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What affects your credit score?

The FICO scoring model takes into account the information in a consumer’s credit report, with different kinds of information carrying differing weights. The FICO scoring model takes into account five categories of data:

Should I ask that my loan application be submitted as a Recovery Act loan?

There are several important factors that a small business applicant, lender or CDC should consider when deciding whether to submit a new loan application as a Recovery Act loan that, if conditionally approved will be placed in the SBA Recovery Loan Queue awaiting the availability of funds or as a non-Recovery Act loan (with all applicable fees and a lower guaranty).

SBA what is the Transition Phase Alert System?

The Transition Phase Indicator, the tri-color graphic on the SBA Recovery Loan Queue web page, is intended to give lenders, Certified Development Companies (CDCs) and potential borrowers a simple way of knowing whether loans are being accepted into the SBA Recovery Loan Queue and the likelihood of a newly submitted recovery loan being funded.

What is the SBA Recovery Loan Queue?

During the transition period, a lender or CDC has the choice of submitting a loan application as a non-Recovery Act loan (where all fees as well as the lower SBA guaranty levels apply) or as a Recovery Act loan.

Should I use personal credit to fund my business?

Have you heard the saying when you don’t need it, it is there; and when you do need it, it is not there? We have seen many small business owners in this position when it comes to business financing. Do yourself a favor and put your company in a good financial position. Secure your business credit before you need it.

Creative Ways to Market Your Business…

Marketing your business has become more important more than ever in this tough economic climate. I constantly hear business owners cutting costs to operate on a tighter budget. One of the biggest mistakes is cost cutting marketing costs. Marketing helps bring revenues in the door and this is the last area to cut. Below are some traditional and creative ways to market your business.

Why is a Business Plan Important?

A business plan is a clear and concise way of putting your thoughts onto paper. Contrast to popular belief a bank underwriter does not give more favor or merit to a business plan that is 100+ pages long. Make sure you are being short and to the point. A typical length for a business plan can be 4 to 10 pages in length. Here are the major areas to consider when writing your business plan:

ARC Loan in Jeopardy (SBA)?

Recent news suggests that the ARC is not doing well. Maybe you know this firsthand because you applied for the ARC loan? It has been speculated that the ARC is not doing well due to the risk taken on by the banks with little profit margin to gain.

How to Speak With a Business Underwriter?

When speaking to an underwriter do yourself a favor and make sure you are prepared. You should know your business better than anyone else. Be positive; believe in your own cause. If you do not believe in your business why then would an underwriter extend your business credit? Help the underwriter to see the “big picture” and why you are successful. Do not ramble on and on with no purpose. We are all busy. Keep it short and to the point.

Funding for Small Businesses

While big banks refuse to loosen their grip on credit, one business consulting firm wants small businesses to know the news is not all bad. In fact, by working with smaller business banks, may provide funding for new and established small businesses in spite of the deepening recession.

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About the Author: Joe Ferriolo

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Joseph Ferriolo has been in the financing industry for 15+ years. To say the least, he has seen a lot of changes over this time. Each passing year has enabled him to see new ways and avenues of making loans work. He started in large traditional banking institutions doing credit analyses and underwriting. He eventually, took his experience in finance and put his passion into creating his own business ventures. He found that a lack of cash flow can stop a successful business in its tracks. This is why he developed a company that helps business owners obtain financing for their small business. He commonly says "getting a loan has become an art form. Simple mistakes can stop your business from getting the capital you need to get through the slow seasons." Learn and benefit from his ventures, mistakes and life experiences in business financing.

Joseph Ferriolo

CEO of Wise Man Finance

www.wisemanfinance.com

Click here to visit Joe's website.

More from Joe Ferriolo
Business Credit Cards versus Personal Credit Cards
How to Speak With a Business Underwriter
Creative Ways to Market Your Business
Business funding sources for todays business owner
What affects your credit score

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