9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business LoanWritten by Neil Best
To get approval for your small business loan application, you must be able to meet lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria. To vastly increase your chances of a successful funding application, you will need to present following information:
1. The reason for loan. The lender will be looking for something that fits within normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.
2. The amount required, and repayment term of small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).
3. Details of how you will repay amount borrowed. For example, “From increase in profits of reduced running costs of Whizzbang Go4It”
4. Details of security you will be able to offer to lender. This will act as reassurance for lender. If you’re not prepared to put up some aspect of security, then why should they?
5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about market you operate in. What kind of business you are in etc.
Cut Your Taxes And Receive a $5000+ Refund - Start A Home Based BusinessWritten by Theresa Johnson
I want to let you in on a little secret that not too many people are aware of: Owning a home-based business or any type of business can virtually cut amount of taxes you owe each year. The amazing part about this is your business does not have to make a profit in order for you to declare deductions. According to an article written by Jeff Schnepper, "All you have to do is establish a "profit motive." Under Internal Revenue Code, a "profit motive" is presumed if you earn any net income in any three out of five business years. It's recognized and expected that new businesses probably won't make a profit in early years. In fact, in early years, you can insist that IRS defer any challenge for first five years as to legitimacy of your business by filing Form 5213. Remember you don't have to show a profit -- just a "profit motive." In one case, despite 20 years of losses, court found a profit objective and allowed deduction of business losses in full for one company. The case was not unusual. The test for deductibility is whether you have an actual and honest profit objective. You need not have a reasonable expectation of a profit. While Tax Court requires a primary or dominant profit motive, U.S. Claims Court has held that having a reasonable chance to make a profit, apart from tax considerations, will suffice." To read entire article "The ultimate tax shelter: owning your own business" click here. The following are some tips to starting your own home-based business: Determine What Type Of Business You Would Like to Own. There are literally thousands of home based businesses that can be started for FREE.Imagine that! What do you like to do in your spare time? Do you have hobby? Can you turn your hobby into a money-making vehicle? If you don't have an idea of what type of business you would like to start, I have listed a few businesses below: Entrepreneur Magazine - www.entrepreneurmag.com