Tag: Financing

Business Loans #business #loans, #business #loan, #small #business #loans, #small #business #loan, #personal #loans,

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Business Loans

Fast Business Lending Solutions Merchant Advisors offers small businesses a platform for business financing. Whether you need funding for expansion or working capital, Merchant Advisors gets you the business financing you need when you need it at minimal costs.

We understand that every business has its unique borrowing needs. Some may want to make new purchases to boost productivity and sales; some need working capital to support operating costs. That’s why we offer the use of innovative technology to offer simple, fast and unsecured business loans. As a non-bank lender, Merchant Advisors offers low longer terms and low rates for more effective business financing. We realize that if a loan costs too much – we may not get paid back! We prevent this by offering affordable business financing.

Unlike bank lending, our financial experts walk you through the loan process to make sure you have a full understanding of our loan process. We strive to make the loan application process as easy as possible; and this is what sets us apart from other lenders.

A Smarter Way to Shop for Business Loans, Compare & Save! Our goal is to serve our clients’ immediate and long term financial needs from basic business loans and credit lines to the most intricate financial situations. In today’s fast paced market time is money and we make sure you waste neither. Our experienced financial advisors keep their finger on the pulse of your business, and stay on top of your industries trends which can affect your entrepreneurial goals or existing enterprise.

If this sounds like something that interests you & benefits you, we highly recommend you APPLY NOW to get started with no upfront fees and no commitment to find out how much you’re eligible for.

What Sets Us Apart from Other Lenders?

  • We deal with the industry’s most trusted brand name providers
  • Increases your chance of approval by constantly adding new private lenders to our portfolio
  • You get the same (if not better) rate going through us to due to our portfolio track record with our lenders
  • Get a loan for your company without any collateral
  • Receive funding within a few business days!
  • Easiest lending platform with minimal information required for approvals
  • Best rates, save time, and save money!
  • Equipment financing, minority loans, startup funding, working capital many others options.




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Student Loan Refinance – Find a Loan #student, #loans, #refinance, #e #student #loans, #education,

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Student Loan Refinance Program

Student Loan Refinance Program Features

  • Take control of your student loans with a Student Choice Refinance Loan from DCU.
  • You’ll be able to refinance and consolidate your private and federal student loans into one manageable loan, setting up one convenient payment, and potentially saving thousands of dollars in interest rate charges.
  • Featuring a competitive interest rate, our refinance loan can help you simplify your life while amplifying your funds.

Please refer to Details and Rates tabs for additional information and important disclosures.

Student Loan Refinance Details

What You Need to Know Before You Borrow:

  • Refinance your private or federal student loans, including PLUS loans, up to $100,000
  • Keep in mind that by refinancing federal student loans, you may lose certain borrower benefits from your original loans. These may include interest rate discounts, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans.
  • Receive a 0.25% rate discount for automatic electronic payment 1

Who’s eligible?

  • U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school 2
  • In repayment or grace on one or more outstanding private or federal student loans
  • Able to pass a credit check (A co-borrower may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate)

1. If your loan is subject to a floor rate (also known as a minimum interest rate) as specified in your promissory note, your rate will never be less than the floor rate.

2. Approved schools subject to change.

Variable Rate Solution

The Annual Percentage Rate (APR) is variable 1 and is based on the Prime index 2 plus a margin 3. The rate you receive depends on your credit qualifications and the repayment term you select.

The current offered variable rates are 4 :

between 5.00% and 9.50% APR

All loans are subject to approval and restrictions may apply. Digital Federal Credit Union reserves the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required. Contact us for membership details.

Important. Please remember that federal loans do offer certain benefits and protections that do not transfer to a private loan. By refinancing your federal student loans to a private loan you will lose any federal benefits that may apply to you. Please review this important disclosure for more information.

Rates are effective .

* Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

1. Variable interest rate solution: the rate is subject to increase after consummation. Your Interest Rate is variable and may be adjusted quarterly based on the Index. Any increase in the Index may increase the APR and may increase the amount of your monthly payment.

2. As of March 1st, 2017, the Prime index (Index), as published in the Wall Street Journal, used is 3.75%. The interest rate will not exceed 18.00% regardless of the Index.

3. Margin will be disclosed upon approval. This Margin is added to the Index to determine the calculated interest rate.

4. Current offered rates are calculated using the Index, Margin, and Floor values in effect. Your specific Interest Rate, Margin, Floor, and/or credit approval will depend upon the student borrower’s and co-borrower’s (if applicable) credit qualification. Applicants may apply with a creditworthy U.S. co-borrower which may result in a better chance of approval and/or lower interest rate.

5. Fixed interest rate solution: your interest rate is fixed and is based on your credit qualification and the repayment term you select. Your actual rate within the ranges stated will be disclosed upon approval.

APR = Annual Percentage Rate.

Examples provided use highest current offered rate in effect for each repayment term and assume a constant interest rate on a $50,000 loan amount. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

Variable Interest Rate Solution

  • 5 year loan term: with a 7.00% APR, the monthly payment will be $990.06. Finance charges will be $9,403.55
  • 10 year loan term: with a 7.50% APR, the monthly payment will be $593.36. Finance charges will be $21,221.05.
  • 15 year loan term: with a 8.00% APR, the monthly payment will be $477.83. Finance charges will be $36,008.08.

Fixed Interest Rate Solution

  • 5 year loan term: with a 8.25% APR, the monthly payment will be $1,019.81. Finance charges will be $11,188.60.
  • 10 year loan term: with a 8.75% APR, the monthly payment will be $626.63. Finance charges will be $25,195.60.
  • 15 year loan term: with a 9.25% APR, the monthly payment will be $514.60. Finance charges will be $42,628.00.

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Can I refinance student loans I ve already consolidated





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Student Loan Services – Ways to Pay for College #student #loan #services, #college #financing,

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Student Lending and Services

* Multi-year approval funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial loan to you, we may refuse to allow you to take out additional loans under the multi-year approval feature, terms and conditions will be outlined in your promissory note.

1 Average savings of $643 are calculated using the 2016/2017 Award Year Federal Direct PLUS Loan program reporting (as of 5/03/2017 for quarter ending December 31, 2016 not including Grad PLUS) of originations of

$11.1 billion to 740,097 borrowers through 769,597 loans with an average loan size of $15,035.30. Average fee savings is possible with either private student loan option we offer, including the Citizens Bank Student Loan or the Citizens Bank Student Loan for Parents.

2 Average savings based on 57,772 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 6, 2014 and January 31, 2017. The borrower s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.

3 U.S. Dept. of Education. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2016 and September 30, 2017 the origination fee is 4.276%.

4 Interest rate reduction of up to 0.50 percentage points is possible with the following discounts:

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.





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Easy Auto Credit Auto Loans – Guaranteed Auto Credit – Poor Credit Auto Financing,

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Easy Auto Credit Guaranteed Auto Credit Poor Credit Auto Financing

First time buying and poor credit history are no problems for our experienced auto loan specialists.

Getting approved for an auto loan with bad credit may be easier than you think. Auto loans are different from unsecured lines of credit because they use the car as collateral. If you are unable to make your monthly payments, then the creditor has the right to repossess the car.

Dealer Financed Auto Loan

There are several options for obtaining an auto loan. Many small, local, or used car dealerships offer buy-here-pay-here financing. You finance the vehicle through the dealership and send them your monthly payments. These programs are often less selective about the candidates they approve for financing, but they also generally charge very high interest rates.

Easy Auto Credit Guaranteed Auto Credit Poor Credit Auto Financing Auto Loans

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If your credit is so poor that you have to accept a less-than-desirable loan offer, then make sure to always make your payments on time. Your credit score will improve with each timely payment. With one year’s worth of good credit reporting, you should be able to refinance your car and obtain better loan conditions.

Easy Auto Credit Auto Loans

Another option is to obtain a loan through your personal bank. If you have a good history with the bank (few to no bounced checks or account overdraws), and you can prove that you are capable of paying back the loan, they may offer to finance your purchase. You can compare auto insurance quotes online for comprehensive auto coverage to protect you from vehicle theft.

Most of the larger dealerships have banks that they work with exclusively. If you chose to finance through their banks, a loan officer will walk you through all of the paperwork. You can attempt to negotiate the terms of the loan prior to agreeing to make the purchase, but you cannot be sure that you are getting the best deal. Most large dealerships will charge higher interest rates so that they make a profit off of obtaining financing for your purchase.

Guaranteed Auto Credit

Perhaps the most active and selective means of obtaining auto loans is to request quotes through an online database. Many companies have websites that are partnered with several loan companies who will consider your credit, income, and work history, and then present you with the terms of the loan they are prepared to offer. These services allow you to compare loans side-by-side and choose the one that offers the best terms

Auto loans financing





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Government grants and financing – Canada Business Network #designer #business #cards

#business grants

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Government grants and financing

Government departments and agencies provide financing such as grants, contributions, subsidies, and loan guarantees. Find out what type of government financing may be available for your business. Use the search tool or browse by type of financing.

Browse government financing by type

Explore opportunities to receive public funds to help springboard your business venture.

Examine these loans and other borrowing possibilities for your new or existing business.

Having trouble securing a loan for your business? A government-backed loan guarantee could help you attract creditors.

Looking for more return on your business expenditures? Browse potential tax benefits that could help reduce overhead.

Are high wage expectations making you reluctant to put up that Help Wanted sign? A wage subsidy program can put the perfect employee within your reach.

Searching for a long-term financial solution for your business? An equity investor may be willing to bank on your potential.

Date modified: 2016-05-05

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Buy Here Pay Here NY #ny, #new #york, #buy #here #pay #here, #dealers, #bhph,

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Buy Here Pay Here Car Lots New York

Buy Here Pay Here, NY

New York, car lots with car dealer lease to own, pay here finance. Find leasing and bad credit loans from dealerships with tote the note, we finance anyone, in house credit financing. Use car leasing is popular at car centers near New York, NY.

Auto marts with in house guaranteed approved, tote the note, 2nd chance financing in New York, NY find it hard to complete with our auto sales and leasing programs for people with bankruptcy, poor credit, or terrible credit. Complete online application today. Once you apply, you’ll be contacted by finance manager at one of our auto outlet car centers with the max you can borrow.

Get Approved for Dealer Financing Online Today!

Buy a Used Car Today with BHPH or Lease to Own

Get started now by filling out the form below. The process is fast, easy, and secure!

Realtime BHPH Results for People with Bad Credit in New York

Krystie from Freedom, NY didn’t meet the minimum income requirements.
Jun 11, 2017 – 01:45 am

Latrecia from Southold, NY has just qualified for a no money down used car loan.
Jun 11, 2017 – 12:02 pm

An auto loan for Laron from Fallsburg, NY has just been processed.
Jun 11, 2017 – 11:32 am

New York Lease to Own Financing

Our New York used car lots have in house financing available

Buy a car with bad credit in NY cities through one of the many buy here pay here car lots in NY that are part of our New York buy here pay here car dealer network.

Our New York buy here pay here dealers also offer financing from the nation’s most time-tested sub prime lenders.

When you apply online you can get approved before you visit a dealership in New York with in house financing. Our application has zip code routing so we will find a local dealer ready, willing, and able to sell you a car.

All New York Car Lot Locations

Get auto financing no matter what your credit situation may be.

Pre-Qualify in 30 seconds for Auto Financing with our quick Pre-qualification auto loan application.

What People in New York are Saying

“I was very pleased with the service I received. I was treated respectfully and not as someone who couldn’t be helped due to credit problems.” Derek S.

“I really enjoyed being treated as a person, not at all like the other dealership I went to. No pressure was shown. They cared about the person, not just making the sale.” Matt B.

“What a great experience. Our rep was very excellent to work with. We thank you very much for working with us.” Jessica K.

“Excellent service and great car. Very satisfied!” Roger P.

Top New York Dealer Financing Locations

Used Car Auto Loans

If you are in the pursuit of getting a used auto loan considering the fundamental aspect of financing is vital. A used auto loan can help you purchase the car you want, rather then the car you could buy for cash from a private seller or used automobile sales dealership.

Providing online lending solutions for a used auto loan has nearly no limitations. Bankruptcy, no credit used auto loan, bad credit used auto loan � regardless, you can get instant approval from one of the many financing programs available.

Used auto loan financing helps you to buy a used car with no stress or hassles. There is no factoring in your credit score or history which relieves 100 percent of the stress from the start. Next to a house, purchasing a vehicle is the next in line for major purchasing. This line of credit can help you to establish credit or rebuild your damaged credit all in less than an hour. Amazing!

Bottom line- you can get that used auto loan you need with a committed financing lender at the terms that are affordable for you. Get ready to hear “yes” and hold your head high, you are on your way to driving the car you only dreamt about with pride that you decision was a wise and affordable one.

New York Car Lots Sponsors

Roadrunner Auto Sales
610 Sunrise Hwy
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Phone: (516) 867-2701





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Auto Loans & Car Financing with Nationwide, auto loans financing.#Auto #loans #financing

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Auto Loan Rates

We offer a variety of loan terms and flexible interest rates for your vehicle. APR* as low as 1.99%.

Get Pre-approved

Our online auto loan application takes the hassle out of car buying.

Find The Right Payment

Find the right monthly car loan payment or vehicle purchase price.

Auto Refinancing

Lower your interest rate to pay off your car loan faster.

NATIONWIDE AUTO SHOPPING SERVICE

Powered by TrueCar ®

Call 1-877-422-6569 8 a.m. – 8 p.m. ET Monday – Friday 9 a.m. – 2 p.m. ET Saturday

We help make car shopping easier for you

With Nationwide, you can get a great low rate and find the perfect car for a fair price completely online. Our car shopping service powered by TrueCar allows you to compare vehicles side-by-side and see what other customers have paid with free vehicle reports. Buyers using TrueCar have saved an average of $3,279 off MSRP 1 on new cars and received exclusive used car discounts. Save time and hassle by getting everything you need online.

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Step 1: Find

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Step 2: Finance

Get pre-approved for our lowest rate, so you know how much you’ll save.

Apply for your loan Auto loans financing

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Step 3: Protect

Once you buy your car, you can insure it with us.

Get an auto quote Auto loans financing

Apply online with our streamlined approval process

Once you find the perfect car, finance it with us. We offer great rates for new, used and refinance car loans, along with flexible terms and payment options. With our new, streamlined approval process, you can apply for Nationwide auto loans online, get pre-approved and even sign your loan documents – anywhere and anytime.

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Auto payment calculator

Estimate the total cost of your car loan, as well as your monthly payments.

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Loan qualification calculator

Measure your overall ability to qualify for a loan.

[1] Between 7/1/15 and 9/30/15, the average estimated savings off MSRP presented by TrueCar Certified Dealers to users of TrueCar powered websites, based on users who configured virtual vehicles and who TrueCar identified as purchasing a new vehicle of the same make and model listed on the certificate from a Certified Dealer as of 10/31/2015, was $3,279. Your actual savings may vary based on multiple factors including the vehicle you select, region, dealer, and applicable vehicle specific manufacturer incentives which are subject to change. The Manufacturer’s Suggested Retail Price (“MSRP”) is determined by the manufacturer and may not reflect the price at which vehicles are generally sold in the dealer’s trade area as not all vehicles are sold at MSRP. Each dealer sets its own pricing. Your actual purchase price is negotiated between you and the dealer. TrueCar does not sell or lease motor vehicles.

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Nationwide Mutual Insurance Company, Nationwide Mutual Fire Insurance Company, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company and Nationwide Investment Services Corporation are affiliates of Nationwide Bank. The insurance products and services offered through these affiliates of Nationwide Bank are not insured by the FDIC or any federal government agency, nor are they guaranteed by, deposits of or obligations of Nationwide Bank. The products and services offered through Nationwide Investment Services Corporation are subject to investment risk, including possible loss of value.

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Nationwide Bank, Member FDIC, is a federally chartered savings bank. Loans, lines of credit and credit cards are not insured by the FDIC. Nationwide Bank is an Equal Housing Lender.





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Limousines Limos for Sale #limos #for #sale, #limousines #for #sale, #used #limo #sales, #used

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If you are looking to make a reservation for limousine services please click here to go to our
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Limousines limo for Sale, New and Used LimosWorldwide No matter your need of ground transportation for your company Aladdin Coach Builders is able to assist you finding that one perfect SUV Limousine , Super Stretch Limousine. Corporate Limo or Tiffanys. Contact: Archie at Aladdin Auto Sales- Aladdin Coach Builders to see what Aladdin can build for you.

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Brenner Financial provides Best in Class lease products and term loans to livery professionals nationwide. Our experience, expertise, and dedication to customer service makes us the number one choice for limousine funding.

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5 Small Business Financing Options for Startup Entrepreneurs #financing #for #business

#business financing options

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5 Small Business Financing Options for Startup Entrepreneurs

Credit Cards

According to a 2012 National Federation of Independent Business (NFIB) study [click the image above for the full infographic], 79% of small business owners used credit cards to start or grow their business. That says a lot about the significance of using credit cards to capitalize a small business.

According to another study (PDF) conducted by Keybridge Research, the use of business credit cards to start or grow a small business has tremendous positive effects on the business and the economy as a whole. The study found that the expansion of credit card lending between 2003 and 2008 contributed to the creation of 1.6 million jobs and for every $1,000 of business credit card use, a $5,500 increase in revenue was experienced by the small business.

The bottom line is that about 4 out of 5 small business owners will be using credit cards.

Founders of Google, Larry Page and Sergey Brin, did it in the early days. Most other successful business owners have done it as well. It’s like anything else in that, you can use credit cards the right way or the wrong way. So plan this like you do your business.

I like what T. Boone Pickens says about planning. He said:

“A plan without action isn’t a plan. It’s a speech.”

Don’t make a speech about using credit cards, make a plan. Places like Lendio and NCH Capital help a lot of business owners learn how to use business credit cards to grow their businesses.

Microloans

Microloans are small loans typically issued to borrowers who are low income earners or have less than perfect credit and do not qualify for traditional bank financing.

According to the Microfinance Information Exchange, MicroBanking Bulletin Issue #19. nearly 74 million entrepreneurs across the world have microloans that are equal to a combined total of $38 billion U.S. dollars (as of 2009). Statistics vary but most microlenders report that between 95 99% of their loans are repaid. Kiva.org has over a 99% repayment rate this month alone.

Repayment rates suggest that small businesses have experienced a significant level of success as a result of obtaining microloans. Furthermore, according to a recent survey (PDF) conducted by Accion U.S. Network, 42% of survey respondents said their business income increased (between 2010 2011) as a result of a microloan.

Personal Savings

This is the #1 small business financing option for most people who find that they don’t qualify for credit cards, microloans, or any other type of “traditional bank financing.”

This is a great way to get started. If you don’t quality for things like business credit cards or traditional bank financing, then you may want to take the appropriate steps to correct any credit issues that may be part of the problem. We would all like to have more financing options in the future as we grow our businesses. If you’re like millions of other business owners with less-than-perfect credit, then do something about it.

Resources like Creditera are invaluable as it is currently the only credit monitoring platform that allows business owners to monitor both business and personal credit in one place.

The 3 F’s: Family, Friends and Fools

This is a great example of how the small business financing options are different for everyone. For some people, that list of possible investors from their friends and family is a long one. For others it’s, well, a short list shall we say.

Often times it is difficult to obtain financing from family and friends because they may not fully understand the business or believe it will succeed. You will really need to do what it takes to convince them the business will be lucrative and successful to get them to invest.

Entrepreneurs are famous for over-selling their cool ideas to their Uncle Louie and then seeing things not work out. If you do accept an investment from a friend or family member, then I suggest using something like ZimpleMoney. Whatever you do, be sure to treat your friends and family no different than you would a savvy angel investor. They deserve updates, communication and to be one of the first phone calls when there is a problem.

You should treat them as the partner you allowed them to become when you accepted their check. As for the fools I’ll leave that one alone.

Retirement Accounts

This small business financing option is highly popular for entrepreneurs who want to purchase a franchise. In order to use your retirement account to fund your business, you would use the Rollover for Business Startup (ROBS) Strategy.

This strategy is slightly complicated so you’ll want to consult with an expert such as Benetrends or Tenet Financial Group. It consists of forming a C Corporation and rolling your current retirement plan over to the new corporation’s retirement plan. It’s a relatively complex strategy. So don’t try it on your own and do your due-diligence. The term ROBS actually comes from the IRS ROBS compliance project.

ROBs strategies are common but are right up there as the most risky ways to finance a business along with Home Equity Lines of Credit and using personal savings. Again, in the event that your business fails, you likely lose your nest egg or whatever portion of it you “rolled over.”

I probably side with my friend Joel Libava, The Franchise King, on this when I say that I don’t think of franchisees as “full-fledged,” 100% entrepreneurs. I also cannot negate what my other good friend, Rieva Lesonsky, says when she argues, very respectfully, that franchisees take a lot of risk in buying a franchise. Especially a less established franchise.

When franchisees “roll over” their nest egg and start a franchise they totally get my respect and they clearly are taking a risk. I guess for me, I can’t get past the part about following directions and needing to get permission from the franchisor for many business decisions that an entrepreneur would not only make, but would make quickly, and he/she would laugh at the thought of needing someone’s permission.

Conclusion

Successful business owners all have one thing in common. They take action. They execute.

Mistakes and failures come with the territory, so learn your options, move forward, and accept that there will be lessons to learn along your road to success. Figure out which small business financing option is best for you and your dream.

Tom Gazaway is Founder and President of LenCred. His expertise is in helping small business owners who are in the first two years of business to properly obtain business financing that separates their personal and business credit while also protecting, preserving, and improving their credit profiles. Tom blogs on the LenCred blog, The Business Finance Lounge.

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Thanks for the mention.

I m 100% okay with folks using a PORTION of their retirement savings to buy a franchise.

They need to make sure it s done right, though. The paperwork involved must be perfect. And, several other things need to line up. the right age, enough back-up money, etc.

Great article, Tom

The Franchise King®

Thanks Joel. It s great to have you clarify your position on this.

I think the part I liked the most about your comments was when you said, make sure it s done right. When a franchisee or other type of small business owner works with a qualified representative from a reputable company like the ones I mentioned (or other company that meets those criteria) and uses a ROBS strategy then it can be an excellent way to bring your dream to reality.

Thanks again Joel.

I guess most startup entrepreneurs always go with the three F s or with loans. But then again, there are always the safe players who invests their existing savings. I would like to see some unconventional ways to generate some money for startup.





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Financing your new business #harvard #business #publishing

#financing a new business

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You need to have a viable business idea. You must also have what it takes to make it work. You also must have enough money.

If you’ve got what it takes to start your own business, and you’ve done your research, forming a business is the next exciting leg on the journey.

Many people struggle with the financial side of managing their small business. Not everyone has a head for figures or wants to become an accountant.

If you want to run a legitimate enterprise, you must pay tax. It’s worth understanding your tax obligations before you start up to factor them in.

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Financing your new business

Chartered certified accountant Raphael Coman of Coman Co explains the key start-up funding options

Finance is important to any business – especially at launch and during times of growth. Success can often depend on having access to the right finance, since many profitable businesses fail simply through a lack of cash. The following explains 12 common sources of start-up and development finance.

  1. An overdraft is the amount you owe on your account to the bank. Bank overdrafts can be repaid more quickly than formal loans and have no early repayment penalties. Banks often prefer to grant or extend an overdraft rather than make a loan.
  2. A loan is a more formal debt. Bank loans cannot be recalled, unlike overdrafts, and they can improve the certainty of cash flow forecasts and budgets.

Banks will ask for security on larger loans and this is often your home. This is known as a personal guarantee, and is a high-risk option.

You may secure loans of between £1,000 and £1 million under the Enterprise Finance Guarantee scheme. Under the scheme you pay a 2% annual premium on the outstanding balance of the loan and the government guarantees to pay the bank 75% of the loan value if you default.

You should have a business plan ready to show to lenders and investors and agree the terms of the financial arrangement in writing.

  • Obviously, you can invest personal savings in your business. The interest you forgo on savings is normally less than the interest you pay on borrowings. Interest received on savings is normally liable to tax, whereas interest paid on business borrowings can help reduce taxable profits.
  • You could ask family and friends to lend you money, provided they understand the risk of loss if the business fails.
  • Limited companies can issue shares. although this can dilute your ownership and control of your business.

    The British Venture Capital Association and the British Business Angels Association can introduce you to possible investors. A venture capitalist can bring skills and networks to strengthen your business, but they will normally want to be a director and will push for growth.

    The Venture Capital Trust scheme and Enterprise Investment Scheme (EIS) both provide tax incentives for investors wishing to buy shares in growing businesses.

    Under the EIS scheme there is scope for you to raise finance by purchasing your own company shares and deferring any capital gains you have made in the past three years.

    If a company disposes of more than 10% of its business under the EIS scheme, it will also be exempt from tax.

  • Organic growth through retained profits does not require any borrowing commitments or dilution of control. Reducing stock and debtors will improve cash flow.
  • Factoring enables you to obtain an upfront payment for the money owed to you by your customers. Commonly, factoring companies will lend up to 85 per cent of the amount outstanding.
  • Hire purchase allows you to pay for equipment in instalments, but it can be costly.
  • Leasing can enable you to use the latest equipment or machinery without actually owning it.
  • A small company pension scheme can be used to buy certain assets, such as commercial property, for use by the business and can borrow up to half of the finance required.
  • Government and local authority grants and loans on favourable terms may also be available.
  • Getting it right

    Raising finance is always challenging, especially for small businesses and particularly in a recession. In deciding on the best source of finance, you should take account of a number of factors, such as taxation, the long-term plans of the business and its ability to meet its repayment commitments.

    Financial planning is important, particularly when considering whether the business has the resources to manage expansion. A business plan is usually necessary for borrowing from a bank or other lending institution. It is also useful for focusing your mind on your objectives.

    Written by Raphael Coman of Coman Co.





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