In my early days of networking, I dreaded the thought of going to a networking event.  Often I would go to an event, stand in the corner for an hour or two and then go home defeated.  I was never going to be the kind of person to naturally work a room.

I needed a plan.  I figured out the business organization I wanted to become involved in and joined the Board.  This did two things for me – at the very least when I walked into their networking events I would know my fellow board members – it was no longer a room of strangers.  Secondly, it created visibility and people approached me rather than me having to make the first move.

As a board member, I wanted to make life easier for the non-networkers like myself.  It became policy that board members would seek out the corner dwellers, break the ice and whenever possible introduce the newcomer to other members.

That approached worked for me, it may not be feasible for you.  Another idea is to agree to attend with a friend or colleague.  That way you don’t have to walk in alone.  Ultimately, it is about breaking the

Recently, I was meeting with a client (who I met through networking) and she was expressing frustration that her staff didn’t embrace networking more.  I asked if she had taken the staff to networking events that she attended.  Of course.  I asked if at those events if she was the prime communicator and if the staff person faded into the background.  AH…

While the staff had gone to the events, they weren’t really networking.  They weren’t initiating conversations. They weren’t pitching the company.  They were simply supporting players at best.  I suggested she once again join them in networking events but let the subordinate lead.  Let the staff person “network” and she could be their support.

Networking is daunting for many.  Especially, if you are not the sell ice to an Eskimo type.  But like anything else, it is a skill that can develop with a little practice.  And if you see someone alone in the corner, break the ice – you’ll be doing them a favor.

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What is a business line of credit?

A popular form of financing offered by financial institutions a business line of credit is like capital for your business; funds that you can access any time up to a specified amount agreed by you and the lender. It’s basically utilized to fund temporary working capital required, usually inventory and accounts receivable. Business line of credit is flexible and can make way to the needs of both the lender and the borrower. Usually, it is revolving like a credit card so it has no fixed payment terms and has adjustable market-based interest rate.

Business line of credit comes in different structures or terms such as demand line of credit, revolving line of credit, asset-based line of credit, draws payable within a specific timeframe, and clean-up.

What are the advantages?

There are several advantages to having a business line of credit. One advantage is the lower interest rate that line of credit has compared to credit cards. Although credit lines usually have higher rates compared to regular financial loans, business line of credit still have lower rates and higher available limits compared to credit cards.

Another advantage is that it furthers cash-flow management, helping you to even out cash flow when fluctuations are expected, regular, or industry-detailed. It is also beneficial when you make purchases that are too small for regular loans and too large for credit cards. This happens when you want to purchase supplies that are too costly to place on a credit card and too small to for regular business financing loans. You can cover such expenses through business line of credit as long as you don’t go beyond your maximum limit and you pay within the specified time.

Business line of credit can also be helpful during difficult times when you are in need of emergency funds. Another good thing about it is that it permits you to pay off the balance as you go and you can borrow again whenever the need comes up.

How to get a business line of credit?

So, how to get a business line of credit? The requirements for the commercial loan are simple.

Fundamentally, you need to have proof that your business does exist by providing verifications together with complete contact information about the business, owners and the main officers of the organization. Your business should be properly registered with all significant business agencies. Another requirement is a business bank account that is cleared of NSF (non-sufficient funds) fees and bounced checks. Usually, there’s no collateral required but when needed, collaterals usually come in the form of inventory or receivables. Other important requirements needed when applying for a line of credit are financial history and credit reports.

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Any financing given to a business that has to be repaid in within a specific period with a certain amount of interest rate is called a business loan. A business loan is given by any financial institution including a bank, credit union, organization, or an individual(s). A business loan is granted to nonprofits, partnerships, limited liability companies, sole proprietors, and corporations.

Business finance in America started in the late 18th century with the nation’s first banks. The business owners borrowed money from the banks to pay workers’ wages, settle with product suppliers, or invest in new equipment.

What are the types of business loan?

Loans can be secured or unsecured, long-term or short-term loans. Common types of loans are secured loans, unsecured loans, small business loans or SBA loans, lines of credit, equipment financing, and working capital loans.

Business loans have three main categories: small business loans, commercial mortgages, and equipment leasing. Small business loans include asset-based loan, bridge loan, working capital loan, accounts receivable financing loan, factoring invoice loan, retail merchant cash advance loan, business credit, business equity loan, franchise loan, SBA loans, business line of credit, and purchase order financing loan.

Equipment leasing includes loans for agriculture/forestry equipment, aircraft and transportation equipment, restaurant equipment, printing, phone, office, musical, industrial, healthcare/medical, farm, exercise/fitness, construction, and computer equipment.

Business loans products also include construction loans for new homes, renovation, development loan, commercial and residential; healthcare and medical loan for assisted living, congregate care, hospital, medical clinic and skilled nursing facility; hotel and motel loans for full-service hotel, limited service hotel, resort and suite hotel, convention hotel, and flagged motel; industrial building loans for manufacturing, office-warehouses, research and development, warehouse and multi-tenant, and warehouse and single tenant; and retail center loans for car care center, community centers, convenience stores, factory outlet, regional malls, single-tenant building, strip with anchor, and strip without anchor.

What are the advantages of getting a loan?

Getting a business loan can do your business some help. Short-term business loans can be utilized for start-up costs especially if you don’t have the funds to cover these costs and your need a push to continue business operations. A short-term loan can also be used to fund emergency repairs and maintenance, and for temporary cash flow situations. Loans make real sense if you want to legitimize your spending and secure an amount of funds to spend on your business. A business loan can also be used for purchase inventory, expand operations, rent/buy/or lease equipment, hire more staff, and marketing expenses.

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SBA offers small businesses with a diverse range of financing for small businesses, entrepreneurial development, government contracting and advocacy. SBA provides counseling for small businesses and low-cost training to promising entrepreneurs and established businesses.

If you’re thinking about starting your own business, SBA offers some tips to assist you in your decision-making process.

1. Create a business plan using resources and tools that can help you map out how you will operate and manage your business effectively.

2. Get business assistance and business training. Trainings usually include preparing a business plan, getting financing, and expanding a business.

3. Select a good business location. If you’re unsure of the location, ask around on how you can find a customer-friendly location.  Get help with zoning laws.

4. Get financing for your business.  There are government-backed loans, venture capital and research grants available out there. Find the right one that’s best for you.

5. Know your business’ legal structure. Decide which ownership is right for you.

6. Learn and understand the legal steps you need to take to hire employees.

So, if you’re planning to start or expand your business and you need financing, you can apply for SBA loans.  There are several kinds of SBA loans available for business owners like you.

First thing that you have to do is visit a lending institution or a community bank that offers SBA loans. For starting or expanding businesses, SBA programs include Basic 7(a) Loan Program, Certified Development Company (CDC) 504 Loan Program, and Microloan Program.

For disaster loans, SBA offers Disaster Assistance Loans and Economic Injury Loans.  Export Assistance Loans include International Trade, Export Working Capital, and Export Express. Veteran and military community loans are also available: Patriot Express Pilot Loan Initiative and Military Reservist Economic Injury Disaster Loan. Special purpose loans such as CAPLines, Pollution Control Loan, and U.S. Community Adjustment and Investment Program (CAIF) are also offered.

If you have decided to apply for an SBA loan, there are several documents that you need for your application. Direct loans are not provided by the SBA. The local institution will submit your loan package to the SBA once you have completed your application.

As a business owner applying for an SBA loan, you need to complete an SBA Loan Application form. You need to also complete a personal background statement. Another document that you need to have is a personal financial statement. You also need a business financial statement, a list of ownerships and affiliations, and a business certificate or business license.

For SBA application, you also need to submit your business income tax returns for the past three years, your personal tax returns for the previous three years, and your personal resume.

If you want assistance in applying for SBA loans, contact Lendio  855-853-6346.

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It is critical to recognize that your accounting system will have to transform as your business develops.

When developing the right accounting system for your company you can find 5 components that are essential such as:

1. A transactional documenting system 2. A filing technique 3. A chart of accounts 4. Processes for procedures and who really does what 5. A reporting package framework

How big is your business, the industry, competitors, your business structure, and your inner control specifications means your bookkeeping system is crucial. It ought to be simple enough for those who doesn’t have any training about bookkeeping.

The following are the main things a good bookkeeping system has to be able to do:

• Handles day-to-day bookkeeping
• Helps you know if you are charging adequately to pay for your costs
• Determines your income margin
• Lets you know if you shelling out far too much
• Tracks financing arrangements and criteria agreed upon by banks
• Helps prepare accurate compliance tax returns
• Ensures that you can pass a tax audit

You also must look into setting up a factoring company early on for accounts receivable factoring. This is a failsafe way of accumulating the funds for exceptional invoices. Many company’s invoice 30 60 or perhaps 90 days out. This means there may be occasions when product sales are slow, and funds haven’t yet come in. Any invoices that’s not compensated yet may be used to get money within 24 hours by way of accounts receivable factoring.

Use the internet for companies that are providing SMEs the opportunity to take a look at their bookkeeping systems software free of charge. Automating routine transactions, working business reports and recording any cash coming in and out, this will help with everything about your business transactions. One more thing some people by no means realize is that a bookkeeping system will organize your records instantly for quick tax preparation.

Last, make sure you use accounts receivable factoring to raise fast cash if you run into a tax due date.

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If you’re a small business owner or planning to start one, your goal for the new year is probably to generate more income, keep old customers and attract new ones.

Here are some tips to help you realize your business goals this year:

• Free listings.  Don’t underestimate the power of the Internet.  Make use of search engines and online directories. List your business online. You would be amazed at how many potential customers you can get if people can search and find your business online.  Listing your business online is simple and easy. In fact, you don’t need to be technical to do this. All you need is commonsense.

• Know what brings in the money. There are two types of money in a business:  profits and cash. What’s the difference between them? Profits come from selling services or products at an amount higher than they cost you to produce. Cash is from the sales generated by your business.  Usually, small businesses focus on getting more cash. On the other hand, if you want to achieve more this year, go for the profits.  Focus on the aspects of your business that brings your more profit.

• Think about your old and current customers. When my airduct needs to be cleaned, will I remember the name of the cleaning service I hired last year? Not really especially if the cleaning service failed to keep its name in front of me.  Happy customers are returning customers. They mostly like come back or refer others to your business.  Never neglect your old and current customers.  Market your services or products to them.

• Have a marketing plan.  It’s always wise to have a marketing plan because it makes you think ahead and it help you get organized and prioritize your business goals. Know your business well. Know your strengths and weaknesses as a business. Identify the good and bad customers and know how to reach to them. Make a comprehensive plan to help you consistently and effectively market your business.

• Develop a business plan.  A business plan is essential to your business.  If you want to get going this year, a business plan will help you move steadily to the direction you want to steer your business.  A business plan can also be a structure for effective decision-making.

• Business Loans.  Generally, in a small business, capital can sometimes be a setback.  Applying for business loans can be a good solution for your financing troubles. Business loans are for people who want to start, develop and expand a business. There are various online resources available out there. Lendio, for one, can help you with your business loans.

• Get started now. This is the most important thing that you have to do for your business. Get started now. Don’t put off what you can do today if you want your business to be successful this year.

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Even though the situation may look dire for some, there are many construction subcontractors that are prospering in this environment. And they also span the industry from general construction, to demolition, to carpenters, to HVAC companies. Given that the industry they are in is considered risky by many lenders, perhaps it is challenging for them to get business financing even though they are doing well.

Most subcontractors hunt for business financing because they have cash flow problems that originate simply because get paid in 30 to 60 days after invoicing, or submitting an application for payment. Before waiting to get paid, they basically deliver the work first and send an invoice or application. Unfortunately, few have the capital to wait. To be able to pay suppliers, office expenses and employees, they need that cash.

One alternative to solve this problem is by using construction factoring. Construction factoring provides an advance on slow paying invoices, providing the cashflow a company must meet expenses while waiting for their invoices to get paid. The transaction is pretty simple, a factoring company advances you a part of your invoice – about 75% as a first payment. It is possible to get the remaining second payment of twenty-five percent (less the factoring fee) as soon as the transaction is settled and the client has paid the invoice or the application.

One benefit of construction factoring over a conventional business loan is its flexibility. The factoring line is not fixed but instead is founded on your invoices or applications. It grows with your sales. Furthermore, most factoring companies go through the credit of your customer among their more important funding criteria. This makes construction factoring an ideal solution for small and mid-sized companies, whose biggest assets are solid clients.

Construction factoring financing is an effective solution for companies whose biggest challenge is they can’t wait 30 to Sixty days to get paid by clients.

About The Interface Financial Group Looking for construction factoring? We’re a leading provider of construction factoring and can give you a competitive factoring quote. For information, please call 0800 014 8626 or go to www.ifgnetwork.co.uk now.

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But I like Bobbi and there was food involved, so I agreed.  Unbeknownst to me, this group had just launched and only had a hand full of members.   And my hesitation seemed justified.  A large part of the group was about recruiting –Will you join?  Who do you know? Who can you refer? Ugh.

So, I had to think why I would join this group.  OK, so I like Bobbi but not enough in itself to justify joining.  (Sorry sweetie, love you!)

My reasons –

• Something Different – I have been in business 8 years, my clients come from the same places and I only tend to market when I am done with the current projects.  Typical small business dilemma – we are too busy to network until we are not too busy, then we are scrounging around for the next project.  BNI would ensure at the very least there would be an ongoing networking effort.
• Get Out of the House – Many small business owners work from home and don’t get to interact with any co-workers.  It gets a little stir crazy.  As Coach Sharna Fey  noted – “This allows me to get dressed and talk to adults.”
• Business Karma – BNI calls it the “Giver’s Gain” concept but I like to think of it as Business Karma.  You are helping a group of like-minded business owners grow their business.
• Power Groups – As business owners, we naturally have a referral base within our industries.   Our clients come to us for Web Development and eCommerce solutions.  These same clients need copy, PR, photography, graphic design.  I can go to my Power Team and know I am referring my clients to quality service providers.

I joined and it has been a great experience.  I have gotten new business, developed strategic relationships with other service providers and eaten lots of food!

To learn more about BNI 3.0 check out the BNI 3.0 Fan Page on Facebook.  If you like to join us as a guest – feel free to drop me a note mike@understandingecommerce.com

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Over the years, women have slowly evolved to become competitive, strong-willed and business-minded individuals. If you are a woman who wants to pursue her dreams of starting her own business but don’t have enough financing, there’s help for you out there.

There are small business loans for women who want to start, grow, and develop their own business. Small business loans for women are available to help women entrepreneurs minus the complicated, tedious and problematical formalities.

So when do you need small business loans? Business loans are for starting a new business; expanding and developing a business; purchasing an equipment or machinery; paying advertising expenses; and paying salary and wages. Small business loans are for women who want to start or expand their business but don’t have enough money to do so.

There are various types of small business loans for women available out there depending on your needs and capacity to re-pay the loan. Just like any other business loans, there are several things that you have to consider when applying for small business loans for women.

First, you have to know how much risk your venture could be for the lender. Some banks and lenders will evaluate different aspects of your business to decide the terms and conditions of the loan you are applying for. Generally, they will consider your personal credit history, educational background, work experience, business feasibility study, and your business plan. Also, you have to consider whether you want to get a secured business loan or an unsecured business loan.

A secured loan is when you offer an asset such as a property or a car as collateral to pay off a loan.  Usually, a secured loan has a lower interest rate compared to an unsecured loan due to the collateral for the loan.

An unsecured loan is a loan that is not collateralized. Most of the lending companies would only grant loans to those applicants who have good credit scores and good credit history. For unsecured loans, there is a high risk for lenders. The higher the risks for the lenders, the higher the interest rates for the borrowers especially for those who have bad credit history. Compared to secured business loans, unsecured business loans offer limited loan amounts and less flexibility to borrowers.

There are various types of small business loans for women out there. You just have to choose which one is right for you and your business. Before choosing a loan company, make sure that you have done enough research and have considered other loan companies as well so you have more loan deals to choose from.

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Small businesses have contributed a lot to the economy of the United States. In fact, the small business industry has helped in keeping the United States economy alive by generating income for the owners and creating employment opportunities for workers. A significant part of the equation is the SBA loan lender – a private banking firm or a non-profit organization that has partnered with the Small Business Administration with aims to provide financial and other forms of assistance to individuals and companies to establish and / or grow their small business operations.

Basically, an SBA loan lender is a financing party that shells out loans to eligible and approved individuals or companies. A significant portion of each loan request is then covered or backed by the SBA. Looking at the whole scheme of things at a different perspective, SBA, through their varying loan packages and financing options, coaxes these banking firms to release money with the assurance of covering big part of the loans to minimize losses if the borrower defaults. The same can be said to private non-profit institutions that offer SBA loans.

That said, some non-profit organizations that participate in SBA lending programs do not cashes out loans. Rather, these groups are provided funds by the SBA as well as other financing entities, which are then given out as loans, or grants in some cases, to eligible and deserving individuals. These groups choose the borrowers in accordance to their pre-set standards and criteria on top of the usual requirements mandated by the SBA.

Becoming an SBA loan lender is a very thorough process and depending on the size and capabilities of a bank or a private non-profit organization, some can qualify for all the small business loan options while others are only allowed to offer one or two. The most common loan options that are offered by almost all SBA loan lending parties are the SBA 7A loan and the SBA 504/CDC loan. For specialized loan financing options such as Patriot express loans, community express loans, and other lending initiatives, requirements can be stringier, since these loan packages are designed for specific individual and business profiles.

The SBA also has special designations for top-performing lenders and most of the time, these designations are just telltale signs of how good a firm is when it comes to approving and releasing SBA-backed loans. Terms such as Preferred SBA Lender or Top SBA Lender in The State should tell you that a banking firm is a reliable partner when it comes to small business loans.

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