Tag: Step

Relatives of loved ones killed, kidnapped by Hamas plead for help: 'The world has to step up'

A distraught family member described on “FOX & Friends” Wednesday seeing videos of her relatives being taken from their home in southern Israel by Hamas. 

LeElle Slifer said she recognized her mother’s cousin, Kinneret, in a newly surfaced video of hostages whose hands were tied as they walked alongside Hamas terrorists. Additional video showed four lifeless bodies with physical characteristics matching the hostages.

“She texted us that morning. She was in the house with her husband, her daughter, her son, and her daughter-in-law and her little granddaughter, three years old. They were all there celebrating the holiday, and she said she was safe,” Slifer told host Steve Doocy, who was also overcome with emotion over what happened to the family. 

“Then we started seeing videos from the terrorists that she’d been taken, reports from her husband that their daughter was taken, their son, their daughter-in-law, their granddaughter… and we just kept searching for news, and we didn’t know for so many days.”

HAMAS ARMED WING WARNS IT WILL START KILLING ISRAELI HOSTAGES FOR ANY NEW BOMBING OF HOMES WITHOUT WARNING

Her voice began to break. “Then I saw the video online, and I had to tell my family in Israel that I had seen [her] laying on the ground lifeless, and we still haven’t recovered her body yet.”

Before disappearing toward Gaza, Hamas militants tied Kinneret’s son’s hands and shoved him into a vehicle with his wife and three-year-old daughter. Another member of their kibbutz – or community – was shoved in the trunk.

When they encountered a tank, the terrorists stopped the vehicle and got out, giving Slifer’s loved ones a chance to escape.

“[They] knew that if they didn’t do something, they would be as good as dead,” she said. “So they jumped, ran from the car…” Kinneret’s son hid in a field with his daughter for 24 hours until silence replaced gunfire and shouting. He then made his way back to the kibbutz.

AMERICAN WOMAN SAYS FAMILY HAS BEEN TAKEN HOSTAGE BY HAMAS IN ISRAEL: ‘ANY PARENT’S WORST NIGHTMARE’

“Thank God they’re alive,” Slifer said. 

But Kinneret’s daughter-in-law had to hide someplace else and has been missing since. Slifer said the family has to assume the worst has happened: that she has been taken hostage in Gaza.

“This is jihad. There are no rules in jihad. They’re raping women in fields. They’re beheading babies. They’re executing the elderly in the street. They’re taking [people] back to Gaza to use as human shields. It’s appalling. And the world has to step up and get these hostages out,” she continued.

Terror in the Holy Land also devastated Ofri Levy, whose family was kidnapped by Hamas. She begged for their rescue on Wednesday.

“The only thing we know is that they were taken to Gaza on Saturday,” she told FOX News. Video showed her sister-in-law holding her two sons as they were taken from their home by Hamas terrorists.

‘TIME IS OF THE ESSENCE’ TO RETEIVED HOSTAGES: COUNTERTERRORISM EXPERT ISSUES WARNING OVER ISRAEL WAR

“We knew [she] and the kids were taken because we got this video in already on Saturday. We didn’t know anything about my brother until yesterday, which was his birthday, and it was the first time we got any picture of him, any sign of life, and we saw him in a picture surrounded by terrorists leading into Gaza.” 

“He was bleeding from his head,” she said. “One of the terrorists had a hammer in his hand.”

Levy said her brother stayed in contact with her via text messages leading up to the kidnapping, telling her he was terrified as he heard explosions, gunfire and screaming in Arabic.

“The last text I got from him was 9:45 Saturday saying they were coming inside their house. Later, we also saw a video of them breaking inside my brother’s house,” she explained.

“I can’t think of anything else. They have to come back home. They have to join us again…” she added.

The death toll continues to climb in the harrowing days since war broke out Saturday. As of early Wednesday, nearly 2,100 have been killed on both sides of the conflict, including more than 1,200 in Israel.

For more Culture, Media, Education, Opinion and channel coverage, visit foxnews.com/media.

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How to Get a Loan for a Business: A Step By Step Plan of Action

When a business already exists, loans are often needed to help it grow. How to get a loan for a business growth is a little different than when you first get a loan to start your business.  In some ways, it is easier. In others, it is more complicated. For example, you already have your business plan and market research. You do not have to do all the original projections, and you do not have to convince a lender you have a winning idea. There are other steps in how to get a loan for a business however.

If you need to know how to get a loan for a business that already exists, you will have to convince a lender that it has potential for growth. In addition, they will want to see proof of financial success, and you will need to provide them with a plan for how you plan to use the money to aid growth and expansion.

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

A Step by Step Plan for How to Get a Loan for a Business 

It can sound overwhelming, but if you follow the steps, most of the hard work will be done before you ever talk to a lender.  The key is to know which type of lender and what type of loan will work best for your needs. Once you know those two things, you can prepare specifically for that.  Then, when the lender starts asking questions you will be ready. This will make the process of how to get a loan for a business much faster, and likely it will go much more smoothly. 

How to Get a Loan for a Business: Step One: Choose the Type of Loan You Need

First, consider the type of loan you need in light of what you actually qualify for. how to get a loan for a business Credit Suite2

Traditional Loans

These are the standard loans that disperse a set amount of funds, with the borrower repaying over a certain period of time.  The payment is the same each month, and they can be either secured or unsecured. Unsecured small business loan options usually have higher interest rates. 

Line of Credit 

This is revolving debt similar to credit cards.  Borrowers are given a maximum limit of the amount of funds they can use, but only pay back the amount that they actually use.  For example, a borrower may have a $10,000 line of credit and use $5,000 to buy a new commercial oven. They will only pay back to $5,000, until the time comes that they choose to use more. Lines of credit can also be secured or unsecured. 

Invoice Factoring

Factoring invoices is an option if you have receivables.   The lender basically buys unpaid invoices from you at a premium, meaning you do not get full value.  You then have immediate cash however, for those open invoices. The lender collects from the consumer directly at full value.  The older the invoice, the higher the premium. This is due to the fact that the likelihood of collecting on the invoice goes down the older the invoice gets. These are an option for fast cash.

Merchant Cash Advance

If you accept credit card payments, a merchant cash advance can help you out in a cash pinch.  It is basically just what is says. It’s a cash advance on predicted credit card sales. They base the amount of the loan off of average daily credit card sales, and then take payment from future credit card sales. This usually happens electronically. Most often, the process is automatic.  The draw is that you get the funds fast, and there are usually more flexible options for repayment terms depending on your eligibility. This is another great option if you need cash quickly.

Which one of these will work best for your needs?  Well, if you are looking to grow, then you likely have a plan for what that will take.  In general, a traditional type of loan or a line of credit works best for growth. 

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

How to Get a Loan for a Business: Step Two: Choose the Type of Lender

 A lot of business owners think that a bank is their only option.  There are a few different types of lenders to consider in how to get a loan for a business already running however. 

Large Commercial Banks

These include those nation-wide institutions like J.P. Morgan Chase and Wells Fargo.  As a general rule, they are small business friendly. There is nothing specific that they hold against smaller businesses.  It is simply that these businesses do not generally meet the requirements for borrowing from large banks.  

Community Banks

Community banks are the smaller, local financial institutions.  Sometimes they are called hometown banks. They are typically more friendly toward small businesses.  Often, they are able to look a little deeper and see a tad bit more than the numbers. Their small business loan options may have less strict eligibility requirements as well.  Still, the numbers make a difference. Whether credit score, annual income, years in business, or some combination, you will have to have meet eligibility.

Credit Unions

The main thing to remember with a credit union is that you must be a member to get a loan from them.  They usually offer more favorable interest rates however. If you are a member of one, be sure to ask about what they offer as far as business loans.

Private Lenders

These are alternative lenders that usually function online, though some do have brick and mortar locations as well.  The benefit with private lenders is that they offer small business loan options to those that may not qualify with traditional lenders.  Their credit score requirements are lower. They may or may not require a certain amount of time in business or minimum revenue amounts. However, their small business loan options typically have higher interest rates. 

If you think this may be the route you need to take, here are a few options to consider. 

Upstart

Upstart is a fairly new online lender.  They question whether financial data and credit score alone can really determine the risk associated with a specific borrower.  Instead, they use a combination of AI and machine learning to gather alternative information. They then use this information to aid in credit decision making.

This alternative information may include such things as mobile phone bills, rent, deposits, withdrawals, and even other information less directly tied to finances.  Software from the company actually learns and improves on its own. 

They offer various types of financing products to fit a broad range of needs. This includes debt consolidation and personal loans, as well as business loans.

You can get a quote on a loan to start or expand a business.  Quotes are available online in a matter of minutes.  Learn more here in our comprehensive review. 

StreetShares 

StreetShares began as a service to veterans.  Now, they offer term loans, lines of credit, and contract financing. In addition, they now offer small business loan investment options. The maximum loan amount is $250,000.   

To be eligible, you must be in business for at least 12 months with annual revenue of $25,000. Exceptions are possible, with loans to companies in business for at least 6 months having higher earnings happening on a case by case basis. The borrower’s credit score must be at least 620. For more on StreetShares, see our in-depth review. 

Kabbage 

Kabbage is a well know online lender. They offer a small business line of credit that can help businesses accomplish goals quickly. The minimum loan amount is $500 and the maximum is $250,000. They require you to be in business for at least one year and have $50,000 or more in annual revenue, or $4,200 or more in monthly revenue, over the previous 3 months. 

They have a non-traditional approach that puts less weight on your credit score, so they may work better for some borrowers than other lenders.

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

Fundation 

Fundation provides both term business loans online and lines of credit. It is most known for its working capital funding options. These are funds meant to help cover the day-to-day costs of running a business rather than larger projects. Typically, these funds come in the form of a line-of-credit.

The minimum loan amount they offer is $20,000 while the maximum is $500,000. They require you to be in business for at least 12 months and have annual revenue of at least $100,000. To be eligible, your personal credit score can’t be less than 600. Additionally, you must have at least 3 full time employees. However, that can include you. Business owners cannot live or operate their business in North Dakota, South Dakota, or Nevada. 

SmartBiz

If you want the convenience of online lending but need to look toward products offered by the SBA, then SmartBiz is what you are looking for. 

With the help of the Small Business Administration, SmartBiz offers loans that are government backed. While SBA loans usually take a lot of time and paperwork, SmartBiz streamlines and speeds up the process.  This makes getting loans through the Small Business Administration easier than ever. The minimum loan amount is $30,000 and the maximum is $5,000,000.  

How to Get a Loan for a Business: A Word About SBA Loans

Speaking of SBA loans, you cannot talk about how to get a loan for a business without some discussion on the SBA.  While they do not lend funds themselves, they do administer a number of loan programs that help small businesses get the funds they need through partner lenders.   

7(a) Loans 

This is the Small Business Administration’s most known program.  It provides federally funded term loans up to $5 million. The funds can be used for a number of purposes.  These include 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. 

504 Loans 

504 loans are also available up to $5 million and can buy machinery, facilities, or land. Typically, they are used for expansion.  They work especially well for commercial real estate purchases. 

Microloans 

These are $50,000 or less. They work well for starting a business, purchasing equipment, buying inventory, or general working capital. 

SBA disaster loans 

This is a program for businesses that are victims of natural disasters.  These loans are different because, unlike the others, the SBA actually processes them directly rather than using partner lenders.   

SBA Express Loans 

These are fast turnaround loans, with the SBA taking up to only 36 hours to give a decision. There is less paper work as well, which is part of what makes express loans great if you qualify. 

SBA CAPlines 

There are 4 different CAPline programs.  They differ mostly in how the funds can be used. The maximum on each is $5 million.  It can take 45 to 90 days for the funding on the CAPlines to come through.  

SBA Community Advantage Loans 

This is a pilot program.  It will either expire, or the SBA will extend it in 2020. Its purpose is to promote economic growth in underserved areas and markets. Decision makers look past such things as poor credit or low revenue if the business has the potential to create jobs or promote economic growth in underserved areas. 

These are some of their most popular programs. The Small Business Administration does so much more for small businesses in addition to these.  Get more details on the SBA, these loan programs, partner lenders, and additional resources offered by the Small Business Administration here.    

How to Get a Loan for a Business: Step Three: Build an Application Packet

This step mostly applies for traditional lenders, traditional loans, and SBA Loans.  Most private lenders just have you fill out an application online. The idea is to anticipate what lenders will need to see and have all the information already pulled together for them.  For example, most all of them will want to see financial statements or tax returns for the past 3 years or so. They will also want to see a plan for how you will use the funds, and what results you anticipate. 

If you are thinking about how to get a loan for a business to grow, you are going to need to show them how you will use the funds to help it do that.  They will also likely want to see that you have market research that supports the idea that the market will support growth. You may be able to simply update the business plan you used when you applied for startup financing. 

How to Get a Loan for a Business: Do Your Research and Be Prepared

These really are the two best bits of advice when it comes to how to get a loan for a business.  Consider what your options are, based on your specific needs and situation. Then, research what lenders will need to approve you for whatever type of loan you need, and prepare with that in mind before you ever walk in.  

The post How to Get a Loan for a Business: A Step By Step Plan of Action appeared first on Credit Suite.

Make Your List and Check It Twice: Building Business Credit Step by Step

Building business credit, step by step, is not as hard as it may seem at first glance.  It is, however, a process. There are specific steps that must be taken. These steps must be taken in order.  You can’t wrap a gift before you buy it, or even buy it before you know who you are buying for. During holiday seasons, you have to make a gift list.  Then you work from that list marking items or people off as you go. The same is true for business credit. You must take specific credit building steps, in order.  What are the steps? 

10 Steps for Building Business Credit Step by Step

When making your holiday gift list, you not only need to know who to put on the list, but a little something about each one.  You have to know something about what they like, dislike, what size they wear, and more to have any inkling of what might make a nice gift for them. 

Similarly, before you start working through building business credit step by step, you need to understand what business credit is and why you need it. For example, small business credit is credit in a company’s name. It doesn’t link to an entrepreneur’s personal credit.  This means, a business owner’s business and consumer credit scores can be very different.

Why do you need it?  Why is personal credit not enough? There are a few reasons.  First, because company credit is distinct from personal, it helps to protect a small business owner’s personal assets in the event of legal action or business bankruptcy.

In addition, consumer credit scores depend on payments, but also various other elements like credit utilization percentages. That means if your balances hover close to your limits on a regular basis, your score will suffer regardless of whether you make the payments you are supposed to.  Business expenses are higher by nature, meaning if you use personal credit for them your balances are naturally going to be higher. The result will likely be a higher credit utilization ratio and lower personal credit score.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Now that you know what business credit is and why you need it, it’s time to start making your list so you know what steps to take, and in what order. 

Step 1 in Building Business Credit Step by Step: Separate Contact Information

building business credit step by step Credit Suite

It is tempting for new business owners to simply use their own contact information.  It’s easy and its free. However, this will not work for business credit building purposes.  If you get credit accounts in your business name, but they have your personal contact information, those accounts are going to report information to your personal credit report. Your business needs its own phone number and business address.

Don’t worry, even if you run your business from your home or your home computer, you do not have to buy another building or even a separate phone.  There are a ton of online options for VoIP phone numbers that will forward to an existing number. There are even virtual offices that offer a physical mailing address along with other, optional features.  These may include messaging services, live receptionist services, meeting facilities, and more.

Be sure to list business information in the 411-business directory.  Do that here. 

Step 2 in Building Business Credit Step by Step: Get an EIN

If you apply for credit using your SSN, those accounts will report to your personal credit regardless of what name, address, or telephone number you use.  You can get an EIN from the IRS that works the same way an SSN does, but for your business.  Use your EIN to apply for credit in your business name instead of your SSN. 

Step 3 In Building Business Credit Step by Step: Formally Incorporate

You have to incorporate.  There are many reasons to do this.  However, the main purpose when building business credit is to create a definitive separation between yourself and your business.  There are a few options.

  • C Corp

This is the most complicated and expensive option.  Before choosing it, be certain there are reasons other than establishing business credit that it needs to be done.  If it isn’t necessary for some other reason, there are other less complicated and less costly options. 

  • S Corp

This option basically offers the same separation as the C Corp, but taxes are paid at the personal level, rather than requiring the business to be taxed as well.  That avoids the double taxation that corporations have. It is also cheaper than incorporating as a C Corp. If you aren’t required to file as a C corp, this is a good alternative. 

  • LLC

Forming a Limited Liability Corporation results in less liability, but still offers enough separation to serve the purpose of establishing business credit.  If you are not required to be a C Corp or S Corp, this is the easiest and most cost-effective way to create the separation of business and personal credit needed. 

Step 4 in Building Business Credit Step by Step: Get a D-U-N-S Number

Dun and Bradstreet (D&B) is the largest and most widely used business credit reporting agency.  You have to have the number to have a file with D&B. To have business credit, you definitely need a file with them.  The number is free on the Dun & Bradstreet website, but they will try to upsell you.  Stay strong and just get the number.

Step 5 in Building Business Credit Step by Step: Open a Separate Business Bank Account

Open up a separate, dedicated business bank account and use it exclusively for business transaction.  Intermingling business and personal finances can cause a host of problems. Having a separate business bank account will help you keep things separate for tax purposes.  It will also help creditors recognize your business as a separate entity from you as the owner.

Step 6 in Building Business Credit Step by Step: Professional Website and Email Address

You might think there is no way this should matter when it comes to the steps to building business credit.  However, if you do not have a website in today’s business world, you might as well not exist. Just having a website isn’t enough though.  It has to be professionally designed and put together. Don’t use free hosting either. Pay for hosting with a company like GoDaddy. Free hosting is not professional. 

The email address goes along with the other contact information.  Don’t share your personal address with your business, but don’t use a free email service either.  Your business email address needs to have the same URL as your website. 

Step 7 in Building Business Credit Step by Step: Establish Tradelines in the Vendor Credit Tier

Also known as starter vendors, these are the businesses from which you purchase the things you use day to day in your business. It may be inventory, raw materials, office supplies, or any number of things. They offer net 30 terms on invoices.  After you pay, they report those payments to the business credit reporting agencies. This is how you get accounts initially reporting to your business credit report and start building your score. 

 

Step 8 in Building Business Credit Step by Step: Apply for Cards in the Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, you can start to apply for cards in the retail credit tier. These are cards from stores like Office Depot and Staples.  In this tier, you can only use the cards in the stores that issue them.

There are several options that report to various credit reporting agencies.  For example, Lowe’s reports to D&B, Equifax and Business Experian. They want to see a D-U-N-S and a PAYDEX score of 78 or more.  If you have handled your vendor credit properly, this will be no problem.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Step 9 in Building Business Credit Step by Step: Move on to The Fleet Credit Tier

After there are 10 or so of these accounts reporting you can apply for cards in the fleet credit tier. These come from companies like BP and Conoco. They are limited to use for fuel and vehicle maintenance expenses.

Shell is another example of a company in this tier.  They report to D&B and Business Experian. You need a PAYDEX Score of 78 or more and a 411-business phone listing. They sometimes want a certain amount of time in business or minimum revenue. However, if you already have enough credit, that won’t be necessary.  If you follow these steps in order and handle your credit responsibly, you will have the credit you need to get approval.

Step 10 in Building Business Credit Step by Step: The Bow on Top is The Cash Credit Tier

At this point, if you have used your credit wisely, you can apply for cards in the cash credit tier.  They include cards from Visa, Discover, MasterCard and others that are not limited by location or type of expense.  Typically, they have higher limits and lower interest rates. 

The Gift that Keeps on Giving: Monitor Your Business Credit

Your business credit can continue to help you run and grow your business indefinitely.  However, you are going to want to keep an eye on it. Make sure it is being reported and fix any mistakes as soon as possible. Not only that, but monitoring your credit reports is the only way to know when you have enough accounts reporting to move on to the next credit tier.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs. See: www.creditsuite.com/monitoring.

You can also monitor through the CRAs, but it will cost significantly more.  For example, at D&B you can monitor at: www.dandb.com/credit-builder. At Experian, go here:www.smartbusinessreports.com/Landing/1217/.

Monitor your account with Equifax here: www.equifax.com/business/business-credit-monitor-small-business. Experian and Equifax cost about $19.99; D&B ranges from $49.99 to $99.99.

Update Your Records

If you see something missing or out of date, be sure to update the information.  At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. With Experian, go here: www.experian.com/small-business/business-credit-information.jsp.  For Equifax, go here: www.equifax.com/business/small-business.

Correct Mistakes

You didn’t go through the trouble of building business credit step by step for nothing.  Don’t let simple mistakes ruin all your hard work. Errors in your credit report(s) can be taken care of. There is a particular way each reporting agency wants it done however.

Disputing credit report mistakes usually means you mail a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never mail the original copies. Always mail copies and retain the originals.

Fixing credit report mistakes requires that you precisely detail any charges you challenge. Make your dispute letter as clear as possible. Be specific about the problems with your report. Use certified mail to have proof that you sent in your dispute.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Dispute an Equifax report by following the directions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute inaccuracies on your or your business’s Experian report by following the directions here: www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service phone number is here: www.dandb.com/glossary/paydex.

You Made Your List, Now Check it Twice

Now that you have a list of the steps you need to take to build business credit, you can start checking items off.  A lot of this you may have already taken care of. Some of it you may have thought it was too late to accomplish. For example, maybe you thought it was too late to worry about an address or phone number if you are already in operation using your own.  

 

While many of these steps are easier to take while you are initially setting up your business, it is never too late to start building business credit step by step.  Start making that list and checking things off today. The sooner you start, the sooner you will have access to the business funding you need. 

 

The post Make Your List and Check It Twice: Building Business Credit Step by Step appeared first on Credit Suite.