Small Business Loans 2009-07-13T22:12:42Z Banks are a notoriously difficult source for a small business to get a loan. Fortunately there are alternatives that look more at the business than what a computer printout says. tag:www.smallbusinessbrief.com,2009:/loans//9 Movable Type Copyright (c) 2009, Robert Clough Business Owners Ache as CIT Scales Back 2009-07-13T22:12:42Z 2009-07-13T22:11:00Z tag:www.smallbusinessbrief.com,2009:/loans//9.10388 2009-07-13T22:11:00Z Tom Drennen, a 29-year-old businessman, has been paying $5,000 in monthly rent on an empty restaurant space in a strip mall in Newport, Ky., since December after CIT didn't extend him a $500,000 business loan it earlier approved. Mr. Drennen,... Robert Clough webmaster@searchengineguide.com Bank Loans Tom Drennen, a 29-year-old businessman, has been paying $5,000 in monthly rent on an empty restaurant space in a strip mall in Newport, Ky., since December after CIT didn't extend him a $500,000 business loan it earlier approved. Mr. Drennen, who was preparing to open a Beef 'o' Brady's neighborhood pub, was two weeks away from closing on his loan last September when a CIT officer called to say the company was putting a freeze on lending and couldn't give him the money.

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]]> Unique Ways Entrepreneurs Are Raising Money 2009-06-23T17:17:50Z 2009-06-23T17:15:55Z tag:www.smallbusinessbrief.com,2009:/loans//9.10384 2009-06-23T17:15:55Z Taking unconventional routes to raise cash has become a necessity for many small-business owners as traditional sources of funding (i.e., venture capital and bank loans) have dried up. Here are five businesses that are doing just that. Read more...... Robert Clough webmaster@searchengineguide.com Owner Financing Taking unconventional routes to raise cash has become a necessity for many small-business owners as traditional sources of funding (i.e., venture capital and bank loans) have dried up. Here are five businesses that are doing just that.

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]]> Banks, borrowers dig in over credit crunch 2009-06-23T01:47:06Z 2009-06-23T01:44:41Z tag:www.smallbusinessbrief.com,2009:/loans//9.10382 2009-06-23T01:44:41Z 14 percent of 1,794 owners around the country surveyed by the National Federation of Independent Business reported that loans were harder to get in April than they were in March—the highest percentage since the 1980-82 recession. Making things worse, about... Robert Clough webmaster@searchengineguide.com Bank Loans 14 percent of 1,794 owners around the country surveyed by the National Federation of Independent Business reported that loans were harder to get in April than they were in March—the highest percentage since the 1980-82 recession. Making things worse, about two-thirds said rates rose on their credit cards—which many small firms use to finance operations—while 40 percent reported decreased credit limits.

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]]> Ohio Law Would Establish Micro-lending For Small Business 2009-06-23T04:21:30Z 2009-06-18T04:17:56Z tag:www.smallbusinessbrief.com,2009:/loans//9.10383 2009-06-18T04:17:56Z Other state incentive programs provide financing involving hundreds of thousands or millions of dollars. The new one would focus on smaller loans -- potentially in the $20,000 to $50,000 range -- for established businesses wanting to expand. "(We're) trying to... Robert Clough webmaster@searchengineguide.com Microloans Other state incentive programs provide financing involving hundreds of thousands or millions of dollars. The new one would focus on smaller loans -- potentially in the $20,000 to $50,000 range -- for established businesses wanting to expand.

"(We're) trying to fill a gap that we're seeing at some level in the market to help support small businesses that we think have an opportunity to grow in this environment," Schoeny said.

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]]> When Your Business Loan Affects Your Personal Credit 2009-06-15T21:34:15Z 2009-06-15T21:30:23Z tag:www.smallbusinessbrief.com,2009:/loans//9.10378 2009-06-15T21:30:23Z Small business borrowing is generally not reported on owners' consumer credit reports unless they fail to pay on time. But with banks facing rising defaults, at least one lender is moving to add small business loans to borrowers' consumer credit... Robert Clough webmaster@searchengineguide.com Small Business Credit Lines Small business borrowing is generally not reported on owners' consumer credit reports unless they fail to pay on time. But with banks facing rising defaults, at least one lender is moving to add small business loans to borrowers' consumer credit files, meaning small business owners could soon find that their business debts are affecting their personal credit. Any debt that owners personally guarantee—including many business loans and credit cards—could be reported.

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]]> Kiva Now Allows You to Invest in US Small Businesses 2009-06-10T22:55:54Z 2009-06-10T22:53:26Z tag:www.smallbusinessbrief.com,2009:/loans//9.10377 2009-06-10T22:53:26Z Today, the much-lauded microlender Kiva announced it will begin a pilot program of loans to U.S. small enterprise. Kiva began in Africa, and after four years has since expanded to 44 countries, mostly in the developing world. Read more...... Robert Clough webmaster@searchengineguide.com Microloans Today, the much-lauded microlender Kiva announced it will begin a pilot program of loans to U.S. small enterprise. Kiva began in Africa, and after four years has since expanded to 44 countries, mostly in the developing world.

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]]> Missouri launches $2 million micro loan program for small businesses 2009-06-02T18:48:51Z 2009-06-02T18:46:03Z tag:www.smallbusinessbrief.com,2009:/loans//9.10376 2009-06-02T18:46:03Z Gov. Jay Nixon's administration has $2 million to loan to small businesses in need of low-interest capital — that some state officials doubt will ever be paid back. Read more...... Robert Clough webmaster@searchengineguide.com Microloans Gov. Jay Nixon's administration has $2 million to loan to small businesses in need of low-interest capital — that some state officials doubt will ever be paid back.

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]]> Firm Gives Loans When Banks Won't - And, Yes, There's A Catch 2009-05-28T15:06:17Z 2009-05-28T15:04:01Z tag:www.smallbusinessbrief.com,2009:/loans//9.10375 2009-05-28T15:04:01Z Rather than issuing a monthly bill, On Deck automatically deducts small payments every day directly from a borrower's checking account. For instance, one client received a loan from On Deck for $15,000 at a quoted 21 percent interest rate. Five... Robert Clough webmaster@searchengineguide.com Small Business Credit Lines Rather than issuing a monthly bill, On Deck automatically deducts small payments every day directly from a borrower's checking account. For instance, one client received a loan from On Deck for $15,000 at a quoted 21 percent interest rate. Five days a week, On Deck debits $71.48 from the company's checking account.

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]]> Credit card reform leaves small biz out 2009-05-26T19:43:40Z 2009-05-26T19:40:40Z tag:www.smallbusinessbrief.com,2009:/loans//9.10374 2009-05-26T19:40:40Z When the Senate passed its credit-card reform bill on Tuesday, Senator Christopher Dodd called it "a great day for consumers." But what will it mean for small business owners who've been struggling with inflated rates and unexpected fees on their... Robert Clough webmaster@searchengineguide.com Small Business Credit Cards When the Senate passed its credit-card reform bill on Tuesday, Senator Christopher Dodd called it "a great day for consumers." But what will it mean for small business owners who've been struggling with inflated rates and unexpected fees on their credit cards? That depends on how your small business is incorporated, and what kind of card you have.

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]]> 5 tips for securing small business financing 2009-05-21T16:56:11Z 2009-05-21T16:54:30Z tag:www.smallbusinessbrief.com,2009:/loans//9.10373 2009-05-21T16:54:30Z Credit-crunch. Collapse. Too big to fail. Bail-out. For a small business owner looking to invest and grow his or her business, or just to obtain financing to stay afloat in these times, these phrases have meant that there is little... Robert Clough webmaster@searchengineguide.com Bank Loans Credit-crunch. Collapse. Too big to fail. Bail-out. For a small business owner looking to invest and grow his or her business, or just to obtain financing to stay afloat in these times, these phrases have meant that there is little money out there for that.

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]]> Advanta Dumps One Million Small Business Customers 2009-05-21T17:26:29Z 2009-05-21T16:47:32Z tag:www.smallbusinessbrief.com,2009:/loans//9.10372 2009-05-21T16:47:32Z Advanta's move is one of the most extreme retreats in the credit-card industry, which is being racked by record delinquency and default rates. While Advanta is a tiny player overall, with about $5 billion in outstanding card loans compared with... Robert Clough webmaster@searchengineguide.com Small Business Credit Lines Advanta's move is one of the most extreme retreats in the credit-card industry, which is being racked by record delinquency and default rates. While Advanta is a tiny player overall, with about $5 billion in outstanding card loans compared with $176 billion at J.P. Morgan Chase & Co. as of March 31, Advanta focused solely on small businesses.

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]]> Emergency small business loans coming in June 2009-05-19T23:50:30Z 2009-05-19T23:48:29Z tag:www.smallbusinessbrief.com,2009:/loans//9.10371 2009-05-19T23:48:29Z The new program will back short-term loans of up to $35,000 that business owners can use to temporarily cover their payments on existing debt. No repayment on the ARC loans will be due for 12 months, and owners will have... Robert Clough webmaster@searchengineguide.com SBA Loans The new program will back short-term loans of up to $35,000 that business owners can use to temporarily cover their payments on existing debt. No repayment on the ARC loans will be due for 12 months, and owners will have up to five years to repay them.

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]]> Snipping Credit Lines for Small Businesses 2009-05-19T15:40:14Z 2009-05-19T15:02:44Z tag:www.smallbusinessbrief.com,2009:/loans//9.10370 2009-05-19T15:02:44Z In many cases the businesses whose lines were cut had not missed loan payments. Instead, their credit score or their financials had deteriorated, and credit-line agreements typically give banks the right to change the terms of the line if there... Robert Clough webmaster@searchengineguide.com Bank Loans In many cases the businesses whose lines were cut had not missed loan payments. Instead, their credit score or their financials had deteriorated, and credit-line agreements typically give banks the right to change the terms of the line if there is a change in the borrower's financial situation. In this case, the changes in the terms are dramatic. If business owners can't convince Chase of their creditworthiness, they have three options: 1) pay off the balance in full; 2) agree to a conversion of the line of credit into a term loan; or 3) go into default.

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]]> New SBA Administrator Karen Mills on the stimulus 2009-05-18T21:38:59Z 2009-05-18T21:35:05Z tag:www.smallbusinessbrief.com,2009:/loans//9.10369 2009-05-18T21:35:05Z The program is the right program at the right time to the right constituency. We wanted to unlock capital to small business. We wanted banks to lend again. And we got an immediate response at an ever-increasing rate. So we... Robert Clough webmaster@searchengineguide.com SBA Loans The program is the right program at the right time to the right constituency. We wanted to unlock capital to small business. We wanted banks to lend again. And we got an immediate response at an ever-increasing rate. So we feel very, very good about that.

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]]> Small-Business Credit Sees Thaw 2009-05-06T20:21:40Z 2009-05-06T20:18:52Z tag:www.smallbusinessbrief.com,2009:/loans//9.10368 2009-05-06T20:18:52Z Many small-business lenders are seeing signs of a thaw in the secondary market for loans backed by the Small Business Administration. That is spurring more lenders to originate new loans -- and more small companies to apply for them. Read... Robert Clough webmaster@searchengineguide.com SBA Loans Many small-business lenders are seeing signs of a thaw in the secondary market for loans backed by the Small Business Administration. That is spurring more lenders to originate new loans -- and more small companies to apply for them.

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