Let's Talk Business

nightmusic asked:


I am thinking of starting a small business. I haven’t done all the research yet but I think when I do, I’ll find there is a market for my idea. If I do that, where can I borrow some money? I don’t really have good credit. I think it’s 625. I don’t know how good or bad that is. But my work histroy is erratic. It’s not really that erratic. I’ve been employed on and off at one place for five years. Mostly on, but with gaps. Right now I’m not there. Also the place I work, I get tips and I’ve never declared them, so I can’t prove any kind of decent income. I’ve heard the government makes loans of this type. How do I find out about it and how do I qualify? I only need about $3,000

Jen E asked:


I have been thinking about starting a small business for years now.

Does anyone know anything about this or how to get started? Would I just get a loan from a bank? I have heard of some people getting grants from the government, anyone know if this is true?

Bonnie B asked:


All the time I am seeing commercials about “government loans”. Especially for small first time businesses. Just how does one go about applying for these and is it a huge pain in the ****?? Thanks for any answers

mar asked:


where in canada/ontario can u apply for a government grant or loan for a business that has just opened and needs financial aid to keep it open? i have searched the internet for hours but have not found what i am looking for.

Initial Underwriting Group asked:


The reality is that 99 percent of banks are in great health. According to Jack Palmer of the Crescent News “the vast majority of America’s banks are well capitalized and are operating in a ‘business as usual’ mode.”

It is true that the nation’s financial system is in a crisis. The government is running out of choices, hoping that a $700 billion plan to buy back toxic debt will regain confidence in the credit sector of our economy.

Let’s stop here for a minute. How is this affecting you?

Centrix Bank CEO Joseph Reilly said, “We have continued to do business as usual” while monitoring the disruptions in the financial markets.” And this statement holds true for almost every lender that concentrate their portfolios on small business lending.

The bailout is aimed at 117 major banks that are borderline insolvent and need to get their foreclosing sub-prime mortgages off the books in order to operate day-to-day. Those banks, most likely, will use up hundreds of billions to restructure.

And while they do that, solvent and profiting lenders are seizing the moment to make some headway in the lending market. Kelly Spors, of the Wall Street Journal, takes the time to list a few alternatives in her recent article. She suggests that small business financing are still available today and it is time to start thinking outside the box.

Sincerely,

Ilya Bodner
Small Business Owner
Initial Underwriting Group

*Breaking Down The Barriers To Small Business Financing*

www.initialunderwriting.org
www.strongbusinesscredit.com

Sources:

-http://www.unionleader.com/article.aspx?headline=Small-business+owners+try+to+ride+out+the+storm&articleId=934adf1e-ac79-4733-ac4a-f1cedf433450

-http://online.wsj.com/article/SB122256833525883041.html

-http://www.crescent-news.com/news/article/4434483

mkrj0530 asked:


Hi,

I have worked for over 2 years developing a fantastic business plan and putting together a company and an idea to try and thrive in the US. Me and my business partner are now ready to take the next step. We need 260,000.00 in a start up loan to cover all initial costs. I will actually be working for free for the first few months to make this happen and so will he. We are excited and thrilled but are now facing our biggest obstacle. My credit score is a 700 his is a 600. We need to find a lender. The government just passed a bailout package and I think now would be a good time to go on this.

Where should I go to get a loan considering my collateral will not be very high because of my young age?

The sba is my frst thought but the red tape ***** so bad. I was also considering other financial institutions but I am unaware of their collateral proof requirements. Please offer me some advice and help me determine our next step to find a lender. He will cosign with me.

Thanks

Aaron W asked:


Are there special loans for small businesses? What about government incentives? I have no clue.

Simply_Cynical asked:


An Atlanta family that was featured on “Extreme Makeover Home Edition” is getting their mini mansion, built by the show, foreclosed Aug. 5. This family not only got a home built, but they construction company employees and company partners also raised $250,000 in contributions for the family, including scholarships for the couple’s three children and a home maintenance fund.

The family took out a $450,000 mortgage to start a construction business that failed.

I don’t understand what possessed them to do this. I just can’t comprehend why. There are small business loans, government backed loans, all sorts of stuff to start a business. Are these people really just that ignorant to lose a home that was donated to them, worry free!

What do you feel about this?

Hit Pig [scoffer] asked:


Doesn’t it make more sense to spend 800 billion on making Loans to small business? Wouldn’t that be more stimulative quicker? nd with a robust and revived economy, would’ those loans be more likely to be paid back earning the Government (taxpayers) a profit?
Ignorance, actualy, you are both correct and incorrect.. Small business has accounted for about 80% of NEW jobs in America over the last 7 years… It would be incorrect for me to suggest that 80% f ALL jobs are with small business

Warren asked:


Please don’t go off on a rant about New Orleans either. Hundreds of thousands of good, hardworking people were affected by Katrina. Why is it people can defend the war in Iraq as a humanitarian effort when there are thousands of our own citizens homeless and numerous cities, towns, and communities (New Orleans too) destroyed. Many of them are well above sea level and miles inland from the coast. Please explain what I feel is a hypocritical attitude to have. Don’t say we’re fighting them there so we don’t have to fight them here, and war on terror and all that. I’m speaking of those who continue to use the “operation iraqi freedom” meme and justify the war as freeing the Iraqi citizens and rebuilding their lives by rebuilding the infrastructure and providing government services such as small business loans. Why do you feel it’s ok to use our tax dollars for that and bristle at the thought of using tax dollars to help gulf coasters? Sure there has been much fraud with katrina but millions are missing in iraq as well as 4000 guns. What’s your logic? I beginning to think that if it came down to it, with circumstances surrounding both situations and not knowing either party is a good or bad person, some of you would rather help an iraqi citizen than an American citizen.