Business Loan

Women and minority business owners feel pinch of fewer SBA loans

Posted in: Business Loan, Women In Business
December 9, 2008
The credit crunch is taking a toll on women and minority business owners.
Minorities and women business owners are being particularly hard hit as community loans from a Small Business Administration program become increasingly scarce.

The Wall Street Journal recently spoke to Jacqueline M. Payne of Georgia, who unsuccessfully applied for a $5,000 SBA Community Express loan this summer.

Entrepreneurs advised to have a solid business plan

Posted in: Business Loan, Grow Your Business
December 8, 2008
A well-developed business plan is often the first step to business financing.
Small business owners are being offered some tips on how to secure cash flow in a time when many lenders are cutting back their credit offerings.

According to the Fort Worth Business Press, entrepreneurs should be prepared to offer prospective lenders a concise business plan and be able to document their ability to pay the loan back.

SBA loans dropped 30 percent in 2008

Posted in: Business Loan, Financial News
December 5, 2008
Small business owners had a tougher time obtaining SBA loans this year.
The acting administrator of the Small Business Administration acknowledged this week that his agency has been able to issue far fewer loans this year than in 2007.

SBA small business loans peaked in 2007 with nearly 100,000 approved, but dropped by nearly 30 percent this year, according to the Portsmouth (NH) Herald.

Entrepreneurs remain determined in face of economy

Posted in: Grow Your Business, Cash Flow, Business Loan
December 2, 2008
Many business owners are trying to carry through with growth plans despite the economy.
Entrepreneurs are continuing to expand and open small businesses, even though some aren't necessarily sure how they will be able to meet their working capital needs.

One such entrepreneur is Michael McDonald of Goleta, California, who told the Los Angeles Times recently about his efforts to open a coffee shop during a recession and near-unprecedented credit crunch.

For would-be business buyers, no time like the present

Posted in: Successful Strategies, Business Loan
November 26, 2008
Despite a tough climate, this may be an ideal time to buy a business.
For some people, a tough employment market can be just the motivation they need to try and start that business they've been thinking about.

This week, Michael Handelsman of Inc.com acknowledged that the current economy is keeping many potential business owners on the sidelines - but maintains that there are plenty of opportunities out there for those willing to take the risk.

Small businesses given tips on surviving through downturn

Posted in: Successful Strategies, Business Loan
November 21, 2008
Small businesses given tips on surviving through downturn
Small businesses have been given advice on how to make best use of their websites in order to survive through the financial crisis.

OneWebHosting, an internet hosting provider, states that such firms should use their websites to expand their geographic markets. It was reported that the internet allows small businesses to compete on a national - and even global scale - with much larger competitors.

Tennessee businesses 'suffer from SBA falls'

Posted in: Lines of Credit, Business Loan
November 20, 2008
Tennessee businesses 'suffer from SBA falls'
Small firms across Tennessee are reportedly struggling to access lines of credit from the U.S. Small Business Administration (SBA).

Over the course of the fiscal year ending in September 30th, SBA-approved lending to counties in the middle part of the state - Wilson, Williamson, Sumner, Davidson and Rutherford - fell by some 23 percent to stand at 285 loans, the Tennessean reports.

Wisconsin businesses urged to secure financial future

Posted in: Successful Strategies, Business Loan
November 20, 2008
Wisconsin businesses urged to secure financial future
As the economic slowdown continues, small business owners in Wisconsin have been advised to take steps to ensure their organization is on a firm financial footing.

In a meeting held by the Metropolitan Milwaukee Association of Commerce at the city's University Club, it was reported that entrepreneurs should use the current financial climate as an opportunity to secure their businesses and develop goals for the long term, WisBusiness reports.

Small business owners 'hold fear'

Posted in: Financial News, Business Loan
November 19, 2008
Small business owners 'hold fear'
Owners of small businesses are reportedly afraid about the future of their organization as the credit crisis continues.

In a Fortune Small Business article, psychoanalyst Alexander Stein states the difficulties experienced by Wall Street and the wider financial situation are causing small businesses to begin to panic and struggle staying focused.

Massachusetts 'ready for growth after economic downturn recedes'

Posted in: Grow Your Business, Financial News, Business Loan
November 19, 2008
Massachusetts 'ready for growth after economic downturn recedes'
A new study reveals that the east coast of the United States is in a particularly strong position when it comes to business growth once the current financial crisis recedes.

Research carried out by Information Technology & Innovation Foundation claims that a number of states in this part of the country will be among those that will perform the strongest as the global economy begins to bounce back.

Overall, Massachusetts was revealed to be in the best position, with New York, Connecticut, New Jersey, Maryland and Delaware also predicted to be able to cope well.
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