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Small Business Loans – The Personal Guarantee Issue

Posted by admin on December 30, 2011 at 6:26 am in Finance
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Small businesses are the backbone of our modern economy. That being said, they suffer from the Rodney Dangerfield problem – they don’t get any respect. Whereas lenders will give huge companies boatloads of cash without a second thought, they often will not give small businesses the time of day. That is, of course, unless a personal guarantee is involved.

As a general rule of thumb, it is highly recommended that you do not personally guaranty your business unless you are in desperate need of money to keep your business going. If your business goes belly up, a personal guaranty will allow a bank to come after your personal assets. The first thing that you stand to lose is your home as it will often be the largest asset that can be liquidated to pay off your business loan. By personally guaranteeing a loan, you circumvent any protection provided by incorporating.

An even worse situation presented by a personal guaranty can arise if you are married. If you are married and have personally guaranteed your business, it is very possible for the bank to go after the personal assets of you as well as your spouse which will essentially strip your family of all its personal assets. That makes for a tense dinner.

The reality is that many business owners have no choice but to pledge their personal assets in order to secure a loan for their business. Banks will usually flatly refuse your loan application if you express your desire to not personally guarantee a loan. Even the SBA or the Small Business Administration states that an applicant who has more than a 20% stake in a business will have to personally guaranty their business loan to be eligible for a guaranty from the business. As you might already know, the SBA is often the last resort for business owners who have been turned down by banks.

Personal guaranties are often the factor that will decide the approval of a loan simply because the bank will feel much more confident about lending to you when you have your personal assets on the line. It will expect you to work much harder for your business when you have a vested interest.

Nobody said owning your own business would be a piece of cake. It isn’t. You’ll surely realize that when faced with the personal guarantee issue the first time. You should make every effort to avoid signing one, but should also realize that most small business owners end up doing so.

By: Thomas Ajava

Small Business and President Obama’s Stimulus Package

Posted by admin on December 29, 2011 at 8:49 pm in Business
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Recently the credit freeze has had effects on every area of the economy, including small businesses. Small business owners and entrepreneurs, both those in the business and those who are trying to make a fresh start after losing their jobs, are out of money and energy. They are looking to the government for help.

With the formation of his stimulus package, President Barack Obama is clearly hoping that he will give the financial assistance needed to get small businesses to act in a way that will boost the failing economy. The president has assured Americans that he is going to make sure credit is given to entrepreneurs and business owners. His administration believes that small business is the key to the economic recovery as they create about 70% of new jobs each year.

The stimulus package, officially the American Recovery and Reinvestment Act of 2009, became law on Feb. 17, 2009. It involves spending $787 billion in incentives and tax cuts with the goal being to kick-start economic growth and create new jobs in the next three years.

Obama has shown that he is committed to small businesses, increasing the budget of the Small Business Administration by 100% and giving out over $6 billion in small business loans since the package went into effect. Recently it has been suggested that bailout funds earmarked for banks may be diverted to small businesses. This would surly signal a shift in focus.

Many of our clients, having read about the plan in the newspaper or having heard about it on the T.V., are ready to accept the government’s promise. Legal professionals will have to help them sort through the messages and find the facts in order to help evaluate the pros and cons of the U.S. government’s Financial Stability Plan.

By: Bryan Hendersen

Receiving Government Grants For Small Business

Posted by admin on December 24, 2011 at 12:40 pm in Business
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Do you want to get some help in building your business? Are you facing some problem regarding your business? You do not need to worry because you have the government grants for small business. If you want to start you own business or if you are in the middle of the business and want some improvement then just turn to the government for help. The government has promised grants for all those who actually need them.

There are thousands of small as well as large companies which take the government grants for small business year after year. If you are interested in having a little business of your own then why not begin it with the help from the federal government? There is a great value of the small businesses in the global economy and hence the governments of the various countries are trying their best to improve and enhance the small businesses.

Essential Grants

The government grants for small business can be very essential to you. As a citizen of the country you have every right to this grant given by the government. The government of America has promised to give out more money than ever before.

So it is time to take these grants and also move a step forward to utilize these grants for your small business. You might not know that the government grants for business are not given by the federal government.

To get this grant you need to contact the state government. These grants are given by the state. You need to apply for the small business grant to the state government. There are a number of agencies present in the state which look after all the matters regarding the business grants.

These agencies will provide you with grants if you want to start a new company or even revive the old company. You will get every kind of help required by the state government agencies.

Other Grants

The federal governments too offer some kind of help to the little businesses. But these help is in the form of loans. The federal government offers the loan through the banks. The banks provide the owner of the small business with loans. The rates of interest for these loans are kept very low. The federal government offers some attractive packages of loans for the smaller business.

So you can even think of these loans as well. These will also be useful for your smaller business. If you have not applied for these grants then you might fall behind in the race with the other little business organizations. You can also apply for a number of government grants. Therefore the government grants for small businesses come in various forms.

By: Daniel J Stevens

Government Grants For Individuals Who Really Need It

Posted by admin on December 23, 2011 at 7:14 pm in Finance
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As your wallet gets thinner in these financially rocky times, you may start thinking about ways to get money that you’d have never considered before. One of the coveted but sometimes overlooked methods of grabbing some spare cash is through government grants for individuals – not companies or teams of scientists, but regular people like you and me. But too many people don’t even know what a government grant is!

A grant is simply money donated by the government for a specific purpose. There are an almost limitless number of programs designed to grease the wheels of this system and get money to worthwhile causes, programs for everything from getting out of debt to repairing your automobile. The biggest checks, though, are generally ones for small business owners just starting out, because a healthy economy is so vital to the country and because America takes so much pride in its small businesses. Even being homebound isn’t necessarily a disadvantage, you can potentially still get checks of up to fifty thousand dollars!

Once granted the money, you don’t have to pay it back. Ever. That’s the difference between a grant and a loan. No interest, no hidden fees… if you find those things involved, then it’s not a real government grant. However, it’s top priority for you to use the money for the reasons you stated it was for in the first place. Don’t think you can pull a fast one over ol’ Sam and get money ‘to help orphans’ and then spend it all on potato chips and beer! Even apart from the moral issues involved, it’s not worth the penalties if you get caught. Don’t screw yourself over, be honest.

You have to be an American citizen to apply for a grant – it’s kind of one of the insular perks of really ‘belonging’ to the country. You also, and this may seem obvious, have to be eighteen. Sorry kids! Try hunting down a good database and searching through it for any general programs you could potentially make it with. The process isn’t necessarily as legendarily sow as typical government bureaucracy – if you’re lucky, you can be cashing those checks in as little as a week. Be sure to act while the time is ripe! Although grants have been a longstanding tradition in America, no one has any way of knowing when individual programs will have their plugs pulled.

Don’t wallow in despair and cynicism over the government during times like these. Now more than ever, you need to have faith that the system isn’t wholly broken. Why not try out some government grants for individuals yourself and see if some of them work for you? You have nothing to lose, and plenty of green to gain.

By: Adam Hefner

5 Habits to Achieve Small Business Excellence

Posted by admin on December 23, 2011 at 7:15 am in Business
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Most small businesses gain their success in the industry not just because they introduced great ideas or because of their excellent customer services. There is a lot more than just having a great idea or friendly customer service department that makes a small business shine from the rest of the pack.

In order to have a quality business outfit, entrepreneurs need to develop these five practices and apply them effectively with your team:

1. Set Your Expectations Clear – You need to determine what you want and what the rest of the team’s goal is for the business. It is important that your business is going for a specific goal whether in terms of employees, services to customers, sales and the teamwork of the people involved. If you have clear goals, you can set your expectations and get them as you motivate everyone who is with you in reaching that goal.

2. Gather the Necessary Data and Analyze Them – All businesses have the passion for data gathering. A manager is working on the establishment’s data throughout the day. This is because it is important that the management team is up-to-date with what is happening within the business. There should be a regular flow of information coming into the management team.

3. Exceeding Expectations – Every business organization has their expectations and needs to handle 100% of that to their services. However, in case there is a need for more products or to give out more than 100% of the expected service, your business should be able to handle that. That is what all excellent businesses have that others don’t. Small businesses that can handle those types of expectations and are able to deliver to their customers have the opportunities of becoming large corporations.

4. Employee Promotion – Quality businesses develop their employees’ talents rather than hiring new ones every year or so. If you want to build a good relationship with your teammates, you need to stick with them and expand their knowledge about the trade. This will also save time in hiring and training new employees. If you trust your current employees and improve their skills, it will be a plus for your business in the long run.

5. Celebrate Victories – Include everyone in your business when celebrating your victories and successes. This will motivate your employees to work harder and better to gain more excellence and achievements in the future.

Building an excellent small business is all about developing your habits. Whether you’re the head of the team or an employee, taking a big part in the management team is important for the success of the business.

By: John Gotidoc

Small Business Loans – Made to Help You in Small Business Needs

Posted by admin on December 21, 2011 at 8:02 pm in Finance
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Starting a new business is very easy if you can manage the required money for the business related expenditures. The amount required for starting a business depends on the type of the business. The bigger it is the more money will be required. For small business not much will be required but still you have to be appropriate about the total cost before going for any loan. In such conditions, the ideal loans to be approached will be the small business loans.

Though these are for small businesses still are being divided into the secured and unsecured forms. The money offered in the secured loans will be a bit more than the unsecured loans. For getting the secured loans you must place collateral and the benefit of doing so is that lower interest rates will be charged on you. The repayment term too is good. While in the unsecured loans the offered amount is small and the rate of interest is high. But in one thing you will get relief that security will not be required here.

The bad credit holders too can enjoy the freedom of getting these loans and setting up their own new business. Not only for new businesses even, these are ideal for renewing your old business too. The poor records which are allowed in these loans include:

- County Court Judgments
- Arrears
- Late payment
- Skipping of installments
- Defaults
- Bankruptcy

The small business loans are ideal for any type of business. Each and everything that is generally required while establishing the foundation of these businesses will be provided by it. Through it you will be able to buy the land, can build your office or can buy an office, decorate it with the required furniture, hire people, buy the required machines and can also buy the raw materials. Thus, the all basics for starting a business are being provided by it.

By: Michael Brian

Types of Business Finance – Grant Finance

Posted by admin on December 20, 2011 at 9:31 am in Business
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Whether your business is small and new or large and established you will need adequate finance for the majority of projects, purchases and expansions you’re your business makes.

Obtaining the necessary cash to get your business off the ground can be a challenge and few new companies are able to finance themselves on cashflow alone and therefore need to consider gaining finance from other external sources. There are many of these external sources who will be willing to provide you with this start up finance, a few examples of these are stated below:

o Bank loans

o Business angels

o Venture capitalists

o Overdrafts

o Credit cards

o Friends and family

These are just a few examples of some of the places that business start-up finance is available from; however there is another source of business finance available that many people often seem to forget, this is grant finance. Business Grants can however take several months to process so you should always add extra time to your planning so that you get a decision on your grant application before the project is due to start.

A lot of start up companies and small businesses are often put off the idea of applying for a business grant to help them with their finances and because of this many of these businesses are missing out on a great opportunity to gain extra cash for there business; cash that doesn’t need to be paid back.

Few, if any new companies can finance themselves on cashflow alone and therefore need to consider raising finance from other external sources. If your business needs extra cashflow for a specific project or purpose then a business grant could be exactly what you need. This is because business grants are only awarded for specific aspects. So what exactly is a business grant? A business grant is when an organisation or authority gives a sum of money to your business to help you succeed in a particular project these business grants are mainly awarded by the Government at both a local and national level as well as by smaller bodies such as The Princes Trust or The Arts Council.

When you are applying for a business grant there are certain things that you should keep in mind such as a detailed description of the project, an explanation of the potential benefits of the project, a detailed work plan, details of your own experience and if possible a business plan. All of these will help you with your application process and help you to get closer to that business grant that you want.

If you are successful in your grant application the money that you receive is none repayable and you won’t have to pay any interest for it either; however you will need to carry out a significant amount of hard work if you want to stand a chance of obtaining a grant. These grants are also limited so the competition that you will face for them is intense.

By: Helen Cox

How To Apply For International Grants for Small Business

Posted by admin on December 19, 2011 at 7:14 am in Business
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One of the major objectives of international grants for small business is to provide startup capital for small-time businesses and give them an opportunity to compete in the industry. Although majority of the funds provided through the grant benefit non-profit organizations, the main objective for sending out these grants is to help small businesses find its way up from the bottom until it reaches its full potential.

If you are planning to start your own business, you might be interested to apply for international grants for small business. You can find out the detailed procedure on how to go about this process below.

Step 1: You need to look for providers of international grants for small business. There are several areas that you can look for. Majority of these grants are obtained through your local authorities, such as the state government. Another option would be to seek grants from corporations and industrial organizations. However, opting for grants provided by the government is more desirable for business owners as compared to the latter.

Step 2: You need to draft a good business plan. This is the most important prerequisite to applying for international grants for small business in order to get approval. You must then submit the business plan you have created to your desired grant provider, whether in local authorities or corporations.

Step 3: In writing your business plan, it is important that the borrower should mention specifically where and how they intend to utilize the grant money. In order to increase your chances of getting approval, you need to allot 50 to 80% of the grant money for business purposes. After all, the grant is mainly awarded to business owners for the purpose of helping you invest in your business.

Step 4: After the application for a grant has been approved, it undergoes several other procedures. The credit is further analyzed before a concluding report is made and forwarded to the lender. Once everything is cleared, the business owner can expect to get the money requested for in the grant application through the lender.

It is important to learn the right procedural steps to applying for international grants for small business. This will help ensure that you can boost your chances of getting an approval while also being able to choose from various types of funding sources to ensure that you can get the investment you need for your business. By following the procedures cited above, then you can be on your way to getting the startup capital you need to execute your business plan.

By: Laura Altbrite

Small Business Loans – Do You Have Funding?

Posted by admin on December 17, 2011 at 9:52 pm in Finance
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It leaves me queasy thinking about spending money that I don’t have. But in today’s world the amount of risks that someone is willing to take on a new business is getting slimmer by the day. The risk factor is what causes banks and other loan officers to sway one way or the other concerning small business loans. One way to build a relationship with one of these companies is a practice called business factoring.

Business factoring is a way for small businesses who can’t afford to pursue someone who hasn’t paid them for services rendered, and still get a portion of the money back. You would sell your receipts to a collection agency who in turn has the resources and manpower to collect the original transaction. This enables you to cover your end, though profit is scarce in this term of practice. This will however get your foot in the door and start building relationships with the people you need to in order to get a loan.

As people we are cautious and always worry whether we can live up to our obligations. Taking out a loan can be hard for ones ego, but you must be sure that even if things go sour with your business, you will still be able to pay it off. A lot of planning before opening your business venture needs to take place. You can’t be jaded by the illumination of the dream. For a dream to become reality we must nurture and perfect it so that we don’t need to compromise it. When your business takes off, the need for these kinds of loans begins to diminish as you start to make profit. But this does not make you impervious to the ups and downs of the economy. At one moment you will be doing great business and making a lot of money. Then the market can change and you realize you’re scraping for money. Small business loan offices will always be there as long as we have an economy fit enough to support them. We are here to help each other out in our successes and dreams. Don’t get discouraged if your business isn’t doing well. It will pick up, but you need to be able to plan ahead. Research the market before hand and realize when these slumps will occur.

In the realm of small business, one wrong decision can be the downfall of the company when it starts to gain ground. If you’re ready to give up after one or two bad years then I suggest you find another dream. There’s always going to be good and bad years. You just need to be able to stick out the bad ones and save enough money to be able to compensate for them.

By: Jason Ausmus

Benefits for small businesses using payroll software

Posted by admin on December 16, 2011 at 4:02 am in Business
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There are many things that small businesses need to do to make sure their firm runs smoothly, and one of the most important areas is payroll. It is imperative that they have a system in place that ensures that their employees are paid on time, and correctly, while also making sure the tax man gets the right amount of tax.

One way companies can ensure this is done effectively is by investing in payroll software, which can have many benefits for businesses.

Saving time

Firstly, if a firm does opt to have this software it can significantly reduce the amount of man hours required to control payroll. This is because the programme interacts with employee’s time clock systems and imports the hours that each one works.

Once this is done it can also work out tax deductions for staff – providing it is a system that uses a tax table subscription. Furthermore, if a clerk inputs the initial data for employees the programme automates this until the information or circumstances change.

Recordkeeping

Secondly, this type of small business software is more accurate than the old fashioned hand-written logs used by firms. The technology allows companies to keep on top of employee sick leave, holidays and personal time quickly and accurately.

It also means that accounting personnel can concentrate on doing their job, as the system also has an area where staff and managers can make inquiries.

Planning and reporting

Another benefit is that payroll software allows organisations to forecast labour costs and the system can interact with accounting and budgeting software.

On top of this, it allows managers and bosses to see detailed data reports so that they can make effective decisions on how to run the firm and where to take it in the future.

This also means that they know how much money is leftover for pay increases and bonuses and whether there is enough left to recruit new staff or not.

Money saving

Finally, by integrating payroll systems into companies it can save them money, which is probably the most important benefit of all. Once the technology is installed it also gives firms the opportunity to cut their costs by reducing the amount of payroll positions they have as the programme is automated.

Furthermore, these four important factors can in turn lead to a happier workforce as they get paid on time and correctly, the taxman gets the right amount of tax and the payroll section of businesses can run more effectively and efficiently.

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