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The Six Rules of Business Borrowing Essex MD

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.

Deborah Gallant
(805) 991-9660
Baltimore, MD
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Lutherville Timonium, MD
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Mr. Randy H. Packett (RFC®), CEP, CSA
(410) 877-0027
2309 Bel Air Road, Suite B
Fallston, MD
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Chesapeake Senior Solutions, Inc.
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Years of Experience: 28
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IARFC, MDRT, FPA, NAIFA, GAMA
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Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Ac

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Mr. Victor Simon (RFC®), CHFC, LUTCF
(410) 518-6823
605 Baltimore Annapolis Blvd
Severna Park, MD
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Lifetime WealthCare
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Education: BS Degree form Slippery Rock State UniversityEd Slott IRA School Trained. Learning Institute for Executives. ChFC Designation through The American College
Years of Experience: 24
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IARFC
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Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection

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Gene E. Utterback (RFC®), EA
(443) 782-6707
809 Pasadena Ave
Severna Park, MD
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The Alliance, Ltd.
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Years of Experience: 25
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IARFC
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Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Compensation Plans

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Stephen A. Jolly (RFC®), CSA
(757) 499-9100
8501 Lasalle Rd Ste 303
Towson, MD
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Coastal Financial Corporation
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Education: BS
Years of Experience: 23
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IARFC
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Invoice, Estate Planning, Business Planning, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Family Offices, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, BuySell, Compensation Plans

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Mr. Alan P. Stokes (RFC®), CPA
(410) 560-2667
7 Deneison St
Timonium, MD
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Alan P. Stokes & Assoc, Inc T/A Century Accounting & Financial Services
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Education: Graduate of University of Baltimore, 1975, with a Bachelor's Degree in Accounting;Sat and passed CPA exam in 1982;Series 6, 63, & insurance licensed;on going required CPE education/credits
Years of Experience: 12
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IARFC
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Howard R. Pinson (RFC®), CFP, CLU, CSA, LUTCF
(410) 580-1212
1700 Reisterstown Rd., Suite 207
Baltimore, MD
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ING Financial Partners, Inc.
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Education: Bachelor of ScienceCertified Financial Planner, PractitionerRegistered Financial ConsultantCertified Life UnderwriterLife Underwriter Training Council Fellow
Years of Experience: 21
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IARFC, MDRT, FPA
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Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Healthcare Accounts, BuySell, Compensation Plans

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Jacqueline Poyle
(410) 858-7621
Severna Park, MD
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$50/Hr
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Certified Professional Coach, International Coaching Academy - ICF Accredited

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Mr. Steven A. Aquino (RFC®), CSA
(410) 857-3331
63 E Main St Ste 102
Westminster, MD
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Aquino & Wolpoff Financial Group, LLC
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Years of Experience: 15
Membership
IARFC, FPA, NAIFA
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Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

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The Six Rules of Business Borrowing

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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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