Sun 29 Jun 2008

Tips for stopping money leaks.

Posted by host under Uncategorized
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From th book 101 Money Leaks. 

The price of everything has gone up, requiring people to be more conscientious about money. The problem is that by the time the mortgage, car, utilities, and credit cards are paid, there is little money to put aside. Saving money is not that hard, just a matter of learning all the different options and being creative.

Tip #2 Clearance. Always head straight for the clearance rack where you can find amazing bargains. Sometimes you may have to dig a little to find the right item but the savings will be well-worth your time. Most clearance racks offer variety, current trends, and great value. For example, Bed, Bath & Beyond has a clearance section where you can find all kinds of wonderful household items for a fraction of the original cost.

Tip #3 Thrift and Surplus Stores. Unfortunately, thrift and surplus stores have been given a bad rap. Many of these stores are filled with hundreds of top quality items.

Name brand merchandise is easy to find but just like clearance racks, it takes some time to find. Find a thrift or surplus store close to where you live and then plan spending some time to find those outstanding bargains.

One woman in Kansas City, Missouri located such a store about 20 minutes from her home. After shopping through every isle over the period of two hours, she walked out of the store with eight huge garbage bags filled to the brim with designer clothes for her and her children, many with the original tags still attached. She even found a couple of Liz Claiborne suits for herself at $5.99 each and a Dooney & Burke purse normally valued at $225 for $19.95. Her children had an entire season of school clothes and best of all, she paid less than $200.

To purchase this book go to www.AquilaBusiness.com/moneyleaks/

 

Fri 4 Apr 2008

Must Read for Small Business Owners

Posted by host under Taking Care of Business
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Top ten reasons not to use a broker for unsecured business lines of credit.

1. You do not need a loan broker because you can do it your self.
The unsecured lines of credit are products that are available from your local bank.

2. The make you pay illegal commission fees.
The FDIC prohibits the client paying commission fees on most of the products. Various brokers have been known to tell you to lie to the bank and do not tell them you are paying a commission fee.

3. They make you pay high fees.
Loan brokers are generally charging 10% to get you a line of credit. Why should you pay $10,000 for a $100,000 line of credit? If you need $100,000 for a down payment on a larger deal then you will only be left with $90,000 and you will stuck. Not only that but they say not to worry because you can pay the commission fee out of the line of credit funds, but then you are going to be paying interest right from the start. This does not make any business sense. Does it?

4. They encourage fraud.
Lets be be real, if you only made $300,000 what sense does it make to lie and say you made $500,000 or $1,000,000? It makes no sense to put yourself in this position with the lender. The loan brokers do not understand the stated programs and think you can state whatever you want. The truth is the stated programs let you state the truth and not what the taxes show.

5. The brokers do not understand the programs.
Some brokers will misguide you and have you think you are applying for a stated program when in fact it is program that requires you to fill out a 4506. The 4506 form allows the lender to pull a transcript or your complete taxes to verify the numbers if they want to and whenever they want to. Just because they might not pull the taxes during application they call this a stated program incorrectly. This is incorrect because if the lender wants to pull the taxes later they can and if the numbers are not within their guidelines of the application then they can call your loan due and you may face fraud charges.

6. The brokers do not know the lenders and their territories.
Due to the fact that the brokers are only concerned about getting you all of of money they throw your application out to every lender they know without the consideration if the lender even is able to work in your area. This creates useless credit checks and your credit score drops fast, by more than 10%.

7. Opportunity for ID theft.
Never give your social security number out to loan brokers. Identity theft is rampant out there in today’s society. There is no reason why a broker should have your social security number. If they have it you lose control of credit checks and you do not know what happens to your records. Usually the broker does not dealdirectly with the lender so there are multiple people viewing and handling your information. Did you know it is illegal to send your Social Security number through email?

8. Have you purchase extra services that you do not need.
Some brokers will charge you fees for supposed credit score improvement services, that you can do on your own, or have you purchase a high investment shelf corporation. Shelf corporation may be beneficial to some clients but our history shows them to have little value. The investment of the shelf corporations, in most cases, is better to be used to pay off personal debt.

9. Excessive credit checks.
This item is summary of the brokers not knowing the programs, having your social security number, and not knowing the lender territories. They will send you application to as many lenders and contacts that they know in an attempt to get someone to respond with an approval. However, errors are made by sending them to lenders or programs that not evaluate the project before checking credit even though it never should have been sent to the lender in the first place.

10. Not genuine interested in your success.
Face the truth that illegal high commission fees shows that a person is concerned about making money for themselves with the consideration of what it might cause to your financial situation.

Conclusion:
Take the time to learn yourself how to obtain the financing. It is easy, it may take a little time but it is definitely worth saving thousands of dollars and the ability to maintain your current credit score. If you would like to get some direction from a company that is dedicated to being on the side for the business owner go to YourLoanOffice.com to find resources to help you on your project and reach your goals.

 

Fri 11 Jan 2008

Do It Yourself Stated Unsecured Line of Credit Reports

Posted by host under Uncategorized , Taking Care of Business
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MONEY DOES NOT COME WITH INSTRUCTIONS. UNTIL NOW!
We are announcing our new program to educate and allow small business owners access to the information required to get unsecured business lines of credit on their own.
We have broken down our program into easy understand, follow, and implement reports. These reports are step by step and we are constantly updating and upgrading the information. The reports are also provided in order of importance.

    DIY Unsecured Business Line of Credit Reports and Programs 

  1. Unveiling the “Secrets of the Underwriters”
    Stated unsecured business line of credit guide
    Main report and should be the only report that you need!
    Price $7.00
  2. Guide to the Government Records
    Direct links to Secretary of State and UCC search websites of all states
    Price $24.00
  3. Secrets of the Credit Industry
    Legal strategies that credit bureaus, creditors, and debt collectors do not want you to know!
    Price $27.00
  4. Listing of “Stated” Line of Credit Lenders
    Includes application information template for stated program lender applications
    Price $54.00
  5. Do Not Miss The Opportunities With Streamlined Programs

    6. Where the “Majority of the Money” can be accessed
    Price $14.00

  6. Revealing the “Streamlined Program Lenders”
    Includes application information templates for the 4506 program lender’s applications
    Price $54.00
  7. Fully Documented Programs
    Price $7.00, available soon.
  8. Listing of “Full Doc” Line of Credit Lenders
    Price $54.00, available soon
  9. Listing of 2007 NACIS Codes
    Reference of NACIS codes to aid in completing the lender’s application
    Price $7.00
  10. Restricted Industry Listing
    General guide for aiding in selecting industry description for your small business
    Price $7.00, available soon
  11. Assisted Program - Do It Yourself and With Our Assistance
    Program includes all of the available reports and consultation with us throughout the entire process
    Price $748.00

These reports are for you the borrower and not for brokers or consultants to resell it to you 

 

Thu 1 Nov 2007

Business and Unsecured Lines of Credit

Posted by host under General Discussions
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Unsecured Line of Credit is a great way to create security.If you need extra funds for your business, whether it is for the remodel of office space, inventory needs, an unsecured business line of credit is a viable way to get  cash. To make it through a tight cash time they can be used like a credit card to get the needed required cash or to even complete a project.

The unsecured business line of credit programs tend to be simpler in application requirements than the standard term loan or any other finance option available They allow the owners of the company to borrow against the line with flexible guidelines.

Programs and requirements to qualify vary from lender to lender. In general the initial qualification is based on the owners personal credit score and industry risk level. Approval amounts tend to be based on the Gross Sales amount of the company. Businesses can also get multiple lines f credit to allow access to more money.

The documentation that is required also varies from lender to lender. There are also three different programs available.

The first program that is offered is the Stated Unsecured Line of Credit Program. This program requires basically, a two page application, credit check on the owners, proof of ownership, and proof that the business has been legally in business for about two years or longer. The Stated Programs allow the business owner to get the unsecured line of credit approved and ready to use in as fast as five days. The program allows the business owner to declare all cash involved with sales not just what the taxes say. In general all business owners have to have at least a personal score of 660. The dollar amount approved tends to fall in the 10% to 20% range for each lender.

The second program is the Streamlined Unsecured Line of Credit Program requires the same information of the Stated Program and includes a 4506 or 4506T form. These forms allow the lenders to check and pull their own copies of taxes on the borrower. Be careful of this because if your application does not reflect close numbers to what the taxes show, you could be in a situation of fraud with the bank. A warning we would like to declare is that some lenders call their program a Stated Program when in fact you sign a 4506 or 450T at closing, so in reality it is not a Stated Program but A streamlined Program. This program allows the borrower to get access to a higher amount of approved dollar amount, which is about 15% to 20%.

The third program is a Fully Documented Unsecured Line of Credit Program. The Fully Documented Program allows for the business owner to get the greatest amount of money but it takes a longer time and requires more documentation. Typically the documentation required is two years of both personal and business taxes, sometimes three years taxes, Year to Date P&L statement, Personal Finance Statement, and the last three current months of business bank statements. This program allows the borrower to be approved at a higher percentage of gross sales then the other programs, in general 20% to 30%.

Interest rates vary and are based on the lenders perception of risk. The interest is calculated only on the amount that you actually use. You might get approved for a $100,000 unsecured line of credit but it does not mean that you owe interest on that amount, you only owe the balance and interest on the balance. The interest rates are favorable over credit cards because they are typically lower, prime plus 2% is average.

The debt will not show up on the borrower’s personal credit score if the business has a separate Tax ID number that is different than the borrower’s social security number.

Look for experienced counselors who can help you through the whole process. Work with counselors that know the products, programs, and lenders. Do not work with counselors that charge a fee based on the loan amount approved. It has been our experience that these type of counselors are not working within the lenders guidelines and they are not supposed to be charging an outside fee based on the loan amount. Many of these counselors or brokers charge up to 15%.  

 

 

Fri 26 Oct 2007

Mobile Communications and the Small Business Owner

Posted by host under Technology and Communications
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I just wanted to give a quick promotion for a great product that has really helped me out with the operation of my our vusiness.

 The Motorola Q Smartphone with Windows Mobile 5.

 It is fantastice! Of course we all run into issude and problems when we first make a transition to a new process of business system, but this has been worth.

I can basically operate almost all of my business duties right from my phone. I can now not be tied down at my desk but I can be in my clients office helping them with projects.

 I have only had the smartphone for a short time and  ican not imagine my business day without it.

 Part of our business focus is going to include sourcing and creating smartphone software for various business applications to help the small business owners. We will provide automated software of the finance industry to process mortgage loans and business finances with a Windows Mobile 5 device.

Keep in touch with us and we will keep you updated.

 Regards,

James S.