Small Business Resource » Small Business Loans

Lower Your Current Interest Rate

webkriti — Sun, 14 Aug 2011 00:35:42 +0000

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. A little time for the calculation can save a lot of money. Do not ignore this process. Refinancing a home usually costs three to six percent of the loan amount. Ask your mortgage lender to give you a fair idea on the estimated cost, it can help make an effective financial plan.

Calculating the cost that you can save with the refinance and compare it with your current cost is always suggested. For example, if you will save $100 each month and the refinance costs $1,200, you will recoup your costs in one year. For this you can save amount to pay the rest of the loans.

Credit Rating and Home Equity

There are two important elements that are connected with the approval of the home refinance: equity of your home and your credit score.

Borrowers with a credit score of 720 and higher will usually qualify for the lowest mortgage interest rates. Before applying for the mortgage you should get the free annual credit report and the review of your credit. The most common ways to enhance your credit score are paying bills at the right time, reducing consumer debt such as credit cards and personal loans, etc. It is always good to keep your credit card below 30% of your credit limit. Check it thoroughly to avoid any mistakes. If you do find that your credit report is not accurate, you can immediately take action and remediate the discrepancies.

The next important factor is the home equity of your home. The home equity is more difficult to determine without the assistance of someone with industry experience. This may include an appraiser, realtor, or mortgage lender.

Conclusion

The time you spend reviewing your options and speaking with mortgage professionals will help get your mortgage refinance at the lowest possible interest rate. Don’t hesitate to look into your options, the current market is susceptible to change and will likely increase interest rates for everyone. In either situation, its best to keep your options open and invest in the time to review the programs that are available to you.

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How to Lower Your Mortgage Payment

webkriti — Fri, 12 Aug 2011 17:34:13 +0000

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. Although the costs may differ depending on who you choose to fund your loan, it is expected that there will be a cost associated with the refinance. The cost can easily be overcome by looking at the loan long term. In most situations the borrower can make up the upfront costs within the first few months and furthermore can save even more money for the following years. In many of the following situations the benefits outweigh the risks. Each person’s situation is different and should be evaluated by a mortgage professional.

Lower Interest Rate

For a mortgage of $100,000 amortized over 30 years, you could decrease your monthly premiums by $47.91 by refinancing from a 6.25 percent interest rate to a 5.5 percent interest rate. In addition you could also save $17,253 in interest charges over the life of the loan. Lowering an interest rate is the number one reason people decide to refinance. In today’s market this has driven high demand to refinance because of the low interest rates that are available.

Term Increase or Decrease

If you extend the term of a $100,000 mortgage at 6.25 percent interest from 15 years to 20 years, you could reduce your monthly payments by $126.49. On the other hand, if you have an existing mortgage term of 20 years and you refinance to a 15 year term, you could cut the time it would take to pay off your mortgage by 5 years. Both of these options could be reasonable reasons to refinance. Depending on your future financial plans either of these options may be suitable for you.

It is also possible to go for the both less interest rate and term adjustment. For this you need to negotiate for the lowest possible interest rate and then calculate the term that is most suitable for you.

Interest Only Mortgage

You can make your monthly premiums to the least possible amounts by refinancing with an interest-only mortgage. After the end of a typical five or ten year interest only period, your monthly payments will increase accordingly. Be cautious of these loans because the risk factor in this process is much higher. After the expiration of the interest only period, the monthly payable amount becomes very high. It is suitable for those who are facing a temporary financial problem but at the same time expecting a good financial condition in the future.

Conclusion

When you refinance your loan you must make sure that you have chosen the best possible option for your situation. Even though the new loan may offer a lower interest rate you may find yourself paying more than you need to. If you have any questions about the benefits or risks of refinancing please contact a preferred mortgage lender.

Small Business Grants and Loans for Women

webkriti — Thu, 16 Jun 2011 09:27:52 +0000

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.

However, you needn’t stop there and head straight to the bank if you strike out. Organizations like Startup America (and many others) are looking for bright, energetic, motivated people like you to back in their business ventures. Startup America, in particular, receives funding from companies like Google, Facebook, and IBM, which bodes well for people with big ideas who just need a little seed money. They may not be geared towards women exclusively, but that doesn’t mean you can’t qualify to receive funding from them. So exercise due diligence: seek out organizations like this one and make a bid for recognition and financial backing.

Finally, you can pursue opportunities at the state and local level. Look into statewide initiatives offered by your state’s government (often they can be found through a state business portal, an office of small business advocacy, or an office of economic development, just for a few examples). And don’t neglect to check in with your local Chamber of Commerce. You may be eligible for grants or special loan rates simply because you will bring new business and employment opportunities to the community. They may even be able to direct you to angel investors looking for the next small business to offer their money and expertise.

Sarah Danielson writes for Totally Money where you can find out how to get a loan with poor credit and browse through different options for cheap loans.

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

webkriti — Thu, 21 Apr 2011 05:45:29 +0000

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.

2. Approaching the wrong institution. Most business owners mistakenly believe that one lender is as good as another. This is patently untrue. If you do a little research, you’ll quickly find that some institutions are far more likely to loan to businesses. In addition, each lender will have different requirements. So doing your homework ahead of time could save you a lot of heartache, paperwork, and rejection in the long run.

3. Using an inexperienced banker. Again, you need to exercise due diligence on this front. No matter which lender you approach, there are going to be people there who are more experienced with the type of loan you are looking for. Finding the right individual to advise and guide you through the process of application will greatly improve your chances of receiving approval and ultimately, getting the loan you need for your small business. Do not overlook this important factor!

4. Providing insufficient or faulty information. A good loan officer should be able to tell you exactly what information needs to be provided in order to secure the funds you need. And there will likely be stacks of paperwork to fill out. But none of this ensures that you’re doing everything right. It’s a good idea to cross-check information by talking to more than one lender (the requirements may vary from one institution to the next, but they’re likely very similar), as well as checking in with a legal advisor and your tax preparer so that everything is accurate.

5. Blowing the interview. Treat this just like a job interview, because the person you interview with actually does hold the key to your future, so to speak (or at least the keys to the vault). Be professional, honest, and courteous at all times if you want to do everything within your power to ensure that your loan is approved.

Sarah Danielson writes for Auto Calculator where you can find information on buying a new car and much more.

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Finding Investors for Your Small Business

webkriti — Thu, 17 Mar 2011 04:56:56 +0000

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.

2. Family and friends. Another option is to bring your family and friends on board as investors. Of course, there are both benefits and drawbacks to this plan. While the people who know and love you may be more lenient about payments than a bank, they will want their money back eventually, and a failure to repay (or extended delays) could spell trouble for your personal relationships.

3. Small Business Administration. The SBA is a good option for two reasons. First, and most importantly, they offer loans for those looking to start a small business (and they are geared towards business, as opposed to other lenders). Second, they have mentorship programs that allow new entrepreneurs to benefit from the experience and intelligence of others in the business community.

4. Angel investors. The interesting thing about this type of investment is that it can be an individual or a firm. And while they often have a lot of capital on hand to invest in promising new businesses, they also offer something far more crucial to long-term success: advice. When you’re just starting out, you can probably use both.

5. Silent partners. Alright, let’s be honest; this is basically a contradiction in terms. Anyone who is funneling a significant amount of money into your business is going to want a say in how their investment is handled. You’re going to have a very tough time convincing anyone, especially a stranger, that you are better equipped than them to manage their money and that they should cede all control to your superior expertise. However, you can probably draw up some kind of contract with acceptable milestones to appease your investors and get them to let you run your business instead of spending all your time reassuring them.

Sarah Danielson writes for Purchase Order Financing. With PO financing you can grow your business and pave the way for more.

Funding Options for Your Small Business

webkriti — Thu, 25 Nov 2010 04:16:44 +0000

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.

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.
Bank loan. Probably the most common way to secure funding for a start-up, this is simply not always the easiest way to get the capital you need, especially right now. However, with a solid business plan, top tier credit, and collateral in place (and possibly other investors), you can probably work out a loan that fits your needs (plus, you retain complete control of the decision-making process).
Merchant cash advance. This is an interesting option that may work well for a business that’s already in operation. But it does require a rather specific set of criteria to utilize. First of all, you should know that it’s an advance given by a creditor (not a loan) so the rules that limit interest rates for lenders do not apply. As a result, you could end up with an interest rate somewhere in the neighborhood of 30% (even more as it compounds over time). However, if you have poor credit that prohibits you from getting a loan (even though your monthly returns are pretty high), you are a good candidate for this type of funding. Plus, you won’t have set monthly payments. Since you make a deal with the creditor to pay them off with a percentage of your earnings each month, their take will fluctuate in accordance.
Venture capital. This is not the best option for anyone who wants total control of their business since anyone throwing money at your company in the millions is going to want a say in how it’s spent. But if you need a lot of money to realize rapid growth and all the pieces are in place to show a serious return on investment within the next 3-5 years (as in, public offering or selling out), then venture capitalists can provide the funds you need right now and down the road to reach your goal (although they will take a hefty percentage upon realization of said goal).
Private investors. This could be anyone from family and friends to “angel” investors (wealthy merchants who invest in small businesses with the goal of mentoring in exchange for a cut of the profits). The nice thing about securing funds from private investors is that you can likely keep full control of your business even though you will have to repay their investment with interest (often at a lower rate than banks offer) or get into bed with them indefinitely if they opt to take a percentage.

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

webkriti — Fri, 19 Nov 2010 09:14:23 +0000

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. This way of funding has very low risks as in case your business fails, you do not end up loosing your house.

3. Using your savings: You can also use your savings to finance your small business. In many cases people use all their savings just to keep going. Thus it is better to use all your savings to fund your business so that you can enjoy profits from your company.

4. Getting a home equity loan: These types of loans are cost effective as compared to other types of loans as the rate of interest that they offer, are one of the best rates available in the market. However you should carefully consider using this option. This is because if you choose this option, then you will be risking your home to start off your business.

5. Using credit cards: A very easy way to access cash is using your credit cards. As in case of small business you may need small funds very often, you can opt for this option. However, you should remember that this option can become very expensive for you. The credit card interest rates are much higher than those that are charged by conventional loans.

6. Small business loan guarantee: This is not exactly a loan; this is a guarantee that ensures that you get a bank loan. The small business administration is a federal agency that does not loan you any money directly. However it guarantees 75% of the loan that is provided by private lenders. The one condition attached to this is that, you will have to show that you are not being able to get conventional loans at favorable terms. You can get information about SBA loans from most banks.

7. Taking help of business angels: Wealthy individuals who want to invest in your business can also help you fund your small business. These individuals are called business angels. They can often offer you help that is very reasonable. The one disadvantage that this option has is that the business angels can interfere with your business decisions as they get a stake in your business. This may become troublesome at times.

These are a few resources from where you can get funds that will help you finance your small business.

Copyrighted by Justion Scoot who is associated with the Creditmagic Community making regular contributions as a member of the community. Not only has be made notable contributions to the community, he has also written articles for different financial websites.

SBA loan fees returning

admin — Mon, 22 Feb 2010 20:51:00 +0000

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.

The queue takes this into account and will allow eligible small businesses, in consultation with their lender, to choose to be placed in this queue for possible approval if funding becomes available. Small business owners and lenders will have transparent access to the queue via www.sba.gov/recoveryq and will be able to remove themselves from the queue at any time to be considered for a non-ARRA SBA loan with all applicable fees.

Through the original $375 million and the additional $125 million in appropriations for the temporary enhancements for both programs, the SBA has supported more than $20 billion in lending to small businesses across the country and seen its average weekly loan volume increase by nearly 90% since February 2009.

Currently, the SBA and Obama Administration are working closely with Congress to secure passage of the Jobs Bill, which contains an additional $354 million to extend the program fee eliminations through Sept. 30, 2010. That bill also contains provisions that would increase the cap on 504 loans to $5 million for standard small businesses and $5.5 million for small manufacturing businesses. 504 loan caps are currently set at $1.5 million ($2 million if a public policy is met) and $4 million, respectively.

The Obama Administration also recently proposed further legislation to temporarily allow for the refinancing of owner-occupied commercial real estate loans under the 504 program. Currently, 504 loans cannot be used for the refinancing of maturing debt. This change would respond to the difficulties many current, solvent borrowers face in refinancing existing commercial real estate loans.

Under the proposal, businesses with a loan maturing in the next year and who are current on all loan payments would be eligible. Lenders that are refinancing mortgages for existing customers would make a loan for up to 70% of the current property value; and the SBA will help finance the remaining 20%.

For new lenders taking on a refinancing project, the SBA would take on a greater share of financing, up to 40%. The SBA’s proposal for a temporary, zero-subsidy commercial real estate refinancing program would be funded through additional fees for refinancing projects, not through a Congressional appropriation. This proposal will help refinance up to $18.7 billion each year in commercial real estate that might otherwise be foreclosed and liquidated.

Small Business Lending Making a Comeback?

admin — Tue, 05 Jan 2010 17:43:00 +0000

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.”

SBA ARC Loans in Northeast Florida

admin — Tue, 30 Jun 2009 10:45:00 +0000

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. “If anything, they’re going to lose a lot of money on the loan.”

Part of the concern with the ARC loans from a banker’s standpoint is that typical SBA or small-business loans can have a much higher interest rate. The SBA, rather than the borrower, pays the interest and then the borrower can defer the principal payment for up to 12 months after the final loan payment by the SBA, which makes payments for six months. The interest on the loan is the prime rate, which is 3.25 percent, plus 2 percent.

“Our branches are really being bombarded by requests for it,” Bucy said. But since the risk is higher and the loans are smaller, Bucy said the bank is not participating at this time.

“We still have been very successful in helping business owners through a lot of the regular SBA loans,” she said.

The limit on the amount per ARC loan was also considered very small by most bankers, which means they would have to produce a lot of them to make a profit. And the SBA has limited participating banks to no more than 50 ARC loans per week until the amount set aside by the SBA for the program runs out.

The $35,000 limit “is not a huge loan and so there’s a segment of the market that it just is not going to help,” said Randy Chesak, executive vice president of commercial banking for North Florida at SunTrust Bank. However, the demand is high and the bank, which is participating in ARC, is beginning to get some traffic for the program.

A qualified business can use the loan for the sole purpose of paying down principal and/or interest payments on existing qualified small-business loans including mortgages, traditional SBA loans, capital leases, notes payable to vendors or suppliers and credit card obligations. The money cannot be used for refinancing existing debt or capital expenditures.

Most of the banks that said they were participating have only begun to process applications to submit to the SBA for approval. The SBA approved 72 ARC loans from 42 lenders in 21 states within the first week of the program’s launch as of June 22. None of those were local, according to the SBA’s North Florida district office.

About 40 to 50 lenders in North Florida have called about the program, said Ralph Ross, deputy director of the regional office.

“There are a lot of lenders who are undecided. Some said they will do it, but only to existing clients,” he said. “We had quite a few calls from banks that are flat out not interested.”

But like any new lending product, Ross said it may take some time for lenders to jump on board.

The Small Business Development Center at the University of North Florida released a list of lenders nationwide that are participating as of June 23. Among 12 participant lenders, more than half are offering it only to existing clients. Eight of the 12 have offices in Northeast Florida.

The question remains: Which of those locally will participate? Regions Bank, SunTrust and Wachovia Corp. were the banks offering it locally so far, said Paul Arrington, certified business analyst at the center. Wachovia and SunTrust spokespeople said they are offering it to existing and new customers.

The work and resources required to make ARC loans may cause some lenders to say it doesn’t make sense, but being a struggling business in this economy “we think holistically it makes sense to do,” said John Asbury, executive vice president and business banking division head at Regions Bank.

Regions is offering ARC loans to existing clients only. Asbury said since all banks are limited on the number of ARC loans per week, Regions is going to address its struggling existing clients first. Regions is a preferred lender with the SBA and one of the largest in the country.

The bank is receiving a lot of inquiries from small businesses about the program and has begun to process applications, but it has received fewer applications than the “overwhelming” amount expected, Asbury said. Some of that has to do with clients misunderstanding what is required for an ARC loan.

For example, the small-business applicant is required to prepare two years of financial projections and demonstrate it has the ability to service both existing debt and the ARC loan after the 18-month deferral period. The qualified business must also be less than 60 days past due on its existing loan at the bank.

“This program will help a subset of clients experiencing financial hardship,” he said. “It’s a bridge to a better economy making the assumption that things will get better as a business owner to where I will be able to service the debt.”

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