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Applying for a business loan can be very difficult if you have poor credit. Most lenders prefer clients with good to excellent credit history because they are considered as low risk borrowers. Nevertheless, because there is a big market for bad credit loans, some lenders are willing to extend new credit even to those with poor credit scores.

Secured and unsecured Bad credit Loans

A bad credit loan can be secured or unsecured. Secured bad credit loans are those that require collateral to make up for the applicant’s bad credit. In this case, the property submitted acts as a guarantee for the lender in case the borrower fails to keep up with his payments.

On the other hand, unsecured loans for businesses with bad credit can be acquired without submitting any form of collateral but with higher interest charges. For those who do not have a property to submit or who do not want to put their homes on the line, an unsecured bad credit loan is an option.

Repayment terms range from 1 year to 30 years depending on the amount loaned and the lender. Ideally, a bad credit loan with a fixed rate of interest and a longer term is a better choice especially for those with bad credit. A longer repayment term would mean a lower monthly payment and a fixed interest gives you the security that your payments would remain the same despite changes in the Prime Rate.

Benefits of a Poor Credit Business Loan

What benefits can you get from acquiring a poor credit business loan? First of all, it gives you the opportunity to obtain the funds you need for the development or enhancement of your business. Although these loans come with higher rates, you can still get the cash you need right when you need it.

Another benefit is the chance to improve or repair your damaged credit history. After getting approved on your loan, you can prove your credit worthiness by timely submitting your payments. After about 6 months of consistent payment, you should be able to see a progress in your credit score. More importantly, improving your credit history would also enable you to qualify for loans with lower interest rate and better deals in the future.

Consequences of a Poor Credit Business Loan

Bad credit loans do offer a great opportunity for business owners. However, before deciding to apply for a secured or an unsecured poor credit loan, it’s crucial to be sure that you can keep up with your payments. Defaulting on your poor credit business loan would only hurt your credit history even more. Aside from this, you’ll be jeopardizing the business since it would be very difficult to get approved for another business loan.

Do not sign up for any type of loan without taking the time to read and understand the complete terms and conditions of your lender. See to it that there are no hidden costs that can make repayment more difficult for you. Lastly, borrow only a realistic amount that you need for your business and use the money with care and discretion.

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There are several methods of business financing that are available to businesses today.  One of them is applying for a small business line of credit.  What is a business line of credit and how does it work?  Should you use a line credit to fund your business?  If so, what important points should you consider before submitting your loan application?

Line of Credit for Businesses

Lines of credit are loans that are used particularly for business expenses.  Business owners with home properties and who want to apply for a business line of credit submit their homes as collateral.  This type of loan is usually not given as a lump sum payment or a one-time payment but instead, is taken in installments.  This means, any time throughout your loan’s term, you can take out cash advances from your lender.  Take note that the amount of loan you can borrow will depend on the value of the collateral you submitted. 

What benefits can you get from a business line of credit?  As your business grows, expenditures will also increase and a bigger budget would be necessary.  Therefore, having a stable source of financing is crucial to the growth of your business.   A line of credit gives you the assurance that you can take out the cash you need at any time.

What are the requirements for a business line of credit?  Generally, lending companies require that a business must have already been established and must be in operations for at least two years.  A good or excellent business credit history can also qualify an entrepreneur to lower interest rates and the best deals. 

Important Points to Consider About Business Line of Credit

Before applying for a line of credit, a business owner must carefully examine his plans and financial situation.  Are you really ready to take on a loan or a new credit?  To what specific purposes or expenses will the money be used?  Exactly how much money does the business need at the moment?  More importantly, have you created a repayment plan to ensure that you can keep up with your loan payments?

Unfortunately, some businesses did not utilize their funds efficiently and instead of achieving growth, overspending or mismanagement has led to failure.  Hence, after getting approved for a loan, you should also be prepared to take on your payment responsibilities.  Remember that a line of credit is guaranteed using your home and missing payments puts you at risk of losing the property you’ve submitted to your lender.

Ultimately, this business financing method is indeed a viable choice for small businesses and home based business owners.  However, business owners must be realistic about their plans and goals for their business and take things one step at a time. Even with a business line of credit, it is still a must to pay close attention to where and how you spend your finances.  Make sure that every cent of your loan is spent for the enhancement and growth of your business.
 

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If you’ve just ventured into the world of business, equipment leasing may be a new thing for you. The fact is, this type of business financing has long been used by many successful businesses in the industry. Both big companies and small enterprises turn to equipment leasing to bring their business ideas to life at a minimal cost.

A wide variety of equipment, machinery, vehicles and special building tools are available for leasing. In this article, let’s discuss the benefits of leasing business equipment as compared to purchasing.

Why Lease Business Equipment

100% business financing. No down payment is required for you to be able to lease equipment or vehicles. Imagine not paying the down payment and using the money instead on other needs of your business.

Free your working capital. Leasing frees up your funds while purchasing ties up your budget on the purchased equipment. There is no need to shell out a huge amount of investment to buy machines or vehicles needed to start the business operations. This is why, equipment leasing gives new entrepreneurs the chance to start right away even with a limited budget.

For growing businesses, leasing enables you to push through expansion projects even if the working capital is still stuck as unpaid invoices. There is no need to wait for your accounts receivables to get paid to obtain additional equipment or vehicles.

Eliminate obsolescence. Machines, equipment and vehicles can get obsolete or phased out from the market at any time. Leasing gives business owners the opportunity to replace their old equipment with new ones at any time during their lease term without worrying about the cost. Obviously, if you purchased your equipment or vehicles, you can’t enjoy the freedom to replace them for better ones unless you have an excess budget.

Get access to state-of-the-art technology. Even newly start-up businesses can compete with established companies by using the best equipment in the market. Since the devices are “leased” or “rented” in installments, business owners can opt to obtain the latest in technology even with a small budget.

Enjoy tax benefits. Business equipment leasing gives business owners the chance to enjoy tax privileges. Many business equipment leasing companies offer programs designed to assist business owners especially with regards to their leasing tax privileges.

Lower monthly costs mean more profit. Most small business owners prefer the monthly mode of payment when leasing business equipment. This way, the leasing costs are considered as operating costs instead of a one-time investment. Monthly expenses can be balanced and funds can be distributed accordingly so the business can enjoy more profit.

Fast and easy process. Business equipment leasing doesn’t involve complicated processing. As long as you can fulfill the requirements of your chosen leasing company, you can get approved within the same day of submitting your lease application and complete processing your orders in a maximum of 4 weeks. If you still prefer to get a loan, leasing can help you get started immediately while you’re waiting for your bank loan to get approved or while waiting for your funds to be released.

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Last week the teams played twice, first in a meaningless game after both had qualified for the gold medal game at the women's world championship in Finland. The Canadian team won that game, 2-1. In the rematch, this time for the world title, Team USA had the most firepower, defeating the Canadians 4-1.

Goalie Jessie Vetter, continuing her momentum from an outstanding final season at the University of Wisconsin (where she helped the Badgers to the NCAA title and earned the Patty Kazmaier Award as the best women's college hockey player) stopped 39 shots in the championship game. For her work in stopping 55 of 56 shots in the tournament, Vetter earns this week's USA TODAY Olympic Athlete of the Week award.

Vetter was aided on the offensive end in the final by defenseman Caitlin Cahow, who scored a pair of goals and was named the player of the game. Kacey Bellamy, Julie Chu and Hilary Knight were named the top U.S. players of the tournament. Chu led the tournament with five goals. Backup goalie Molly Schaus successfully handled 46 of 48 shots.

From USA Today

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Its new 4,000-strong Business Analytics & Optimization Services will mine IBM's research and software divisions for innovations

In IBM's biggest foray in business consulting since it acquired PricewaterhouseCoopers Consulting in 2002, the company announced on Apr. 14 that it is setting up a 4,000-person organization focused on helping corporations analyze data better and make smarter decisions. The consultants will mine IBM's research and software divisions for innovations. They'll also incorporate products from other companies.

The new business unit, IBM Business Analytics & Optimization Services, is the brainchild of Frank Kern, who ran IBM's sales force until January, when he was shifted to lead the $19.6 billion Global Business Services division. "We're at the beginning of a new wave," Kern says. "We're beginning to instrument the world, but we have to take the data and analyze it to make a better bank, a better electric utility, a better planet."

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WASHINGTON -- The man who built insurance giant American International Group Inc. from a startup to a global behemoth said he didn't mismanage the company -- but the government did. Following weeks of public and congressional outrage over largest corporate failure in U.S. history, Maurice "Hank" Greenberg, AIG's chief executive until March 2005, said taxpayers got a raw deal in the largest bailout of the financial crisis.
In his first testimony since the government stepped in with the first of four bailouts for AIG, Greenberg told the House Oversight and Government Reform Committee Thursday that his leadership team had "nothing to do" with failures that so far have cost taxpayers more than $182 billion.
But he spread blame generously across virtually every other party involved in the company and its rescue -- including subsequent management, federal regulators and ratings agencies.

An AIG spokesman disputed Greenberg's claims and lawmakers questioned the truthfulness of his testimony.

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Are you interested in establishing your own small business?  In that case, prepare your business plan in advance and make sure that you’re really ready for the challenges of running a business.

Why is It Important?

Why is it important to prepare a business plan?  First, it helps you set a definite goal for your business.  Your business plan would serve as a road map to your success.  Once done, all your future decisions should be based upon the plan you’ve created.  However, this doesn’t mean that you cannot make changes or alterations in the plan you’ve made.  Of course, you can modify your plan according to the situation that your business is confronted with.

Another reason why a business plan should be one of the first things on your list of tasks is because it is a major requirement when applying for business financing.  Whether you choose to apply for a bank loan, a commercial loan, a government grant, or to find a capitalist or an angel investor who’ll be willing to fund your business, submitting a business plan is often required.

Your prospective lenders and investors can either reject or approve your loan application based on how your business plan was presented.  Naturally, lenders and investors want to guarantee that your proposed business would be a lucrative one.  If your business plan is impressive, you should have no problem convincing any lender or investor that your business is worthy of financing.

Create an Impressive Business Plan

Obviously, not just any plan would do.  To be effective, your business plan should be clear and concise.  It should contain all the important details such as the type ownership, the company name, business licensing and registration numbers, and an accurate description about your business.  

It must present the result of the feasibility studies that you’ve conducted such as the product or service you plan to sell, the demands of the market, your target market, your marketing strategies, etc.  It should also discuss the steps you plan to execute to grow the business.

Finally, a financial plan must be included to show lenders how you intend to maintain the business.  For businesses that are already in operations, copies of financial statements or balance sheets for at least the past 6 months is also required.

Needless to say, an effective business plan should be based upon extensive research and facts.  Being able to present a well-written plan would surely increase your chances of getting your business loan application approved with no complications.

Lastly, don’t forget to research about the specific documentations or paperwork required by your chosen lender.  Aside from preparing your business plan, the basic requirements may include your business permits and licenses, copies of your business accounts, insurance, and a good credit history.  

Knowing what the specific requirements are helps you become more prepared in starting up the business.  Submitting the complete requirements would eliminate unnecessary delays in the processing of your business loan application.  Hence, having a business plan prepared enables you to start up the business at the soonest possible time.

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The recession that’s hurting Formula One teams is helping would-be entrants by making the sport more affordable, according to the head of a new U.S. team. With teams forced to slash budgets by 30 percent this season and more cuts due next year, the cost of a spot on the starting grid in the motor racing series is within reach for smaller independent teams, said Peter Windsor, a team principal of U.S. Formula One.

“The FIA (Federation Internationale de L’Automobile) have massively reduced the cost of doing a Formula One team and the entry of a new team,” Windsor said in an interview at the 2009 season opener in Melbourne. “It wouldn’t have happened in a so- called boom period.”
Since announcing plans to enter next year’s championship last month, the U.S. team has lodged paperwork with governing body the FIA and the commercial rights holder and will start operations at the beginning of May, Windsor said.

USF1 will be headquartered in Charlotte, North Carolina, and will have a base in southern Europe where it will keep trucks, motor homes and equipment and stage pre-season testing.

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How can you start a business of your own?  What if you only have a limited budget?  What are the things you must know about business start up financing options provided by the SBA?  Can you really start a business with the help of a start up loan?  How can you qualify for an SBA business loan?  These are the questions we’ll be answering on this article. 

Loans from the U.S. Small Business Association (SBA)

SBA loans are government loans that are offered for small businesses whose loan applications were rejected by other business loan lenders.  If you tried acquiring a business loan from a bank or a financial institution but failed, you can seek help from the SBA.

The business loans are not directly provided by the SBA.  Instead, the SBA contacts commercial lenders and gives assistance so that the loan can be approved.  Presently, there are three loan programs provided by the SBA and these are the basic loan program, the 504 loan program and the micro loan. 

The basic loan program is the most sought-after loan and can be used by almost any type of business.  On the other hand, the 504 loan specifically provides financing assistance for growing businesses in need of real estate or equipment.  Lastly, the microloan is a short term business loan that provides a smaller financing loan amounting that amounts to $35,000 and below.

Another requirement for an SBA business loan is that you have to do all banking transactions for your business from the same bank that provided the loan.  Also, it’s important to know that in order to be considered for an SBA loan, you need to have previously applied for a business from a lender but your application was denied.

Applying for an SBA Loan

Applying for an SBA loan is not an easy process.    The application process for an SBA loan often takes several months to complete.  If you need funding quickly or is looking for fast approval, you may want to seek other start up financing options instead. 

The turn-around time for an SBA loan is not the length of time that applies to the whole process.  The turn around time starts from the moment the applicant meets with the lender to discuss the loan proposal to the submission of the necessary documents required by the lender.  On average, the turn-around time is between one to five business days.

What about the interest rates?  How are the interest rates calculated?  SBA loans have variable interest rates.  Thus, the interest rate of your business loan may either drop or rise depending on the prime rate in the market.  Nevertheless, the SBA sets a limit for the maximum interest rate that can be imposed on the loan.

Last but not the least, business owners and aspiring entrepreneurs who plan on applying for a business loan- whether an SBA loan or a conventional business loan- must check their credit reports first before submitting their loan applications.

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WASHINGTON (AFP) – President Barack Obama said there were "flickers of hope" for the recession-hit US economy as his administration readied a big-spending plan to clear toxic assets off banks' books.
In a television interview, Obama cautioned Congress against over-reacting to lavish bonuses awarded by bailed-out insurer AIG, for fear of hurting an economic recovery and running afoul of the US constitution.
"Well, we're already starting to see flickers of hope out there," he told the CBS program "60 Minutes," noting that mortgage refinancings have significantly increased and interest rates have never been lower.
"That promises the possibility at least of the housing market bottoming out and stabilizing."

The interconnection of the modern global economy offered hope as well as danger, he said.

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According to a recent federal government research, about 75% of US jobs today are provided by small businesses.  Add to this, about 99.7% of US employers are actually, small business entrepreneurs.  With these staggering numbers in mind, it is obvious that small businesses need all the support they can get from the government in order to continue flourishing and contribute to the economy.

The Role of the SBA

The SBA (Small Business Administration) was established in the US in 1953.  It’s primarily goal is to assist small business entrepreneurs with their respective business ventures.  Although the SBA doesn’t directly provide loans for small business, this government agency provides assistance to ensure small businesses that they receive the financing they need from private lenders.

With the assistance from the SBA, a small business can rely on the SBA to guarantee major portions of the loan on their behalf so that their loan application can be easily approved by a lender.  And because the borrower is supported by the SBA, the lending company would be able to offer lower interest rates and more flexible repayment terms to the borrower.   There are three types of loans provided by the SBA.  These are:

• the Basic7 Loan Guarantee where the maximum amount of loan is up to $2 million, to be provided by an SBA accredited commercial lender;

• the 504 Loan Program which is directed by the CDC (Certified Development Company) and is designed for entrepreneurs who want to help their community through the operations of the business.

• the MicroLoan which is offered for start-up or growing small businesses who needs additional financing assistance.  The maximum loan amount for this type of SBA loan is $35,000 and can be used for purchasing equipment, supplies, stocks, or inventory.  Take note however that the money cannot be used to pay debts.

Requirements of SBA Loans

Before applying for an SBA loan, a small business needs to have previously applied for a loan but was declined by the lender.  In other words, you need to have first attempted to seek a loan on your own before asking help from the SBA.  If you’ve been denied by a lender for any reason, you can turn to the SBA for more assistance.

When submitting your SBA loan application, it is crucial that all information you provide are correct and accurate.  For instance, you’ll be required to declare the type of your business, the number of employees you have, your sales revenue and other financial information about your business within the past three years.  You will also be expected to submit your balance sheets, account statements, tax returns, business licenses, and the collateral you plan to use. 

Obviously, SBA loans are limited to small businesses only.  Generally, businesses with 500 employees and below are considered as small businesses.  Also, small businesses are expected not to exceed $6-$12 million for its average annual sales for the past three years.  Exceeding this quota would mean that a business is big enough to finance itself without help from the SBA.

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If you plan to start up your own business, one of the first things you should prepare for is your business financing. Many first time entrepreneurs excitedly plunged into business without making the necessary planning and preparation. As a result, their lack of preparation has led them to failure.

Insufficient business funds can also be a big hindrance in the growth and stability of any business. In this article, let’s discuss the most important pointers that you should remember about starting up a business, particularly with regards to financing.

Create an efficient business plan.

Have you created your business plan? If you’re going to apply for traditional banks loans or business financing loans, a well-written business plan is a major requirement. Lenders and investors would give the approval of your loan application based on how well your plan is presented. Of course, lenders and investors would like to know whether your proposed business is a feasible and promising one.

Your business plan is just as useful for you as it is to your lenders. A business plan helps you focus on your goal and thus, would enable you to make more effective decisions. Still, this doesn’t mean that a business plan is unalterable. As you move along with the business, certain details about the business plan you’ve created can be modified or changed depending on the situation.

Find a business financing option that works best for you.

Now that you’re done with your business plan, the next step is to find a suitable business financing option. Bear in mind that you have several choices of financing your business such as bank loans, government grants, capitalists or angel investors and other unconventional methods.

For instance, applying for a government grant may not be for everyone but if you qualify, then it would certainly be a big help for your business. Furthermore, the application process for a government grant may be longer than applying for commercial business loans. Still, if you’re not in a hurry to start the business, this option is worth exploring.

Finding capitalists or angel investors who would fund your business is another possible choice. Again, searching for a capitalist or an angel investor who would be willing to provide your financial needs involves more work and may take longer than other business financing options. Still, if you’re confident about your business plan, there’s no reason why you shouldn’t try searching for a sponsor.

Bank loans and commercial loans have long been used by many successful businesses in the market. Again, the approval of your loan application would greatly depend on the business plan you submit and the completion of your requirements. Some lenders would require the submission of collateral while others do not. Other basic requirements for bank loans and commercial loans are your business licenses and permits, insurance, and balance sheets (for established businesses).

Unconventional Business Financing Options

What about unconventional methods of business financing? A good example of this category is business equipment leasing. Leasing equipment doesn’t require any down payment and offers flexible repayment terms that you can choose from. Thus, instead of borrowing money to be able to purchase the necessary equipment for your business, you may choose to “lease” or “rent” for a much lower start-up cost.

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For a small business, success can depend on something as simple as a loan for a lawnmower.

That's why entrepreneurs like Chris DiSabatino, who runs DiSabatino Landscaping & Tree Service in Wilmington, see promise in Monday's announcement that the Obama administration would put up billions of dollars toward unclogging credit for startup businesses, which have been struggling to get off the ground with today's economic headwinds.The plan announced by Obama and Treasury Secretary Timothy Geithner is designed to encourage skittish banks to increase loans they make through the U.S. Small Business Administration, which in recent months has seen a significant dropoff in the number of entrepreneurs it has been able to help.
Under the administration's plan, small-business lending fees would be reduced and the government's guarantee on some SBA loans would increase. The Treasury also plans to begin purchasing securities that are tied to SBA loans, ostensibly giving banks more capital to make even more loans. Since last October, that secondary market has essentially been frozen.
"It puts the SBA and the banks back in the business of putting money on the streets for small business," said Jayne Armstrong, Delaware district director of the SBA.

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Equipment Leasing For Start Up Businesses

Nowadays, entrepreneurs or newly start up businesses prefer to obtain equipment leasing as a way of financing their business. By leasing business equipment, there is no need to spend a huge sum of money just for the purpose of buying brand new equipment or machineries that you need to start the business operations. This enables a new business to save a lot and use its existing finances for maintenance and management purposes.

What are the basic points you need to learn about leasing equipment? What should you know before leasing equipment? In this article, we’ll be discussing some tips and advice for entrepreneurs who want to obtain equipment leasing.

Equipment Leasing Responsibilities

Your leasing contract contains specific duties and responsibilities as a lessee. First, you are subjected to submit the monthly lease payments to your leasing company. In some cases, a lessee may choose a different payment term such as annual or semi-annual payment. Regardless of your chosen payment term, it is your duty to duly submit your payments as scheduled or as stated in your lease contract.

Generally, equipment leasing does not require an expensive down payment. Nevertheless, don’t forget that there may be other fees associated with your lease such as insurance fees, penalties, etc. It’s very important that you clearly understand what these specific fees are before you sign the contract.

As a lessee, you are also expected to take proper care of the equipment you’re renting. Sometimes, a lessee may decide to keep the equipment and purchase it at a low price after the lease term. However, equipment leasing also gives you the option to simply return the equipment to your leasing company when your lease term is over. In this case, you need to make sure that the equipment is still in good shape before returning it back to your lender. If not, you can be penalized with a fee for not keeping the equipment in good condition.

Your lease contract may also include what is called the “Hell-Or-High-Water Clause”. This clause ensures that you are obligated to submit lease payments all throughout your lease’s term regardless of any external event that could affect the performance of the equipment. See to it that you understand the implications of this clause and the consequences it may have on your business.

Take note that your equipment lease contract is a binding contract and one that cannot be terminated. Thus, keeping up with your lease payments is a must not only to avoid law suits but also to keep your business credit history in excellent standing. In case of financial problems, talk to your lender immediately to inform them of your situation.

As long as your lender can see that you’re willing to stay true to your payment obligations, your lender may be willing to adjust your payment due schedule or cut back on your payments as consideration. On the opposite, defaulting on your lease payments could be very damaging for both you and your business. In view of this, remember that an equipment lease contract is a serious responsibility that needs to be taken with utmost care and attention.

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Lima-based gold producer Minera IRL (AIM, Lima: MIRL) aims to release an updated mine plan in the next month or so to prolong the life of Corihuarmi in Peru, its only producing mine, and at the same time is seeking M&A opportunities in Latin America, company chairman Courtney Chamberlain said Thursday at a press conference in Chilean capital Santiago.

Meanwhile, the company is also progressing at its Ollachea gold project in Peru and aims to release an exploration update on it in April, Chamberlain added.

"We don't want to be seen as just a small producer," Chamberlain said, adding that IRL's goal is to have Ollachea in production within six or seven years, at about the time Corihuarmi will stop producing, according to its current mine plan.

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Aside from the challenge of starting up a business, there is also the challenge of sustaining the business for a long term. As a business owner, you can expect to meet a lot of expenses along the way. There may be times when the available cash flow wouldn’t be enough to cover all your costs. Without sufficient budget, an entrepreneur may be forced to temporarily stop manufacturing or stop its operations at least until financing is available.

When confronted with this situation, what can you do? The proper management of working capital is crucial for the survival of any business. In some cases, an entrepreneur must borrow funds to sustain the business operations. Fortunately, there are different business-financing options that you can turn to. In this article, let’s talk about cash advance business loans and how they can help you support your business.

Cash Advance Loans Provide Working Capital

If you own a business, have you considered obtaining a cash advance loan? A cash advance loan is a short term business loan that entrepreneurs can avail at any time. Unlike traditional bank loans, a cash advance loan can be obtained more quickly and with much less hassle.

If you have existing invoices or accounts receivables, you can use these receipts to get a cash advance. Thus, instead of waiting for your customer’s payments, you can immediately get the necessary cash needed to cover for your expenses.

Most lenders provide 80% cash advance from the total amount of the invoices submitted. The other 20% would be provided after the lending company has received the complete payments from your customers. As soon as your cash advance loan application is approved, you can receive the money right away. In turn, your lender would take over the collection of your customer’s unpaid invoices.

Afterwards, a notice would be sent to your customers, informing them that their payments would now be submitted to the lending company. Many customers are aware of this set-up but if not, the company would send a detailed letter of explanation to the customer concerning this arrangement. Customers are given up to 60 days to submit their payments. If they fail to do so, the other 20% of the invoices submitted would go the lending company.

What are the requirements for this type of loan? Lenders who offer cash advance business loans usually require applicants to have a proof of stable income to qualify. Those who have been in business operations for at least two years are great candidates for this loan. Having a credit history is not at all necessary. Still, if you have good or excellent credit rating, you can be sure that you can get an easier approval and better rates.

When applying for a cash advance business loan, it is best to choose customers with a good payment history. Hence, you can be assured that your customers would be able to pay off their bills on time and you’ll be able to receive the entire amount of the invoices you submitted.

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The current economic downturn has many families worried about losing their job, struggling to keep up with bills and worried about the future. Primerica, an industry leader, presents four tips to help families’ finances weather a recession.

Duluth, GA, March 11, 2009 --(PR.com)-- The current economic downturn has many families worried about losing their job, struggling to keep up with bills and worried about the future. The outlook seems bleak – 11.6 million Americans are unemployed1, third quarter 2008 foreclosures jumped 71% over the same time period the previous year2 and the personal savings rate remains in negative territory.3

Primerica, an industry leader, presents four tips to help families’ finances weather a recession.

1. Stay focused on goals. Historically, clients who invest consistently, whether the market is bullish or bearish, reach their long term goals. The best way to ride out the ups and downs of the stock market is to maximize the power of dollar cost averaging – investing a certain fixed amount consistently regardless of market fluctuations. While dollar cost averaging does not ensure a profit or protect against loss, history shows that investors make up 80% of bear market losses within the first year of the recovery.4 Investors should consider their ability to invest in a declining market.5

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How can you start a business of your own? What if you only have a limited budget? What are the things you must know about business start up financing options provided by the SBA? Can you really start a business with the help of a start up loan? How can you qualify for an SBA business loan? These are the questions we’ll be answering on this article.

Loans from the U.S. Small Business Association (SBA)

SBA loans are government loans that are offered for small businesses whose loan applications were rejected by other business loan lenders. If you tried acquiring a business loan from a bank or a financial institution but failed, you can seek help from the SBA.

The business loans are not directly provided by the SBA. Instead, the SBA contacts commercial lenders and gives assistance so that the loan can be approved. Presently, there are three loan programs provided by the SBA and these are the basic loan program, the 504 loan program and the micro loan.

The basic loan program is the most sought-after loan and can be used by almost any type of business. On the other hand, the 504 loan specifically provides financing assistance for growing businesses in need of real estate or equipment. Lastly, the microloan is a short term business loan that provides a smaller financing loan amounting that amounts to $35,000 and below.

Another requirement for an SBA business loan is that you have to do all banking transactions for your business from the same bank that provided the loan. Also, it’s important to know that in order to be considered for an SBA loan, you need to have previously applied for a business from a lender but your application was denied.

Applying for an SBA Loan

Applying for an SBA loan is not an easy process. The application process for an SBA loan often takes several months to complete. If you need funding quickly or is looking for fast approval, you may want to seek other start up financing options instead.

The turn-around time for an SBA loan is not the length of time that applies to the whole process. The turn around time starts from the moment the applicant meets with the lender to discuss the loan proposal to the submission of the necessary documents required by the lender. On average, the turn-around time is between one to five business days.

What about the interest rates? How are the interest rates calculated? SBA loans have variable interest rates. Thus, the interest rate of your business loan may either drop or rise depending on the prime rate in the market. Nevertheless, the SBA sets a limit for the maximum interest rate that can be imposed on the loan.

Last but not the least, business owners and aspiring entrepreneurs who plan on applying for a business loan- whether an SBA loan or a conventional business loan- must check their credit reports first before submitting their loan applications.

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The United States will reduce the number of troops in Iraq by around 12,000 in the next six months, the US military said, a step in President Barack Obama's plan to end combat operations in August 2010.

"Two brigade combat teams who were scheduled to redeploy in the next six months, along with enabling forces such as logistics, engineers and intelligence, will not be replaced," the US military said in a statement.

Reducing the number of US combat brigades in Iraq from 14 to 12 will cut the number of American troops, currently around 140,000, by 12,000, said Major-General David Perkins, spokesman for US forces in Iraq.

Six years after the US-led invasion to oust Saddam Hussein, Obama plans to pull all combat troops out of Iraq by August 31, 2010, leaving 35,000 to 50,000 support and training troops as Washington shifts its military focus to Afghanistan.

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