Tag: Hunt

Houston police hunt costumed gunman, accomplice after strangers' argument turns deadly

A costumed gunman fatally shot a man during an argument in downtown Houston, and the two “persons of interest” remain on the loose.

The shooter – wearing a “yellow and black costume” with a yellow-and-black-striped tail with a hoodie – shot a man twice in the chest around 1:20 a.m. Thursday, police said. 

The other suspect is described as a man with long, black hair wearing a pink or orange T-shirt.

The victim was a 20-year-old man whose name has not been released. He was rushed to the hospital, where he was pronounced dead.

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The victim and his family crossed an intersection where one person in a costume and another with a camera and tripod were set up. 

The two groups “exchanged words,” Houston police said during a press conference.

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It appears as though the tripod was pushed or kicked, Commander Chris Hassig said, although there is no audio on the surveillance video to tell what was said or why it escalated.

After the shooting, the suspects went to “several” bars or restaurants in the area, and investigators continue to work leads, Hassig said. 

WATCH SURVEILLANCE FOOTAGE OF SHOOTING

In the surveillance footage that police released, they were spotted getting into a white Mazda hatchback with three stickers on the back left window and another sticker on the rear window. 

“We would like to speak to them to get their version of events,” Hassig said. 

Chief Troy Finner said this was “an isolated incident” at the intersection of Austin and Lamar streets in a bustling area of the city’s downtown, which he stressed is “a safe area.”

He urged the suspects to turn themselves in and for potential witnesses to come forward with tips.

Police are looking for the actual costume, as well, according to Hassig. 

The suspects were spotted in T-shirts as they got in the Mazda and drove off. It is unclear what happened to that costume. 

The investigation remains ongoing. 

On the Hunt: Finding Elusive Recession Startup Business Loans

COVID-19 threw our country into a recession that no one really saw coming.  The drastic turn in the economy was jarring to say the least.  Starting a business now can be scary.  Here’s what you need to know about recession startup business loans and other funding options. 

How to Find Other Funding Options Besides Recession Startup Loans

Small businesses continue to report problems finding credit. About 45% do not apply, most likely due to the fact that they do not need to. Another 20% don’t apply because they are discouraged from doing so. They either feel they will not qualify or they believe the process is too hard, and therefore not worth the time.

Small business owners report that competition among banks for their business came to a head from 2001 to 2006, and that this competition has declined from 2006 to the present.

But Wait, There’s More to Recession Startup Business Loans and the Economy
recession startup business loans credit suite

Even more concerning, according to one report, the number of American banks and thrifts has been decreasing slowly for 25 years. This is coming from consolidation in the marketplace in addition to deregulation in the 1990s, reducing barriers to interstate banking.  What does that mean in layman’s terms?  In short, recession is coming. Will you be able to find funding? 

Assets focused in ever‐larger financial institutions is a problem for small business owners. Big banks are a lot less likely to make small loans. Economic declines usually mean financial institutions will become more mindful with financing. 

The good thing for small businesses is, business credit does not rely on traditional financial institutions. What about recession startup business loans? How do you find them? Does such a thing even exist?

Hit the jackpot and weather any recession with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

In the strictest sense, yes.  I mean, startup business loans do not just disappear during a recession.  They are just harder to get.  Startups are a big risk, and few lenders are willing to take such risks, especially during a recession.

That doesn’t mean you should lose all hope however. There are options that can make it easier for you to qualify, and if you are still not able to get startup business loans, other types of funding do exist.  

The Credit Game? 

Lenders check credit to help determine whether or not a borrower is likely to repay the loan. It is an effort to reduce risk. If you have great personal credit, you are home free. No need to hunt, the loans will come to you whether there is a recession or not.

While credit is a good indicator of likelihood to repay, it is far from perfect. The problem is, for business loans, most owners have to rely exclusively on their personal credit.  This is because, as a startup, they likely do not have any business credit yet.  It is possible to have not so great personal credit and still be able to meet business obligations.

What Else Can Lenders Use besides Credit to Approve Recession Startup Business Loans?

There are a ton of potential borrowers out there that could be great for lenders. Unfortunately, they will never get a second look because of a poor personal credit score or non-existent business credit score. 

Some lenders are willing to take other factors into consideration when they determine whether to approve business loans. They may look at credit, but they look at income, current debt, and length of time in business as well. 

Often a business can get approval based on length of time in business and annual revenue. It is important to remember that startups can be as young as a couple of years. It does not have to be a brand-new business to qualify as a startup.

Most loans that do not require a great credit score do require at least 6 months in business. Some will go with 3 months. Few and far between are the loans that do not have a minimum time in business requirement. 

Some lenders will get as personal as to ask why your personal credit score is low. If there is a personal situation that caused a decline in credit, telling them about it may help. In addition, if your score is low but has increased significantly, you should bring that to their attention as well.

For example, if you can show them that your score went low as a result of a health problem, but has increased 100 points since that problem was resolved, it can only help. 

What Exactly Are You Hunting For?

Loans are hard to come by in a recession, period.  Recession startup business loans may be some of the hardest to find.  The key is to remember you are hunting more for the right lender, rather than the right loans. Not only that, but you may be better off looking for another type of funding all together.  Here are some surprising alternatives to traditional lenders and loans.

Hit the jackpot and weather any recession with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Alternative Lenders

Alternative lenders are likely the best option when it comes to business loans in a recession.  They are alternatives to the standard banks and credit unions. Many operate solely online. They often process applications in just a few days, and borrowers receive funds quickly. 

The main difference in alternative and traditional lenders is that there are many occasions where they may not even do a credit check. Often, if you can show that you are generating sufficient revenue to repay the loan and interest, you are golden.

You do have to do your research still.  Do not assume every loan an alternative lender offers is what you are looking for. 

The interest rates with alternative lenders are generally higher, and the repayment terms are less liberal. They may also require a personal guarantee or collateral of some sort. 

Despite the often less favorable interest rates and terms, these are a great option for those looking for recession startup business loans. 

Crowdfunding as an Alternative to Recession Startup Business Loans

Crowdfunding is not technically a loan, though some crowdfunding sites offer a lending option. These are more in line with investments. This means you do not have to pay them back. 

It won’t work for everyone.  You have to set a goal for the amount of investment you want. With some sites, if you do not reach that amount, you do not get your funds. Other crowdfunding sites are more flexible, allowing you to take whatever you can get. 

The main reason this doesn’t technically fall into the category of business loans is that the main product is not a loan. You do have to provide in depth information however, and most sites require you to offer backers an incentive for their investment. It is only fair to mention, also, that it may be harder to find those willing to participate in crowdfunding during a recession.

Angel Investors

Again, this isn’t a loan, but it is an option if finding recession startup business loans is proving difficult. The idea is very similar to that of crowdfunding, except you replace the crowd with one investor.  Sometimes it is two or three investors. It is a few, and not a crowd, that provide the bulk of the funding. 

It’s important to note that angel investing in your endeavor can be really informal.  Even your mother can be an angel investor. 

Invoice Factoring

If you have been in business long enough to have open invoices, invoice factoring could be an option. The lender is not concerned with your credit, because they will not be collecting from you.

They will pay you a discounted value for your open invoices and then attempt to collect the full amount from your customers. This is an excellent funding option, but it does not operate exactly the same as traditional loans.

Credit Line Hybrid

A credit line hybrid is the funding option many do not know about, and it is perfectly suited for business funding during an economic downturn. It allows you to fund your business without putting up collateral, and you only pay back what you use.  

How hard is it to qualify?  Not as hard as you may think.  You do need good personal credit.  That is, your personal credit score should be at least 685.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit. 

If you do not meet all of the requirements, it’s okay. 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 partner with you to allow you to tap into their credit to access funding. 

What are the Benefits of a Credit Line Hybrid? 

There are many benefits to using a credit line hybrid.  First, it is unsecured, meaning you do not have to have any collateral to put up.  Next, the funding is “no-doc.”  This means you do not have to provide any bank statements or financials.  

Not only that, but typically approval is up to 5x that of the highest credit limit on the personal credit report. Additionally, often 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.  One other benefit is this.  With the approval for multiple credit cards, competition is created.  This makes it easier, and likely even if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months. 

Hit the jackpot and weather any recession with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Self-Funding with Friends and Family During a Recession

Your friends and family are often your best source of recession startup business loans.  If they believe in your cause and have the funds, they may be willing. They may also be more flexible and generous in terms of interest rates and repayment terms. It never hurts to ask. 

If you have savings or retirement funds available, there is no doubt you will have guaranteed approval with what’s called securities-based financing. An added bonus is that you can repay yourself, and if you choose to do so with interest, even a little, you could end up better off. If you need to take it more slowly, you can do that too. You can be as flexible as you want with yourself. 

Avoid the Hunt for Recession Startup Business Loans

If you are weary of the hunt, start now working to establish and build business credit. Many times, this is an issue for the simple reason that business owners do not understand business credit and personal credit are not the same thing. 

By working to establish a credit score for your business separate from your own, you make it easier to fund your business endeavors in the future. 

First Things First

If you do not currently have business credit and need to get it established, there are some simple steps you can take to get started. 

  • Incorporate your business as a corporation, S-corp, or LLC.
  • Get your business its own phone number and address separate from your own.  
  • List this information under your business name in all the directories. 

These steps establish your business as its own entity separate from you and your finances. This is the essential first step to establishing business credit. 

Build Strong Business Credit

This should be the ultimate goal.  Once your business is its own entity, you can work on building, or repairing, bad credit. When that part is complete, you no longer have to worry about finding funding based on your personal credit alone. You will just be able to apply for a loan and negotiate for the best terms and rates. 

How do you get there? First, make sure you are doing business with vendors that report to the credit agencies. Then, get whatever credit you are eligible for. 

Even if you don’t need credit at the moment, get something. Make your payments on time, consistently. This builds a credit score where there was none before, and it can begin to repair a poor credit score. 

 

A Successful Hunt Many Not Even Include Recession Startup Business Loans

There is always an obstacle to overcome. There is always a problem of some sort. Don’t let the finding recession startup business loans be the thing that keeps you from starting and running a successful business.   

You may be able to find a loan, but if you can’t, there is more than one way to bag the prize. The alternatives to business loans for startup funding are numerous. If the regular weapons are not available for whatever reason, find another way. Take a look at alternative lenders, invoice factoring, merchant cash advance options, Crowdfunding, Angel Investors, or even friends and family.

Recessions come and go.  It is the nature of the economy.  No matter what, it just happens.  It can be counted on the same way as the sunrise and sunset.  Thankfully, it doesn’t have to bring success or progress to a halt.  Explore your options and be diligent to find the funding you need for your business. You have to get creative and seek out alternative methods, and that is okay.  Having a strong business credit score can definitely help also.  Find out more about that here.  

Just don’t give up.  Remember, the key is to put yourself in a better situation so that once you survive the battle, you can win the war. 

The post On the Hunt: Finding Elusive Recession Startup Business Loans appeared first on Credit Suite.

The Treasure Hunt for Low Rate Small Business Loans

How to Hunt down and Capture Low Rate Small Business Loans

When Indiana Jones was on the hunt for a rare artifact, he always knew everything he possibly could about it before he got started.  His treasures were always surrounded by mystery, but he was able to find them based on the information he learned. The same is true of low rate small business loans.  By learning as much as you can about them, you empower yourself to not only find them, but to bring them home.

Everyone wants low rate loans, but not everyone can get them.  It takes a special type of lender and borrower.  We can tell you how to be the right borrower and how to find the right lender.  Let’s start with the basics.

What is the Interest Rate?

Lenders don’t let you borrow money out of the kindness of their hearts. Unless they are specifically designed as a non-profit entity, lenders are in it for the money.  The main way they make money is by lending you money, and requiring you pay back what you borrowed, plus some.  The amount of the plus some is dependent on the interest rate.  It is a percentage of the amount you borrowed that you must pay the lender in return for allowing you to borrow the money.  In short, it is the cost of the loan.

It’s important to remember that there are often other costs associated with loans in the form of various fees.  The interest rate however, is how the bread is buttered.

Learn business loan secrets with our free, sure-fire guide.

What’s Qualifies as a Low Rate?

The next logical question that comes to mind when thinking about low rate small business loans may be, what qualifies as a low rate?  I mean, you have to know exactly what it is you are looking for.  When talking about business loans, an interest rate lower than 10% is low.  There are not a ton of these out there, and they are hard to get, but they do exist.  That’s what makes them a treasure worth hunting.

Who Gets Low Rate Small Business Loans?

Not only are low rate small business loans rare, but the borrowers that can obtain them are even more rare.  The thing is, it takes a borrower with a good credit score, solid revenue, and an established business to get this kind of treasure.

Why is this?  Well, higher interest rates are a way to balance out perceived risk.  If a lender sees you as a potential risk, they want to ensure they get as much of their money as they can.  They raise the interest rate so that they get more profit with each payment you make.  If they think that you are a low risk borrower, they will be willing to lend more money at a lower rate.  That’s because they are not as concerned that you will default on the loan.

Which Types of Lenders Offer the Lowest Rates?

The other thing that makes low rate small business loans a rare treasure is that you can’t get them from just any lender.  As a general rule, the lowest rates come from traditional lenders.  These are the big banks, community banks, and credit unions.

These lenders all lend directly, but some also partner with the Small Business Administration to offer lower rates to those that would otherwise not qualify for them.  Find out more about the Small Business Administration here.

Small Business Administration Low Rate Small Business Loans

The SBA offers a number of loan programs through partners lenders.  They vary in uses and eligibility requirements. Some of the most popular include:

7(a) Loans

This is the Small Business Administration’s main loan program. It offers federally funded term loans up to $5 million. Funds are allowed to be used for expansion, purchasing equipment, working capital and more.

The minimum credit score to qualify is 680, and 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. They’ll accept experience equal to two years in the case of startups.

504 Loans

These loans are also available up to $5 million and can buy a number of things includings land, facilities, and even machinery. Terms range from 10 to 20 years, and funding can take from 30 to 90 days. They require a minimum credit score of 680.  They consider the asset that the funds are used for to be collateral. There is also a down payment requirement of 10%, which can increase to 15% for a new business. You must be in business for two years or have equivalent management experience if you are a startup.

Learn business loan secrets with our free, sure-fire guide.

Microloans

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

Interest rates run 7.75% to 8% above the lender’s cost to fund, and the terms go up to 6 years. Funding may take up to 90 days, and the minimum credit score is 640.  Collateral and down payment requirements vary by lender.

SBA disaster loans

Available in amounts up to $2 million, these 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%.

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. There is no down payment requirement regardless.

SBA Express loans

These loans max 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, and 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, with the SBA taking up to 36 hours to give a decision. Necessary paperwork for application is less also, making express loans a great option for working capital as well as other things.

Low Rate Small Business Loans from Alternative Lenders

There is no way around the fact that alternative lenders have higher interest rates.  They cater to those that do not qualify for loans from traditional lenders.  Consequently, they are catering to borrowers that are innately higher risk.  They do the same as any lender, and increase interest rates to balance out the risk.

Far and away SBA loans are the best bet for most when it comes to low rate small business loans.  If your business is strong but you don’t quite hit the mark for a standard loan, they are a great option.  The application process is much longer and way more involved that others however.

There are a couple of alternative lenders than have streamlined the process.

low rate small business loans Credit Suite2

SmartBiz

This lender offers loans backed by the SBA that borrowers can use for a variety of purposes.  Examples of acceptable uses include working capital, inventory, expansion and debt consolidation. If you want $150,000 or less, they require a credit score of at least 600, $50,000 annual revenue, and a minimum of 2 years in business. For amounts higher than $150,000, the requirements are the same except the credit score minimum increase to 650.

Live Oak Bank

This is another option for a faster SBA loan process if your business is part of one of 17 specific industries.  These industries include:

  • accounting and tax firms
  • Agriculture/poultry
  • Automotive
  • Educational services
  • Family entertainment
  • Funeral service
  • Government contracting
  • Healthcare and dental
  • Hotel
  • Insurance
  • Investment advisory
  • Pharmacy
  • Renewable energy
  • Self-storage
  • Senior care
  • Veterinary
  • Wine/craft beverage

The minimum credit score for these loans is 650, but the other requirements are pretty lose.  For income, they only require that cash flow can support the debt.  There is no minimum time in business requirement.

How to Turn the Tide of Low Rate Small Business Loans in Your Favor

Once you understand how things work, you can get a handle on why these loans seem to stay just out of your reach.  The thing is, there is no way around the fact that a higher credit score translates to lower interest rates.  The thing to do then, would be to increase your credit score.  It won’t seal the deal, but it will take you almost all the way.

When you are a business however, you have two scores to worry about.  You need to ensure your personal credit score stays up to par for a number of reasons, but you also need to be concerned with your business credit.

Here’s the thing.  In general, you need your business credit to be completely separate from your personal credit.  All of your business financing should ideally be based on your business credit.  Practically however, it doesn’t work this way. Most traditional lenders, the ones with those low rate small business loans, look at your personal credit score.

In addition, a couple of the business credit reporting agencies use your personal credit score in your business score calculation.  That means that even though you definitely need the scores to be separate, you cannot forget about your personal score, even when it comes to business financing.

How Do You Improve your Personal Credit Score?

The first thing you do is get a free copy of your credit report.  You can get one each year.  Take a look at it and review what it on it.  If you see mistakes, dispute them with the credit agencies in writing.  Then, look at what may be negatively affecting your score.  Are you making late payments?  Stop that.  Paying on time is non-negotiable for improving credit.

Look at your balances in relation to your limits.  Are you close to your limits?  Pay those balances down as soon as possible.  That has a definite negative affect on your score.  Another issue is the average age of accounts.  If all of your accounts are relatively new, that is going to bring your score down.  There isn’t a lot you can do about that other than just wait, but be aware that each time you add a new account, the average age of your accounts decreases.

Build and Improve Business Credit

Business credit is credit in a business’s name. It doesn’t attach to a business owner’s individual credit.  When you have business credit, business transactions do not affect your personal credit at all. Consequently, an entrepreneur’s business and individual credit scores can be very different.

How to Get Business Credit

Establishing small business credit does not happen automatically. A business must work intentionally to make it happen.   The first step is to appear fundable to lenders and vendors. This begins with how you organize your business.  Sole proprietorship may be the easiest option, but it is also the most sure-fire way to ensure your business accounts end up on your personal credit report.

You need to choose to operate as either an LLC, S-corp, or a corporation.  For business credit purposes it doesn’t matter which one.  Choose the option that best fits your tax needs. You’ll also need an EIN.  It is an identifying number for your business similar to how an SSN is a personal identifying number.  Get an EIN and start the incorporation process at IRS.gov.

A professional-looking website and email address are also important. Web hosting should be bought from a merchant like GoDaddy, not from a free service.  A free email account will not work either.  It needs to have the same URL as your website.

A dedicated business telephone number and address that are not the same as yours are necessary as well.  Be sure there is a business listing on 411.  You can do that here.

In addition, you need a business bank account.  Be sure it is in the business name and that only business transactions run through it.

Learn business loan secrets with our free, sure-fire guide.

Once you have all this in place, go ahead and apply for a D-U-Ns number. Just go to the D&B website. A D-U-N-S number is how D&B gets a business in their system.  Therefore, if you do not have one, you do not have a business credit score with Dun & Bradstreet.  Since they are the largest and most commonly used business credit reporting agency, you need a D-U-Ns number to have business credit.

What Next? Building and Improving Business Credit

After all of this is set, you have to get accounts reporting.  If you already have business credit but need to improve it, you will follow this same process.

Start with establishing trade lines that report. Do this with vendors that are in the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score. With an established business credit profile and score you can begin to acquire credit in the retail and cash credit tiers.

The vendor credit tier including those vendors that will extend net 30 terms without checking your credit, and then they will report your payments to the business credit reporting agencies.  Find out more about the business credit building process here.

Monitor Your Business Credit

You can’t stop there.  You will not know what kind of credit you have or if you can move on in the tiers without monitoring your credit.  Go to www.creditsuite.com/monitoring to do so at a fraction of what it costs with the credit agencies directly.  There is no option for a free business credit report like there is with personal credit reports.

Low Rate Small Business Loans Exists and Your Business Credit Can Help You Get Them

Now the big question.  Low rate small business loans generally come from traditional lenders. Traditional lenders look at your personal credit score.  How can business credit help you get low rate loans?

If your personal business score isn’t quite up to par, but you have an established business with a strong business credit score that meets the other requirements, they may be willing to give a little.  There is no guarantee, but it does happen.  Either way, a strong business credit score means you can access the business funding your need through another channel, even if the traditional ones don’t pan out.  It’s a virtual guarantee you can get the funding your need to grow your business.

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