Getting A Personal Loan

One of the best ways to finance your project is by getting a personal loan. If you have good credit, you can get approved for a loan quickly and with relatively little hassle. The downside of this type of financing is that you may pay high-interest rates, depending on your financial history. However, there are so many options for you to choose from, even if your credit score is bad, especially if you’re trying to finance a project in Chicago. You can go to hard money lenders in Illinois and get approved for a loan, regardless of your credit score. The high-interest rates will be worth it when you consider the alternative – which is to not get financed at all.

Finding An Investment Partner

Another option is to find an investment partner that believes in your project and thinks it could make money. You can even look into crowdfunding if you want to reach a wider audience. One of the main advantages of getting financing from an investment partner is that you won’t have to pay anything back unless your project makes money. The downside of this type of financing is that it can take a while to find the right person and you will have to give up some control over your project. Also, your partner may try to claim credit for your project, even though they didn’t do any of the work.

Getting A Business Loan From The SBA

One of the most popular ways to get financing is by applying for a business loan from the Small Business Administration (SBA). You can apply online and send in all of your necessary documents via email. This option is great because the application process takes a relatively short amount of time and you will get to decide whether or not you want to accept an offer if one is made. The downside of this type of financing is that it can be tough to secure, even for established companies with good credit. Another issue is that if your company has been around for a while and you want to get a new type of business loan, an SBA bank may not approve your request. For example, if you own a restaurant that has been in business for several years and your next big project is opening up a clothing store, an SBA bank may not be willing to lend you the money.

Making A Business Plan

Investors look favorably upon projects funded by businesses with business plans. Therefore it’s wise to invest some time in creating an outline for your business plan before seeking funding. Your plan should include an overview of the company, how much money you’re asking for, what the money will be used for, how long it will take to complete the project, and what kind of return on investment investors can expect. It’s also smart to ask for a small amount of money initially to make sure the project is feasible.

Financial Planner

Another option is to hire a financial planner. They will consider your financial situation before suggesting what type of financing you should pursue. This way, they can help guide you towards the best option for your specific needs. One of the main reasons why hiring a financial planner may be beneficial is that there are so many options out there. For example, if your finances are in bad shape, it would be smart to reach out to a financial planner rather than trying to get financing on your own. Financial planners can also help you determine whether or not an investment partner or business loan is worth pursuing. This way you won’t waste any time pursuing something that won’t work for you.

When you finance your upcoming business or personal project, there are several important things you will need to consider before applying for financing. First, it’s wise to do some research on different options open to you and compare interest rates for each one. You should also carefully consider how much money you will need and how it will be used, and create a strong business plan. Once you have this information in order, you should be able to get the financing you need for your project.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Need Financing For An Upcoming Project? Here Are Some Useful Tips appeared first on OpenBusinessCouncil Directory.

Traditional Installment Loans

A traditional installment loan is the most common and well-known type of small business loan. This type of loan goes by many names including a bank loan, installment loan, or term loan. These names are often used interchangeably to refer to a loan given by a bank or credit union that has a fixed monthly payment amount with a set loan term and interest rate. You could also have 3 months loans, 6 months loans, depending on the preferred payment method that you choose.

Pros:

• Competitive interest rates
• Different loan periods available (short-term and long-term)

Cons:

• May be difficult to acquire if you are a newer business
• Requires good credit

SBA Loans

An SBA loan is an installment loan that is backed by the federal government. SBA stands for U.S. Small Business Administration. Because these loans are backed by the government, they may offer lower interest rates; however, they may also be more difficult to acquire due to stricter eligibility requirements.

SBA 7(a) Loans

There are different types of SBA loans with the most common being the 7(a) loan. The maximum loan amount for this standard SBA loan is $5 million. Loans up to $25,000 can be unsecured while loans for more than that must be secured using business assets. 7(a) loans usually take between one and two weeks for disbursement, but they may take longer.

SBA Express Loans

If you need funds faster, the SBA express loan may be the right option for you. You can borrow up to $350,000 ($25,000 unsecured) and have the money deposited in your account within 36 hours after you apply for the loan.

Merchant Cash Advance Loans

One of the fastest and easiest ways to finance a small business is to get a merchant cash advance loan. You can receive up to $500,000 based on your business’s average credit card sales.

Merchant cash advance loans are more like payday loans than traditional bank loans. They are generally easier to acquire than bank loans which makes them ideal for newer businesses and businesses with less-than-perfect credit. After you apply for a merchant cash advance, you can usually expect to get your money within a few days, which is also very similar to the funding terms of consumer payday loans. Instead of making a set monthly payment like with an installment loan, your payments are taken as a percentage of your business’s revenue which makes it easier to afford payments when revenue fluctuates.

The trade-off with merchant cash advances is that they usually have higher interest rates and fees than installment loans. They may also have shorter loan terms with the average loan term being 6-12 months.

Other Unique Financing Options

When financing your small business, don’t be afraid to get creative. Some other common but less traditional finance options include:

• Business credit card
• Microloan
• Crowdfunding

Business Credit Card

The main benefit of a business credit card is that you only borrow what you need and can borrow more at any time up to the credit limit on the card. You can also rack up credit card points to use as travel credit or other rewards just like a consumer credit card. The downside of a business credit card is that it may have a higher interest rate than many business loans. It also requires a good credit score.

Microloan

Microloans are small business loans of up to $50,000. They are similar to installment loans in that they usually have low interest rates and a set recurring payment and loan term. You can apply for a microloan through the SBA or a private lender.

An advantage of microloans is that they often have less strict requirements for eligibility, so start-ups can acquire them. Many microloan lenders also specifically aim to finance businesses owned by underserved populations such as women and people of color.

Crowdfunding

Crowdfunding means raising funds for your business through small donations from a lot of people usually through a website such as Kickstarter or Wefunder. Crowdfunding is a relatively new financing option that has become increasingly popular in the past few years.

The main benefit of crowdfunding is that the money doesn’t have to be paid back; however, each website has specific terms for using its platform to raise money. Crowdfunding provides an alternative option for start-ups that are unable to acquire funding through loans, cash advances, or credit cards.

The Bottom Line

With so many vastly different financing and lending options available today for small businesses, the real task has become understanding each one so that you can make the smartest financial choice for your business. It’s really about knowing how much money you need and what specific types of loans you qualify for. From there, you can determine which of the available options is the best fit.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post The Best Options for Financing Your Small Business appeared first on OpenBusinessCouncil Directory.

Buying a house is a big decision. However, even before you go house hunting, you need to choose the right mortgage lender. You need to decide from where you want to obtain the mortgage, is it going to be a bank or mortgage company. It is a crucial decision that one needs to make when buying a house.

Choosing a mortgage company to obtain home loan has its own advantages, but finding the right one isn’t going to be easy! You need to weigh the pros and cons of choosing either of the two before making the final decision. One of the best mortgage companies in the Pacific NW is Sammamish Mortgage. They are family owned local lending firm based out of Bellevue, Washington.

Sammamish Mortgage offers many different kinds of mortgage programs to the borrowers within the state as well as Idaho, Oregon, and Colorado. You could easily contact them by visiting their website or calling them on their registered phone number. They’ll be more than happy to answer any query that you might have regarding mortgage.

However, before you approach any home loan lender or a bank, go through the following benefits

Good Government Oversight

All the mortgage companies in the US need to adhere to the government rules and regulations. They must have a valid license. High standards are laid by the government, in order to keep a close tab on the counterfeit lending firms. Any company complying by these regulations is trustworthy and an expert in this field.

Variety

Banks are often the main source of loan funds. This is the main reasons why many feel that they’ll always get better home loan if they applied at a bank. Unfortunately, they tend to overlook the fact that these banks are tied to their own funding and interest rates. On the other hand, home loan companies are more flexible. This means that you can shop around to get the best home loan at reasonable rates.

Flexibility

Lending firms have a strong network, which allows them to offer more flexible loan programs to their customers with low credit scores or bad credit rating. This can be really helpful for those with special needs and extenuating circumstances. Such companies will also have good contact with the local realtor professionals, and thus have better understanding of the rise and fall of the real estate market.

Application Assistance

Home loan lenders work directly with the applicants. They know exactly what the customers need, and thus help them to easily apply online or offline. They ask you to get the exact documents that are needed to get a loan approved instantly. However, when you apply at a bank, there are chances that you’ll end up applying and reapplying several times due to lack of required documents or details entered incorrectly on the application form.

Bottom Line

So, which option do you want to go with? A bank will make sure that you mortgage stays with the same firm for a long term. However, a home loan company will offer your faster closing, better products and a great experience.

Tip: If you are 62 or older and own your own home, you may wan to consider a reverse mortgage as part of your retirement strategy. Learn more about shopping reverse mortgage providers at ReverseMortgageReviews.org.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Benefits of Choosing Mortgage Company Vs a Bank appeared first on OpenBusinessCouncil Directory.

The American marketplace is huge, but for some businesses, it is not enough and they want to expand worldwide. There are advantages to this such as being able to extend the sales life of existing products by selling them in other countries. Businesses can reduce their dependence on the home market, which means they will be less affected by seasonal fluctuations and political decisions. However, it is not as simple as just starting to sell somewhere else. There are things you need to be aware of, and things you need to do if you want your venture into the rest of the world to be a success.

Licensing Your Brand

Brand licensing is a marketing tool that allows you to pay for the use of a well-known brand and put it on your products. It can increase your products exposure to consumers on a day-to-day basis and is a way for brand owners to make their current customer base larger. Using a leading brand licensing agency is the best way to do this, as they will understand all the ins and outs of moving into other countries with your products. They will have the experience and knowledge to give your global expansion more chance of being successful.

Take It a Step At A Time

You should not attempt to start selling your products all over the world at once but should move into one market at a time. For example, you will already know that Europe and Asia have different cultures and what will work in one may not work in another.

You need to consider the culture of each market you are moving into and if you think your product will sell there adjust the marketing strategy to suit.

It can take a while to know if each new market is going to work for your business, and when you are sure it does, then you can move onto the next. You cannot assume that because a product has sold well in the US that consumer’s in the rest of the world will buy it.

It can be difficult to answer questions from a country you know very little about, and the waiting time you have before each expansion will give you the time to learn about your next target country. Research shows that less than 25% of American businesses that try to break into the markets of other countries are successful. It is thought this is because they do not do enough homework about the countries they are trying to sell in, and they assume everyone will speak English, which of course they don’t.

Financing Your International Expansion

As with any expansion plan, finance will be needed to go ahead. If your business already has the money that is great, but if it does not there are places you can raise finance from. The Federal Government wants to encourage overseas sales and the Export-Import Bank of the United States is a government agency that has been helping people do this since 1934. As long as your product has at least 50% US content, they will be able to assist you by guaranteeing loans, among other things.

Becoming an international company opens doors for a whole range of things, and many that are successful at it find they also expand into more products.

This is an article provided by our partners network. It might not necessarily reflect the views or opinions of our editorial team and management.
Contributed content

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Effective Ways to Take Your Business Global appeared first on OpenBusinessCouncil Directory.