The Six Rules of Business Borrowing Oak Park MI

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.

Mr. Derrick P. Winke (RFC®), EA, MBA
(248) 816-1230
2701 Troy Center Drive, Suite 255
Troy, MI
Company
R & D Financial Services Inc.
Qualifications
Education: BBAMBA
Years of Experience: 24
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Compensation Plans

Data Provided by:
Stan Mann MSW Certified Coach
(877) 261-0550
Livonia, MI
Coaching Types
Business, Executive, Leadership
Rates
$250/Hr
Gender
Male
Certifications
By phone or Face-to-face free video conferencing

Data Provided by:
Thomas R. Mazza (RFC®), CEP
(586) 228-7772
16950 19 Mile Road, Suite 4
Clinton Township, MI
Company
Premier Estate Planners, LLC
Qualifications
Education: Bachelor's Degree Business Administration
Years of Experience: 28
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, Collectable Coins , CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Charitable Planning, Compensation Plans

Data Provided by:
Romy F. Gingras (RFC®), CFP, CLU
(248) 498-4827
2265 Livernois Road Ste 960
Troy, MI
Company
LPL Financial
Qualifications
Education: Bachelor of Science
Years of Experience: 23
Membership
IARFC, FPA, SFSP
Services
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, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Barbara A. Pietrangelo (RFC®), CFP, CHFC, CLU, LUTCF
(616) 855-0012
4764 East Fulton, Suite 201
Ada, MI
Company
Prudential
Qualifications
Years of Experience: 18
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Romy F. Gingras (RFC®), CFP, CLU
(248) 498-4827
2265 Livernois Road Ste 960
Troy, MI
Company
LPL Financial
Qualifications
Education: Bachelor of Science
Years of Experience: 23
Membership
IARFC, FPA, SFSP
Services
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, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Michelle Seyfarth
(313) 887-0341
Dearborn, MI
Coaching Types
Executive, Leadership, Business
Rates
$Varies based on client goals/Hr
Gender
Female

Data Provided by:
Mr. Joel M. Diskin (RFC®), CFP
(586) 776-2540
P. O. Box 806489
St. Clair Shores, MI
Company
The Wealthspan Companies, Inc.
Qualifications
Years of Experience: 46
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Seminars Work, Stocks and Bonds, Mutual Funds, CommOptions, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, BuySell, Compensation Plans

Data Provided by:
Michelle Seyfarth
(313) 887-0341
Dearborn, MI
Coaching Types
Executive, Leadership, Business
Rates
$Varies based on client goals/Hr
Gender
Female

Data Provided by:
Mr. John M. Lugauer (RFC®), CFP
(269) 679-2636
223 N. Grand
Schoolcraft, MI
Company
Investment Centers of America Inc.
Qualifications
Education: B.S. in Economics, Taylor University
Years of Experience: 11
Membership
IARFC, SFSP
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Education Plan, Healthcare Accounts, BuySell, Compensation Plans

Data Provided by:
Data Provided by:

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...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media