Small Business Book Keeping, Bookkeeping
Beginners guide to the basics of small business book keeping. Outline of the benefits of record keeping, and timely analysis of business finances
S-Corp with 80 Paydex and 725 credit needs Broker for LOC
I am looking for a LOC or loan to expand my 9 year old california S-corp that provides technical documentation and training to companies in Silicon Valley. We have been profitable for 9 years. My company has a paydex score of 80 and I have a personal credit score of 725. I can provide corporate tax returns. Can you recommend a business loan broker who can help me? Much appreciated::)
Single mother needs financing for small business startup
I am in the business planning process currently but am a little afraid of the financing. I will need around $200thousand. That includes the building, 6 months of expenses, inventory, equipment, pretty much everything. Only problem is that I am a single mother with no assets and a credit score of around 629. I feel like a loan would not be possible and have tried searching for grants for low income areas and things of that nature. Any advice? There are no SCORE or SBA offices anywhere closer than about 4 hours away.
Want to secure financing to save our farm
I am writing to get advice on how to secure financing for a non profit that I have started. I have been financing the farm with my own money and learning as I go. I recently recieved approval from the IRS for my 501 c3 designation, which was a huge step. I am certain that I can raise funds, etc to maintain and grow the mission here at Healing Horse Farm but need capital to do that. I need advice on finding a good board of directors that can help me with this endeavor but to do that I need some immediate funding to continue maintaining the farm while I search the right people out. I am a big picture person and also want to attract a business partner that would be interested in the details of the business. I created the vision and what I consider my mission now I must address the details…backwards a heck but it is truly my purpose on this earth. Please Help if you can! H
Getting a loan for an LLC and building corporate credit
This is a good subject, I just formed my LLC, I already have a business line credit luckily.
I would suggest just open a business line of credit before the LLC with a compnay that shares your SSN with your Employess ID from the IRS, then move everything over to your LLC 100% after it is started.
Then again I think 20K is a great line of credit. So who am I.
how to establish corporate credit
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businesscreditcoaches.com learn how to establish and develop business credit or personal credit to get the credit that you need
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Need Start Up money for innovative New Clothing CO.
Hello. I am in need of start up capital to fund the production and manufacturing of my new clothing line.
I have my market cornered as well as all of the creative (marketing, promoting, etc.) side done. Now I just need to get the money to get everything started.
I feel that my company will be successful because there is no other company that is producing the same style as my own.
My credit is not so good so I dont now how to go about getting a business loan.
I already have partnering companies that will be producing my goods at a discounted rate, so thats one way I’ve been able to figure how to cut costs..but I don’t have ANYTHING to start with.
Would LOVE a private investor OR help onhow to get a legitimate Business Loan
Getting Business Credit Lines
reprinted with permission from John michael
Whenever possible, try to establish credit lines that will grow along with the business. For example, in setting up a credit line with your bank, try to get a credit line based on a percentage of your receivables, rather than a constant, static amounts. Chances are your credit line will be reviewed by your bank annually and will be subject to ceilings and restrictions, but try to build as much flexibility into your borrowing relationships as you can. This will leave you better equipped to finance fast growth. Also try to establish credit lines with your trade suppliers that grow along with your business as well.
Establishing the business’s credit should be started before the company needs it. No lending institution wants to lend money to a business in need of cash flow. The business can start out using the owner’s or officer’s credit to gain approvals under the business name, but as the business grows it should start to establish it’s own credit history and credit profile in order to take on business credit of it’s own. This is possible with a Corporation or Limited Liability Company (LLC) using the corporation tax identification number
When officers and owners use their own personal credit profiles to obtain credit for the business, they risk the chance of lowering their own personal credit scores. There are two reasons business owners should try not to use their personal guarantee on business credit. First, the individual signer is liable if the business cannot make the payments and second the credit obtained for the business can affect the person’s personal credit score.
Keep in mind, your personal credit score is based on several factors, including available credit, the amounts of available credit used, late payments, and much more.
Obtaining credit for a business is a process that should be established over time. The older the business the more options the business will have to build credit and obtain loans and leases without the use of personal guarantees. It is not easy to do this, but yet it is not impossible. The first step is to start building the business credit today.
A credit score is built by having lines of credit, credit accounts and trade references that report to the business credit bureaus. For most businesses it’s very difficult to find a business willing to grant credit with no personal guarantee and without any previous credit history. If you have your own trade references, you should work with them to build the score. However most businesses need additional trade references that will grant credit and report to the credit agencies.
Some helpful business sites on building business credit:
* Wells Fargo Small Business – Loans and Lines – Comparison Chart
* Report on the Role and Function of Credit Rating Agencies
* FTC FACTS
* D&B Small Business Solutions
Some of my students have use this site with some luck (I know nothing about the service)
Business cash advance – http://www.amerimerchantcapital.com
Some other help tools
* National Business Association http://www.nationalbusiness.org
* Small Business Information Center/Research http://sbdcnet.utsa.edu/SBIC/industry.htm
* Urban Redevelopment Authority http://www.ura.gov.sg/
* Black Enterprise Online http://www.blackenterprise.com
* National Black Business Trade Association http://www.nbbta.org/
* National Black Chamber of Commerce Inc. http://www.nationalbcc.org
* Small Business Information Center/Franchise http://sbdcnet.utsa.edu/SBIC/franchise.htm
* Unites States Hispanic Chamber of Commerce http://www.ushcc.com
* KeyBank’s Website Women Focus Section http://www.key.com/women
* National Education Center for Women in Busines http://www.e-magnify.com