| The State of Small Business Financing |
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allaccessloans
New Member
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Location: New York
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| The State of Small Business Financing |
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Good news for those in business.
“Chase said Thursday it loaned $505 million to small businesses in Ohio last year, marking a 30 percent increase over 2009.” Chase also gave loans to roughly 9800 small businesses with yearly revenues under twenty million. They also started a "second look" program for businesses that were turned down the first time.
Even still, 60% of franchisors say they have not seen improvement in accessing credit in recent months.
With more time, perhaps the changes will trickle down to a notable difference in our business economy.
Stephanie Jameson
Commercial Mortgage Loans
Business Loans
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Fri Apr 15, 2011 7:08 pm |
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dannylisaj
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I hear that the major banks i.e. Chase, Wells Fargo and others, are stating they are making more loans. As one who has just applied for a loan and been turned down I dont believe what is being reported.
I believe they may be loaning money but those are to companies who have the money already and dont necessarily need a loan to continue business. What about the start ups that have a good plan? Where are the monies being loaned for those businesses?
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Wed Mar 28, 2012 3:26 am |
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loanuniverse
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I have to disagree with the premise that banks do not want to lend. There is no other way for banks to profit than to put the money to work. The problem is that banks got in trouble already, and are being extra cautious in light of the slow recovery.
We are only a couple of years removed from 12% default rates on SBA guaranteed loans. Not sure what the rate is now but it was 12% in 2009. What rate do you think the bank should charge when the default rate is 12%?
A well prepared borrower with a good idea and a workable plan will get funded eventually. It really does take time and effort to put your best foot forward when looking for a bank loan. Unfortunately, a substantial number of people are usually looking for 100% startup financing, and banks are not in the business of being investors.
My commercial loan advice site
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Sat Mar 31, 2012 9:44 pm |
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Rogerjames
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How much loan will give your bank for starting a small business and what are the requirement for taking the loan.
No fake signatures - thanks
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Wed Apr 04, 2012 12:11 pm |
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ViktoriaS
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We believe that the real small businesses (50 or less employees) are really in a crunch. Most of the stats I see about small business lending are the very top end of the “under 500 employee” mark. This group is maxing credit cards, tapping personal assets or doing without. How about a community lead effort where individuals participate in helping small business borrower? As small business entrepreneurs, this is solution we think can help and are in the process of launching an effort May 1st to address this idea.
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Wed Apr 04, 2012 1:43 pm |
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loanuniverse
Contributing Member
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quote:
Originally posted by Rogerjames
How much loan will give your bank for starting a small business and what are the requirement for taking the loan.
Tulsa Internet Marketing
This is too much of an open ended question to have a reasonable answer.
The answer depends on what the business is, your plan to execute the business, your experience, and how much you are willing to bring to the table as far as equity.
Banks are not investors, they are lenders. A bank does not participate on the upside of the owner, which means that its position has to be more secured than that of the owner.
My employer is a mid-sized regional bank, and we have done around a thousand small business loans in the last two years. I was in a meeting with the small business people today, and they mentioned that they booked 95 loans last month.
My commercial loan advice site
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Thu Apr 05, 2012 2:24 am |
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ronita.gosh
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Location: London, UK
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| starting up a small business |
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If you want to start your own business and be your own boss, you would be carrying a mindful of ideas. If you’ve already decided on the business venture, you might be looking for ways to get started. Any successful project requires a concrete planning and resources as its foundation.
Let us look at the various areas that might help you with your first business venture.
1. It is important that you write down a business plan with an illustrated view on different aspects of your business, the resources you require and the machinery you need to buy.
2. There are various training or counseling programs available for amateur businessmen. You can seek assistance from these programs and manoeuvre techniques to achieve the business goals.
3. Choosing the right location for your business is as important as finding out other crucial resources. If you want to showcase your business to a wider audience and attract a large mass of consumers, you should select a prime location in your city.
4. After you’ve found the ultimate business location, you should start searching for creditors or banks that could assist you with your financial aspirations towards your business venture. You can also get your hands in government backed loans.
5. If you’re looking to start with a medium-sized firm you might also look out for the various categories you can own this firm. People may choose from sole proprietorship, to a firm set up in unison with a partner with similar goals.
6. You’ve already selected the location, and decided on the form of ownership for your firm, the next thing is to name your company. List out different appealing names for your company that could give it an initial rise.
7. While you are earning, doesn’t matter if you have an employer or if you’re self employed, you should be paying taxes towards the government. Therefore, if you’ve a small business, you are abided by the law to pay business taxes. The business taxes may include federal, state or local taxes. And hence, you should register with the central revenue service to receive your tax ID number or permit.
8. For your company to operate uninterruptedly you need to get licences and permits from government and local authorities and take care of all the legal formalities.
9. So now you own a business, you’re a boss and need manpower to run your business and deal with consumers. So how do you hire your first employee? The first thing to keep in mind is how to find your employees. You can put up an advertisement in local newspaper, or go online. Apart from finding the right people, you should also formulate a set of rules/ policies as an employer.
Ronita Gosh
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Fri May 04, 2012 11:58 am |
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