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The Six Rules of Business Borrowing Labelle FL

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.

William P. Martin (RFC®), CLU
813 314 2278 x261
1511 N Westshore Blvd #720
Tampa, FL
Company
Independent Financial Solutions
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Years of Experience: 12
Membership
IARFC
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Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Employee Benefits, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

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Jason Baer
(813) 334-8000
Tampa, FL
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Executive, Business, Career
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Male
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Certified Coach from an ACSTH Coaching Institute

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Kathy Marlor
(727) 504-0777
St. Petersburg, FL
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Business, Health and Fitness, Entrepreneurship
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$125/Hr
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Female
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12 years experience as a small business coach and consultant. Author in a business trade journal for three years called MA Success, former National & World Kickboxing Champion,

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Ursula Evans
(407) 516-1423
Kissimmee, FL
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Relationship, Business, Life
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$75/Hr
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John P. Walsh (RFC®)
(561) 472-2000
Norht 11440 Jog Road
Palm Beach Gardens, FL
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Money Concepts International
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Education: University of Detroit
Years of Experience: 45
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IARFC
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Estate Planning, Business Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Education Plan, Healthcare Accounts, BuySell, Compensation Plans

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Criss Bertling
(561) 292-3244
Boca Raton, FL
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Business, Christian, Life
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Female
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CPC, ISSCC

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Rebecca Morehead
(407) 878-3137
Lake Monroe, FL
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Business, Executive, Life
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$150/Hr
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CTI Coaching Certification
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ACC

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Mr. Robert W. Wolfe (RFC®), EA
(407) 339-9000
1515 International Pkwy., #1001
Lake Mary, FL
Company
Wolfe Financial Group
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Years of Experience: 17
Membership
IARFC
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Invoice, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Education Plan, Asset Protection, Compensation Plans

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Mr. Don Austin Bennett (RFC®), CEP, CSA
(863) 709-1086
5130 S. Florida Ave. Suite 405
Lakeland, FL
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Group Plans, Inc
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Years of Experience: 19
Membership
IARFC, NAIFA, NICEP
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Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Employee Benefits, 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

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Geoffrey Schmidt
(561) 445-3857
Boca Raton, FL
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Business, Performance, Leadership
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Male
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MC. NLP, CH

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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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