Personal Loans vs Credit Cards: Which is right for me?
Looking to borrow money for a start-up or even for home improvements can be a stressful time. One of the first questions to ask yourself is whether you should be borrowing from a bank or obtaining a line of credit from another financial institution. Here, we take a look at the pros and cons of each route… If you’re after more than five thousand pounds, be it for a large purchase or to consolidate debts, a personal lona might be your best option.... Read More
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
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
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 →
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
Obama’s Small Business Loan Fund Stalling
Obama’s Small Business Lending Fund was proposed in his State of the Union address last January 27th, and yet more than a month later, business owners still do not know the details of the plan. Mr. Obama claimed that local banks are more supportive for small businesses, and thus they will receive the $30 billion in repaid TARP funds to help continue to prop up small businesses suffering from a poor economy and a lack of credit. According... Read More
Richest Man in the World – Carlos Slim Helu
The richest man in the world, Carlos Slim Helu has positive projections for Mexico and the Latin American economy Forbes reported this past Thursday. With more than 200 different types of businesses from telecommunications, energy and tourism, the billionaire tycoon worth a whopping $53.5 billion, has taken upon himself the civic responsibility for creating additional wealth from wealth to help drive the world’s economy. “Wealth, either... Read More
Big Banks to Increase Small Business Loans in 2010
Big Banks have started to answer to the government and the nation, claiming that they will significantly increase small business loans this upcoming year in 2010. However, no information has been released on how the banks plan to do this, or what requirements they will have. Furthermore there is a question of what qualifies as a small business as there is no standard for this. JPMorgan Chase & Co. plan to extend an addtional $10 billion... Read More