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Debate Highlights RRFSO Challenges
A recent debate, hosted by Kingfell Plc, one of the country's
leading fire safety specialists, highlighted the industry's
concerns about the implications of the Government's RRFSO
[Regulatory Reform (Fire safety) Order]. It was a...
Expect Success to Stay Self-Motivated and Get Great Results
If you called my office you will hear my voice mail message that ends with the words “Expect Success.”
There’s a important intent behind that. What if every time we made a phone call or personal request or met with a potential new customer,...
Insurance Regulators Focus on Abusive Sales Practices
State insurance regulators are focusing their efforts on a short list of five consumer problems areas related to the improper sale of variable annuities and life insurance. The problem areas include: 1) 1035 exchanges, 2) variable annuities inside...
Networking Tips
Unless you happen to live in the middle of town, getting new
business coming to your home office is more complex than
"hanging out a shingle". You can't put up a sign and wait; a
marketing plan is needed. And for most of us, there's no...
The Red Carpet Treatment
The First 90 Days The Red Carpet Treatment
Remember your first few days at your present job? Were you
excited? Nervous? Did you worry about your ability accomplish
the tasks given to you or the impression you would make on your
new...
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How to Get a Business Loan in 5 Steps.
A lender looks at a loan request in three sections known as the 'three C’s'. They are:
·Credit. Did you pay previous lenders back as contracted? ·Capacity: Can you afford to pay back this loan? ·Collateral: If you don’t pay back the loan from what asset can the lender recover their principal?
Step one is:
1.Identify your strength and weaknesses in the '3 C’s'. Do this as would a lender – with a very critical eye. Identify your loan to value ratio and your debt service coverage ratio. If you have reason to believe that your credit is less than sterling, get a copy of your credit report including your credit score.
Each lender has different criteria with the cost of the loan being higher as your strength in the '3 C’s' is lower. Step two is:
2.Identify lenders who lend to your level of borrower and to your industry type. Call lenders to get their criteria. Learn about the SBA 504 program and 7A loan guarantees. Find who others in your industry have used for financing.
If there is a gap (not a canyon, just a gap) between your borrowing ability and lenders' criteria, a loan broker may be able to help. They spend their working hours finding second and third tier (more aggressive and more expensive) lenders and establishing relationships with them. They can act as a salesperson for your project in ways that you as a principal cannot. Step three:
3.If you cannot find lenders on your own, consider hiring a commercial mortgage broker. Be careful – in many areas there is little or no protection under the law for commercial transactions. While a small upfront fee for out of pocket expenses is reasonable, shy away from any that want large upfront
payments. If they can do the deal they will be paid very well at settlement. If they can’t do the deal they shouldn’t be taking your business at all.
Once you identify a list of potential lenders or hire a broker, get prepared. Do not think that the business loan process is merely a matter or forms and paperwork. While there is more paperwork than you’d ever want to see, it is more of an inquisition. Step four:
4.Be an expert salesperson for your project. (Obviously), we think that you should use FundablePlans.com to build a business plan and use it as a written proposal. Whatever method you use, know your numbers and be able to defend them. Understand your market and be able to speak competently about it. Know your competition. Most importantly, (from step one) know your strengths and weaknesses as a borrower and be able to maximize the strengths and minimize the weaknesses.
If you are successful with steps one through four, you will expect to 'hit a home run'. You may, but most likely you won’t. Step five:
5.Don’t give up. Where one lender might have too many loans of your type in her portfolio, the next may need exactly your loan to meet his goals (loan officers are paid to lend). This is not to say that you should 'beat a dead horse', but if you have a viable project, a good presentation and good “C’s”, you will be able to get financing.
Good luck with your project, if you have questions about funding feel free to use the e-mail address below.
About the Author
Dave Miller is a business consultant and the creator of FundablePlans, an online business plan builder at http://www.fundableplans.com . Dave can be reached at dave (at) fundableplans.com .
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Oral Presentation Advice |
Your presentation should not replace your paper, but rather whet the ... Below I consider goals for academic interview talks and class presentations. ... |
www.cs.wisc.edu |
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Presentation Skills |
This site contains annotated links to resources concerned with presentation and communication skills. |
lorien.ncl.ac.uk |
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Presentation Helper - Free PowerPoint templates, help, advice and ... |
Resources on how to make effective presentations. Includes tips on PowerPoint and topic ideas. |
www.presentationhelper.co.uk |
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Neurobehavioral Systems, Inc. |
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Why tables for layout is stupid: problems defined, solutions offered |
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The Gettysburg Powerpoint Presentation |
This presentation prepared with the help of Microsoft Powerpoint Autocontent Wizard. ... Permission is granted to use this presentation in any course or ... |
norvig.com |
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Presentation Zen |
I love the clear presentation of the ideas in the book and the fact that the ... In the context of presentations, moving info away can help you and the ... |
www.presentationzen.com |
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Presentation Tips for Public Speaking |
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Presentation - Wikipedia, the free encyclopedia |
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en.wikipedia.org |
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OSCON 2005 Keynote - Identity 2.0 |
“A barn-burner of a presentation. I loved this.” - Cory Doctorow. “I watched it twice, and greatly enjoyed it both times.” - Jon Udell ... |
www.identity20.com |
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Tips and tools for creating and delivering presentations: text, techniques and technology. |
www.presentations.com |
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Presentation Information Resources - Presentation Technology News ... |
Presentation Information Resources - Comprehensive presenter's resource providing instant access to up-to-date information on technology and techniques for ... |
199.249.170.231 |
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Effective Presentations homepage |
In addition, the skills needed to prepare an oral presentation can be used ... A spiffy presentation discussing Effective Teaching with Powerpoint from the ... |
www.kumc.edu |
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Impress |
Your presentations will stand out with 2D and 3D clip art, special effects, animation, ... Slide show Animation and Effects bring your presentation to life. ... |
www.openoffice.org |
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PRESENTATIONPRO - experts for Microsoft PowerPoint |
A series of products and services to help enhance PowerPoint presentations with templates and backgrounds. |
www.presentationpro.com |
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Leadership - Presentation Skills |
Presentation, PowerPoint, and Leadership. ... Presentations and reports are ways of communicating ideas and information to a group. But unlike a report, ... |
www.skagit.com |
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Presentation: See what people are saying right now on Technorati |
See all blog posts tagged with presentation on Technorati. |
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Secretary of State Addresses the U.N. Security Council |
My friends, this has been a long and a detailed presentation. And I thank you for your patience. But there is one more subject that I would like to touch on ... |
www.whitehouse.gov |
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Rubric |
Organization, Audience cannot understand presentation because there is no sequence of information. Audience has difficulty following presentation because ... |
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Presentation Skills |
Presentations are one of the first managerial skills which a junior engineer ... This article looks at the basics of Presentation Skills as they might apply ... |
www.see.ed.ac.uk |
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