Business Funding Secrets

 

 

 

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We rate ability in men by what they finish, not by what they attempt.

Ability is the most important tool in your life.

It is better to have a little ability and use it well than to have much ability and make poor use of it.

To know what is right and not do it is as bad as doing wrong.

The surest way to gain respect is to earn it by conduct.

It’s nice to be important, but it’s more important to be nice.

It isn’t what you have, but what you are, that makes life worthwhile.

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Patriot Express Business Loans

 The U.S. Small Business Administration has a business loan program for veterans called Patriot Express. This loan program is designed for streamlining the process for veterans applying for business loans up to $500,000. Authorized lenders are able to make decisions without extensive SBA review. With the streamlined process the turnaround time is shorter than conventional SBA loans.

Patriot Express loans carry the SBA’s lowest interest rates. Risk and return is still considered, so the rates will vary somewhat, but will be in the range of 2.25% - 4.75% over prime. SBA will also guarantee up to 85% of loans $150,000 or less, and 75% for loans between $150,000 & $500,000. This makes the program attractive to the lender.

SBA doesn’t make loans, it guarantees them at certain
 percentages, taking a majority of the risk away from the lender.
 The more guaranteed by the SBA the more likely it is a bank
 will be willing to make the loan.
          

The Patriot Express loan program can be used for most business purposes, including start-up, business expansion, equipment purchases, working capital, inventory, and business real estate. Start-up funding through conventional means is usually very difficult. This program allows loans for business start-up, which can be very attractive for the eligible borrower. Borrowers using Patriot Express program can also select to receive the funds through a line of credit.

Those eligible for the Patriot Express loan program:
            Veterans.
            Service-disabled veterans.
            Active-duty service members’ eligible for the military’s Transition
            Assistance Program.
            Reservists and National Guard members.
            Current spouses of any of the above.
            The widowed spouse of a service member or veteran who died
           during service or of a service-connected disability.

Veterans and their spouses have dutifully served their country, and the Patriot Express program will assist them in obtaining their business dreams.

We salute all that have served and their families that have supported them.

For more information on the Patriot Express business loan program:

 www.sba.gov/patriotexpress

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Tips:

 1. Under most circumstances, start-up loans are very difficult to obtain because the business does not have a track record. Most banks won’t consider a business that doesn’t have at least 2 years of sales. Options include: factoring, PO funding, equipment leasing, family and friends, and credit cards.

 2. The qualifying process we use at The Project Corporation is to begin with an Executive Summary

The questions are very basic. When a Client provides answers such as, “I will tell you later,” or doesn’t answer, or answers in such a vague way they might have well left it blank, then they don’t qualify for further discussion. This is step one of the process. If they aren’t interested in being truthful and up front at this stage, we don’t have any confidence they will be forthright at the later stages when the pressure can be poured on.

3. The Project Corporation also requires a current Balance Sheet  when a transaction is submitted for review. This means we want to see their financial position as it has been in the last 30 days. When prospects send balance sheets that are 6 months old, we have to wonder what has happened in the past six months that they are trying to hide. If they only supply a Per Forma (projected) Balance Sheet, then this indicates they are working on sales hype and not what they can currently qualify for.

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* Web Site? *

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If you aren’t adept at building websites, 1&1 does have templates that you can use to easily and quickly get your site up and running. They also have an 800 phone number with customer support 24/7 if you are having challenges developing your web site. 

People go to the Internet to find information, so make sure your information is out there to be found.

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 * Internet Marketing *

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 Until next time,

Copyright Business Funding Secrets  2008

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