The Small Business tips today discuss various forms of financial resources.
Your Pocket: If you want to start a business without taking out any loans, you can use your own money. It may be costly for you personally, but the benefits from your business could prove to be a good investment.
Friends & Family: Ask those who are close to you for a loan or to invest in your business. It would be a simple way to receive financial resources without going through a bank or other institutions.
Business Loan: A start up business loan from the bank or a lending institution is a way to receive the funds you need from a local institution. Find out more from your financial advisor or a local bank.
Small Business Association: The SBA is available to help small businesses locally. Visit the SBA website for tips and locations in your area.
Daily Overview: Obtaining cash to... [Read Full Article]
Government, Politics, and the Economy Consumer Confidence Soars A step towards the right direction, consumers are now looking positively towards the future in regards to spending, housing, employment, and the economy. CNNmoney.comManagement and Operations3 Vital Business Lessons from Tiger Woods' PGA LossThe big upset of Tiger Woods losing the prestigious PGA tournament has not only created a buzz in the sports world, but in the business world as well. See how Woods' loss translates into business lessons. BusinessKnowHow.comManagement and Operations [Read Full Article]
As the man said, bad things sometimes happen to good people, and as the economy continues to slide and the politicians continue to flail around, we will be seeing more and more of that. I received this email recently and I want to share it with you:
Hello Charles, Just read one of your articles on the current SBA position in this economic crisis. My wife and I cosigned on an SBA loan for her sister's restaurant. It went south and the loan is now in default. We are on the hook for a huge loan (her sister battled a severe cancer during the startup and that diverted all focus away from the restaurant unfortunately, and that was just one among many issues).
I am talking to the workout specialist at the bank, but I am not clear on the process. I know they will try to go after what little they can get out of the restaurant assets then our house and other assets.
I am looking for advice. I have talked to several lawyers but none gave me mu... [Read Full Article]