OnDeck expert Andrea Gellert gives tips for applying for small business loans – Kansas City Business Journal
Disaster Loan Assistance Available from SBA for Drought impact: Economic Injury Disaster Loans (EIDLs) Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period. EIDL assistance is available only to entities and their owners who cannot provide for their own recovery from non-government sources, as determined by the U.S. Small Business Administration (SBA). Credit Requirements: Credit History Applicants must have a credit history acceptable to SBA. Repayment SBA economic injury assistance is in the form of loans. Applicants must show the ability to repay the loan. Collateral Collateral is required for all EIDLs over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available. Interest Rates: The interest rate is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is 4 percent. Loan Terms: The law authorizes loan terms up to a maximum of 30 years. SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn will determine the loan term. Loan Eligibility Restrictions: The applicant business must be located in the declared disaster area. Nurseries are only eligible for economic injury caused by declared drought disasters.
For the original version including any supplementary images or video, visit http://www.sba.gov/content/drought-disaster-assistance
Its a personal thing and a communal one at the same time. And yes, the money is nice, thats why we do it!! Have passion and you will profit from what you love and do best! The need for more Yes, we do need more entrepreneurs. I would not say pack up and quit your day job or night for that matter but, I would say follow your dreams and your heart! If YOU feel the tug to do more and want out of life, perhaps entrepreneurship is what you are seeking. If you are tired of watching millionaires and billionaires make huge amount of money, remember they are entrepreneurs and the money came by way of …hard work. If you just have all these ideas and what to see them become a reality, then dont wait any longer become ONE!! It is one of the greatest experiences in the World! .. While entrepreneurship may not be for everyone, it is a Dream that we all aspire to reach. Why entrepreneurship?
For the original version including any supplementary images or video, visit http://www.thomasapublishing.com
In the past year, OnDeck has grown more than 150 percent and loaned over $1 billion to small businesses. I spoke with Gellert about why she left corporate America to join the startup, and what shes looking for in a company applying for a loan. See Also 5 credit card mistakes that will cost you Gellert started her career at American Express , working there as a summer intern and then spending 15 years there. And going from that a major, publicly traded company to a startup of 100 people was a big change. At large companies, it takes a long time to feel the impact of what you do, she said. What difference does one person make at a large company? Since she came to OnDeck in 2012, Gellert has seen small businesses benefit from her work. She mentioned one restaurant in Mareille, Ill., that is popular among the local hunting and fishing crowd. The owner wanted a loan to upgrade his kitchen before hunting season but was turned down at his local bank. After that happened, the owner found OnDeck and received the loan he needed the same day he applied. He was able to get his kitchen ready for hunting season and saw a 15 percent increase in sales.
For the original version including any supplementary images or video, visit http://www.bizjournals.com/kansascity/how-to/funding/2014/07/4-tips-for-securing-a-small-business-loan.html?page=all