Think again. Asset-based lenders and factors may be ready to help you grow your business.
By Elaine Pofeldt
One of the unfortunate ironies of seeking small business financing is that when your business needs cash the most, traditional bank loans can be the hardest to get. It’s not difficult to understand the reason: If your business is in a financial crunch, bankers may be nervous about your ability to pay them back.
Published Apr. 29, 2013
This document provides access information for the weekly business loan information webinar conducted by CDC.
Steve Strauss, founder of www.theselfemployed.com, explains why establishing business credit is so important and how to go about doing it.
About the Author
Steven D. Strauss is a lawyer and writer and is one of the country's leading experts on small business as well as an international business speaker. The best-selling author of 17 books, his latest is the all-new 3rd ed. of The Small Business Bible. You can listen to his weekly podcast, Small Business Success Powered by Greatland, visit his new website for the self-employed, TheSelfEmployed, follow him on Twitter, and "like" TheSelfEmployed on Facebook. You can e-mail Steve at: sstrauss@mrallbiz.com. © Steven D. Strauss
Published Mar. 29, 2013
Learn about alternatives for small business financing and increasing the appeal of your loan application.
Typical Requirements to Obtain a Bank Loan
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Credit Score of 700 or above.
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Cash flow sufficient to make loan payments from day “1”.
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Collateral sufficient to cover entire loan.
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Obtaining a loan for 100% of capital needs is usually not possible. Lenders usually required borrowers to have some personal or other source of cash to cover at least 25% or more of the total need.
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Summary
Hear from Ami Kassar of MultiFunding LLC as he provides an explanation and description of the issues that small business owners have to think through and prepare for as your get your business ready for funding - at all stages.
Presenter: Ami Kassar, MultiFunding LLC
Duration: 1 Hour
Host: SCORE Association
About Ami
Steve Strauss, founder of www.theselfemployed.com, explains the concept of seller financing and how/when it may work for buying a business.
Q: I have been offered a chance to buy a business and the owner is willing to finance part of the purchase. What I mean is that I cannot afford the $50K he is asking but he said he would be willing finance half the cost over 5 years if I could come up with the other half -- $25,000. It seems too good to be true. Is it?
Robin
About the Author
Steven D. Strauss is a lawyer and writer and is one of the country's leading experts on small business as well as an international business speaker. The best-selling author of 17 books, his latest is the all-new 3rd ed. of The Small Business Bible. You can listen to his weekly podcast, Small Business Success Powered by Greatland, visit his new website for the self-employed, TheSelfEmployed, follow him on Twitter, and "like" TheSelfEmployed on Facebook. You can e-mail Steve at: sstrauss@mrallbiz.com. © Steven D. Strauss
The seven Minnesota Chapters of SCORE have jointly developed a series of online on demand recorded webinars. These topics cover issues beyond what we can provide in a Face-to-Face workshop setting due to their use of technology and newest of the issues to new entrepreneurs. Click HERE to view the topics currently available.
Washington, D.C. - See how the small business community feels about acquiring capital and how they are securing financing, where are they looking, and how are they succeeding. New in 2013, SCORE, mentors to America’s small businesses, will be releasing regular and timely infographics about small business topics and trends. Visit www.SCORE.org for more information or email questions to media@score.org.
Published Mar. 18, 2013
A look at the different venues that small business owners use to obtain capital for growth including loan approval rates and the total cost on a business, in time and money, of financing.
A look at the different venues that small business owners use to obtain capital for growth including loan approval rates and the total cost on a business, in time and money, of financing. Learn more by downloading the graphic that explains, "Where do I get the capital for growth?".
After several years of financial market upheaval, banks have once again opened the lending window to viable small businesses with proposals that meet the loan threshold at the bank. But as Chicago-based author and consultant Carol Roth notes, the number of loan approvals is not high because the banks are determined not to repeat past mistakes.
While banks remain a primary small business funding option, this is the time for entrepreneurs to consider some alternate sources of start-up or expansion capital.
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