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 discusses how to decide if it's time to refinance your business debt.
Presenter: Ami Kassar, MultiFunding LLC
Duration: 1 Hour
When: Thursday April 25, 2013 at 1:00PM Eastern / 10:00am Pacific
Host: SCORE Association
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.
Related Topics
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.
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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.
Related Topics
Published Feb. 18, 2013
SCORE ExpertAnswers
Len Fischer, founder of Benetrends, shares expert tips on obtaining financing to start or grow your business.
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Q: |
With the economy showing signs of continuing recovery, has it become easier for small businesses to get financing?
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About the Author
Len Fischer, a long-time expert in corporate financing issues founded Benetrends in 1983 to help entrepreneurs use their qualified retirement savings to purchase or recapitalize companies. Since then, more than 10,000 entrepreneurs have utilized his expertise to build successful businesses.
Published Feb. 7, 2013
Ask SCORE
I’ve recently taken my business plan for a new and innovative consumer product to several banks seeking funding, but have had no success. What are some other financing options that might be available to me?
Summary
If you've tried all your local banks and are still searching for financing for your business, don't lose hope. Sign up for this live webinar and let expert Ami Kassar of MultiFunding LLC show you what small business financing options are available. Join us to learn the ins and outs of different loan programs - including bank loans, SBA loans, factoring, asset based lending, equipment finance and cash advance lending.
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