Archive for the ‘Business & Finance’ Category

« Older Entries

Is an SBA Small Business Startup Loan Right For Your Business? April 28th, 2010

admin

The SBA is not primarily a direct lending institution; instead it guarantees small business startup loans made by private institutions. In other words, they back a portion of a loan made by SBA partners to eliminate some of the risk. Partners agree to structure their loans by SBA requirements in order to participate in the programs, and the amount of backing that partners receive can vary based on the federal government fiscal policies.

SHOULD YOU SEEK A SBA LOAN?
Because there is one more organization involved, it can take longer to get an SBA small business startup loan than it does using a traditional lender. But if you have been unsuccessful in getting a small business startup loan traditionally, an SBA loan may be your best choice. However, realize that even if the SBA backs the loan you want, the lender is not obligated to give you the loan.

LOAN PROGRAM OPTIONS
BASIC 7(a) LOAN GUARANTEE

The 7(a) loan program is the most popular and most basic program offered by the SBA. Most banks and sometimes other lending institutions participate in the program. The process begins with a typical application to a bank. If the bank thinks the small business startup loan would be high risk, they submit it for consideration in the SBA program. The SBA can guarantee a portion of the small business startup loan if the lender would not get paid. The business borrowing money however, would still be obligated to pay the debt. Even if the SBA decides to offer a guarantee, it is still up to the lender to determine whether a loan will be granted.

ELIGIBILITY
To become eligible for a basic 7(a) loan guarantee, you must meet the size restrictions, be a for-profit company, not have other sources of financing available for the use of funds needed, and have the ability to repay the loan under the terms agreed upon.

CONDITIONS
Repayment ability from the cash flow of the business is the most important consideration in the decision of the SBA to approve or reject a loan. Management capability, collateral, character, and the owner’s equity contribution are also taken into consideration. Some variations of the 7(a) program may require other things.

PURPOSE
The SBA 7(a) loan proceeds may be used to start a business, assist in the operation or expansion of a current business, or to acquire a business. This means loans may be used for working capital, equipment, land, buildings, refinancing existing debt that have no other good refinancing options, or to purchase an existing business.”

504 LOAN PROGRAM FOR A CERTIFIED DEVELOPMENT COMPANY
The CDC/504 loan program provides long term fixed rate financing for major fixed assets, such as land and buildings. A certified development company (CDC) must be non-profit company designed to contribute to the economic development of the community. The CDC works with the SBA and other lenders from the community to finance small businesses. A personal guarantee by the principal owner is required along with the project assets being financed as collateral.

PURPOSE
In general a company must create or retain one job for every $50,000 provided by the SBA, except for small manufacturers where the number is $100,000. The funding is not available for working capital, refinancing, and consolidating or repaying debt.

ELIGIBILITY
A business must be for-profit, not exceed a tangible net worth of $7.5 million or an average net income of $2.5 million, and not be a real estate investment or speculation based company.

MICROLOANS— A 7(m) LOAN PROGRAM
This program provides smaller small business startup loans (up to $35,000) to startup businesses or growing small businesses. The SBA directly gives the local community lenders who disburse the money according to their own eligibility requirements. The following link provides a list of Microloan Intermediaries by state.
[http://www.sba.gov/idc/groups/public/documents/sba_homepage?serv_fa_microloan.pdf]

No Comments »

Continue reading...


 

Bank of America Customer Service – How Does Bank of America Compare With Other Banks? April 22nd, 2010

admin



If you have an issue or problem with some aspect of your finances, then the bank of America customer service can usually help you get it resolved very quickly. To find the one nearest you, all you have to do is look then up in the yellow pages or the internet, and many results will come up, and you won’t have any trouble at all finding somebody to talk with immediately.

The thing to remember is that bank of America is known for their customer service, so you probably won’t have much trouble getting your issue taken care of soon. I you aren’t already doing business with Bank of America, I would definitely recommend it, for the simple fact that they do have excellent customer service, and in addition, offer many feature that other banks do not.

Take, for example, their online banking option. You’re no doubt come to expect online banking available anywhere, so this probably doesn’t sound too impressive, but there’s is ahead of the competition, for the simple fact of how easy it is to use.

For example, they have a feature that inputs the most popular companies in your area such as electrical, gas station, etc, and enables you to just select them from a list and make your payment right then and there. If you are doing business with a smaller firm not listed, still no problem-just input the info, and the next time you need to pay them, they will be among the choices to select.

The best thing about the bank of America online banking is that you don’t lose the money from your bank account until the company you are paying actually gets it deposited into their account. The majority of banks do this as soon as you pay, even if they won’t receive it for another four to seven days, as is of ten the case.

This gives you a chance to continue earning interest off of it until it actually processes, and while this might not seem like a big deal now with the low interest rates, when they do go up, this money can really add up, particularly if you make a lot of payments via the net.

The bottom line is, few banks stack up to Bank of America, and if you have any issues with them, just call up or email Bank of America Customer Service, and you can expect a response fairly quickly.

No Comments »

Continue reading...


 

Business Management April 20th, 2010

admin



Business Management characterizes the process of leading and directing all or part of an organization, often a business, through the deployment and manipulation of resources (human, financial, material, intellectual or intangible). Early twentieth-century business management writer Mary Parker Follett defined management as “the art of getting things done through other people.”

One can also think of business management functionally as the action of measuring a quantity on a regular basis and of adjusting some initial plan, and as the actions taken to reach one’s intended goal. This applies even in situations where planning does not take place. From this perspective, there are several major management functions, namely: planning, organizing, leading, coordinating and controlling.

Management is known by some as “business administration”, although this then excludes management in places outside business, e.g. charities and the public sector. University departments that teach management are nonetheless usually called “business schools”. The term “management” may also be used as a collective word, describe the managers of an organization, for example of a corporation.

Today, we find it increasingly difficult to subdivide management into functional categories in this way. More and more processes simultaneously involve several categories. Instead, we tend to think in terms of the various processes, tasks, and objects subject to management.

One consequence is that workplace democracy has become both more common, and more advocated, in some places distributing all management functions among the workers, each of whom takes on a portion of the work. However, these models predate any current political issue, and may be more natural than command hierarchy.

All management is to some degree democratic in that there must be majority support of workers for the management in the long term, or they leave to find other work, or go on strike. Hence management is becoming less based on the conceptualization of classical military command-and-control, and more about facilitation and support of collaborative activity, utilizing principles such as those of human interaction management to deal with the complexities of human interaction.

No Comments »

Continue reading...


 

Low Rate Business Loans – Commercial Money Advance at Cheap Rates April 20th, 2010

admin



Everyone who is running a commercial venture has got the sole aim, to make money and when he gets into trouble because of some lack of cash, he goes for finances. However, if you want finances, as a commercial person, your pursuit is obviously to grab cheap finances and it is here, with low rate business loans.

These cheap finances advance money for any commercial venture, be it a big or small or a medium. Also, you can take the help of them when you are going to build up a new venture even. So, apart from the old ventures, new ones also get money in these schemes.

You can take the money for any industry need. You may want to spruce up your factory premise, may want to buy a new land for the industry, want to new machineries and want to put some capital for any other reason or for any of the commercial needs you can have the finances.

There are finances for all running businesses. You may be able to pledge security for the finance or may not; in every case you can have the aid. There are both secured funding and unsecured finances too. In secured finances, the money you can have against a security placing and this rivets benefits of cheap rates and flexible repayment terms. While the unsecured options do not ask you to pledge any collateral and this makes the loans burden free.

However, you can have the low rate business loans for a term ranging from 12 months to 10 years while the amount ranges between £ 50000 and £ 100000. However, in case of bad credit holders, these loans warrant more interest rates than the average.

Online is the best way to go for these finances. You can apply there free of cost and applying is also no obligatory in nature. You need to apply through only a simple application form here.

Low arte business loans with their cheap finances make the way of your business. They give you the chance to achieve a new height with the aid of low rate loans.

No Comments »

Continue reading...


 

High Paying Jobs With MBA Degrees – The Right Business Education April 18th, 2010

admin



Gone are the days when entrepreneurs used to learn business on the job. This was the most prevalent way of getting business education, though informal. There are numerous successful entrepreneurs who succeeded in business field without any formal business education.

One can learn business on the job as has been demonstrated by a large number of businessmen. That route takes longer and is fraught with uncertainties.

With the complexities of modern business, business education has now been formalized. In order to do business, it is necessary that one should be conversant with so many business practices. Any business is now interdependent on other national and international factors. Formal business learning is now necessary in order to understand business environment as a whole.

Without a business degree from a renowned business school, it is difficult to undertake a business career.

Basis of business education are business and economic practices and theories. These comprise of courses in fields like business accounting and bookkeeping, business strategy, business intelligence, business law, business writing, business consulting, financial management, organizational behavior, business marketing, business planning, international business, micro and macro economics etc.

Business education leads to important degrees like bachelors and masters (MBA). These two are the most important business degrees and are in high demand amongst companies and business establishments.

A university level business qualification leading to an MBA degree is the crown of a business course. MBA programs have been in high demand because of their clout in the market. While business concepts get clear at bachelor’s level, master’s education is a more specialized form of business education.

Generally an MBA program is spread over a two year period after bachelors. Most renowned MBA universities are in North America, UK and Australia. There are certain institutions like Indian Institutes of Management (IITs) in India which are equally reputed.

Some universities also have executive MBA programs which can be completed in one to two years. Executive MBAs are specific to working executives and managers who have been practicing in business field or at jobs for a number of years.

Executive MBA candidates have mostly bachelor level degrees and experience of a number of years. Essential qualifications for an executive MBA program are a combination of education and business experience. Executive MBA programs are generally employer supported and have a shorter duration than regular MBAs.
It is estimated that MBA salaries are generally higher by about 35 per cent than regular graduates. They hold prestigious jobs. They position their businesses strategically and help in the growth of companies and economies.

MBA degrees can be obtained at a university campus, through distance learning MBA, MBA online and part time MBA. With the spread of internet, it has become easier to pursue an MBA degree. It is no longer necessary now to be a full time student at a campus, although this is most desirable.

Almost 43 per cent of MBA universities also have online MBA degree programs. About two thirds of MBA degrees get awarded through distance MBA programs and part time MBA education.

Though expensive, one can study an MBA course on part time basis or through distance learning MBA while on the job. An MBA course enables a person not only to have a successful MBA career, but also helps one to establish own business consulting or any other independent business.

No Comments »

Continue reading...


 
« Older Entries