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Cash Loans...The Good, the Bad, and the Debt-Free
Happiness is what they�re selling. Relief from the crushing weight of that gigantic rock we�re all forced to carry called �financial burden.� It�s heavy and cumbersome, and the very thought of unloading it for a short time is so...
Create Your Own Ultimate Debt Elimination Plan
The method is simple. 1) Set a monthly amount. 2) Pay all minimum amounts. 3) Pay extra money toward the debt with the highest interest rate. This method will ensure that you pay the least amount of interest and repay your debts as soon as...
Credit Cards, Debt Consolidation and cellularphones
Need a credit card! Why do you need a credit card. The more obvious reason is to build up your credit history. However there are other more good resons sucha sdoing simple things such as renting a movie or ordering stuff online. If you go to: ...
Debt Management
At times of severe financial crisis Debt Management Plan (DMP) helps you to manage your funds and also protects you from the humiliation of debt struck conditions. The famous American author Washington Irving in ‘Wolfert’s Roost’ addressed...
Why You May Need Credit Card Debt Consolidation
You find yourself in a situation of mounting credit card debt. You have 5 credit cards in your wallet and have been shopping more than you earn. Initially you had no problems managing your funds but it has started to snowball not too long ago. Your...
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Sources for Debt Financing
Debt Financing simply means you get a loan from someone or
somewhere and go into debt! You are obligated to repay the
money. We provide some popular sources for debt financing to
consider.
SOURCES FOR DEBT FINANCING
1. YOURSELF! (Savings) You are your own best "lender" if you
have the savings. This approach can be quick and easy. CAUTION:
Ensure you have adequate savings for both the business and other
life contingencies.
2. FRIENDS and RELATIVES. If they believe in you and your idea,
friends and relatives are sometimes willing to fund you. Choose
this route with care and ensure you execute a formal loan
document stating loan terms (interest, terms of repayment).
CAUTION: Many friends have been lost and many relatives
alienated because of a small business failure.
3. BANKS and CREDIT UNIONS. Many banks and credit unions (check
with your own first and with you local chamber of commerce for
alternate possibilities) will loan money for starting a small
business. This approach will require that you present a formal
plan to the bank showing justification for the amount you are
borrowing.
4. THE SMALL BUSINESS ADMINISTRATION (SBA). Check out their
website (http://www.sba.gov). Contrary to what many believe the
SBA does NOT generally loan money directly but rather guarantees
a loan (normally up to 90%). This can make it a lot easier to
obtain a bank loan since the bank's risk is lowered
considerably. The exception is that the SBA does provide direct
loans to certain groups including Vietnam-era and disabled
veterans and handicapped individuals. In general, the SBA will
not offer any assistance until you have been turned down for a
loan by a commercial bank.
Most loans guaranteed through the SBA are between $25,000 and
$750,000. However, there is a "microloan" program for amounts
from a few hundred dollars up to $25,000.
5. VENDOR FINANCING. If your business is one that relies heavily
on certain vendors, it may be possible to obtain financing
through the vendor. After all, they want you to use their
product and therefore have an interest in helping you be
successful.
6. STATE. Some states have small business financing authorities
that issue tax-exempt development bonds that can be used to
finance land, buildings and equipment for manufacturing
businesses. Check with your local government office for details.
7. HOME EQUITY
LOAN. Interest rates for this kind of loan are
generally quite low and the interest is fully deductible for the
first $100,000 borrowed.
CAUTION: You are placing your home on the line!
8. LIFE INSURANCE. Some types of life insurance policies (whole
life and universal) have cash value which can be borrowed at
very low interest rates. You are not obligated to pay this money
back but if you don't, your policy payout is reduced by the
amount borrowed.
9. RETIREMENT PLANS. Some retirement plans (401K for example)
allow you to borrow against vested benefits. Generally, up to
50% may be borrowed as long as this is less than $50,000.
CAUTION: If you quit your employment, the loan must be repaid
immediately. If you don't the amount borrowed is treated as an
early distribution and is taxable.
10. GRANTS. Many foundations provide funding in the form of
grants. Check "The Foundation Directory" at your local library
or visit their website at http://fdncenter.org to find out what
foundations may have an interest in your specific business idea.
The Foundation Center may be reached at (212) 620-4230.
11. CREDIT CARDS. These should be used with care because of the
excessively high rates of interest usually charged.
CAUTION. Remember that many of these loan ideas will require you
to sign a personal guarantee. This means that regardless of what
happens to your business, you are personally liable for the
repayment of the loan amount. Think carefully before signing.
http://www.TotalBusiness.com is a Website that provides business
owners with the information they need in order to successfully
start, manage, grow, and sell their businesses.
The site features over 3,000 articles and 60 guides on business
topics such as starting a business, financing a business, sales
and marketing, building a website, setting up an office, hiring
employees, and selling a business. The site also contains
articles on legal and accounting issues affecting businesses and
allows business owners and entrepreneurs to get free expert
advice from local lawyers or accountants. The site contains over
1,000 business forms and agreements that are helpful to business
owners and provides a business directory with over 1,700
merchants who provide services specifically for small
businesses.
About the author:
Eran Salu, JD,MBA,CPA is the Founder and CEO of
TotalBusiness.com
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| www.imf.org |
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| Special report: debt relief | Special reports | Guardian Unlimited |
| February 6: A year ago the Guardian set out to track the west's promises of action for Africa on aid, trade, health and debt relief. As G8 finance ministers ... |
| www.guardian.co.uk |
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| Economic Policy and Debt |
| May 2006, IMF And World Bank Support Cameroon’s Completion Point Under The Enhanced HIPC Initiative And The IMF Immediately Grants 100 Percent Debt Relief ... |
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| Aid Inflows, Debt Relief Yet to Translate into Reduced Poverty (March 20, 2006) ... Fearing that the IMF could tie debt relief to economic benchmarks, ... |
| www.globalpolicy.org |
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| Debt Relief - Global Policy Forum - Social and Economic Policy |
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| BBC News looks at the progress of international debt reduction efforts, and the sticking points which continue to hamper the process. |
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| Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
| Oxfam policy paper on relationship between international debt servicing and poverty. Linked to table of contents and also zipped for download. |
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| What debt relief means for Africa | csmonitor.com |
| This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
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