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The Six Rules of Business Borrowing Morris IL

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.

Mrs. Terri L. Gilmoure (RFC®), LUTCF
(815) 942-9266
401 N Liberty Street
Morris, IL
Company
Terri Gilmoure Insurance Agency, Inc.
Qualifications
Years of Experience: 26
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Education Plan, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Jeff Hellenbrand
(612) 280-1251
Chicago, IL
Coaching Types
Entrepreneurship, Life, Business
Rates
$150/Hr
Gender
Male
Certifications
ELI_MP

Data Provided by:
Mr. Jerome L. Hornbogen (RFC®)
(815) 335-1900
20478 IL Hwy 26
Princeton, IL
Company
German American State Bank
Qualifications
Education: RFC, Investment Advisor Representative. Sec Lic. 6-7-23-63-24-66. Life, Acc. Health & Var. Contract
Years of Experience: 26
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Collectable Coins , Precious Metals, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Mr. William E. Myers (RFC®), CSA, LUTCF
(217) 342-9796
2301 Hoffman Dr
Effingham, IL
Company
Diamond Bros.
Qualifications
Years of Experience: 29
Membership
IARFC, SCSA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, 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, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensat

Data Provided by:
Mr. Anh Le (RFC®), CPA, EA
(618) 622-0829
524 Lincoln Hwy
Fairview Heights, IL
Company
Le Financial Inc.
Qualifications
Education: MBA, SIU, Edwardsville,IL1993BS, UIUC, Urbana-Champaign, IL 1988
Years of Experience: 5
Membership
IARFC, AICPA
Services
Invoice, Business Planning, Tax Planning, Tax Returns, Seminars Work, Education Plan

Data Provided by:
Steven Cook
(815) 252-4744
Channahon, IL
Coaching Types
Life, Business, Christian
Rates
$75/Hr
Gender
Male
Certifications
Credentials - Master Certified Christian Life Coach - AACC

Data Provided by:
Mr. Anatoliy Shir (RFC®), CFP
(847) 583-7809
7557 West Oakton St
Niles, IL
Company
MB Financial Investments
Qualifications
Education: BS:Internantional Business and Marketing
Years of Experience: 6
Membership
IARFC
Services
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, CommOptions, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySe

Data Provided by:
Robert A. Goodman (RFC®), CHFC, MBA
(312) 524-3010
1120 Sussex Lane
Libertyville, IL
Company
Robert Arthur Goodman, MBA, ChFC®, RFC®
Qualifications
Education: Lake Forest Graduate School of Management - MBA with high honors and valedictorian
Years of Experience: 24
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Seminars Work, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, BuySell, Compensation Plans

Data Provided by:
John A. Ruggiero (RFC®), CSA, MBA
(630) 305-9183
1024 Big Foot Lane
Naperville, IL
Qualifications
Education: BA
Years of Experience: 26
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
Mr. Russell G. Luce (RFC®), LUTCF
(708) 499-0700
9233 Sproat Avenue
Oak Lawn, IL
Company
Planning Legacies Financial Group
Qualifications
Years of Experience: 18
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Seminars Work, Family Offices, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Auto Home Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compens

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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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