Published Jan. 28, 2013
This paper will outline ways to stay ahead on your business accounting and financial paperwork. These simple weekly steps will save you major at tax preparation time as well as providing useful ongoing operational financial information to guide your business decisions.
About the Author
30+ years of retail experience with two Big Box corporations, managing numerous multi million retail outlets within New Hampshire. Experience included meeting or exceeding operational goals, profit, expense control, and customer experience.
Published Jan. 2, 2013
A comprehensive description of what a lender is looking for to establish the credit worthiness of a borrower. The 6th "C" is a recent addition.
Lending institutions want to lend money because it’s the way they make money. However, they only want to lend money to a borrower who is able to repay the loan on time and in full.
Published Jan. 2, 2013
n/a
Virtually all businesses, at some point, need to borrow money. The question is, how do you convince someone to lend it to you? Although most new ventures are financed by the resources of family and friends, at some point it will be necessary to approach a commercial lender.
What does a lender look for? What criteria do they use? In the past, you would hear about the mysterious “Three Cs of Credit” (sometimes there are even five). That is:
About the Author
Warren G. Purdy is an Associate Professor at the University of Southern Maine School of Business. He began his career at the Federal Reserve Bank of New York and worked as a loan and investment officer at Citicorp. He is former president of the National Association of Small Development Centers, and has consulted on behalf of numerous Fortune 500 companies, private firms, and governmental agencies. Recognized as an authority on small business, he has testified before the U.S. Senate and House of Representatives Committees on Small Business and has authored three books on business planning.
Published Jan. 2, 2013
A description of various SBA loan guaranties. See also SBA Financing Alternatives Part B
Published Dec. 14, 2012
This is a description of various SBA (7A) loan programs.
Published Dec. 14, 2012
This is a description of a revolving loan program to provide potential funding for business owners locating within the limits of the City of Green Bay.
Published Dec. 14, 2012
This is a possible alternative to traditional financing for new and established business owners in Northeastern Wisconsin.
As part of her job, Kris Hart-Zamecki regularly coached young women in the foster care system to follow their dreams. Then one day, she realized she needed to follow her own advice. After years in the motorcycle industry, she had the experience and insight necessary to develop a great product. All she needed was a little insight into the basics of business planning from the experts at SCORE to help her create a successful business out of it.
www.royalriding.com
My Successes
Royal Riding designs, manufactures and sells custom seat covers for motorcycles, wheelchairs, saddles and truck cabs. The company’s mission is to “enhance your riding experience better than you ever imagined.”
Thanks to a $50,000 loan from the EDC-VC, Royal Riding has been able to purchase new product, solicit new distributors, develop new product lines and hire two additional employees.
The company recently received a Spirit of Small Business Award from the Pacific Coast Business Times. In just three years, sales have soared to 19 times their first year’s revenue!
What's Great About My Mentor?
Of her SCORE mentors Kris comments, “When I walked into SCORE I was on the brink of bankruptcy, they walked me through a batch of bad product, employee theft, business plan development and expansion, and kept me accountable with my own financial reports. But most importantly, they have been my biggest cheerleaders when I wasn’t sure if I could do this or not!”
How SCORE Helped
Kris came to SCORE already having started her business but with no clear plan for where it was going. She said, “I had not written a business plan, I had done everything backward. At this point, the only things going for me were a great product and determination!” She says the “How to Write a Business Plan” workshop taught by mentor Michael Scotto made her fall in love with SCORE and put her on the fast track to a clear vision for the company and ultimately obtaining the financing she needed. Kris said, “Without SCORE I would have never known of this loan agency, the EDC-VC, and I would have been bankrupt. Now I’m flourishing.”
When was the last time you had fun learning about the US Constitution? A study in 2011 revealed that fewer than half of Americans could answer basic questions about the Constitution, a document critical to our country’s history and present. Two teachers from California, David and Pamela Barret, identified this need in the market and used their years of experience in the education field to create an engaging and effective way of filling that need.
www.constitutionquest.com
Temecula
CA
United States
My Successes
David and Pamela spent many months brainstorming, researching and outlining questions on Post-it notes that lined their bedroom wall before the board game became a reality. They chose to manufacture the game within the U.S. despite the higher production costs. It was an important marketing decision that has paid off. In just 3 months of production, they sold 600 games. Pamela commented, “We are just thrilled. I would love to get it in as many hands as possible. Our goal is constitutional literacy.”
The Barrets originally identified their target market as homeschool families looking to incorporate civics into their lessons. But they’ve also noticed demand coming from other groups including classrooms, grandparents, chapters of the Daughters of the American Revolution, and individuals preparing to take their citizenship exam.
What's Great About My Mentor?
The couple spoke of their SCORE mentor saying, “Bob Godlasky has connected with other experts at SCORE to ensure that we are on track toward success. We know that we can shoot an email to Bob to get advice on answering those burning questions that keep us up at night.”
How SCORE Helped
The Barrets say, “We have built our small business with tons of blood, sweat and tears! It’s been nice to have listening ears and a guiding hand along the way. SCORE of Orange County has encouraged us and suggested trainings that have proven to be very helpful in terms of advertising, social media, financing and writing a business plan.”
1628 NW 28 street
Miami
FL
United States
What's Great About My Mentor?
Dan Reinhardt would not give up until he got what was needed.
How SCORE Helped
My Score counselor helped me with a large need for financing to overcome a working capital shortage. He worked with me through 4 different organizations until he got what I needed and has not stopped!
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