SBA 504 commercial loans in USA
Bay Colony Development Corp. is a Certified Development Company (CDC) whose purpose is to stimulate economic development through the creation and preservation of jobs by providing healthy companies with fixed asset financing at affordable rates and reasonable terms. Bay Colony has funded quality loans in excess of $350 million to well over 700 growing businesses throughout Massachusetts, Rhode Island, New Hampshire, and Vermont representing nearly one billion dollars in total project financing. Contact Us: www.baycolony.org Reservoir Place, Suite 222 1601 Trapelo Road Waltham, MA 02451, USA Main : 781-891-3594 Toll-free : 888-355-6663 FAX : 781-647-4950
Categories: Small Business Financing Tags: Commercial, Loans
Business loan scheme nets charges against 13
Business loan scheme nets charges against 13
The RCMP has laid charges against 13 Toronto area men in what’s being described as a complicated two-year investigation of a fraud scheme valued at $4 million.
Read more on CBC Toronto
Small Business Lending: Where Manufacturers Should Go When The Banks Say “no”
The good news: Most manufacturing companies expect growth opportunities in the coming 12 months. According to the 2010 CFO Outlook, published by Bank of America, 69% of manufacturing company CFOs are considering financing in 2010, up significantly from last year. The top two reasons for small business financing are working capital and capital expenditures.
The bad news: Two years ago, getting six-figure traditional financing for a smaller manufacturing business was fairly straightforward. Today, it remains about as difficult as when the financial crisis first began to unfold. Banks are as reluctant as ever to finance small businesses, as they continue trying to limit their risk amid the economic turmoil. According to the FDIC, the volume of bank loans dropped in 2009 by $587.3 billion, or 7.5%, from 2008—the biggest full-year decline since World War II.
The result: Many small manufacturing companies are either struggling to stay afloat or finding it difficult to capitalize on upcoming commercial growth opportunities. According to the 2009 Year-End Economic Report published by the National Small Business Association, 39% of small businesses report they are unable to get adequate financing for their business. No doubt many of these are manufacturing companies.
So where should smaller manufacturing companies go to get the financing they need? The answer is to the most experienced and competitive private banks and alternative lending groups for small businesses.
Alternative Financing Options: Unlocking the value of your assets
If you’re a manufacturing company, there is simply no need to let your business be held hostage to the ongoing credit crisis. This is because there is already a well-developed market for alternative lending that can provide working capital for small businesses with assets. Loans can be secured against cash flow, accounts receivable, inventory, purchase orders, premises, machinery and equipment, and even the intellectual property associated with a brand or patent.
What many businesses don’t realize is the extent to which they can leverage their business assets to secure funding. Help for small business lending is not on the way: it’s already here. Alternative financing options can help many businesses get the backing they need when the banks say “No.” Best of all, this type of financing is now affordable. Loans from the most competitive private banks and small business lenders are priced at bank-like rates upwards, depending on the level of risk of the business being financed.
Securing traditional financing through banks and other financial organizations has now become highly challenging. As banks pull back more traditional commercial-and-industrial lending, they are no longer willing to lend even to small businesses with solid financials. Their security demands have also increased. This has pushed some companies to distress. It is preventing many others from taking advantage of commercial growth opportunities that lie ahead.
Unsurprisingly, businesses are increasingly turning to suitable private banks and other alternative lenders for small businesses. According to Bank of America Business Capital, 49% of manufacturing firms expect to use asset-based lines of credit in 2010, up from 42% last year. This type of alternative financing, once considered a last-resort option, is now regarded as a fundamental financing solution. Since alternative lenders in this space generally focus on collateral rather than credit-worthiness, they are able to do deals that more traditional lenders shy away from.
Getting the financing you need
When times are difficult, unlocking the inherent value of your assets, especially intangible assets, is attractive. Today, small business financing is affordable, offers flexible loan structures, and can provide the borrowing power that cash-flow lending alone may no longer be able to supply. At US Capital Partners, for instance, businesses can borrow money using their liquid, current assets or their fixed assets as collateral. Our small business loans are priced competitively with cash-flow loans, and come with fewer financial covenants. They can be used to secure working capital, but also to finance growth or acquisitions.
Getting the right financing can make all the difference for a small manufacturing business. Earlier this year, US Capital Partners arranged and co-loaned a $3.5 million senior secured credit facility for Consensus Orthopedics, a medical artificial joint implant manufacturer and distributor. The new credit facility included a revolving line of credit for both domestic and international assets along with a growth capital term loan to support the company’s continued domestic and international expansion.
It is important that your small business lender is able to provide you with service that matches your company’s specific needs to appropriately priced capital. It can also be helpful and cost-effective to work with a firm that not only arranges asset-based financing for small businesses, but is also able to offer funding—especially in situations where they can provide additional sources of capital from their own fund to “fill the gap” in your required capital.
If your manufacturing company is struggling to stay afloat or finding it difficult to capitalize on upcoming commercial growth opportunities, know that there is new and affordable financing available despite these tough times for small business lending.
If you would like to know more about how your business can secure the funding it needs, visit http://www.uscapitalpartners.net or call (415) 882-7160.
Categories: Small Business Financing Tags: banks, business, Lending, Manufacturers, should, small
How to Finance Your Small or Home-Based 6 Business
Guys, in this video I want t answer the question Do People In Home Based Busiss Opportunities Make Money?Well, it’s sort…
Categories: Small Business Financing Tags: business, Finance, homebased, small
Why It?S Not Such A Bad Idea To Start A Small Business In Today?S Economy
Thinking about starting a business in this economy does seem quite daunting. You are probably asking yourself, what banks are going to offer me a Small Business Loan or am I still able to get a Business Credit Line in this downturn economy? The answer lies in where you ask for a loan. If you ask a struggling bank for a small business loan, you may be on hold for awhile of not indefinitely, but if you reach out to other financial resources, like small business investors, you will find that there are several offers available to you.
You Can’t Get Something For Nothing However
Do you have a business model ready? Have you already started your business with your own savings? Can you prove to venture capitalists that you have a complete game plan? If you are able to prove everything in detail on how you are going to use their money to create a profitable business, it’s likely that you will be able to get the funding you need, verses the entrepreneur with just a big idea.
Take a Look Back on History
Microsoft, Disney and Johnson and Johnson were all started in recessed economies. They likely didn’t have banks that were completely frozen with cash, but they did have stable business plans and hard working people working for them. Investors back then, like now are looking for safe investments and bargain investments. The statistics show, that if you can self-fund your business in the beginning, you are likely to get financial help later on, once you are more established with a customer base and can prove a need.
Rome wasn’t built in a day of course, and it wasn’t done by one person. You will need patience to build a great business and you will need great help. Right now, there are a ton of people out there looking for jobs, a lot of really intelligent, hardworking people that can help you turn your small business into a profitable and successful dream job. Plus, in this competitive market, you can hire them today for a lot less than yesterday.
Instead of using personal credit cards to start your business and launch yourself into debt faster than you need to, think about venture capitalists, small business financing corporations or better yet- ask a well to do family member to throw you a bone.
Think about it, the business is out there, people will continue to buy things everyday- but the trick is how you get a slice of that pie? If you have the drive, vision and will to start up your business, why wait for the optimum timing? It’s likely that the optimum timing won’t come around any time soon and someone else runs with your idea instead. The money is out there somewhere- it’s all about how you go and get it.
Categories: Small Business Financing Tags: abundant
Murphy campaign launches new ad
Murphy campaign launches new ad
GLENS FALLS — Many people have heard U.S. Rep. Scott Murphy,D-Glens Falls, talk about the Chocolate Mill in Glens Falls.
Read more on The Post-Star
Categories: Small Business Financing Tags: campaign, Launches, Murphy
Go Zone Money goes elsewhere
Go Zone Money goes elsewhere
NEW ORLEANS – 225 million to reconstruct hotel rooms at the Hyatt… 7.2 million for Robert’s Fresh Market and other retail food stores on Robert E Lee… two projects made possible in part by GO ZONE money. Money meant to spark business post Katrina and Rita, but they are two of very few in Orleans parish. David Wolf with Adams and Reese represents the Industrial Development Board. He explains …
Read more on FOX 8 New Orleans
Categories: Small Business Financing Tags: elsewhere, goes, money, Zone
Coleman on Fox — 5/22/10
Bob Coleman, Founder of Coleman Publishing, explains the current climate of small business financing on Fox Business News’ “Your Questions, Your Money.” Interview was recorded on Saturday, May 22, 2010
Categories: Small Business Financing Tags: 5/22/10, Coleman
What Should I Do if I Can’t Get a Small Business Loan?
You are one of the many small business owners in the United States. And unfortunately, due to the current economic situation, you are also one of the many small business owners in the United States who do not qualify for small business loans. This has led you to ask the question, “What should I do for business financing if I can not get a small business loan?”
There are many alternative options out there, but this article will focus on the one small business financing option that was designed with merchants (owners of retail and/or service-oriented businesses) in mind; the business cash advance.
What is a Business Cash Advance?
A business cash advance is a method of business financing in which lenders utilize credit card factoring. In other words, a business cash advance lender can give you cash now, and will eventually collect the advance through your business’s daily credit card sales. Only a small percentage of those daily credit card sales will be deducted, allowing your business as much time as it needs to repay the business cash advance.
Who is Eligible to Receive a Business Cash Advance?
Most business cash advance lenders hold similar requirements. Basically, a small business owner of at least six months, who owns a retail and/or service-oriented business that processes a minimum of $5,000 in monthly credit card sales is eligible to receive a business cash advance. Other things such as the applicant’s credit score and the business’s lease are also taken into consideration. But generally, a small business owner does not have to have great or even good credit to be approved for a business cash advance.
How Much Money Can I Get with a Business Cash Advance?
Small business owners can typically receive anywhere from $5,000 to $500,000. How much money they actually receive depends on their businesses’ monthly credit card sales volume. Though there is a chance that a borrower may not qualify for an advance as large as he/she had hoped, many lenders do allow borrowers to renew their advances every three to four months, giving small business owners the opportunity to acquire the funds they need over time.
How Do Business Cash Advance Repayments Work?
Just as the amount that one can be advance is based on his/her business’s monthly credit card sales volume, repayments are also linked to a business’s credit card sales. When customers make payments with their credit cards, a small percentage from those daily sales goes toward the repayment of the business cash advance. It generally takes about six to eight months for a business cash advance to be repaid, but there are no fixed terms and, therefore, no penalties for early or late repayments.