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
ARC Loan Mistakes
August 2, 2009 by Dr. Letitia Wright
Filed under Featured Articles, Wright Ideas
This article will cover the mistakes business owners make in trying to get and ARC loan and what you can do to avoid the same mistakes. Mistakes are time wasters and time is of the essence when it comes to getting the ARC Loans.
Mistake 1: Not understanding there is a time limit. Yes, ARC loans became available in June of 2009; however, there will not be there forever. By knowing the deadlines and anticipating how much time it will take you to apply, you can avoid rushing. Rushing your paperwork will cause you to forget or leave out important information. Information gathering will be vital to creating an application that will get you the money.
Mistake 2: Not asking for the top amount. You need to know the maximum amount you can ask for and ask for it. This will bring you up to date with a lot of other bills. People are afraid to ask for more than they ‘need’. If you business is to expand, you have to do more than just get enough to keep you going. You have to get enough to go past survival and into Thrive. Ask for the proper amounts.
Mistake 3: Applying to the wrong banks. Not every bank will be doing these loans. Many banks do not think these loans will help. They think of the loans as being a problem in the long run. Some banks who are saying they are doing the loans are not up and running yet. I have had people write me at the Wright Place
TV Show and tell me, the bank they called, didn’t have the paperwork and were not ready to take applications. Some banks, no one knows anything about the ARC loans, or who they work. So do not waste time running from bank to bank. Start with your own business bank. You have a relationship with them and you can easily speak with someone who will tell you, what your bank is willing to do.
For more information on ARC Loans, grab your free audio cd at http://wrightplacetv.com/arc-loans
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/
