Tag: Government

Tempers flare on MSNBC as Mehdi Hasan argues with Israeli official: Your government ‘killed children’

MSNBC host Mehdi Hasan launched into a heated argument with Israeli official Mark Regev, an advisor to Prime Minister Benjamin Netanyahu, live on his show Thursday.

Hasan accused the Israeli government of killing children and of spreading propaganda and false information in the wake of the Israeli-Hamas war. 

“They’re dead, Mark,” Hasan said, arguing that he has seen Palestinian children “with my own lying eyes being pulled from the rubble” from bombings. “But they’re also people your government has killed. You accept that, right? You’ve killed children? Or do you deny that?” 

PIERS MORGAN REPEATEDLY ASKS JEREMY CORBYN IF HAMAS IS TERROR GROUP IN TENSE EXCHANGE: ‘REFUSING TO ANSWER’

“No, I do not,” Regev responded. “I do not. I do not. First of all, you don’t know how those people died, those children.”

“Oh wow,” Hasan said in return.

Hasan also claimed that the Israeli government was peddling “disinformation” in the wake of the Oct. 7 terrorist attacks by Hamas on Israeli, American and other citizens. 

“I agree with you. We shouldn’t blindly believe anything Hamas says,” he said. “But why should we believe what your government says either? Your military spokesman on Monday pointed to an Arabic document in the basement of a Gaza hospital and claimed it was a guardian list on which every terrorist writes his name. But that was false.” 

DEMOCRATIC STAFFERS REVOLT OVER BOSSES IN CONGRESS ‘NOT LISTENING’ TO CONSTITUENTS ON ISRAEL: REPORT

In another tense exchange about casualty numbers, Hasan told Regev that he was avoiding his question on the issue.

“But you’re dodging my question, Mark,” Hasan said. 

“I’m not sure that’s true,” Regev returned. 

Hasan also pointed to a tweet from Israeli diplomat Ofir Gendelman who made a post “from a Lebanese short film” that the MSNBC host said was another example of “endless disinformation” from the Israeli government. 

When Regev attempted to disagree with Hasan’s accusations, the two launched into another back-and-forth argument. 

“Allow me to answer your question!” Regev told Hasan, raising his voice. “I’m answering your question directly, if you’ll allow me. We originally said in the atrocious Hamas attack on our people on Oct. 7, we had the number at 1,400 casualties, and now we’ve revised that down to 1,200 because we understood that we had overestimated: we made a mistake. There were actually bodies that were so badly burned, we thought they were ours. In the end, apparently they were Hamas terrorists.” 

“When we make a mistake, we admit it,” Regev said. 

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Federal government rests its case in ex-Ohio House Speaker Larry Householder's racketeering trial

The federal government rested its case Monday in former Republican Ohio House Speaker Larry Householder’s racketeering trial after presenting jurors with reams of financial documents, emails, texts, wire-tap audio and firsthand accounts of what prosecutors allege was a $60 million bribery scheme to pass a $1 billion ratepayer-funded nuclear bailout.

The prosecution completed its work in U.S. District Court in Cincinnati five weeks to the day after opening statements in Ohio’s largest ever corruption case. Their portion took a bit longer than projected because a spate of illnesses hit the courtroom, prompting Judge Timothy Black to pause proceedings.

Lawyers for Householder, 63, and co-defendant Matt Borges, 50, a lobbyist and former state chair of the Ohio Republican Party, went immediately to work to begin their defense, calling state Sen. Bill Seitz to testify on the merits of the bailout bill at the case’s heart.

FORMER OHIO HOUSE SPEAKER LARRY HOUSEHOLDER REMAINS OPTIMISTIC AS CORRUPTION TRIAL BEGINS

Householder, once one of Ohio’s most powerful politicians, could testify on his own behalf. He has said he couldn’t wait for his defense to begin.

It’s been two-and-a-half years since Householder, Borges and three others were arrested and charged in an elaborate scheme, secretly funded by Akron-based FirstEnergy Corp., to secure Householder’s power, elect his allies, pass legislation containing a $1 billion bailout for two aging nuclear power plants, and then vex a ballot effort to overturn the bill with a dirty tricks campaign.

OHIO INMATE WHO HAS SPENT DECADES ON DEATH ROW MAY BE RELEASED ON PAROLE FOLLOWING RESENTENCING

The prosecution called two of those arrested — Juan Cespedes and Jeff Longstreth, who have both pleaded guilty — to the stand to give firsthand accounts of what they said are not ordinary political contributions, but bribes intended to secure passage of the bailout bill, known as House Bill 6. Householder’s attorneys have described his activities as nothing more than hardball politics.

Monday’s witness, political operative Tyler Fehrman, testified that Borges tried to bribe him with a $15,000 check to secure inside information about the referendum campaign on the bill that he was working for at the time. Borges’ attorneys have said the money was a loan for a friend in need.

“Matt’s requests to me were shocking,” Fehrman told jurors. “I felt like I was being taken advantage of by someone I trusted.”

Senate advances bill to avert government shutdown after stripping Manchin energy permitting provision

A bill to avert a government shutdown cleared a key procedural hurdle in the Senate Tuesday after lawmakers stripped a proposal from Sen. Joe Manchin on energy permitting reform from the legislation. 

By a vote of 72-23 the Senate agreed to proceed to debate on the temporary funding bill, which will keep government services operating until Dec. 16. This sets Congress on track to likely clear the bill through both chambers and send it to President Biden’s desk before government funding runs out midnight Friday. 

MANCHIN ENERGY PERMITTING PROPOSAL STRIPPED FROM FUNDING BILL AFTER GOP, PROGRESSIVE OPPOSITION

Senate Appropriations Committee Chairman Patrick Leahy, D-Vt., said that the Manchin, D-W.Va., proposal was the only sticking point in their chamber. And House Majority Whip Steny Hoyer, D-Md., has been adamant his chamber won’t allow a government shutdown. 

MANCHIN ‘DIDN’T EXPECT’ REPUBLICANS TO JOIN BERNIE SANDERS IN OPPOSITION TO ENERGY PERMITTING BILL

“It is unfortunate that members of the United States Senate are allowing politics to put the energy security of our nation at risk,” Manchin, said in a statement announcing he would ask Senate Majority Leader Chuck Schumer, D-N.Y., to remove the permitting reform from the funding bill. 

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Schumer Tuesday said the Senate will come back to the energy permitting reform issue later this year, as per a deal he made with Manchin last month. 

How Do Government Contracts for Small Business Work?

Get Government Contracts for Small Business

Are you looking for government contracts for small business? The federal government can be a terrific place to get clients. But there are many details to learn! The Small Business Administration has got you covered.

Government Contracting

The government is a huge consumer of goods and services. So any US business should be trying to get a supply contract with them. Unlike other customers, the government will be a consumer for as long as the United States exists. The SBA Contracting Guide helps small businesses navigate the details.

SBA Contracting Guide

The SBA has a role in government contracting. They work with federal agencies and offer what are essentially SBA contracting assistance programs. The idea is to award 23% of prime government contract dollars to eligible small businesses. It also offers counseling and help to small business contractors.

Government contracts are a tremendous financial opportunity for small businesses. Per the SBA Contracting Guide, the US government buys all types of products and services. And the law requires it to consider buying from small businesses.

The government wants to buy from small businesses for several reasons, including:

  • They want to ensure that large businesses don’t muscle out small businesses
  • To gain access to the new ideas that small businesses provide
  • To support small businesses as engines of economic development and job creation
  • And to offer opportunities to disadvantaged socio-economic groups

How Do Government Contracts Work?

  • Requesting proposals, evaluating bids, and awarding contracts should be on a level playing field
  • The government should consider a bid from any qualified business
  • With set-aside and sole-source contracts, federal agencies must publicly list their contract opportunities
  • Some of these contracts are set aside only for small businesses

At times, set-aside contracts might make up certain types of tasks on larger contracts. In others, entire contracts may be reserved for small businesses. When a contract is set aside for one specific small business,  it’s called a sole-source contract.

Demolish your funding problems with 27 killer ways to get cash for your business.

Does Your Business Have What it Takes to Get Government Contracts for Small Business?

Start with market research. To bid on and win government contracts, you must sell products or services the government buys. And you must do so at a competitive price. Check to see if there’s a market for your product or service. The SBA can help you to determine how big the market is, and find potential buyers.

The Federal Procurement Data System

Move onto the Federal Procurement Data System. This system is the repository of all federal contracting data for contracts over $25,000. With this system, you can see which agencies have contracts and with whom. Find out what agencies buy, and learn which contractors have contracts.

USSpending.gov

Take a look at USASpending.gov. USASpending.gov tracks government spending through the contracts it awards. This searchable database contains information for each federal contract. Use this information to help identify government purchasing trends.

Agency Recurring Procurement Forecasts

Federal agency procurement forecasts can be very helpful. Each government agency releases a procurement forecast. It includes contracting opportunities for small businesses. Review Agency Recurring Procurement Forecasts. Find out if there are agencies that are buying what you sell.

Procurement forecasts can get granular. You can look up procurement for (for example) the Department of Veterans Affairs. And then break it down by location. And then see budgeted amounts for everything from asbestos abatement to buying stretchers.

What Makes a Successful Contractor?

The government prefers to work with established, reliable businesses. This means it’s likely that startups need not apply. Do you have a track record of delivering quality goods and services on time and within budget? Is your reputation within your industry strong?

Downsides of Trying to Get Government Contracts for Small Business

It take a long time to win your first government contract. And it can also take a significant amount of money. Some businesses spend between $80,000 and $130,000 to earn their first contract! Also, it could take up to two years to start making a return on your investment. So you must have enough cash flow to sustain your business. Government Contracts for Small Business Credit Suite

Keep a diverse list of private-sector clients. This can help offset any potential initial losses. Being e-commerce savvy is also very important in government contracting. For example, to work with the Department of Defense, you must be able to invoice and receive payments electronically.

The SBA Offers Counseling to Small Businesses

One form of this help comes from a government contracts website called Procurement Center Representatives. Procurement Center Representatives (PCRs) help small businesses win federal contracts. PCRs view many federal acquisition and procurement strategies before they’re announced. This way, they can influence opportunities that should be set aside for small businesses. PCRs also conduct market research and help small businesses with payment issues. They also provide counseling on the contracting process.

Subcontracting Program Assistance (SPA)

The SPA can help you with subcontracting questions after the awarding of a contract. SPA can help you with tools to match prime contractors and subcontractors. And it can help small businesses market their services to prime contractors. You will have to reach them by email.

SBA Learning Center

You can also check out the SBA Learning Center. The SBA offers free online courses. These are to help small businesses understand government contracting. These are in the form of video classes.

Demolish your funding problems with 27 killer ways to get cash for your business.

Procurement Technical Assistance Centers (PTACs)

Or work with Procurement Technical Assistance Centers. PTACs help small businesses interested in government contracting. PTACs can help you determine if your business is ready for government contracting. They can help you register in the proper databases. And they can help you to find and bid on contracts.

SCORE

Another option is working with SCORE. SCORE is a nonprofit association. It has thousands of volunteer business counselors around the country. These counselors educate small business owners. SCORE provides free in-person and online counseling. They also provide educational workshops.

Small Business Development Centers

Or try the SBA’s Small Business Development Centers. Small Business Development Centers (SBDCs) offer free, one-on-one counseling and low-cost training services. Business owners can go to SBDCs for help with procurement and contracting. SBDCs will also help with market research. And they will provide 8(a) program support for minority-owned businesses

SBA Small Business Offices

Or you can turn to the SBA’s small business offices. Many federal agencies have an Office of Small and Disadvantaged Business Utilization (OSDBU). Or they may have an Office of Small Business Programs (OSBP). These offices work to identify opportunities to contract with small businesses.

OSDBUs and OSBPs

An OSDBU promotes using certain kinds of small businesses. These include disadvantaged, 8(a), women-owned, veteran-owned, service-disabled veteran-owned, and HUBZone small businesses. This is within the US Department of Commerce’s (DOC) acquisition process.

OSBPs advocate to include small businesses in the cleared industrial base. They do so through education and collaboration. They also maximize opportunity for small businesses in DCSA acquisitions. DCSA stands for Defense Counterintelligence and Security Agency.

Demolish your funding problems with 27 killer ways to get cash for your business.

Basic Requirements for Getting Government Contracts for Small Business

Before a business can engage in federal contracting, they must meet certain basic minimum requirements. Your business must have a D-U-N-S number. It also needs an NAICS code.

You must also meet size standards. Most manufacturing companies must have 500 employees or fewer. Most non-manufacturing businesses with average annual receipts under $7.5 million will qualify. You’ll need to register with SAM (the System for Award Management). SAM is a database that government agencies search to find contractors. And you must maintain compliance. The federal government’s purchasing process comes under the Federal Acquisition Regulation.

Federal Acquisition Regulations

Note: Federal Acquisition Regulations allow for some deviance from the norm. Regulations covering government contracting programs for small businesses are in 13 CFR 125. This rule defines when a business can say one or more service-disabled veterans own it. It also includes the government definition of subcontracting.

How to Win Contracts

You want to find contracts – use databases like the Dynamic Small Business Search. And you must market to the government. Some great places to find out what agencies or prime contractors need are:

  • Federal Procurement Data System
  • Office of Small and Disadvantaged Business Utilization (OSDBU) (specific to some agencies)
  • Office of Small Business Programs (OSBP) (specific to some agencies)

You also want to address any objections that may arise. A federal contracting officer may reject a business due to questions about ability to fulfill the contract. Then the SBA offers the small business a chance to apply for a Certificate of Competency. Here, you can prove your business is up to the challenge. But note: a COC is only good for one contract. So you may need to reapply in the future if you bid for another government contract in the future.

Types of Contracts

The government limits competition for certain contracts to small businesses. Those contracts are called small business set-asides. Set-asides can be competitive or sole-source. These can be some of the easiest government contracts to win.

Competitive Set-Asides

If 2+ small businesses could do the work or provide the products, the government sets aside the contract just for small businesses. Much of the time, this is automatic for government contracts under $150,000. Also, some set-asides are open only to small businesses in SBA contracting assistance programs.

Sole-Source Set-Asides

The government issues some contracts without a competitive bidding process. This often happens when only one business can fulfill the requirements of a contract. For consideration, register your business with the System for Award Management. And take part in any contracting program you may qualify for. Such as 8(a) Business Development or Women-Owned Small Business.

Government Contracts for Small Business: Takeaways

The US government is a huge consumer of goods and services. They are a client likely to be able to pay your business on time, and unlikely to go out of business in your lifetime. The SBA gives extensive guidance for getting government contracts for small business. Also, check if you or your business qualify for special programs to help you win government contracts.

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6 Ways to Fund Your Startup When You Can’t Get a Government Business Loan

Those who died in military service did so for our freedom. Part of that freedom is the ability to open a business. In fact, you can even get a government business loan to do so. However, that option will not work for everyone. How can you fund a startup when you can’t get a government business loan?

Discover Other Ways to Fund a Business When a Government Business Loan Isn’t An Option

First, you may not qualify. They typically require good credit and some sort of collateral. Likewise, even if you do qualify, a government business loan may not be enough.  What are the other options?

1.The Credit Line Hybrid

The Credit Line Hybrid is a funding option that may offer an even better interest rate than a government business loan.  Yet, you get the money faster and easier also.  Furthermore, you don’t have to supply any bank statements or check stubs.  You can get funding in a few days rather than weeks, without supplying any collateral or documents.

It is revolving, unsecured financing that allows you to fund your business without putting up collateral, and you only pay back what you use.

How to Qualify for the Credit Line Hybrid

Your personal credit score should be at least 680.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months, you should have less than 6 credit inquiries.  Also, you should have less than a 45% balance on all business and personal credit cards. You need to have at least two credit cards with limits of $2,000 or more and at least a year and a half of good payment history as well.

Yet, if you do not meet all of the requirements, you can still get this funding. You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can pair with you to allow you to tap into their credit to access funding.

Learn business loan secrets and get money for your business.

How Much Funding Can You Get?

Generally, approval is up to 5x that of the highest credit limit on your personal credit report. Sometimes, you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business.

The process is pretty fast, especially with a qualified expert to walk you through it.  Another benefit is, with the approval for multiple credit cards, there is competition.  This makes it easier, and even likely if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months.

2. Retirement Account Financing

This Credit Suite program offers a flexible and powerful way for a startup to leverage assets that are in a 401(k) plan or IRA. It even has the blessing of the IRS. In fact, they  have their own name for it. It’s called a Rollover for Business Startups (ROBS).

How to Qualify for Retirement Account Financing?

No financials have to be submitted, and you do not need good credit. In fact, all the lender will ask for is a copy of your two most recent 401(k) statements.

If the plan has a value of more than $35,000,  you can get approval. This is true even if you have really bad personal credit. You can get however much of your 401(k) is “rollable.” Sometimes, you can secure a low-interest credit line or loan for 100% of your current 401(k) value.

The plan you use cannot be from a business where you currently work. It will have to be from previous employment. Also, you can’t still be contributing to it.

The cost is 5.25% (prime +2) and the term is 5 years. There is a $1,995 lender fee rolled in as well, which  includes 5 years of management and consulting.

3. Line of Credit

The difference between a traditional loan and a traditional business line of credit is that the line of credit is revolving credit rather than a term loan. Like a credit card, you only pay back what you use. Also, lines of credit typically have lower interest rates than business credit cards. The trade off is, there are no rewards like cash back or air miles.

Learn business loan secrets and get money for your business.

At Credit Suite, our funding partners offer an unsecured line of credit that has a minimum FICO score requirement  of 600.  You also must show business tax returns with net profits over $20,000 if you have been in business between 6 months and a year.  If you have been in business for over a year, you need to show $10,000 in monthly revenue. These requirements are much easier to meet than those typically set forth by lenders.

Terms are 6 to 18 months and interest rates range from 12% to 25%.  You can get up to $250,000.

4. Alternative Lenders

There are a number of non-bank lenders that will lend to startups. You do have to be careful, as there are a lot of predatory lenders out there. They also tend to have higher interest rates.  However, they aren’t all bad. Here are a few decent options for startup loans if a government business loan isn’t available.

BlueVine

BlueVine requires that you be in business for at least 6 months.  If you have at least $120,000 in annual revenue, you may qualify for a loan from them.  The minimum credit score for a line of credit from  BlueVine is 600. Furthermore, if you want invoice factoring, you can get approval with a score as low as 530, 3 months in business, and $10,000 in monthly revenue.

Kiva

Kiva is different. First, the interest rate is 0%.  As a result, even though you have to pay it back, a loan from them is free money. There is no credit check at all. However, you have to get at least 5 family members or friends to donate to help fund your business as well. In addition, you have to pitch in a $25 loan to another business on the platform yourself.

Accion

Accion also may also be a good fit if a government business loan isn’t happening.  It’s a nonprofit that offers microloans. The minimum credit score is 575. You don’t have to already be in business, but if you are not, you must have less than $500 in past due debt. In addition, your business needs to be home or incubator based.

Remember, details such as interest rates and loan requirements can change, so be sure to check lenders directly for the most up to date information.

5.Crowdfunding

This option for startup funding is growing in popularity. With crowdfunding, you get a lot of smaller investments from a lot of people, or a crowd if you will. It is different from getting the bulk of your small business funding from one or two larger investors.

First, you have to figure out which crowdfunding platform is best for your situation. Kickstarter and Indiegogo are two of the most popular. Be sure to take note of the rules each platform has for when you gain access to funds.  They can vary greatly.

Learn business loan secrets and get money for your business.

6.Angel Investors

These are investors that are typically less formal than regular investors. An angel investor can be anyone. For example, it could be a family member or someone you met through networking.

The best way to find an angel investor is to ask people you know. Another option is an angel investors website or network. For example, Gust keeps a database of investors, companies, and programs.

Wait! Don’t Apply for Any Funding Before Your Read This

As you work on starting your business, you need to think about building business credit so that you can get the funding you need as your business grows. Unlike your personal credit score, you have to initially work to establish your business credit score.  The best way to do this is to work with a business credit expert from the beginning. The process is not hard, but if you don’t know what you are doing, it can be difficult to navigate. A business credit expert can help you start off on the right food, and guide you through the process in the right order.  This will save time and money, ensuring you build a strong business credit profile from the start. See for yourself with a free consultation.

The post 6 Ways to Fund Your Startup When You Can’t Get a Government Business Loan appeared first on Credit Suite.

Government Grants for Women and Other Funding Options for Women Owned Businesses

It’s no secret that female business owners face unique challenges when it comes to finding funding for their businesses.  There are a lot of options available, but it seems that whenever a woman seeks funding advice, they get a generic answer. Usually it is something related to government grants for women.  However, specific government grants for women are not as common as many think.  

There Are a Number Funding Options Available for Women Owned Businesses, Including Government Grants for Women

Still, there are plenty of options.  Some are designed specifically for women business owners, but most are not.  From private grants to government loans, women business owners can fund their businesses and be successful if they know where to start. 

Government Grants for Women and From Other Sources

All grant programs are highly competitive.  Even the few government grants for women. Despite this, they are definitely worth the effort to apply, as there really isn’t a lot to lose except time.  It’s free money that can supplement other funding types. Some examples include: 

SBA Women’s Business Centers

In addition to helping with loans, the SBA Women’s Business Centers also help women entrepreneurs get access to other types of funding. Some lend money or award grants directly, while others help connect women entrepreneurs with financial institutions.  The grants that are awarded through some of these centers could be considered government grants for women, since the SBA is a government entity.

Eileen Fisher Women-Owned Business Grant

The clothing brand Eileen Fisher hands out $100,000 per year to 10 women-owned businesses. To qualify, a woman must have at least 51% ownership, and the business must be in operation for at least three years. Also, it must bring in less than $1 million per year in revenue and have a focus on environmental or social change.  This is a private sector grant.

Find out why so many companies use our proven methods to get business loans. 

Amber Grant 

The Amber Grant awards $500 to $1,000 per month to a woman-owned business. One of the recipients also receives an additional $10,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.  This one is another private sector grant. 

#GIRLBOSS Foundation Grant 

Specifically for woman-owned businesses in fashion, music, and art, the #GIRLBOSS small business grant awards $15,000.  They also offer exposure via the Girlboss website and social media platforms. Judges rate those applying on creativity, business savvy, planning, innovation in the field, need, and where they plan to work.  Like the last two, this is private grant. 

Cartier Women’s Initiative Award 

The Cartier Women’s Initiative Award is $100,000 for first place and $30,000 for second place.  They award the grant to 18 female business owners from around the world each year.  Women business owners who are just getting started may qualify.  Go here for the complete application information for this small business grant.

All of the finalists get to attend the INSEAD Social Entrepreneurship 6-Day Executive Program (ISEP). They will also have the opportunity to participate in workshops on entrepreneurship, business coaching seminars, and be exposed to networking opportunities.  This is also a private grant. 

The Small Business Administrationgovernment grants for women Credit Suite

The SBA offers government backed loan programs, a number of which are perfect for women business owners, though not designed exclusively for women.

7(a) Loans

This program offers federally funded term loans up to $5 million. The funds can be used for expansion, purchasing equipment, working capital and more. Banks, credit unions, and other specialized institutions in partnership with the SBA process these loans and disburse the funds. 

To qualify a business owner has to have a credit score of at least 680.  There is also a required down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. If a business is a startup, business experience equal to two years is enough. 

This is by far the most popular of the SBA loan programs.  Funds are available for a broad range of projects, from working capital to refinancing debt, and even buying a new business or real estate. 

504 Loans 

These loans are also available up to $5 million.  They can buy machinery, facilities, or land. Generally, they are used for expansion.  Private sector lenders or nonprofits process and disburse the funds, and they work especially well for commercial real estate purchases. 

Terms for 504 loans range from 10 to 20 years.  Funding can take from 30 to 90 days. The minimum credit score requirement is 680, and collateral is the asset being financed. There is also a down payment requirement of 10%.  However, this can increase to 15% for a new business. 

Furthermore, there is a requirement that you be in business for at least 2 years, or that management has equivalent experience if the business is a startup. 

Microloans 

Microloans are available in amounts up to $50,000. They work for starting a business, purchasing equipment, buying inventory, or for working capital. Community based nonprofits handle microloan programs as intermediaries.  Unlike other SBA programs, financing coming directly from the Small Business Administration. 

Interest rates on these loans are 7.75% to 8% above the lender’s cost to fund, and the terms go up to 6 years. They can take up to 90 days to fund. There is a 640 minimum credit score requirement.  However, the collateral and down payment requirements vary by lender. 

SBA Disaster Loans 

Disaster loans are available in amounts up to $2 million.  They are actually processed directly through the SBA. They are available to small-business owners that have been affected by natural disasters.  Terms go up to 30 years, and the maximum interest rate is 4%. 

Find out why so many companies use our proven methods to get business loans.

The minimum credit score for disaster loans is 660. Collateral is necessary if the loan goes over a certain amount, usually $25,000, if it is available or when it becomes available. For a military economic injury disaster that amount is $50,000. A down payment is not necessary either way.

SBA Express loans 

Express loans top out at $350,000 and have a maximum interest rate of 11.50%. Terms range from 5 to 25 years, and the SBA guarantee is less than with their other loan programs at 50%. To qualify, your credit score must be above 680.  In addition, you must have a debt to service ratio of 1.1 or higher. If the loan is greater than $25,000, collateral may be necessary depending on the lender. 

The turnaround for express loans is much faster.  The SBA takes up to 36 hours to give a decision. Necessary paperwork for application is also less, making express loans a great option for working capital, among other things, if you qualify. 

SBA CAPLine 

There are 4 distinct CAPLine programs that differ mostly in the expenses they can fund. Each of them carries a maximum amount of $5 million and an interest rate that ranges from 7% to 10%. Funding can take 45 to 90 days. 

The four different programs are: 

  • Seasonal CAPLines -Financing for businesses preparing for a seasonal increase in sales.
  • Contract CAPLines -Financing for businesses that need funding to fill a contract.
  • Builder’s CAPLines -Financing for businesses taking on a real estate or construction project.
  • Working capital CAPLines -Financing for businesses that are struggling with a short-term slump in sales.

You must have a credit score of 680 or above to qualify for these. There is no minimum time in business requirement unless you are getting a seasonal CAPline. That one carries a one year in business requirement. 

SBA Community Advantage Loans 

This is a pilot program set to expire or extend in 2020. Its purpose is to promote economic growth in underserved areas and markets. Decision makers can be less stringent when it comes to poor credit or low revenue if the business has the potential to stimulate the economy or create jobs in underserved areas. 

Loan amounts range from $50,000 to $250,000 with a maximum interest rate of 11%, while terms range up to 25 years.

Other Loan Options for Women Business Owners

While programs like those that provide government grants for women and those offered by The Small Business Administration often work to meet the unique challenges faced by women business owners, sometimes it just isn’t enough.  If your credit score does not allow you to qualify for SBA loans, these options are available as well. They tend to work well, though not specifically designed for women. 

Lending Club

LendingClub functions as a peer-to-peer lender that offers mostly fixed-term small business loans. Borrowers that get loans from LendingClub generally use loans funds to buy equipment, finance growth or expansion projects, consolidate other debt, or hire new employees.

One benefit LendingClub offers with their small business loans that many others do not is access to a client advisor. This is someone to help you figure out how to best use your business loan funds, as well as how to budget loan payments.

The minimum loan amount at LendingClub is $5,000 and the maximum is $300,000.  There is a minimum time in business requirement of 12 months to qualify.  In addition, you must have at least $50,000 in annual sales.  There can be no tax liens or bankruptcies, and you must have at least 20% ownership. They will work with a credit score that is fair or higher.  A fair credit score ranges from 620 to 659. 

Lendio

Lendio offers a loan-connection service that dramatically cuts the time it takes for small business owners to find the perfect loan.  They do the legwork by vetting a network of competing small business lenders. Funding is fast, sometimes in as little as 24 hours.  

Potential borrowers submit one application and then see offers from lenders in the network.  The minimum loan amount is $500 while the maximum is $5,000,000.  The business must be U.S. or Canada based and must have a business bank account.  There is a minimum personal credit score requirement of 560.  

Blue Vine

BlueVine offers two options for small business financing.  They include lines of credit and invoice factoring.  They also offer the ability to talk with a financial advisor. Their application process takes place exclusively online.  The minimum loan amount is $5,000 and their maximum is $100,000.  Furthermore, to be eligible you must be in business for at least 6 months, have revenue of $120,000 per year or more, and have a credit score of at least 600.  

Kiva

Kiva has a unique lending model. They offer loans to businesses, but their platform is far different from than that of traditional or even other non-traditional lenders.  It is sort of a cross between crowdfunding and lending.  They offer loans with a 0% interest rate. That means, even though you have to pay it back, it is actually free money. In addition, they do not run a credit check at all. The only requirement is that you have to get at least 5 family members or friends to donate money for your business.  Also, you have to give at least a $25 loan to another business on the platform yourself. 

Grameen

Microloans are a great option when it comes to business loans for women with bad credit.  Grameen is one of the few lenders that offers microloans specifically for women.  The loan amounts range from $2,000 to $15,000, and they also offer financial training and support.  

As a bonus, they report payments to Equifax and Experian.  Consequently, these loans help borrowers build credit. 

Find out why so many companies use our proven methods to get business loans.

Government Grants for Women Do Exist, but So Much More Is Available

It is possible to find government grants for women.  They do exist. However, they are not the only option female entrepreneurs have.  Since they are rarely enough to fully fund a business, it is good to know what else is out there. 

When looking for government grants for women, start with the SBA Women’s Business Centers.   They are going to be your best bet for information of this type. Don’t limit yourself, however.  Try the other grant options mentioned above, and look around for others. New ones pop up every day. Know though, that complete funding will almost always require a loan or investor of some type, so keep that in mind as well. 

The post Government Grants for Women and Other Funding Options for Women Owned Businesses appeared first on Credit Suite.

Seoul Metropolitan Government Holds Seoul International Fina…

Seoul Metropolitan Government Holds Seoul International Finance Conference (SIFIC) 2016 It was composed of 3 sessions, of which the corresponding schedule products were New Trend of Financial Industry: Integration of Finance & Technology, Achievements as well as Threats of Korean Financial Hub, and also Seoul’s Strategy: The Hub of Asian Capital. In enhancement, there was …