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.
The Awesome Advantages To Owning A Roomba Vacuum
In recent years, it seems like technology has taken over our lives. Sometimes it’s hard not to wonder whether all this technology really does make things better, or is just technology for technology’s sake. But every now and then an improvement comes along that is clearly a big step forward from where we were before. The Roomba vacuum is such a step, and it’s unique design saves people a lot of time and energy.
There has always been one major problem with vacuuming your house – and that’s the fact that you have to do it at all! There are very few people who jump up and down with excitement at the idea of pulling out the vacuum cleaner. Most people would rather put their feet up and watch a movie, or read a good book. Wouldn’t it be great to have your floors vacuumed, without you having to do the work?
Well, that’s exactly what the Roomba vacuum is designed to do. It’s a huge leap forward in vacuum cleaner technology, making it an effective and smart way of vacuuming. The Roomba vacuum has a special robot inside, which is designed to make it move around and search for dirt on your floor. It will be able to negotiate its way around furniture and any other obstacles in your room. So you don’t have to worry that your precious furniture will get damaged when the Roomba vacuum bumps into it.
If you look around, you’ll find plenty of places that sell the Roomba vacuum. Most vacuum cleaner stores now sell them, and so do many electronics stores. Considering how advanced they are, they’re quite reasonably priced. That’s even more the case when you consider how much people would be willing to pay for a vacuum cleaner that did all the work for them!
A Roomba vacuum would make a great gift for someone who has difficulty moving about, or who struggles to push a vacuum around the room. It also removes the need to carry a heavy vacuum from room to room. They’re a great present for a grandparent, parent, or anyone else you know that could do with some help in vacuuming. Anyone who receives a Roomba vacuum will appreciate the care and thought behind your gift.
The directions are easy to follow, which makes it easy for anyone to work out how to use their new Roomba vacuum cleaner. So whether it’s for yourself or for someone you care about, take a look at the advantages of a Roomba vacuum and buy one today.
Real Estate Auctions – The New Land Rush
On a sunny afternoon in Florida, an energetic crowd gathers on the lawn of a high end luxury estate. A loud and eager banter between an auctioneer, a group of bidders and bidder assistants fills the air. For several minutes the auctioneer asks for the next highest bid and the bidders respond. Suddenly the bidders grow silent. The high bidder holds his breath in anticipation of winning the auction. The auctioneer calls for one more bid. In a loud clear voice which rolls over the audience he says, “Fair warning, last chance” the auctioneer pauses, “SOLD!” And in less than 10 minutes another multimillion dollar estate has changed owners.
Successful real estate auctions like the one above are happening all over North America and the Caribbean. Recently real estate auctions have been on the rise, the increase in popularity is partly driven by growing inventories and fading buyer confidence. Properties that were selling in weeks using traditional methods are now languishing on the market unable to attract buyers even as seller’s lower prices. Many say the real estate boom is over but savvy buyers and sellers are profiting from real estate auctions.
Real Estate Auctions Work in Up or Down Markets.
Regardless of trends or market cycles, real estate auctions provide an open and transparent process for buyers and sellers. Properly conducted real estate auctions attract ready and willing buyers and motivate them to act now.
The auction method removes the “wait and see” attitude which serves to further depress real estate values. Buyers are always concerned about overpaying. Buyers gain confidence with their purchases at real estate auctions because they can see what others are willing to pay.
When market demand is high and inventories low, real estate auctions can deliver selling prices well above what a willing seller would have accepted in a negotiated private treaty sale. In good selling climates many property owners using traditional real estate methods; negotiating with one buyer at a time, leave thousands of dollars of equity on the table. During up markets real estate auctions are the best way to establish top market price.
Evaluating Your Real Estate for Auction
Not every property or seller for that matter makes a good candidate for auction. First of all sellers must be ready to sell now and for the current market value. Also a real estate auction will not fix problems caused by a downturn in market value of your property, if you owe more than a willing buyer will pay, be prepared to come to closing with your check book.
Properties that do well in real estate auctions have a high uniqueness factor. Ask your self, “What makes my property different from most others?” Maybe you own a resort property or high end luxury home, commercial properties and land do very well at auction. Real estate auctions thrive on uniqueness. If your property is like everyone else’s, the best thing you can do is offer the most competitive price.
Most importantly sellers must be reasonable about setting a minimum bid. A seller must look at the lowest, most current comps and price below that to generate the interest and urgency necessary for a successful real estate auction. Once the auction begins and qualified bidders start competing against one another you can watch the selling price increase.
Locate a Qualified Real Estate Auctioneer
Start by checking with the National Auctioneers Association, the best real estate auctioneers belong to this organization. These real estate auctioneers are well trained and adhere to a standard of practice and a code of ethics. Many attend the annual International Auctioneers Conference where the latest techniques and innovations in the real estate auction industry are presented.
Find out if the company you are interviewing is a full time real estate auction firm. Many real estate agents are getting auction licenses yet have no experience with the auction method of marketing. Conducting a successful real estate auction is nothing like (private treaty) traditional real estate sales. Go with a real estate auction pro.
You’re probably better of with an auction house that specializes in real estate auctions. There are many qualified auctioneers who have generations of experience selling personal property; furniture, dishes, lawn equipment and the occasional rare painting. Selling real estate at auction is a complex matter that should only be attempted by full time experienced real estate auction professionals.
Commissions and fees may vary, sellers must pay all marketing expenses up front and buyers typically pay 10% of the sales price to the auctioneer of which a share goes to participating real estate agents.
Types of Real Estate Auctions
Auctions are effective because they create a seller’s market. Professionally conducted real estate auctions create urgency, a reason to buy today and competition for the property. Terms and conditions of sale are established ahead of the auction. Real estate auctions will follow one of these three approaches:
Absolute Auction
The property is sold to the highest bidder regardless of price- using this process often returns the highest sale price.
Minimum Bid Auction
Seller agrees to sell at or above a published minimum bid price – this method is useful for internet auctions.
Seller Confirmation or Reserve Auction
With a reserve auction, the seller “reserves” the right to accept or decline any bids usually within 48 hours of the auction. Reserve auctions are used when there is a lien on the property from a lender or a court ordered sale with a minimum selling price.