Looking for a small business loan?
Are you looking to obtain a small business loan for your business? You probably have been to your local banks already and they either declined you or are engaging you in a long drawn out underwriting process. If you are in the service industry then you can probably forget about it. If you haven’t been in business for at least 10 years as well then well you probably won’t qualify either. In fact if your credit isn’t immaculate... Read More
2010 Small Business Loan Act – Just An Act
Small businesses have been suffering this last economic recession – there is no doubt in that. But it is simply not true to say that businesses have not been able to receive credit lines from banks. Bad businesses have not been able to because after the largest banks including Bank of America, Citigroup, and Wells Fargo collapsed and needed to be bailed out by the government, they decided to tighten up their lending practices by not investing... Read More
New Small Business Loan Bill Passes
The Senate passed the Small Business Lending Fund Act of 2010 which will free up bank’s capital by allowing them to amortize or write down losses over a 6 to 10 year period. The new legislation will create a $30 billion fund designed to boost lending to small businesses which suffered over the past few years in the financial crisis. This new program would provide the funds to local community banks that would extend a line of credit to small... Read More
Banks Bounce Back, Or have They?
David J. Lynch recently wrote an article “Banks bounce back, but can they handle the next crisis?” in USA Today. The real title of the article should have been “Banks bounce back, or have they?” As Mr. Lynch so astutely points out , banks are still displaying poor signs as bank balance sheets are weak, and as Simon Johnson, an economist at MIT says that while banks are being more cautious, the overall “culture remains... Read More
Small Business Loan Lending Continues to Decline
Small business loan lending continued to decline in Milwaukee as the Small Business Loan Administration only approved $9.1 million, which is down from 29 percent from $12.7 million in August 2009. The number of loans is down almost by more than 40% from last year. This past spring, the SBA ran out of funding for a stimulus package that eliminated and reduced many of the fees incurred, and increased guarantees to 90% for most small business administration... Read More
$30 Billion Senate Bill Moves Forward
A legislation bill which boasted a $30 billion lending package, $12 billion in tax breaks, and an additional $1.5 billion for various state loan programs and other tax breaks , jumped the 60-vote Senate bar on Wednesday. The bill is meant to help the thousands of small businesses in America which have been struggling in the economic downturn. Read More →
Debt Consolidation
Many merchants and small business owners suffer from high credit card debt and loans. An easy way to consolidate all that debt is by receiving a lump sum of cash to pay off venders, credit cards, and other financial institutions the small business owners owe. By consolidating debt into one payment, merchants can focus more on the actual running of the business rather than worrying about making payments. A merchant cash advance can payoff venders... Read More
Miami Herald Reports Push for Small Business Loans
Karen Mills, the administrator for the Small Business Association (SBA), is receiving praise for increasing lending to small businesses and in particular, credit for the government’s decision to guarantee 90% of loans for businesses that would not normally qualify. In a Miami Herald interview, Mills said that Banks weren’t lending to small businesses because of two reasons 1) they didn’t have any money, and 2) they didn’t want... Read More
SBA 504 Loan Total $19.3 Million in AZ
There is a great sign that the Arizona economy is bouncing back Bizjournals.com reported, as SBA 504 loans jumped to $19.3 million in Feburary, up from January’s $12.7 million and December’s $7.5 million. SBA 504 financing helps small business owners purchase commercial real estate, including buildings and large real estate. The loan aids businesses in conserving working capital and helps them retain liquidity. The program was... Read More
Daylight Savings
As we approach spring, the snow melts with the warm weather, the birds begin to chirp, and people begin to crawl out of their winter holes with sunglasses to see daylight. Most likely, we will see a renewal of business, as people’s mood improve and consumers begin to spend again. Additionally, daylight savings adds an extra hour of sunlight to our days and we can pack more work which means more productivity in those hours of sunlight. ... Read More