How to Work with Less Small Business Loan Options
August 5, 2009 by Dr. Letitia Wright
Filed under Featured Articles, Wright Ideas
This article will give you some ideas on what loans are available for the small business owners and how you can use them to grow your business.
The hardest thing about being in business can be getting working capital in tough times. While more sales is ultimately the best way to work out of a tight money situation, many business owners look at getting business loans. It is exciting to think that President Obama is thinking about small business owners and trying to put something in place for us. Right now the reality is a little different. Business owners need to have a deeper understanding of what is going on around them.
Wright Place TV Show is located near Los Angeles and the Santa Ana SBA office serves us. They have admitted that only 10 out of the 250 banks registered with them have contacted them to say that they are participating in the ARC loan program. When I asked viewers for their personal experiences of trying to get an ARC loan, all of them related negative experiences. The bank personnel didn’t not know anything about ARC loans. One viewer says the bank he went to told him that they had no more applications. In the world where banking is run on computer, it is hard to think a paper application was the only way he could apply.
In the past, business owners have used Business Cash Advances, Equipment Collateral loans and SBA guaranteed loans. You can get a business cash advance loan even if you have tax liens and credit issues. A traditional bank will not want to work with that. Business cash advances are given without a personal guarantee or collateral. It can be expensive yet quick to get. A Streamlined Business loan is also known as a merchant cash advance. You use your personal guarantee to cut down the cost of the working capital loan significantly. For people with credit score of 690 or higher and 2 years of tax returns, the applications will be processed quickly.
If you opt for an equipment collateral loan, you will give a personal guarantee and the equipment for collateral. If you are buying brand new equipment, this is how you would finance it. Used or already owned equipment will get you about 50 % of the value in hard cash. Again, you must have good credit, the collateral and a personal guarantee.
Private money is an option which is often overlooked. Sometimes when only a small loan is needed this is a good way to go. For those still investing in real estate, private money is a fast way to go. Finding places through http://www.mywealthgiveaway.com can help you connect to the money and investors quickly.
Next Steps: Look at what is available to you from SBA, then look at private money at http://www.mywealthgiveaway.com. And grab your free EBook on private money at proof@getresponse.com
Social Marketing Your ARC Loan
July 30, 2009 by Dr. Letitia Wright
Filed under Featured Articles, Wright Ideas
This article will cover how you can use social marketing to find where to apply for ARC loans.
Many businesses are on social marketing sites. Banks not so much yet. Maybe they feel like some security could be compromised. There are different scenarios on each social marketing site that could help them and YOU find them when you are ready to apply for your ARC Loan.
Digg: You can check out that site to see if anyone is digging articles or podcasts on the ARC loans. If it is popular, it will be on the front page of the site. Even if it’s not popular, you will get some good information
Linked in: Connect with people who work for banks and ask them directly, what they are doing with the ARC loans. It is always better to have a bank referral than nothing.
Twitter: I have yet to see a bank twitter, however, I am sure at some point they may start. We never know all the real connections you have on twitter, so start tweeting and asking questions. A bank rep may answer you.
Meetup: if you create your own meet up group of people who are interested in ARC Loans, you will have no problem getting a bank to come and talk to you about it. Get one who can actually do ARC loans, not just talk about it.
Bebo: get on there and find a buddy who is also looking for ARC loans information. You can be a team who gets much more done that ever before.
Facebook: lots of Realtors on there who of course, know bankers. They can refer you to lots of bankers.
For more details on ARC Loans get a free audio CD at
http://wrightplacetv.com/arc-loans/
Work Your Way Up
July 28, 2009 by Dr. Letitia Wright
Filed under A Note for You, Featured Articles
This is a movie review!
I think the first one on my blog!
Ryan Allis sent me his new movie to check out. I love entrepreneurs, I love to hear their war stories, their losses, their big wins, their small wins, everything about this. This movie is right up my alley.
Work Your Way Up Movie
Ryan Allis has put together a good movie that explains entrepreneurism and what it is to be an entrepreneur. He covers the mind, set and even features successful entrepreneurs who not only tells their own stories but also gives advice on how they made strategic changes. If you have never been in business you need to watch this. BEFORE you open your doors. It will give you lots of food for thought.
http://www.workyourwayupfilm.com
