Your Financing Strategy
Ask questions from your bankers which of one these will benefits you most and which one could be costly to you. You can also get free checks when you open your account, you do not need to pay for checks. All checks are processed the same way that is up to you and how you manage your money.
-Savings Accounts: Custom Savings, Money Market Account Checking Accounts: Economy Checking, Express Checking, -Regular Checking, Senior Checking, Student checking
-Your Debit/Visa Card to use for shopping could be free when you open your account, make sure you ask for it, at times they will ask you if you want one or not. Where you use your Debit/Visa Card to withdraw money matters to your bank, it could cost you for using it at the wrong places, ask your banker for information where you could use your card without paying extra charges...
Some banks charges between $1.00 up to $3.00 if you use their card to withdraw money from another bank that they do not do business with. It is your money...
Each one of the above has advantages and dis-advantages, be careful when you are opening your accounts; you could loose money to the bank right away. You also need to know if your monthly statements are going to be free or not, when you make inquiries, the bank could be charging you for too many inquiries. Some things are free from the big banks and something's are cheaper from the community banks.
Basic Requirements for lending you money:
· Savings and Checking Account
· (2) Good Credit or No Credit it depends where you are getting the money.
· (3) Collateral such as your House, Car, Boat, Gold/diamond or any valuable assets they can hold on
· Driver's License,
· Social Security numbers
· Good Employment, at least for six months.
Lenders Information:
Big Bank requirements-
Can be very tough to meet because they have to abide by the 'Federal Reserve Bank or Federal Deposit Insurance Corporation (FDIC)' regulations. They got their money from the Federal Reserve Bank at a lower rate, however, they could turn around and loan it to the smaller banks at a higher rate, and the smaller banks loan it at higher quote rate to the public.
Community Bank requirements/Credit Union:
Well, the community bank is no different either, they turn to the big banks to borrow money at a lower rate so that they can loan it to their customers/clients at a higher rate to make some profit to stay in business.
Private Capital market requirement:
This is where the business gets tougher. The Capital Market enterprise is a big boy on the Wall Street, where they can finance just about anything they like, because they are not being regulated by the government, it is an individual rich businessmen that have money to loan out at a higher rate. They are not required to follow financing rule rigidly as the bank does, but they still have follow the consumer law that protect all of us from being taken advantage of.
Family friends requirement:
This one is your best source of financing, if you could find a rich friend or family friends that can loan you money without any attachment or collateral. They may ask you to pay them some small interest, or none it all depends what you are using the money for, at they would like to get a piece of the apple when they know you are going to make a lot profit.
Collateralization:
There some companies out there that would loan you money to meet your emergency needs, but becareful, they may ask you to give them your house, car, motor cycle or any of your valuables for collateral just in case you were unable to pay them back, but, they are very quick to take your valuables and you may not have any re-course to take them to court for doing so. I would stay away from such financing unless you have to...
There is going to be a time when we are going to need finance or re-finance our mortgages, car, motorcycle, big boat, air-planes etc., that we cannot come up with up-front lump sum money to pay for it This force us to turn to our bank, family friends, private capital market, small loan companies to loan us that money. This is where we are being taken advantage of by offering us some sort of un-affordable rates. At first you would think this a great opportunity that it will not be problem, you could afford that payment being offered to you by your lender, you better think again before you sign that dotted line. They could be collecting interest from you money for long time without any of it going to your principle.
Pay attention to dotted Line and Small print in the loan documents:
The loan documents can be very tricky to read when you are not an attorney, the small fine prints areas are very important areas to pay attention to, because this is where they hid rates, timeline, and warrante, but if you don't pay attention to the rates they quote or offer to you in the loan document that you are going to sign you could be losing a lot of money. You probably better off to take to your attorney before you sign the dotted line.
In the fine print of the loan documents is where they hid most important information that your lender did not want you to know about, especially mortgage and credit card documents. It sounds strange, but it is true, If you don't believe what I said here in this document, go to your loan documents and read the small prints in there you may find out something that you would not like to see or hear about, or if don't believe what I said here, ask yourself a question of why didn't they just print the whole loan documents in a readable format with nice fonts that an average third grader can read and understand it without having to scratch their head or look up words in the webster dictionary for interpretation of words, after all you are the consumer paying them for this services and they will be collecting interest from your financing for such a long time. 95% of mortgage homeowner never gets to the point of paying principle or their mortgage finance off before being taken away from them, but the bank or private investor already started to benefit. Yes, I understand they took the risk to finance us.
I think what is fair is fair, they should make the loan documents more readable for us, and there should be no small prints that is had to read on any loan documents. They should be in a readable format that average Joe can understand; my question all the years was why are they making it so complicated to read if they do not have anything to hide? I also think the loan documents should not have so many pages when we are talking about saving the threes... Not too many consumers read all these pages, it has no value to have so many pages when no one really reads it, of course the attorney will not be making money if they these document could be reduced to minimum.
My solution to this big fat loan documents should be to reduce them to minimum, all it should it be contain is, who own the house, the rate, how long is going to be paid, warranty, borrower's and co-borrower, and all other very valuable information it should not be more than 10 pages long.
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Creative Marketing/Financing - Businesses Become More Creative in Tough
Economy Small business owners are turning to more creative ways to market or to finance their businesses in order to remain competitive. And yes, this is being done more out of necessity than just the typical result of business competition. Not only are businesses looking for more creative ways to attract and retain customers but they are also looking for alternative ways to fund business improvements, pay for advertising, purchase inventory or buy new equipment and more. It's been said that "necessity is the mother of invention" and in today's economy business owners are finding that creativity and resourcefulness are just as necessary as a great service and product. Necessity has spurred a few interesting ideas for business owners looking for ways to grow or stay in business. We can look at any number of factors for the falloff in the economy and say 'that's where the problems started', whether it was the "housing crisis", "job layoffs", "banks not lending" and on and on. The bottom line is people are not spending like in "better times" and a lot of business owners are feeling the impact when they see the "percentages" that their business has dropped off from past years. In dealing with a wide range of business types I have watched different businesses take a lot of creative approaches to improve business. I've had auto repair shops do things like hire a decorator to remodel waiting areas or to decorate the restrooms because statistics show them that a large percentage cars are being bought in for service by women. They feel it is very important to keep the waiting area and restrooms fresh and clean to offer a shop that women will be comfortable coming into. And in many of these cases the shop owner never even thought about how the shop looked before, he only cared about doing quality auto repairs. More auto shops are looking for Customer Financing to help their customers who need "emergency" short-term financing to get and keep their vehicles on the road. This has proven to be an extremely effective way to attract new customers as well as up-selling existing customers on repairs that they need. Now owners are in many cases paying attention to "other" details, like what will attract new customers. Owners are focused on what they can do in their advertising that will differentiate them from the competition. You see restaurants offering special discounts that you never would have seen two-three years ago. We see more medical offices offering Customer Financing programs in addition to programs, like Care Credit, GE and Chase that are based on a patients credit rating because they are finding that even some of their patients that last year had great credit have run into issues that have left them with less than perfect credit now. And that patient will no longer quality for financing that require a 650 or better FICO. They need an alternative to help those without great credit to get financing for needed health care. Attracting new customers and patients is important but being able to provide the additional services when the customer does patronize your business is just as important. One of the most effective resources that many owners are starting to finally to utilize to attract new business is "LOCAL SEARCH MARKETING". Here's why: and it's important that you think about this as if it happened to you. Imagine you recently got a puppy for your son or daughter. And at 1 am on Saturday your child woke you saying something was wrong with the puppy. Now you need "Emergency Veterinary" service. Your kids are crying the Vet you would normally go to is not open. Do you look in the "Yellow Pages" or do YOU go online and type in the search term "24 hour Emergency Vet in your zip code"? Or perhaps you need a dentist or a doctor for a specialty whether in an emergency or not, do you search online? If you answer yes, then imagine how many of your "potential" LOCAL customers do the same. To research a product or service in their area 97% of consumers use the Internet. And 90% of those use search engines compared to 48% who use the Yellow Pages. And MOST of those will make a "Buying Decision" based on their Internet search results. That is very powerful! And it's amazing that more businesses are not EFFECTIVELY using Local Search Marketing when taking into consideration how inexpensive it is. (By the way, I'm not talking about expensive pay-per-click campaigns that can cost a small fortune). Now, let's talk about the most important thing that "many" businesses at some point want or need. A CASH INFUSION - WORKING CAPITAL - A BUSINESS IMPROVEMENT LOAN - whatever we want to call it, many businesses at some point need money to grow, remodel, expand or stay afloat. But banks are tightening credit or not lending and the reality is many businesses still need to borrow. In today's economy a lot of business owners are looking at "creative" short-term solutions like "Credit Card Receivable Financing" or "Merchant Cash Advances" which are based on your businesses future credit card sales or a fairly new funding option that is based on your "Business Banking History". These funding options can get an existing business $5000 to $500,000 in as little as 5 days with no out-of-pocket fees for an owner with a FICO score as low as 500. The lenders look at the businesses cash flow and not on collateral or solely on credit score. You know your business. How many times have you thought 'if I had the money right now I could buy that inventory for $20,000 and easily sell it for twice that' or 'if I had such and such equipment I could add another $10,000 per month in revenue'. But as we all know, that's not how the banks look at lending. With these creative alternative financing options your business can get approval in 24-48 hours and have funds wired to your bank account in days - not weeks or months. The lender will want to know if you have been in business at least 1 year, and will require very little documentation. Just for reading! GET YOUR FREE LISTING in City Directory On Line. List under your business specialty, it's easy to use and its FREE advertising. The Business Directory provides an easy to use "directory" without intrusive advertising. City Directory On Line is the only patent pending, simple to use, local city online business directory of its kind. And it's ALREADY ranked and placed on page one of Google search. It's quick, it's easy and it's an absolutely free listing. Author Description: David Claggett Executive Director Don't let money walk out of your business!
