The Six Rules of Business Borrowing Cheyenne WY

Rules” to business borrowing! An interesting concept. True — the “rules” presented below may be considered as act-on “options”. But the consequences of not being aware of these options, achieving a successful business loan program, can be costly to your business, your fortune and your peace of mind.

Dr. Nels A. Nelson (RFC®), CFP, CSA, LUTCF
(307) 674-7494
P.O. Box 1063
Sheridan, WY
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New Life Financial Inc.
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Education: BS(Engineering), Doctorate Vet Medicine, Certified Financial Planner,
Years of Experience: 23
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IARFC, FPA, NAIFA
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Consumer Credit Counseling Service of Northern Colorado & Southe
(970) 229-0695
2113 Warren Ave
Cheyenne, WY
 
Lpl Financial Services
(307) 637-6866
222 E 25th St
Cheyenne, WY
 
Lincoln Fund Advisors
(307) 635-7499
200 W 17th St
Cheyenne, WY
 
A G Edwards & Sons Inc
(307) 635-2451
1800 Capitol Ave
Cheyenne, WY
 
Conroy Kevin
(307) 772-0101
2803 Central Ave
Cheyenne, WY
 
Investment Centers of America Inc
(307) 632-3536
5827 Yellowstone Rd
Cheyenne, WY
 
Potter Matthew N Cfp
(307) 638-9332
2120 Carey Ave
Cheyenne, WY
 
Core Investment Services Inc
(307) 637-6866
222 E 25th St
Cheyenne, WY
 
Patrick Sandy Cfp
(307) 638-7526
3904 Central Ave Ste B
Cheyenne, WY
 
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The Six Rules of Business Borrowing

Provided By: 

Business Borrowers Should Consider BOTH Traditional and Alternative Lenders
By Kenneth P. Easton, Jr.

“Rules” to business borrowing! An interesting concept. True — the “rules” presented below may be considered as act-on “options”. But the consequences of not being aware of these options, achieving a successful business loan program, can be costly to your business, your fortune and your peace of mind.

“Rules” are actions businesses should adopt ensuring they obtain the best arrangements with their current lender; in good times or in worst case scenarios. These rules also apply to a new or replacement lender (whether the move is voluntary or forced by circumstances).
Observation: There is a great diversity of lenders out there — which one (or two) will be best for you? Only a few can address your specific needs or situation. However, your search process may well determine not only the success and costs of your quest, but the duration —from 30 days to possibly a year or more. No one needs that kind of a hold up.


Know Your Money Sources

The “Traditional Lenders” are commercial banks and thrift institutions (savings banks) that continue to be the most utilized sources. Many stop there simply hopeful for the best deal — unaware of the many, and probably more appropriate, alternatives. Frequently, physical convenience dictates choice — not relevant in this “connected” age. You want the best deal, not the shortest walk. These “mainstream” or “prime” lenders offer: standard loan products; rather inflexible loan structures; unattractive pricing options; and “boilerplate” loan covenants. Neither too receptive nor creative. There are, of course, unique exceptions; especially within “community banks”. Tough credit situations or specialized loan needs are best left to alternative lenders.

“Alternative Lenders” offer wide spectrums of business loans; meeting unique needs and quick turnaround requirements. Many larger credit unions offer business loans. Business membership (a requirement) usually happens at the loan closing. As with most alternative lenders, they are staffed with seasoned business lenders from banks and other alternative lenders. Most offer quick turnaround, access to decision makers with many dedicated to assisting the more difficult credit requirements. Other “Alternatives” include independent and specialized finance companies, divisions or captives of industrial or insurance companies, or even subsidiaries of some banks. Do not forget state and municipal loan programs.
Alternative loan sources may offer a variety of specialization, to include traditional loan programs:
• receivable and inventory financing
• equipment loans and leasing programs
• seasonal inventory loan advances
• purchase order financing (including government contracts)
• invoice financing (factoring)
• letters of credit
• loans to hospitality / health care businesses
• real estate / investment property mortgages
• mezzanine (quasi-c...

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