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SBA Loan Limits: Good for Small Businesses?
0257 days
by editor
in Uncategorized
Last March, the Small Business Administration or SBA has assigned a limit on its clause in “goodwill” financing, which is now $250,000 or 50% of the entire SBA loan amount or whichever is lower. Generally designed to acquire the intangible assets of a business, “goodwill” financing is a significant aspect of the SBA loan. Just so to prevent inflation on the value of intangible assets, SBA was prompted to set up such limit. This is one of the reasons why you need to be practical when applying for an SBA business loan as a step towards achieving your entrepreneurial dreams. There are more things about SBA loans that you need to understand before you can apply for these loans. Buying a business is easy when you know where to look. Check out GlobalBX.com – they have over 36,618 businesses and franchises for sale. Best of all it’s a FREE site! The SBA loan limitDefine SBA loan limit) An SBA business loan is one of the best ways to finance your prospective small business. This loan basically provides banks a guarantee on small business loans. The guarantee provided by SBA gives the bank more reason to approve the loan amount. There are two main types of SBA business loan programs. Read on to learn more: • The 7(a) SBA loan program – Regarded as the most flexible initiative of the organization. It is developed to offer small businesses, both existing and start-up, commercial loans. • The CDC/504 SBA loan program – This program offers long-term and fixed-rate funding, which is aimed at obtaining fixed assets. These two loan programs have their own maximum loan amounts. While the 7(a) SBA loan has a maximum limit of $2 million, the CDC/504 loan has a limit of $1.5 million to $4 million, depending on the business type and other criteria. As a means to assist small businesses during the recession, the current US administration proposed to increase the loan size cap for standard CDC/504 and 7(a) loans to $5 million. Also, there was a proposal from the government to increase CDC/504 manufacturer loans to $5.5 million. These developments will allow entrepreneurs to take on larger ventures or projects. Congress is now considering the said proposal. Requirements for SBA loan To qualify for an SBA loan application, aspiring entrepreneurs need to meet certain requirements. First off, you must have applied for a conventional business loan from a commercial institution, and have been turned down. If you can secure loans from other sources, you may not get approved for an SBA business loan. Also, you must know which of the two programs you wish to obtain SBA business loan for. Remember that these programs have different scope of requirements: • For SBA loan 7(a), you must have the ability to pay back the loan from your business cash flow, with a maximum duration of 25 years. Your prospective business should be for profit and must meet the small business requirements set by SBA. • The SBA loan CDC/504 can only be accessed if your business is for profits, has a net worth below $7,000,000, meets the required size of the SBA, and has an annual income not exceeding $2,500,000. This can only be used for fixed asset projects. Prepare the following information for faster assessment of your application for SBA loans: • Business profile that covers the type of business; employee statistics; and years in operation. • Loan request stating the purpose, type of SBA loan, and the requested amount. • Collateral description • Latest interim statements and business financial statements for past three years. • Personal financial statements of other officers, partners, stockholders and owners. Determining SBA loan rates Many entrepreneurs are concerned about the SBA loan rates. This is, indeed, a complex issue that needs thorough discussion between you and the lender. While 7(a) type SBA loans’ interest rates are negotiable, these must not exceed the required level set by SBA. On the other hand, fixed rate loans have the following interest rates: Loans amounting to $50,000 or higher – base rate plus 2.25 percent (with maturity of less than seven years) or base rate plus 2.75 percent (with maturity of seven years or more) Loans between $25,000 and $50,000 – base rate plus 3.25 percent or base rate plus 3.75 percent. Loans $25,000 or less – base rate plus 4.25 percent or base rate plus 4.75 percent. On the other hand, CDC/504 SBA commercial loan rates are generally fixed to an increase above the market of the 5-year and 10-year issues of the US Treasury. There are other types of SBA loan programs that entrepreneurs can check out aside from the ones explained above. Small businesses can definitely benefit from the assistance provided by SBA business loans, especially now that the economy is slowly recovering from economic downturns. Now, which types of SBA financing programs appeal most to your entrepreneurial preference? GlobalBX.com provides a FREE business for sale exchange connecting business buyers, sellers and lenders. Search over 36,618 small business opportunities and franchise opportunities. Sell your business for sale for free with no listing fees and zero commissions. Contact over 300 lenders directly and get funding for businesses and commercial real estate. Search thousands small businesses and franchises for sale at GlobalBX. Click here to check out this free business for sale exchange. Click here to check out GlobalBX.com – a free business for sale listing exchange where you can buy or sell a business for free. You can also contact over 308 lenders directly and get funding for businesses and commercial real estate.
Buy a business at GlobalBX, or sell your business for sale for free with no listing fees and zero commissions. Check out GlobalBX.com today.
Buy a business, or sell your business for sale for free with no listing fees and zero commissions. Click here to check out www.GlobalBX.com
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Remember Michael Jackson – a Real Entrepreneur
1280 days
by editor
in Uncategorized
The icon: Michael Jackson Michael Jackson has always been on the television, papers, and magazines up until he died at the age of 50. He always had an iconic presence in the music industry since he started his solo career back in the 80’s. In fact, a lot of music experts have declared him as Michael Jackson, the King of Pop. His famous album “Thriller” sold a record-breaking number of copies in its time. Jackson’s music videos, which actually encouraged the MTV culture, showcased how good he really was. However, not many people know that Michael Jackson was also an entrepreneur. Michael Jackson owned and ran various businesses. If you’re an entrepreneur you should consider buying a business and check out GlobalBX.com – they have over 36,618 businesses and franchises for sale. Best of all it’s a FREE site! The entrepreneur: Michael Jackson What do Bill Gates, Warrant Buffet, and Steve Jobs have in common? These persons have painstakingly yet successfully built something from nothing. They came up with products and services that no other people have thought of. With their hard work, these men continue to enjoy a solid position within their respective fields. Michael Jackson is quite similar with these three men. Jackson used his talents in areas that no other person has ever explored. His music videos inspired a lot of artists, which led to the establishment of MTV. His albums earned him millions of dollars. He used his earnings to buy the most valuable music assets of all time, the Lennon-McCartney (Beattles) catalogue, to further expand his investments. The royalties of this acquisition earned him a lot of money. In addition, Jackson purchased two Australian-based publishers that merged eventually with Sony. This earned him about $100 million. Entrepreneurial characteristics of Michael Jackson Michael Jackson’s entrepreneurial spirit was seen in all the things he did for his career. The following are the characteristics he shared with other famous and successful entrepreneurs: Always wanting to improve – Michael Jackson did not fail to give time for practice every day. He rehearsed not just his vocals, but his dance moves too. Become an innovator – Think about the “Moonwalk” and the “Beat It” videos and his white sparkly gloves and funk and rock music. Build customer loyalty – Millions of Michael Jackson fans were devoted to his music even if he had sideshow antics during his latter days. The unfulfilled concert in London were expected by millions of fans all around the globe. The ticket sales reached about $1 million. Now that is brand loyalty. However, Jackson died in Los Angeles when he was practicing for the said concert. Learn From Michael Jackson There are no perfect entrepreneurs. In any Michael Jackson biography, his mistakes are pointed out along with his achievements. With this, aspiring entrepreneurs can learn a lot from Michael Jackson. The following are some examples: Think before you speak – The media may be a good marketing tool, but saying wrong things may lead to life-long damage to the business you have built for many years now. Stick to your values – Michael Jackson has gone through major transformations over the years, and most of these damaged his image as the Michael Jackson icon. No matter the factors why you intend to change your values, consider that these may affect your company sometime in the future. Build a network of honest people – Michael Jackson mistakenly associated himself with people who put their own interests above his. While success in business brings in more money, it may also attract negative elements. Become financially smart – It is always best to save more and think twice before making purchases that are unnecessary. Keep an eye on the cash flow and the items on the balance sheet. Do not be just the check signer. Supervise the management of your money if you have an advisor. Want to be an entrepreneur like Michael Jackson? GlobalBX.com provides a FREE business for sale exchange connecting business buyers, sellers and lenders. Get free information on any small business opportunity or franchise opportunity – they have over 36,618 businesses for sale!
Click here to check out GlobalBX.com – a free business for sale listing exchange where you can buy or sell a business for free. You can also contact over 308 lenders directly and get financing for businesses and commercial real estate. Search thousands small businesses and franchises for sale at GlobalBX. Click here to check out this free business for sale exchange.
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Who are the Most Powerful Women in Business?
0284 days
by editor
in Uncategorized
Women in power For many decades now, Women have successfully gained prominent positions in the American corporate world. Once downgraded to roles of subservience, female executives nowadays continuously excel in huge companies throughout the country. For 12 years now, a list of Most powerful women in Business is being compiled by Fortune Business magazine. Most names in the list have high positions in various international corporations and there are others who are going into such path. The traits of these women are not quite different from men when it comes to vision, intelligence, and persistence. However, many of these women privately claim that it took a lot of effort to get to where they are now. The business world may be called a man’s world, but women manage to get through such old school thinking. When Fortune showed its Top 50 list way back 1998, there were only two women in the list. Year 2009 has 13 female CEOs. Almost all of these women run their own businesses. If you want to follow in their foot steps, you should consider buying a business. Check out GlobalBX.com – they have over 36,618 businesses and franchises for sale. Best of all it’s a FREE site! Most Powerful Women In Business 2009 Below are the names of the women who made it to the top 10 of Fortune magazine’s list of the 50 most powerful women in business for 2009: 1. Indra Nooyi: Chairman and CEO of PepsiCo Indra Nooyi topped the Fortune list for four consecutive years. She had a lot of contributions to the success of Food and Beverage Corporation. She also led the move for the acquisition of two independent bottling companies, which can save the company over $300 million each year. 2. Irene Rosenfeld: Chairman and CEO of Kraft Foods Solid on the top two spot, Irene Rosenfeld helped the company in boosting its revenue to 15 percent. She also played a very important role in making Kraft Foods become part of the Dow 30. 3. Pat Woertz: Chairman, CEO, and President of Archer Daniels Midland Pat Woertz, a food-based corporate executive, guided her company in betting heavily on ethanol. She also worked hard to see the increase of 15 percent in ADM’s stock last 2008. 4. Angela Braly: President and CEO of Wellpoin Angela Braly is a top executive of a reputed healthcare insurance company that has more than 30 million members and annual sales of $61 billion. She worked hard to see her company reached a 71 percent stock increase last March 2009. 5. Andrea Jung: Chairman and CEO of Avon Products With a solid following worldwide, Avon encourages women empowerment by turning them into small entrepreneurs. With Andrea Jung’s unique recruitment methods, she added more than 200,000 members in the United States alone in the first quarter of 2009. 6. Oprah Winfrey: Chairman of Harpo Productions Oprah Winfrey is more than just a famous TV host. Her entertainment company includes movies, print, and broadcast. Winfrey plans on opening a cable network with over 70 million estimated viewers. 7. Ellen Kullman: CEO of DuPont At first, Ellen Kullman worked at the company’s X-ray film division for more than 20 years. She worked her way to the top until she finally got the CEO position last January 2009. Her remarkable cost-cutting methods are expected to save DuPont this year from a loss worth billions of dollars. 8. Carol Bartz: CEO of Yahoo Before she assumed the position of CEO at Yahoo, Carol Bartz first worked at Autodesk, a CAD software solutions company. She aims to bring new life into Yahoo. Her partnership association with Microsoft got her competitors’ attention once again. 9. Ursula Burns: CEO of Xerox CEO of Xerox, Ursula Burns was the first African-American woman who got included in the Fortune 500 list. She was able to save the company from bankruptcy back in 2001. As for this year, Burns also looks forward to see Xerox on its first year of profitability. 10. Brenda Barnes: Chairman and CEO of Sara Lee Brenda Barnes has been successfully managing this thriving food manufacturing enterprise since 2005. She sold unprofitable segments of the company to improve its market and stock value. The best of the rest The following are the remaining highlights in the list of 50 Most Powerful Women in Business: • Safra Catz: Co-President of Oracle In collaboration with Oracle founder and CEO Larry Ellison, Safra Catz assisted in the negotiation of the merge with Sun Microsystems. This merge is actually worth $7.4 billion, and Oracle is expecting to get an annual profit of $1.5 billion from it. • Carol Mayrowitz: CEO and President of TJX Corp. Even during rough economic condition, Carol Mayrowitz helped this retail conglomerate in reaching $19 billion sales, a four percent increase from the last few years. • Liz Smith: President of Avon Products Avon is the only enterprise in the Fortune’s list that has two powerful women. Liz Smith guided Avon’s sales to a 65 percent increase last 2008. • Joanne Maguire: Executive Vice President of Lockheed Martin While leading the Space System division of Lockheed Martin, Joanne Maguire saw the company to its 11 percent increase in operating profits in 2008. • Lorrie Norrington: President of eBay Worked at first as an executive at General Electric, Lorrie Norrington helped create a corporate growth in the booming Asian market. She also helped organized the payment methods of eBay users. Do you want to be a powerful and successful entrepreneur? GlobalBX.com provides a FREE business for sale exchange connecting business buyers, sellers and lenders. Get free information on any small business opportunity or franchise opportunity – they have over 36,618 businesses for sale! Sell your business for sale for free with no listing fees and zero commissions. Contact over 300 lenders directly and get financing for businesses and commercial real estate.
Buy a business at GlobalBX, or sell your business for sale for free with no listing fees and zero commissions. Check out GlobalBX.com today.
Buy a business, or sell your business for sale for free with no listing fees and zero commissions. Click here to check out GlobalBX.com
