Commercial Loans

How Does SBA Loan Counseling Work?

A small business administration Counselor can assist you in getting a SBA loan in the following ways. First of all they can sit you down and discuss your business plan if you have one and if you do not have one they can help you to create a new business plan for your business. Having a business plan is instrumental in your success as this will demonstrate where you are spending too much money and will also show you where you are not spending enough money.

It is important to understand what your costs are and how they will affect your profitability you are attempting to be a successful business. It is also important demonstrate your cost if you’re looking for a loan as the financial institution which lends you the money whether it be a traditional lender such as a bank for a nontraditional lender will want to have this information before they feel comfortable lending you money. Furthermore your counselor can explain to you the impact on your company from obtaining a specific loan, what you can expect in terms of minimum payments and what interest rate is appropriate for your circumstances. Read more…

Understanding the SBA and the SBA Loan Process

Today will be discussing the SBA as well as the loan process which they assist with.

The SBA was established in 1953 to assist small businesses in obtaining loans. This is a government run organization which works at the federal level. There are also nonprofit organizations which will assist small businesses with obtaining financing, it is as well as for-profit consultative organizations which can assist you. Which option you choose is a matter of personal preference depending on your needs. There have been questions as to whether or not the SBA is a necessary organization and it was almost dissolved in the 1990s but has survived until today.

The SBA loan program has been one of the more popular and more successful programs and this is likely the reason for its continued survival. Read more…

Show Me The Money – Where To Go To Get Yours

We hear it all the time how there’s a shortage of money available for small businesses. Yes, we are in some pretty challenging times. Yet, there are funds available. J.P. Morgan Chase recently doubled their Small Business Administration Loan Volume. Reports show they have more than doubled the amount of loans it has offered through the Small Business Administration (SBA) in 2010. The New York-based bank reports that it delivered 3,386 loans in 2010, more than double last year’s volume with a total of $434 million lent to business owners. J.P. Morgan Chase is now the nation’s second-biggest lender by dollar amount; in first rank is Wells Fargo & Company, with more than $800 million in loans delivered this year, according to the SBA.

What does this mean for you and your business? It means if you are ready to use this option you need to have your information in order. Meet with your accountant or CPA. Get your Profit and Loss Statements and Receivables ready for review. Get a full understanding of your numbers. Many small business owners are great at their professions, yet have never really mastered the art of a solid business plan and how to use their financial information to work for them instead of against them. Read more…

Find the Right Commercial Business Loan

There are many factors that go into obtaining a commercial business loan. The first thing you want to do is shop around so you can find the best rate possible.

It all comes down to the amount of risk for the bank. If a business has proven creditworthiness in the past than the bank is likely to look at the business as less of a risk than a business that has had some upsets to their payment history in the past. A good strong credit history is probably the single most influential factor when it comes to what type of loan rates will be available to a business. Read more…

SBA Services: SBA Loan Program

In today’s discussion we will be discussing the SBA service of the SBA loan program. Although the small business administration has provided many other services as well which we will discuss briefly.

It is important to understand that the SBA does not provide loans directly to small businesses. Although there are many for-profit organizations which offer counseling as well as small business lending through various departments, the SBA offers consultative services only. The one exception to this is that they also offer disaster relief loans which they provide directly. This has been instrumental in assisting those in need during disasters such as Hurricane Katrina. As a small business owner however, the service which they will provide you is counseling you on how to get and SBA loan. Read more…

Some Terrific Reasons For Commercial Refinance Mortgages

Business refinance can be a good means for companies to deal with their excessive debt. With such an arrangement, a financial organization loans your business money to pay off all your existing debt. You then service this new loan which will typically be for a lower interest rate than the financing you paid off or can have a longer tenure.

One of the core reasons a business would select commercial refinance will be the necessity to merge all outstanding debt. Through commercial refinance you no longer have to take a great deal of time keeping track of a number of loans, probably from various lenders. Communicating with different lenders can take away precious time that you could otherwise have spent promoting the company, looking for customers and subsequently growing your profits. If the refinanced financing is for a longer term and thus has lower monthly installments, commercial mortgage refinance will be able to release more of the working capital which you’ll then utilize towards increasing the business. Read more…

How Does An SBA Loan Help Your Business?