Start Your Own Business And Taking Control Of Your Future

Start Your Own Business And Taking Control Of Your Future

By: June Sabe

New businesses are the backbone of the American economy. They provide new innovations, new jobs, and fresh concepts to the business industry. And owning a business is the dream of many Americans as well. Being your own boss has been ranked as one of the key goals of many Americans. The attraction of the freedom of running your own business, with no limitations or glass ceilings is impossible to deny. This mutualism has created a huge growth of small businesses in the nation, and today, many more people think about owning their own businesses than ever before. But starting a business requires money. Without start up capital, very few people have the resources available to launch a successful business idea. A new business needs a dependable source of income until it can generate the profits it needs to cover its own costs and produce an income. A unsecured start up loan can alleviate a lot of stress.

If you’re thinking about starting your own business, you are probably in need of a start up loan. Unless you have a significant amount of money saved up, a unsecured start up loan is the first step in turning the blueprints of your new business idea into a reality. With a start up business loan, you can get the tools you need to make your first start the right start. You can build a strong customer base right from the beginning, a key factor in initiating and maintaining a successful business.

If you’re starting a business, it’s more than just a job. It’s a personal dream and a quest for success. This idea may leave you feeling simultaneously liberated and inspired. But it also has an edge. Specifically, it’s also your obligation to finance it beyond the “I’ve got an idea” stage. Starting a business requires so much more than an ingenious idea, and even more than planning, marketing strategies, and a well thought out future. How do you get start up business financing that will either advance your idea to the point where it can attract outside capital, or perhaps jump – start you into profitable operations?

There are several options that an individual may take into consideration. If you have nothing, you may find it’s difficult. If you have personal assets, the hard part is putting them at risk, and doing so is the rite of passage to both success and failure.

Obtaining financing can sometimes be the most grueling part of starting a new business. The loan approval process for a business startup loan sometimes seems like a maze, with stringent credit requirements, complicated business plans, and paperwork full of terms that are like a foreign language to the layman prospective business owner simply trying to get a loan. Options can be rather slim and unfitting when it comes to financing for the new business owner; unrealistic collateral requirements and proof of projected business profitability can sometime seem more like a joke than a reality.

Collateral is often the biggest obstacle to the prospective business owner. Not only does a new business not yet have any commercial collateral to provide; but it is asking a lot for an entrepreneur to put his hard earned personal assets at risk in order to start a new business venture. Yet, without collateral, getting a business financing can sometimes seem impossible.

The good news is, though rare, some companies to have specialized programs for exactly this scenario. An unsecured business start up loan can get a new business owner the funding he needs to cover initial business costs, without having to provide collateral and place his or her assets at risk. With this type of financing plan, the lender utilizes something the borrower has worked hard for and should be able to take advantage of – his good or bad credit. With this approach, the lender can still lend an unsecured start up loan at great rates and with a variety of programs.

Applying for a unsecured small business start up loan is easy, all the business owner need to do is just go on line and submit their loan details. Then the lenders will refer back to you with the loan decision in a few days.
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Article Source: Your Own Business And Taking Control Of Your Future

Getting A Cash Back Debit Card

By []Colin Scott

The cash back credit card is the right card for the people who cannot get access to a cash rewards card. With this card you would be in full control of your spending and also get great rewards at the same time.

The concept of this rewards debit card is a new idea that just took shape. In some cases you have cash back reward cards which are very popular right now. Because of this reason you will need to do some research to find out which card is right for you.

There are some various steps to go through before you actually get this type of card. First you will need to open an account at a local bank to receive a credit card, when looking for this service most of the banks don’t have but some new bank do to attract new customers.

You can also get in contact with various credit card companies to obtain a charge card. The type of service security you get depends on the area you are from, and this works just like how the debit card to the bank account works.

But make sure this card offer better or similar benefits as a debit card does. The next step is to open a PayPal account which is located online, this service will allow you to access and transfer funds easily.

To create a PayPal account you won’t have to put in money you will have to enter your personal details and verify the account with your credit card.

The next and final thing is to go online and compare quotes to see if the choice you made was the best one, if you had made it already.

Colin Scott is a financial adviser. You can find more info on []MasterCard small business credit cards at []

Article Source: [] Getting A Cash Back Debit Card

How to Refinance Second Mortgage

By []Moises Reyes

Refinance Second Mortgage Techniques

Especially now, homeowners with a second mortgage may want to consider refinancing. Although it isn’t necessarily a good financial move for everyone, the decision to refinance can be immensely beneficial to those who carefully assess their individual situations and needs and come to the conclusion that it will work to their advantage. The decision to refinance should mostly depend on how much your home is worth, how much you owe on it, and whether or not you plan on staying in it for a significant period of time. You should also consider the costs of the refinance, the underlying reasons for it, and the type of loan terms. If you’re wondering to yourself whether it would be a good idea to refinance your second mortgage, the following are all good reasons to go through with it:

1. To do away with private mortgage insurance, which is often unnecessary and expensive

2. To get a better interest rate

3. To lower your monthly payments

4. To combine your first and second mortgages into one loan and one convenient payment

5. To match your current loan term with your current financial circumstances

6. To take advantage of cash-out refinancing and receive cash back at closing

Keep in mind that once the paperwork is completed, you may not be able to cancel, so make sure you are confident in your decision before you sign anything.

How to Go About Refinancing a Second Mortgage

If you end up deciding that refinancing your second mortgage would be a smart idea, but don’t exactly know how to go about the process, the following step-by-step instructions should help you get started:

1. Crunch some numbers yourself or use one of the many mortgage calculators that can be found online to determine whether or not refinancing is the best decision for you.

2. Ensure that you’re in a good financial position. Start by pulling your rel=nofollow []credit report, and once you look it over, dispute any mistakes you may find right away. If you find any negative information in your report that may be bringing down your credit score, try your best to get it resolved. Then, make sure to add money to your savings account. Since you will probably face closing costs associated with the refinance, you will want to show to your lender that you have adequate funds to cover the charges.

3. Find several different rel=nofollow []lenders who can provide information on how to refinance a second mortgage using one of their programs. Compare rate information, loan terms, and lending fees, and decide which lender best suits your needs and meets your desired terms. It’s best to not settle with the first loan offer you receive. Shop around and compare, and don’t move on until you find a lender with whom you’re comfortable and confident.

4. It’s possible that some of fees associated with the refinance, like the appraisal and title fees, may be able to be waived, so try to negotiate with your lender.

5. Look over all the paperwork carefully, decide how much money, if any, you will need to cover closing costs, and make sure to ask any questions you may have.

6. Before you sign the paperwork, carefully review all the terms of the mortgage refinance one more time. Be sure to know if you will be able to make the required payments, and know what will happen if you can’t for any reason. Once everything checks out and you’re satisfied with the agreement, go ahead and sign and start enjoying the benefits of your refinance!

To Learn More Information About Home Loan Mortgages and To Apply Today Visit Us At ==>

Article Source: [] How to Refinance Second Mortgage

Small Business Loans – Your Options and Ways to Get Approved

By []Moises Reyes

Small Businesses Have Many Options When It Comes to Loans

Most small businesses will need some financial help from time to time. For many of them, a small business loan can be the difference between staying afloat and complete failure. If you find that you are in need of lending, it is crucial to understand available small business solutions, particularly the different kinds of business loans available and how to get approved for them.

Getting Approval for Small Business Loans

When it comes to obtaining financing for their operations, small businesses are typically most concerned with getting approved for whatever kind of loan they apply for. Therefore, it is important to understand what lenders will be looking at during the approval process for each particular kind of loan, since lender has its own set of criteria for approval of each kind of loan. Before you apply for lending, it is extremely important to first contact the lender and study their approval criteria so that you can decide whether or not your business meets these criteria before you authorize the lender to begin reviewing your business.

Major Types of Small Business Loans

The major types of small business loans available are:

Micro Loan – a small loan, typically $5,000-$35,000, for small businesses starting up or recently established. All require some type of collateral and that owners fulfill training and business planning requirements. They can normally be used for practically any business purpose, including working capital, inventory, and supplies.
SBA Loan – an excellent source of funding from private-sector lenders, such as banks, that is supported by the Small Business Administration (SBA) of the U.S. government. The SBA offers several kinds of loan guarantee programs, and with an SBA loan, there is no limit to the amount of capital a business can request. Approval for SBA loans relies on the owner holding some level of stake in the business, a strong business plan, and a good personal credit score.
Franchise Financing – a specialized loan reserved for franchisees of established, well-known franchises.
Development Financing – a small business loan that provides long-term, fixed-rate financing for various major fixed assets, such as land and buildings. Designed to contribute to the economic development of communities, Certified Development Companies (CDC) work with the SBA and private-sector lenders, such as banks, to provide this kind of financing.
Import Export Loans – Export financing of goods and services in the U.S. through different loan, insurance, and guarantee programs.

Moises Reyes is a writer for [], the only National Chamber of Commerce.

We provide tools and solutions to help businesses develop and manage their online reputation.

Add your business today and receive a Free []Online Reputation Report.

Article Source: [—Your-Options-and-Ways-to-Get-Approved&id=4589409] Small Business Loans – Your Options and Ways to Get Approved

A Guide on Writing a Credit Repair Letter

By []Suzy Vanstrusen

Checking our credit report at least twice a year should be a habit. However, not all of us are aware of what to do after finding errors and inaccuracies on our reports. To whom should we address the letter? To help you with this, below are tips on what to do after discovering errors in your credit report.

Verify the wrong information. Before even thinking about filing a dispute, make sure that you are in the position to complain. Look closely in your credit report and carefully analyze the items that seem to be erroneous. For instance, if you think the charges are incorrect or have already been paid, check your receipts or past billing statements. You do not want to go through the process of disputing only to find that you were the one mistaken all along. If you really think that you have a valid reason to file a dispute, then you can now proceed to the next step.

Send a dispute letter. Where should you send your dispute letter? This must be addressed to the issuing credit bureau. Address your letter to the Complaint Department of the Bureau to make sure that it will get the attention it deserves.

Observe correct letter format. A letter of dispute is a business letter and therefore you should observe correct formatting. Your personal information- complete name, address, telephone number and e-mail address- should be written at the top of your letter so that the bureau would immediately know who is sending the letter and where to send their response.

Explain the problem clearly. You can observe sample credit dispute letter from the web but it is recommended that you compose your own letter. Enumerate the items you want to dispute and explain why you want them to be corrected or deleted from your credit file. Specify if the items you are disputing are wrong or if some data are missing, or if it is incomplete.

Be polite and request the credit bureau to correct these wrong information in your credit report. Include a copy of your credit report and mark the items in dispute so you can refer to them in your letter more easily.

Enclose copies of supporting documents. If you have bills, receipts, transaction records that can help in clarifying the items you are disputing, enclose them in your letter as this can speed up the result of the investigation. You must also enumerate all the documents you have enclosed in the mail at the last part of your letter.

Follow up. It will usually take up to 30 days before the investigation is completed. Nevertheless, it is also recommended to make a follow-up call regarding the status of your dispute at least a week after sending your letter. This way, you would know for sure that your letter has been received and that action is already taking place.

Copyright (c) 2010 Suzy Vanstrusen

A credit analyst and a writer of, Suzy Vanstrusen has been providing consumers with tips and tricks in repairing your credit. Check the site for more tips on []how to fix your credit

Article Source: [] A Guide on Writing a Credit Repair Letter

Small Business Interview – Patriot Express Loans to Veteran-Owned Businesses – Are They Working?

By []Sue B. Malone

Editor’s note. This is an excerpt from an interview with an SBA small business loan provider, relating to the program known as U.S. Patriot Express. This program is for business loans available to veteran-owned ventures (active duty service members, veterans, and their widows and spouses), whether start-ups or existing businesses. The purpose of this interview is to get a real, in the trenches, view of how the program works from someone who does it every day. Does it is really benefit our veterans?

Excerpts of Interview
US Patriot Express Loan Program

Q. Greetings, and thank you for giving me the opportunity to speak with you.

A. My pleasure.

Q. I would like to begin by focusing on the U.S. Patriot Express Initiative Loan Program. Fancy title, but what is it exactly?

A. It’s a long winded way of saying the Bush Administration came up with a vet loan program for business owners. These are loans for veteran-own business owners. The funding comes from private lenders and banks that are licensed with the SBA. As an incentive for the lenders to make the loan, they are guaranteed for default, namely are reimbursed 85% of the value of loan. I have to tell you, this makes a big difference because it really motivates the lenders. It gets them off the dime and makes them more willing to open up their coffers.

Q. So the money doesn’t come directly from the VA or the Small Business Administration?

A. Right. The VA isn’t involved in loaning the money. However, they are huge supporters of the program. The SBA directly loans taxpayers monies only under its disaster program. In this program the SBA approves the lenders and guarantees the defaults. Private banks and lenders actually loan the veterans the money.

Q. But it is called a SBA guaranteed loan program. Doesn’t that mean the approvals would be guaranteed if you’re a veteran?

A. I wish that was the case. It’s not the approvals that are guaranteed. If you make a small business loan and don’t make your payments and it goes into default, the bank has to alert the Federal government and after taking various steps and attempting to collect, the bank will eventually get paid 85% of the loan value. The SBA guarantee acts like an insurance policy to the lender; they guarantee the 85% to the lender who makes the loan.

Q. So the veteran doesn’t get any special consideration in the approval loan process?

A. By law, the lender has to use their usual, customary, and prudent credit review practices that are used for both conventional and SBA business loans. But let me cut right through all of this. It depends a lot on the lender. We are pro “veteran small businesses” and will try everything to make the loan. Way before this program became politically popular in June of 2007; we were making lots of loans to veterans and trying everything in our power to say “yes.” They just have to meet us half way, with more positive than negative on personal credit.

Q. OK, so far so good. Because of 85% guarantee, doesn’t that mean the vet applicant only has to put up 15% collateral because the rest is secured by the guarantee?

A. Unfortunately, it does not work that way. First, most of my small business loans are unsecured and so we don’t even ask about collateral. You’re not describing your equity in your house, the value of your trade fixtures, or anything else. There are simply no liens on property. For larger loans collateral will be required and in today’s market, it will usually be real estate.

Q. Do they check the personal or business credit of the applicant? I notice that there are a lot of online businesses that claim you can get business credit without using your personal social security number. Will that work in this case?

A. Unfortunately, the lenders in most cases only check your personal credit report through Experian, TransUnion, or Equifax. There are companies out there that promise to get you a business credit card or unsecured small business loan only using your taxpayer ID number and not your social security number. Be careful. Although there are people who have been successful, there just as many who have failed doing so. And it takes a lot of time, because you have to create credit in the business name first and then make the bank application.

Q. I’m an adult and you can tell me like it is. What is the minimum credit score required?

A. These military loans are not like applying for a credit card. They rarely base the decision solely on your credit score. They look at the overall credit report. As to that report, they look at: 1) your credit paying history back seven to ten years, 2) the current status of your accounts, 3) the number of accounts, 4) the quality of the accounts . . .there’s a big difference between a Capital One credit card and platinum American Express, 5) how long you have had the accounts, 6) matters of public record such as judgments and tax liens, 7) enquiries, and how 8) how high your credit card balances are.

Q. Who can qualify for these loans?

A. The good news is it applies to a lot of individuals. You can be a veteran, current active duty service personnel in the TAP program , service disabled vet, in the reserve component’s or National Guard, or the spouse or widow of any of the above. And if you are the spouse of a veteran, you can apply in your own name. You do not have to be a combat veteran. All you need is your honorable discharge papers which are in the form of a DD 214.

Q. Can any small business qualify? I mean, can it be everything from raising chickens to developing software for weapons control systems?

A. It’s funny you should say that, because I have done both of those. There are very few categories that make you ineligible, including multi-marketing, speculative real estate, gambling activities, your own private investments or self-owned real estate, to name some of the bigger exceptions.

Q. All right, we have some of the basics under our belt. How much can you apply for?

A. They go anywhere from $5,000 to $500,000. I specialize in the smaller Patriot Express ones from $5,000 to $50,000, which do not require any collateral. Above that will require security. In the good ol’ days about a year ago, the bank’s considered using your trade fixtures or business personal property. Then when the economy got worse, they started requiring some form of real estate equity. Now most of them are requiring 100% real estate equity, which is getting tougher in these times because the value of people’s homes is falling.

Q. Well that’s easy. Since I am a vet, I want the full $50,000.

A. I am with you, but remember you have to qualify for that amount, which is why you get to select how much money you would like to borrow and then all of the key components of our credit matrix system is matched to your request. We always try to loan you for the highest amount, but you must qualify for it.

Q. What is this going to cost me? What are the monthly payments and interest rate?

A. Although it is a tough time for credit, it is a great time for low payments. Currently a smaller Patriot Express loan is at a four year interest low of 7.75%, which equates to $60 per $5,000 borrowed. These are ten year fully amortized, principal and interest loans. Because there is no prepayment penalty, you can pay them off early and stop the interest.

Q. So the payments can go up?

A. The smaller unsecured loans are variable and not fixed. But because the payments are spread out over such a long period of time, as interest goes up, there is not a precipitous increase in the monthly payment. Historically, they started out six years ago at $89 per $5,000 borrowed and are now down to $60.00.

Q. Under your Patriot Express Initiative loan program, do I have to put up the equity in my house or have liens on my business assets?

A. Not at all. They are 100% unsecured small business loans. As a matter of fact, they don’t even ask you to list or describe your assets.

Q. I’m in the process of finishing my business plan. Can I submit the application without one?

A. You can. It is not required. On the other hand, it helps. So I tell people if they are a couple of hours away from finishing their business plan, by all means do so. It is beneficial to have even if you do not apply for the loan. But if it is going to take you two or three weeks, don’t sweat it, and simply send in the application. We can always work on the business plan later.

Q. How long will this take, from start to finish?

A. The larger loans take longer because there’s more paperwork and more review required by the lenders. But the small ones I do are extremely quick. You can usually get answers within 24 hours and is wired into your business account within approximately ten days with the completed paperwork. We have special software that allows us to expedite the process. And, the program mandates a quick issuance of an SBA loan number from the central processing center — so once everything is finished, you can usually get an SBA loan number within one or two days and then the money is wired.

Q. Do most banks do these types of loans?

A. Any bank that is already approved by the SBA is able to do these loans. But the sad fact is that most banks do not do them. I’ve even run into lenders who have never even heard of the program. They will simply run you through their application process without concentrating on the fact that you’re a veteran. We are veteran friendly and encourage these applications.

Q. Before this interview, I didn’t really know what a patriot loan was. How come it has taken this long to hear about this loan?

A. The plain fact is it is I run into veterans all the time that have never even heard of the program. What a shame. It is here for our military – and we need everyone to help get the word out.

Q. If my credit is not very good, can I use a co-signer?

A. Unfortunately no. On the other hand, anyone with a 20% or more interest in the business will fill out the application and have their credit checked. But bear in mind you have to have at least a 51% or more interest from veterans to qualify.

Q. What happens if I have gone through bankruptcy? Have I shot myself in the foot?

A. We have applicants all the time that have worked hard after bankruptcy and have their credit score in the high 600’s. Some banks won’t touch you but we will. We require that you conclude the bankruptcy, wait approximately 6 to 8 months after that to re-establish credit, and show that you’re paying your bills absolutely on time after that. This means you can’t go on an “all cash” basis because you must establish credit first and it has to show you are meeting your obligations on time. We give you one chance to make a mistake but after that you need to show you learned from the mistake.

Q. Assume I pay my bills religiously on time, but I have high credit card payments. Will this hurt my chances?

A. This has become a very big problem. We have lots of people who pay their bills absolutely on time, but have high credit limits. This is now a factor seriously considered by lenders. The more you have and the higher your limits, the more negatively it is considered. The only problem is that many businesses stay afloat only with their credit cards, and had no other options because the banks are not lending.

Q. What about business financial statements and tax returns?

A. This is definitely required on the larger loans, but not on the small ones. The paperwork is meant to be short and simple so they can be processed quickly.

Q. Do you have to incorporate or form an LLC?

A. Not all. You can be a sole proprietorship. The nature of the business is not one of the factors in making the credit decision.

Q. I have a good credit score and do not want any more enquiries which bring down my score. Is there anything I can do?

A. That is a definite problem. We have to pull your personal credit report it is mandatory. On the other hand, my staff can give you a general idea of your chances if we know your credit score. That way you’ll not be disappointed.

Q. Do you find that the vets you deal with like the program?

A. They absolutely love it. For good reason, they have put their lives on the line and they feel entitled to a fair shake in starting or expanding their business. They are grateful there is a program out there for them.

Q. You have any inside suggestions as to how person can increase their chances?

A. Sure: The following really helps: 1) a business plan with financials. Financials are the most important part. But I also tell people that you’re not trying to get an “A” on a term paper. Just do a good basic job and trying for a “C+”. 2) Tell them exactly what you’re going to be spending and on. Just saying that you needed it for cash flow doesn’t quite make it. I had a case once where someone had a restaurant and were expanding their kitchen. They had spent weeks shopping around and gave a detailed list of the exact equipment, model numbers, and the pricing. This was very impressive and really helped them obtain a loan. 3) A well written letter accompanying the application that positively describes the market and your future plans. Please proof read it; a poorly written letter could back fire. Recently, we received one with fourteen typos in one sentence, that one is the winner!

Q. Are some businesses considered more risky?

A. Yes, but we are still able to fund them. For example restaurants and dry cleaners are considered more risky as a result of Federal studies.

Q. Are you finding more people are inclined to go into business themselves as opposed to working for someone else?

A. No question on that one. The days are gone when our adults are employed in factories, large corporations, and government offices, sometimes working for only one employer their whole career. There has been a massive unleashing of such persons because of our lack of jobs, and many of them are out in the private sector trying to start their own businesses. It’s both sad and exciting at the same time. For this reason, the SBA must provide more loans to the 27 million small businesses that can fuel our economy.

Q. Now let us talk real practicality. We are in a credit crunch like never before. How has this affected your success rate?

A. You hit the nail on the head. We are definitely in a credit crunch, and I am seeing the lenders requiring better credit reports. Fortunately, we are not involved in the toxic sub-prime mortgage fiasco and have funds to loan. But remember they are supervised by the SBA and the big problem is the secondary market has shut down. Although this makes it more difficult, but we are still very veteran friendly and give special consideration to them. We continue to loan to veterans, several a day, and plan to do so in the future

Q. Overall, how would you rate the program?

A. It’s a great and well-deserved program. If I were to improve it, I would increase the outreach so more veterans knew about it.

Q. Thank you for your time.

A. My pleasure.

Sue Malone

442 Diablo Road, Suite 137
Danville, CA 94526
Email: []

Sue Malone is a small business advocate and founder of Strategies For Small Business, a company devoted to providing SBA Loans for veteran-owned small businesses, whether as start-ups or for the expansion needs of existing businesses. For six years she has been a major provider of SBA Loans, having funded over 25,000 businesses in all 50 states. For a free loan consultation or for more information on the programs, visit our website at: Or call (925) 899-8449.

©2008 Strategies For Small Business. All rights reserved.

Article Source: [—Patriot-Express-Loans-to-Veteran-Owned-Businesses—Are-They-Working?&id=2002502] Small Business Interview – Patriot Express Loans to Veteran-Owned Businesses – Are They Working?