» » »

The Six Rules of Business Borrowing Savage MN

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.

Robert D. Lawson (RFC®), CSA, LUTCF
(952) 835-1000
3800 American Boulevard W.
Bloomington, MN
Company
Barrington Capital Management, Inc.
Qualifications
Education: FINRA LearningAmerican CollegeNormandale College
Years of Experience: 29
Membership
IARFC, FPA
Services
Invoice, Portfolio Management, Seminars Work, Stocks and Bonds, Mutual Funds, CommOptions, Annuities, Business Coach, Asset Protection, Compensation Plans

Data Provided by:
Brett Morris
512-468-4725 brett@momentumconsulting.com
Minneapolis, MN
Coaching Types
Business, Performance, Leadership
Gender
Male
Certifications
BA PSYCHOLOGY, NLP, Collaborative Law certified

Data Provided by:
Jeffery L. Stein (RFC®), LUTCF
(612) 492-0211
100 Washington Ave Suite 1700
Minneapolis, MN
Company
Stein Financial Group
Qualifications
Years of Experience: 25
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Gary Cohen
(612) 928-4747
Minneapolis, MN
Coaching Types
Business, Executive, Leadership
Rates
$400/Hr
Gender
Male
Certifications
Harvard Business School, Covey Leadership

Data Provided by:
James L. Gruning (RFC®), MBA
(763) 473-4294
2005 Fountain Lane North
Plymouth, MN
Company
Gruning Financial LLC
Qualifications
Education: BA Political ScienceMBA Finance & Marketing
Years of Experience: 43
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Michelle Stimpson
(952) 906-3432
Eden Prairie, MN
Coaching Types
Life, Executive, Business
Rates
$200/Hr
Gender
Female
Certifications
Coaches Training Institute, Franklin Covey

Data Provided by:
Lorinda Clausen
(612) 396-3379
Minneapolis, MN
Coaching Types
Executive, Business
Rates
$500/Hr
Gender
Female
Certifications
Certified Executive Coach and Business Coach

Data Provided by:
John LeTourneau
(612) 812-1770
Minneapolis, MN
Coaching Types
Leadership, Business, Team
Rates
$400/Hr
Gender
Male

Data Provided by:
James L. Gruning (RFC®), MBA
(763) 473-4294
2005 Fountain Lane North
Plymouth, MN
Company
Gruning Financial LLC
Qualifications
Education: BA Political ScienceMBA Finance & Marketing
Years of Experience: 43
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Robert D. Lawson (RFC®), CSA, LUTCF
(952) 835-1000
3800 American Boulevard W.
Bloomington, MN
Company
Barrington Capital Management, Inc.
Qualifications
Education: FINRA LearningAmerican CollegeNormandale College
Years of Experience: 29
Membership
IARFC, FPA
Services
Invoice, Portfolio Management, Seminars Work, Stocks and Bonds, Mutual Funds, CommOptions, Annuities, Business Coach, Asset Protection, 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

Local Events

UST Executive Conference on the Future of Health Care
Dates: 11/5/2020 – 11/5/2020
Location:
University of St.Thomas Saint Paul
View Details
 
© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media