding needed to subsidize your small business because it comes from a federal, state, or private source that does not require repayment.  Of course, you have to be eligible to receive grant money, but that usually just means you have to find a niche.  Women and minorities starting a business can usually garner major assistance, and certain states that want to bring a particular type of industry to their locale (technology, film, eco-friendly construction, etc.) often have a number of grant programs in place to attract entrepreneurs.
  2. Bank loan.

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7 Resources from where you can get funds for your small business

November 19th, 2010 webkriti

Money is a very important factor when it comes to establishing your small business. You may be a very good businessman but that will not help if you do not have the adequate capital required to start off. You may need to opt for consumer credit counseling or various debt solutions in case you accumulate debts while starting your business. Thus, it is best to consider resources from where you can get adequate capital to invest in your small business while incurring the minimum debt.

Some of the resources from where you can get funded are as follows

1. Taking commercial bank loans: It is a very attractive option for small business entrepreneurs as these loans do not need you to turn over control or your equity. However, as a young company if you have a very small cash flow, then servicing a debt can become very difficult for you.

2. Selling and profiting: One of the most widespread and safe ways of funding your small business is by simply selling something and making a profit. After that you can keep the profit in the business. This amount that you earn as profit can be used to fund the next phase of the business.

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SBA loan fees returning

February 22nd, 2010 admin

Thanks to Florida First Capital Finance Corporation for this update that indicates the funds for eliminating soft costs for SBA 7a and 504 loans are exhausted so we are returning to the pre-ARRA regulations unless the Obama jobs bill is passed. The bill includes a provision to eliminate loan fees through September 2010. Read on…

The Small Business Administration (SBA) has announced plans to simultaneously wind down the temporary enhancements for the 504 and 7(a) programs and bring both programs back to pre American Recovery and Reinvestment Act (ARRA) terms.

In December, Congress and President Obama extended the temporary elimination of most up-front program fees for 504 and 7(a) loans as well as an increased guaranty percentage on 7(a) loans. Those enhancement funds, however, are now exhausted. Given this, the SBA has re-activated its Recovery Loan Queue effective Monday, Feb.22.

As was the case in November, 504 applications submitted as Recovery Act loans will be processed up to the point of approval and then will be placed into the queue awaiting the availability of funds. Sometimes previously approved loans are later cancelled or never disbursed for a variety of reasons.

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Small Business Lending Making a Comeback?

January 5th, 2010 admin

It appears that the SBA is showing an increase in the number of government backed loans. In the last quarter of 2009, the SBA backed over 12,000 7a loans as compared to the same quarter in 2008 where the total was only 9,000.

While encouraging, the last quarters numbers are quite a bit lower than the 20,000 loans guaranteed for the same period of 2007. Lets hope the upward trend continues.

According to a CNNMoney.com article on SBA lending, “SBA loans represent a tiny portion of the overall small business lending landscape, but they’re an important barometer of banks’ willingness to extend credit to startups and growing companies.”
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SBA ARC Loans in Northeast Florida

June 30th, 2009 admin

Rachel Witkowski writes in the Jacksonville Business Journal this week that not all banks are jumping on the ARC loan bandwagon. We are seeing a lot of activity and have been providing technical asssistance to applicants daily. Check the UNF Small Business Blog often for program updates.

Most bankers have either turned down or tiptoed cautiously into a new small-business relief loan program despite heavy demand pouring in from struggling businesses.

The U.S. Small Business Administration launched its America’s Recovery Capital, or ARC loans June 15 as an effort to temporarily help once-profitable small businesses now strapped with debt.

So far, a handful of banks in the market said they will offer ARC loans, but most said only to existing customers. An ARC loan has yet to be made in the market though applications are being sent to the SBA, lenders said.

Other bankers said they do not plan to offer the loans largely because the time and cost in making the loans well exceeds a typical SBA or business loan.

“Banks just can’t make money on that,” said Jami Bucy, regional sales manager for Alabama and Florida at BBVA Compass.

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SBA 504 Loan Now Allows Refinancing

June 25th, 2009 admin

Raymund Flandez of the Wall Street Journal continues to keep us informed on program changes in SBA financing. The SBA 504 program has recently been changed to allow for refinancing. SBA 504 is a popular fixed asset financing program that is guaranteed and requires a smaller cash injecture from the borrower than normal. Contact the UNF SBDC for program details.

Here is a free self paced training program called Finance Primer:Guide to SBA Loan Guaranty Programs

SBA Tweaks Rules of 504 Program

In its latest effort to help cash-strapped entrepreneurs, the Small Business Administration on Wednesday permanently changed a key loan program so that businesses can refinance if they plan to expand or buy equipment.

Previously, business owners could only take advantage of the SBA’s 504 program when they sought new loans to buy real estate, upgrade machinery and make improvements. Now, borrowers can refinance their existing SBA-backed loans as long as the amount is 50% or less than the total cost of expansion.

The change is designed to help business owners restructure debt under better terms and “improve their cash flow and enhance their viability so that they can grow and create jobs,” said Hayley Matz, an SBA spokeswoman.

For instance, a business owner who already has a $1 million 504 loan could now refinance that to buy $500,000 worth of equipment, Ms.

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ARC Loans: Not Everyone Will Get One..

June 24th, 2009 admin



Mark Deo writes in this Reuters piece (with a nod to Entrepreneur.com) about the hesitancy of banks to play in the SBA’s ARC loan arena. We have a number of ARC loans going in for approval and if our clients do indeed receive funding to pay down debt, it may well be the difference between sustainability and failure.

Will Anyone Be Saved by the SBA’s New ARC?

On June 15, banks began taking applications for the America’s Recovery Capital loan program.

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