PRINCE2 Training for ‘best practice’ structured management
You may well be new to project management, or perhaps your aim is to enhance your existing project management skill set. If this is the case, then possibly PRINCE2 training could be the best option to consider. PRINCE2 is a project management methodology that was designed to assist in the organisation and management of company projects.
Increasing Exposure with Online Videos
“If you built it, they will come.” So goes the famous line from Kevin Costner’s memorable film “Field of Dreams.” In today’s online-based culture, we can tweak it to “if you link it, they will watch.” Read more
3 Vital Steps to Selling Your Business
The closing rate on small business sales in America is staggering: less than 10%. That’s right, less than 10% of small businesses listed for sale will actually sell. Read more
Your Logo is the Doorway to Your Small Biz Brand
While your logo is NOT your brand, it IS the doorway to your brand. It’s often the entry point for new clients or customers and a your mark of guaranteed authenticity. Read more
Are You Flying High with Good Customer Service?
It was the first leg on a recent return home flight from Kansas City to San Diego that my ears perked up while sitting in seat 19B on a well-known airline. Read more
12 Ways to Determine Costs for Your Startup
If you’re starting a company of your own, what methods would you use to define how much your initial investment should be? Read more
4 Ways to Use a Blog for Your Small Business
As someone who runs a small business, you’re probably very aware of how important the Internet is to the health of your company. Read more
2 Programs You Should Know About to Get a Small Business Loan
With Wall Street closing its purse strings to even the largest businesses, the effect has trickled down, as community banks have become increasingly stringent in their lending standards.
So, how can small business owners access the credit that they need?
The answer: Get informed.
Federal Small Business Loan Programs
There are a number of federal and state programs available to small business owners which many local bankers are not knowledgeable about.
SBA 504 Loan
The first is the SBA 504 loan program. This program is designed to assist small business owners looking to purchase fixed assets (think buildings, machinery, equipment, etc.). This program offers a 20-year fixed rate and amortization, as well as an owners equity injection of as little as 10%.
Business owners could get a 5.5% rate over 20 years with $20,000 down on a $200,000 building purchase. The one caveat is that the building has to be occupied greater than 51% by the small business seeking funding.
SBA 7a Loan Program
The second program is the SBA 7a program. This program basically does anything not allowed in the 504 program.
Allowable uses include:
- debt refinance
- working capital
- business purchases
- etc
The rate is variable (right now about 6%) but the big incentive with this is to the banks.
A bank actually has to approve the loan even though it is guaranteed by the SBA. However, if the small business owner arrives informed, letting the bank officer know that she would like to use this program, the SBA guarantees 75% of the loan, which is a big incentive for bankers to use the program with small businesses.
Do Your Homework
Reading up on the SBA programs and having your information ready when you approach a local bank can make all the difference.
About the Author: Jim Noone is a partner at iBankr.com. iBankr.com is a business sale marketplace that allows small business owners to follow a checklist method to sell their business. Creating an account and using this ten-step method typically increases the success rate by 5x compared to just listing a site for sale. The site also has a hiring marketplace that allows small business owners to hire professionals for specific tasks like getting financing, marketing the business for sale, finding buyers, or closing the deal or to handle the entire sale process. The site’s most popular feature is the free business value calculator located at Business Value Calculator.
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Business Card Barometer: What Business Card Orders Tell Us About the US Small Business Climate
The other day one of my managers stuck her head in my office and said, “Pooper Scooper Service.” I added it to my spreadsheet. Read more
5 Ideas to Market Your Company in the Digital Age
The game has changed – or, rather – the game is changing.
The way we conduct business today is drastically different than it was a few years ago, and it’s still evolving. The internet, and specifically social media, has changed the way people and companies communicate in ways that you can’t ignore. To succeed in business today, you have to change the way you communicate. Read more
