Though the lending for small businesses are reaching the highest point in the curve, still there are challenges that many small business owners with bad credits face. Many banks and financial institutions are still not ready to lend a loan for small business owners with really a bad credit rating. Though many companies have valid reasons for having a poor credit history, those are not still considered by the banks. For example, during recession time, especially in the year 2009-10, many small businesses failed to pay their vendors or faced problems in correcting their cash flow issues. The bad remark on any company may take years to get corrected. In the meanwhile, the company may require some kinds of loans. Luckily, there are many lenders other than banks who are ready to sanction loans even if the small business or the business owner has a bad credit score.Funding Options for Small Business Loans with Bad CreditThere have been studies conducted which shows that only 25% of bank loans or credit card options have been sanctioned to small business owners. This means there are many other options available for business owners other than these, which is really a comforting fact for many.Home Equity LoansTo start up a business and build a credit score on it would take months together. In the meanwhile, a small business entrepreneur can apply for a home equity loan if he or she owns a home. But while applying for such a loan, one must think about various risk factors involved in the business, as he or she is pledging the home.Merchant Cash AdvanceThis is a very short-term loan which is approved to a business owner in a lump sum against the business’s few future credit-card or debit-card sales. These loans are sanctioned for a short-term, generally for 24 months and the payments can be made in small installments, usually on each business day. These kinds of loans are not like regular bank loans where one needs to pay in lump sum every month and for a longer period of time. Many financial institutions which sanction such loans approve the loan application within 48 hours and the person applying needn’t have excellent credit rates. The only drawback in such loans may be the high rate of interest.Family and FriendsSeeking loans from family and friends is also a good option. According to statistics, about 50% of families and friends like the idea of small business and entrepreneurship, and come forward to help someone in the business. This is a very good option as no relatives or friends look into credit scores before giving a loan, as they believe in one’s character.Lending from Suppliers and VendorsMany businesses thrive on one’s vendors and suppliers. If the supplier is ready to supply products on credit and then report to the credit agency, then it is going to be a good option to improve the credit scoring. But the credit scoring will improve only if payment is done on time.Business Credit CardsBusiness credit cards help a businessman to improve his credit scoring and at the same time get finances to improve his business.MicroloansMany non-profit organizations and online non-bankers lend microloans to entrepreneurs anywhere between $5000 and $50,000. These loans are specifically designed for women and minority entrepreneurs and also for companies who work for economic empowerment zone. These are really excellent for people with a low credit score, but with a higher rate of interest. But, compared to credit cards and other loans the rate of interest is nominal and affordable.These are a few loan options for small businesses with bad credits, which may help one to either start a new business or develop an already existing business with confidence.
How Can a Successful Home Based Business Create a Sense of Joy and Fulfillment?
Running a successful home based business can give you tremendous joy, happiness and fulfillment. This will be more so if you had been working for a Boss before you started your own home based business. What is it that makes this huge difference in the lives of these entrepreneurs working from home?1. You are the Boss and the Lord of all that you survey however small your business might be. This will give you a lot of self satisfaction and pride. No longer will your Boss be breathing over the back of your neck. You can make your own decisions courageously and fearlessly.2. You no longer have to commute long distances. There are many who spend at least 4-5 hours commuting to work and back. It is a pity that such valuable time is lost day after day and now you can utilize this time in your home business. Furthermore you will save a huge amount on your gas bills.3. When to start work and the number of hours you will work are all decided by you. This does not mean that you will work only a few hours a day thereby neglecting your business. The fact is that you can make it flexible to look after the kids rather than send them to day care or transport the older ones to school.4. One of the main reasons for working at home is to spend more time with the family and your home based business provides this wonderful opportunity. You can reschedule your work whenever the situation demands and be of assistance to your family. Your physical presence at home will certainly be a morale booster to all the members of your family.5. Much money that would normally be spent on commuting to work, on daycare and other matters could be saved when you are based at home. In addition your spouse and the children could also assist you in your business when required thus enabling substantial savings.6. Office politics is pervasive in most work places. Some people know the art of survival in any situation whereas some cannot. Most people detest carrying tales to their Bosses, back biting and currying favor. For such people a home based business is indeed the opportunity they have been longing for to get out of such an environment.7. As an employee you never had the opportunity to give free play to some of your inherent talents. In your own home based business there are no limits or restrictions and you have the every opportunity to display all your skills. You will indeed be pleasantly surprised to see the talents and skills that have been lying dormant within you all these years.8. As the owner of a successful home based business you are no longer an ordinary employee eking out a living on a 9 to 5 job. You get recognized by the banks, small business organizations and by the community as a successful businessman. This boosts your pride and self esteem.There are bound to be stressful situations and ups and downs in running your home based business. If you work with dedication, commitment and continue to remain focused on your business the joy of being the proud owner of a successful business will outweigh everything.
Unconventional Yet Effective Ways of Earning Money – Home Based Business Opportunities
The definition of work has changed over the years. We have tried different ideas to make our lives better. Different aspects related to the professional life of man have undergone vast changes. Advanced and innovative technology has changed the work sphere and in turn the lives of men in various ways. These days, we do not depend on the traditional ways to earn money. In the present times home based business opportunities have increased manifold and as a result earning opportunities have also increased. Home based business is a new global phenomenon which is been explored by thousands of people across the globe.Internet has been the tool with the help of which home based jobs were introduced. With the help of this many people established home based business online. Internet has enabled people to do business from their homes and connect with their clients worldwide. It offers diverse opportunities of earning money to people all over the world. Home business in fact, has turned out to the perfect platform for people who have different problems in going out of home for work. They are also paid handsomely.Working from home has its own advantages. You do not have to take public transport and hence you can save that money. You can work according to your own convenience and terms. There is no time constraint when you work from home. The best part is that you will be your own boss when working from home. You will not have to tolerate your rude boss in office. Therefore, home based business opportunity offers a rare freedom which you can hardly get in any office. There are different types of home business plans available on the Internet. You have to choose the one which suits your routine and needs. Searching for these opportunities may be a little time consuming. But that will be compensated once you start working from home.There are several websites which will offer good home based business ideas. However, you must be careful of not getting bluffed by a scam. There are websites which offer exaggerated terms and conditions which apparently may seem to be great, but actually they may not prove to be so. You will need to think logically that these companies do not know about your goals, your passion or your expectations. Therefore, if they claim that the offer is tailor made for you, you have to be careful in taking their offer.Do your own research and do them carefully. Go through the homes based business review if possible and check the statistics to get the right kind of opportunity. Find out your real interest and search for business opportunities accordingly. Find the niche with which you can connect so that you can stick to the business for a long time. More time you contribute, the more profits you will yield. Digital product creation, affiliate programs, blogging, Internet marketing, online stores and outsourcing are some of the home based business opportunities you can look into.