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How to Increase Your Chance of Business Loan Approval

Lending companies are willing to extend loans to businesses but they need a guarantee that the loan will be promptly repaid. Established businesses that are doing very well in the market have a great chance of approval. On the contrary, if you own a new business or a start-up business, applying for a loan the first time can prove to be a challenging task.

After the challenge, it does not mean you should not try to apply for a business loan at all. In this article, let us discuss the strategies you can do to increase your chance of getting an approval.

Know the Prerequisites of the Business Loan

Generally, lenders will require the submission of your financial records for the past two years or if you're a new business, since the time you started. You must also prepare proofs that you are running a legitimate company such as permits and licenses.

For new and start-up businesses, a sound business plan will be expected. Your business plan must present a clear explanation of the type of business you are running and must include monthly cash flow projections since you started your operations.

For established businesses, make sure that balance sheets are accurate as any discrepancy in the details may cause an alarm. Business lines of credit you have previously agreed will also be evaluated. Yes, your business credit history will be closely reviewed.

But what if you have yet to build up your corporate credit history? In this case, your personal credit history as the owner of the business will be taken into consideration. How you manage your personal accounts such as loans, mortgage, and credit card debts will show a potential lender your ability to manage a business loan.

This is why it is recommended that you obtain a copy of your personal credit report prior to submitting your loan application. In this way, you can still correct errors or inaccuracies that may be included in your report which could have been pulling down your score.

Needless to say, the same advice is also applicable even to owners of established businesses. Check both your corporate credit and personal credit history to make sure that both your personal and business credit profiles are in good standing.

Preparation Is Vital

Indeed, preparation is very important when applying for a business loan. Financial experts recommend making investments in assets that generate income such as inventory or equipment. You should also avoid major changes in the structure of your business a few months before submitting your loan application. Remember that you need to show a potential lender that your company is in a stable state.

Aside from bigger banks, it is also worth the effort to check out what business loan programs that are available from your local bank. Smaller banks may be more inclined to finance a new business, especially if the owner has been a long time customer with an existing personal account with the company.

Do not submit different applications …

How to Transfer Money to India

With a populace of over 1 billion, India is an stellar environment for finance, with cutting edge technology leading the Indian financial scene into the future. India has over 32-thousand ATMs as of December 31, 2007, but an increasing number of customers are finding that the need to visit a bank branch or ATM location is not what it used to be, due to state-of-the-art technological advances.

Banks are moving toward allowing members to complete banking transactions using cellular telephones and other handheld technology. Banks, in the past, have utilized technology such as text messages to advertise promotions for customers, but electronic transactions will likely replace many types of cash transactions in India within the next few years. The use of technology in banking reduces transactions fees and reduces the need for quick branch expansion. Currently, almost 10{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of all bank transactions in India are completed online.

This idea of ​​handheld banking technology is called Mobile Banking, and it is predicted that mobile banking will revolutionize the bank industry in India and soon all around the globe. Already, 85-90{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of mobile bankers do not use ATM or credit cards; they simply use their telephone to make transactions. The technologies utilized to make this style of banking possible is the same technology that runs ATM machines, although it is much less-expensive to maintain. India is definitely on the forefront of this rapidly growing area of ​​finance.

An increasing number of Indians are also using the Internet for bank needs, however the majority of banking customers using the World-Wide-Web limit their activities to checking statements and assuring whether or not transactions have been completed. The web also allows bank users to interact with bank employees to ask questions and inquire about bank products and services, although this is not heavily used so far by Indian bank customers.

Traditionally, Indians have not garnered a great deal of debt, with consumer debt making up just 4{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of the country's Gross Domestic Product, compared with over 60{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} for nations such as South Korea and Taiwan. Banks are eager to join in the increasing debt loads of Indian consumers. Like China and South Asia as a whole, India is one of the largest expanding areas for credit card, debit card, and cash card services, and surveys predict that the credit card market in this area will increase by 15-20{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} over the next three years. Indian houses currently save 28{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of their disposable income.

The bank presence is expanding in India, as more global banks and financial companies rush to compete for the changing banking needs in the nation. Demographically speaking, half of India's 1.2 billion population are under the age of 25, so over the next many years, a big generation of people will be entering their earning years and will have many banking needs. The banks that find a way to provide the services Indian bank customers enjoy a windfall of new customers and profit in the years to come. …

Employee Ownership: The Solution to the Productivity Gap in Business?

With income inequality at record high levels, employee ownership is a potential solution to spreading wealth more broadly. However, despite strong growth in employee owned businesses, it is still a rare way to operate.

There are various reasons. Contrary to what some might expect, greed is a very minor one. For the most part it is ignorance of the benefits that employee ownership can offer to founders, employees, the community and the economy as a whole.

Employee owned businesses tend to have shown stronger growth, higher valuations and are more resilient in difficult economic conditions. From a founder or owner’s perspective, it can be a route to exit the business. However, it can also be a way to stay in the business, create more wealth for themselves and share the wealth created by the business more widely with those people who help create it. It comes down to that age-old question in business: “would you prefer to earn £100 from your own work or £1 each from the work of 100 people?”

Another barrier to becoming employee owned is the investment to get the ball rolling. If the employees can’t afford to buy the shares directly (or the aim is to put the shares in trust), then finance may be required. The options are limited. Few investment funds specialise in employee ownership because their aim is generally to get the highest return possible, whereas an employee buyout is looking for the fairest return possible for all.

Businesses and Governments worldwide are struggling with how to reverse the decline in productivity in this country. Results from employee owned companies suggests they strongly outperform their non-employee owned counterparts. However, employee ownership is not a panacea. It will not turn around the fortunes of a business if it is done for the wrong reasons (tax benefits, for example) or in a business with the wrong culture.

Similarly, giving employees shares without helping them to understand how they can increase the value of those shares and benefit from it, will not result in increased engagement and productivity. The attitude of ownership comes when they are committed to the goals of the organisation, know how they can affect them and know how they will benefit as a result.

Positive cultural engagement, ongoing financial education and an annual planning cycle that widely involves employees are cornerstone leadership initiatives required to support the company of owners.

In the right culture and with the right support to develop the company of owners, employee owned companies thrive, increasing wealth throughout the company, their community and the country as a whole.…

Why Use Private Money For Real Estate Investing?

There are many reasons a real estate investor might want to have a ready access to private money for real estate investing. This article will explore a few of those reasons.

The first reason to use private money for real estate investing is to protect your credit rating. Think about this … if you borrow the money from a private individual, rather than a bank or lending institution, the loan will never be reported to the credit bureau. It will not count against your debt-to-income ratio, and no record of the payment history will be kept. No one will ever know about that loan, unless you tell them.

Next, and one of the very best reasons to use private money for real estate investing, is the elimination of paperwork. I have never had to complete a loan application for private money for real estate investing. The lenders I work with all know me and the kind of investing I do. Many of them never even care to see the property. When I apply for a mortgage, on the other hand, the application process itself can take several days, and there are mountains of paper.

Yet another reason to use private money for real estate investing is the ready access to fast cash. Sometimes, when a deal is especially good, moving super-fast is a necessity. With bank financing, that kind of speed is often impossible. Even lines of credit do not always give you the same speed capability that private lenders do. With one phone call to one of my private lenders, I can tie up a deal that other investors only dream about.

A great reason to use private money for real estate investing is the leverage that it gives you. Think about this … if you have $ 50,000 of your own money, is it better to pay all cash for a $ 50,000 property, or to put $ 50,000 cash down on a $ 500,000 property and use private lenders to finance the rest?

If you answered the $ 500,000 property, you're right- and here's why. Let's say the $ 50,000 property rents for $ 500 per month, or $ 6,000 per year. Your Return On Investment (ROI would be 12{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} the first year ($ 6,000 divided by $ 50,000.) It's safe to assume the rent on the $ 500,000 property might be about 10 times that of the $ 50,000 property, or about $ 60,000 for the year. payback to your lender totals $ 4,000 per month, or $ 48,000 per year, what's your Return On Investment (ROI) for the $ 500,000 property? If you answered 24{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc}, give yourself a gold star!

Of course, you would need to take into account the cost of borrowing the money, but even after doing that, you can see there really is no comparison. Using private money for real estate investing gives you something called leakage. Leverage is the ability to move something very large with something very small … a …

The New Rules of Money Are Anything But Dated

In a poll conducted by Harris Interactive for the National Council on Economic Education both teens and adults similarly ranked low when asked about personal finance and basic economic concepts. Frighteningly enough, the teens measured an average of 53 which is a failing grade.

Technology has dramatically changed the way we can access and use our money. The effect is the tools with which we manage our money have become more complex – Internet banking, online stock exchanges and personal financial planners, but the rules of spending and saving have not changed that much.

Liz Pulliam Weston from MSN Money offered some unchanging money management basics:

o You need to differentiate between needs and wants. Just because you can buy something does not mean you need it. Determine what's necessary for you personally and for your business and then make educated and resourceful decisions.

o Every money decision has a price of its own. When you choose to spend money in one place, you are choosing to not spend it in another. You may defer full-time work (making money) when you choose to attend college (spending money), but in the long run you'll probably be much more financially sound because of the education you've obtained.

The standard rules of money are as true and applicable today as they were 50 years ago. Not much about the basics has changed. That can not be said for technology and how we can utilize it in our businesses and with our money making decisions.

The new rules of money are similar to the old rules – like do not spend more than you make, and invest in yourself. These are two rules that will never change. …

How To Talk About Work Experience For The IIM Personal Interview

The IIM panel will therefore stress most upon what
you have done in your work experience and how
you intend to use that towards furthering your
career goals. So your ideal preparation for the
Personal interview should be to answer the following
questions:

1) The relevance of your job in the business process
of the company: You must understand which part of
the Strategic Business Unit your work fell under and
exactly what your role was towards achieving the
goals of the SBU

2) Skill sets acquired over the process of your work
in the organization: What kind of specific skills did
you acquire, specifically in marketing, finance,
strategy etc.

3) What kind of products / services you sold, and
what was the turnover, profitability, growth rates
over the years that you were working for the
organization

4) What was the competition like, who were the
industry leaders and how did you recognize the
industry leaders. You should be able to specify the
defying criteria behind the peer competition. One
way of doing this is to do a SWOT analysis of the
competition. Identify the major strengths and
weaknesses vis-à-vis the competition

5) Finally have you won any prizes,
commendations, business achievements that have
was worthy of merit and recognition. Having
awards makes it all the more easier for you to gain
credibility as a highly capable employee.

Preparation for the your IIM Personal Interview [http://www.mbainterview.in/articles/mba_article_6.html] isnt
too different from a job interview. However in the
job interviews, the interviewer may have an urgent
requirement and so may be easy on you. The IIM's
have no such requirement and if your answers
appear to be sloppy or over confident then you may
end up being rejected. …

Direct Lenders For Payday Loans

Payday loans are typically for small amounts of money, typically a few hundreds, to tide over some sudden crisis toill their next pay check. The price of such loans is quite high running into one thousand percentage points or more of interest annually.

Neverheless, these loans are very popular. You will find customers taking five to six such loans every year. People take these loans for many reasons. Like mentioned earlier, to tide over some sudden financial crisis, like an unexpected hospitalization bill, or college fees. These loans are also used to pay late fee charges on credit card bills or overdraft charges on their bank accounts. They are popular because the money is directed to your bank account almost the instant you apply for one. Previous credit history is not an issue, even if it is bad.

Paying back a payday loan

The loan does not have to be repaid in cash on the due date. You only have to ensure that there is sufficient amount in your bank account to cover the loan amount and the interest, which the lender will automatically withdraw from your account on the date of repayment.

Normally the money you were lent plus the interest amount should be paid within the month.

Some lenders allow you to choose the repayment schedule

Some lenders offer a continuous repayment option, wherey you give them the authority to make repeated attempts to take part or the full amount due from your bank account after the pay by date.

When does taking a payday loan make sense?

A payday loan makes sense if and only if you can repay it on the agreed date of repayment. They work out very expensive once they cross the date of payment. Lenders may offer to rollover the loan till the next month and more, but this is just a sales ploy and an attempt to get you to pay more than is necessary. A good creditor would freeze charges and interest to not more than two months from the date of last payment. And you would best stick to that.

How to choose a payday lender

· Check out different lenders for the best interest rate.

· Do not go for lenders who offer deferrals

· Do not take multiple loans at a time. Do not take one to repay another.

· Check if the lender is registered with a trade body because trade bodies have charters which hold their members to stringent rules. One of the points of these charters is that they will deal with cases of financial difficulty with sympathy and positively

· You should consider the terms and conditions of the loan. Usually payday loans have to be repaid between a time period of 15 days to 90 days. So choose that payday loan company, whose loan repayment period is comfortable to you. So it is best option to compare the terms and conditions of different pay day loan companies and choose the one whose terms …

Taking Care of Business At Home – A Personal Finance Checklist

Why would you not consider yourself a business of ONE person? Or your family as a business of 3 or more people? Well that is exactly what you are – “Me Incorporated”, “I Inc”, “We Incorporated”. You truly must consider yourself a small family business. Like any business you have ongoing expenses (mortgage, rent, utilities, groceries), revenue (salary and other income) and major capital expenditures (house, vehicle, vacations, renovations).

Like any good ‘household business’, you need to do some planning. Set out a budget for the year, track your expenditures and retained earnings (savings). Yes, all of this looks, feels and is exactly like a well run business. On My Gosh! Don’t rush out and buy an accounting package to run your household. And no need to take a crash course on accounting or bookkeeping. You can accomplish all your financial tracking and planning requirements with some paper or by using a simple template with your favorite spreadsheet package – Microsoft Excel or even with Open Office.

Just like a well run business, your household budget and tracking your spending is best served using a visible record of events; namely, financial records, bank or check register. It is just like tracking your road trip progress using a map. If you know where you are now, then you will have some idea when you will arrive at your destination. In life, money or finances allows you to get to your personal destinations or dreams. A visible financial roadmap of your ‘Me Incorporated’ finances, mapping your progress, seems logical.

Running your ‘Household Business’, like corporate business, requires a few processes to keep track of your finances:

1) Establish a yearly and monthly household budget. Consider all your expenses – weekly, monthly, quarterly and yearly outlays of money. You will be surprised at the length of this list and all the places you spend your money.

2) Track monthly your actually spending and income against the budget you established in step 1. This will help you see the ‘peaks and valleys’ of spending or seasonality aspect of your expenses. Over time, you will come to know these expense ‘peaks and valleys’ and this will help you maintain a positive cash flow. Bottom line: have money in the bank to pay all your expenses and still have some left over (retained earnings). Your single biggest challenge in running any household (or business) is always having enough money in the bank to pay the bills; especially, the unexpected ones. Having a buffer of savings will help with these ‘peaks’ in expenses.

3) Track all your bank account activity. Track and enter in your Bank or Check Register every deposit, every electronic (ATM, web, PayPal, debit machine) transaction and every analog (check, money order) withdrawal. And reconcile your bank statement every month. Know exactly how much money you have available in your bank account(s).

4) Especially track your spending through credit cards and lines of credit. These are potentially the ‘run away’ expenses. Remember only once …

Why Making More Money Does not Solve Your Money Problems

Many people today are in debt, and it is a very common idea to try to make more money somehow to help solve the problem. The other main strategy people commonly use is to save on expenses (live cheap). Most people never try the third strategy, and that is to spend time on a regular basis to gain control over their cash flow. This is why most people will remain poor, and why YOU have a chance RIGHT NOW to change the direction of your financial life.

You will often hear people blame their weight problem on cookies and cakes, or sometimes you have heard someone blame their poor sports performance on faulty equipment. In both cases, the person has decided to look externally for the cause instead of internally. It makes the person feel OK with themselves even though they DO NOTHING to improve their crappy results. The same is true when it comes money.

Obviously, the cake is not responsible for the weight gain. A person is either in control or not in control. If you surround person with lots of cakes, it is likely to become more obvious that the person has a control problem when it comes to cakes. The same is true with money. When a person with a money control problem has access to lots of money, it becomes more obvious that the person has a control problem with money.

On the other hand, time spent at practice will give a tennis player more ability and control using the equipment. A dollar is the equipment used when it comes to personal finance. If you learn how to use this instrument, you can become wealthy in less than 4 years working at a $ 7.00 an hour job. If you do not learn how to control this instrument, you may make $ 100,000 a year and still actually be poor, or you may even win the lottery and yet find yourself poor just a short time later.

The person that you are is nearly approached to your pattern of behavior. To change patterns of behavior, you often need to change who you are at the core. People who do not whole-heartedly want the change will likely fail in this. It is true for the cake eating weight watcher, it is true for the so-so sports player, and it is true for YOU if you invest your time all day paying attention to someone else's business only to come home and FAIL to spend just one hour a day paying attention to your own financial business.

Let me leave you on this final thought … do not fail to begin because you do not know where to start. Read or listen to quality audios on the subjects of cash flow management, personal finance, investing, small business, and real estate. Find books and audios of mentors you would like to learn from. If you are serious about investing an hour every day to become wealthy, you will …

Building On A Difficult Terrain

Adjusting the house to the landscape is the first task to be solved when building on difficult terrain. If your block of land has slopes up to 20{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} – it's rather regular terrain. The difficulties start to appear on slopes that are steeper than that.

Main problems can be divided into 3 categories:

1) Some additional research to determine the danger of dirt slipping down should be done

2) The foundations and plumbing will require some additional work

3) Some additional work to level the soil might be necessary

And of course any of above translates into additional expenses.

If the allotment is in a real danger of soil slip, for example the soil has a steep rocky slope underneath and gets lots of rainfall or has ground water – it makes no sense to build on it.

However, if that's not the case, then building on steep slope might produce very interesting output. History has many examples of people, who had to deal with difficult conditions, created the most magnificent structures, some of which we can still see in these days. They include the Machu Picchu city in Peru, great castles of Europe, Svan's watchtowers in high mountains of Georgia, and fort Metsada in Israel.

To make the idea of ​​building on difficult terrain a reality, several things need to fall together:

1) The wish to build on this particular block of land and the ability to finance the process

2) A talented architect and engineer who can fit the house into the relief while making it secure, safe and sound

3) Qualified builders who can implement everything according to the plans

So what are the advantages of building on a slope? First, nothing compares to the panoramic view from your terrace. Also, it is possible to create several levels: the garage on the upper level, the bedrooms and living areas below and the back yard and garden on the lowest level. The best thing about this setting is that the road and the driveway – with all the noise and the dust – are left on top, while the house is located below. More of the house is now exposed to the sun light. The garden can have many picturesque features such as little terraces, steps, miniature walls, cozy spots.

The whole presence of the house is improved, as this unique facade is created. The interior of the house benefit from larger windows and various open staircases, they look "weightless" and mix in harmony with the nature.

Another issue to address is the soundness of the house built on a slope. In many ways it depends on the soil underneath the foundations. If the soil is mostly sand or mud, then it makes sense to create terraced foundations, made of concrete bands and retaining walls, anchored in the soil.

If the foundations are to be built on rocks, concrete piles are better. The necessary diameter of a pile for 2 -3 level house is 35 – 40 cm, …