How to Start a Business

Posts Tagged ‘Finance’

Question: Is it possible to get a business loan for a start up business? If yes, which lenders offer these loans?!?!?

Answer: http://www.sba.gov/

Adult Children Increasingly Co-Sign for Parents’ Loans

In a case of financial role reversal, more parents are turning to their children for loans due to the parents’ rising debts, falling retirement funds

Starting a Business : How to Get Start-Up Business Financing

How to rebuild after a flood, without busting your small business budget

Following these steps to keep your business’s operating costs low will help your small business thrive during the rebuilding process.

How To Start A Business With No Money: 3 Expert Tips For Start Up Success!

There are many alternatives in obtaining tandem axle dump truck financing. Whether you are a start up or a seasoned business, the first logical place to investigate your financing is at your local bank. This may be pleasurable if you have many contacts at your bank but most people usually don’t have these types of connections. The seasoned business must have at least mid 600s in their credit scores and be prepared to go through a lengthy paper process.  Prior Year Tax Returns may be required, current personal financial statements needed and various other requests.  The start up business must have a credit score properly 680 or higher and will have a much smaller success rate in obtaining bank financing.  The business start up is a high risk factor and must adhere to higher lending standards.

Most banks offer loan and/or lease programs. The difference is that the loan program transfers title at the end of the payment obligation, whereas the leasing component offers a rent type environment during the course of the lease with a buy out option at the end of the lease period to take title. Usually, the monies required upfront to acquire a loan are higher and eliminates many candidates.  The Leasing arena requires anywhere from usually first and last payment to approximately 20% down depending on the type of industry financing is requested for.

On the loan and lease programs for a dump truck applicant, the applicant must investigate whether the bank and/or financial institution considers this a qualified asset which they will lend on.  Most lenders like this type of asset but others may specialize in other industries such as medical and transportation such as limos, limo buses, ambulances etc. Some Lenders will only lend up to ten years based upon the age of the truck where others may extend beyond this parameter.  Loans and leases usually run anywhere between 36 -60 months based upon the age of the dump truck.

The dump truck applicant is seeking a relationship with the lender no matter whether it is a start up or seasoned business.  The front money to commence the lending vehicle, the monthly payments and the buyout clauses at the end of the lending instrument, if there is one, is paramount in making a prudent business decision.  The amount of paperwork and hoops to jump through to get to end of the financing process are considered in the total evaluation process.

As we discussed above, there can be a lengthy paperwork process to obtain your financing.  Recently, some of the lenders have changed their computer qualification models and require application only programs This  means there are no income tax returns required, time consuming personal financial statements needed, and other key documents either prepared and /or requested.  This program is usually geared for the seasoned business but there are start ups applications programs available. These application lending programs run as high as $150,000. It is important for the dump truck applicant to check out all the lending programs available.  The collateral is the dump truck and usually no additional collateral is required.  The minimum credit score required for all dump truck applicants may run as low as 600.

The last thing you should be aware of is dealer/financing inventory programs. What this means, the lender has repos and/ off lease inventories that they want to move for cash flow purposes. This financing arrangement is geared to the start up as well as seasoned business and may offer the dump applicant an excellent buying and financing opportunity.

As of October 1, 2008, the economy can gone downward into a contraction mode and lenders have taken back dump trucks repossessions back by the droves. Lending in the financial markets has become very tight and the qualifications for prospective customers extremely difficult.  The repo dump truck market offers the startup and seasoned business an excellent opportunity for the buyer to obtain a deal combining the acquisition and the financing.  

News Update. There are  dealer finance programs out in the market  now that are reference driven, no credit is pulled. These lenders are not driven by a credit score but require substantial references, personal and business, to substantiate the potential buyer’s credibilty. The lenders are interested in the stability of the driver’s job and how much revenue is in his cash flow month per month to justify a dump truck payment… These lenders have a special application to fill out and down payments are usually from 12-15%..

When you are shopping for dump truck financing, consider the following, the front money, the monthly payments, what collateral is required, and what the buyout clauses mean.  Also, make sure you have a good source of income coming from a contract and/or other methods.

Happy hunting for your dump truck and its related financing..

Tapped into treasury

Don’t call it a bailout, but as banks and alternative lenders have tightened their lending, small businesses are relying more heavily on the federal government.

Business Start Up Loans, Venture Capital – MerchantCashAdvance.Com

Question: is a budget included in a business plan?

* Business Planning & Start Up Consulting
We have a highly experienced team in the field of Start Up Consulting. We have successfully helped numerous clients in collating their idea and then transforming it to add comprehensive value. We also have a efficient business planning framework which includes extensive market and industry research, detailed financial projections and professional pitch documentation.

Answer: Most definitely, it is called a "proforma budget" should be month x month for not less than one accounting period.

Faced with start-up costs, Carl Edmunds needs a budget

Edmunds, who worked for 25 years in the printing industry, has started a home inspection and home energy audit business that is simply awaiting customers.

Part 3:Funding Your Own Company On A Lean Budget

Jersey City is renowned for attracting those residents seeking more for less compared to Manhattan. In the past decade, the city has become more progressive with designing new housing communities and condominium buildings on the same wavelength as those offered in Manhattan. However, not until recently has a building successfully gained this level of status and prominence.

Crystal Point condos, still in the process of being completed fully, has burst onto the Jersey City condo scene boasting a remarkable flair and elegance that is unmatched by any other property in the area. Home buyers have certainly taken notice.

For prospective home owners and investors that have been eyeing the stylish units at Crystal Point, a huge new incentive has presented itself. The property was granted 30-year tax abatement by the city, a significant development for the posh condo building, which was previously approved with 20-year abatement.

It seems as if the Crystal Point condo community is the only one in its class and category to feature such an opportunity. Other buildings, such as another Luxury condo building 77 Hudson, have not been as fortunate. 77 Hudson’s proposal for 30-year abatement was denied by Jersey City Mayor Jerramiah T. Healy and the city council, and consequently the building’s 20-year abatement will remain. Furthermore, Mayor Healy stated that “the award or modification of tax abatements is not a matter of right,” demonstrating that the city is not in the business of administering unnecessary grants. This, of course, creates a unique selling position for Crystal Point.

With sweeping views of lower Manhattan, intimate floor plans, and luxurious amenities, Jersey City’s Crystal Point condos are fast becoming a desirable community for residents worldwide. Additionally, the building’s smart technology, intricate interior accents, and sparkling glass exterior also appeals to New York City transplants. Now, with the 30-year tax abatement, Crystal Point condos has widened its target market as additional investors and home buyers are being lured by the prospect of new savings.

Jersey City’s Crystal Point condo building enjoys its highly-desirable location directly on the Hudson River. Only three blocks away from the Exchange Place PATH train station and Light Rail stop, Crystal Point is conveniently situated in Jersey City, only minutes away from the flashing lights of New York City.

Grants for business improvements

By Jeanne Marcello Staff Reporter MONTROSE – Montrose Downtown Development Authority (DDA) representative Dr. James Stewart provided the Montrose City Council with an overview of the DDA’s new building façade and sign improvement programs, during the council’s Jan. 14 meeting. read more

Vertical Laneways plan to lure artists, niche retailers to CBD