Merchant Cash Advance Tips
Here are a few tips to consider when entering a merchant cash advance agreement: 1. Read the contract – Always, and I repeat, always fully read the entire contract including the fine print. As business owners, you are very busy, but do not sign anything until you have read the contracts and fully understand everything stipulated. Ask your merchant cash advance provider these questions, but always confirm by reading the contracts. This is good... [Read More...]
Los Angeles Pressures Banks
Los Angeles city council is pressuring their banks to help stop the unemployment and foreclosure crisis by offering competitive interest rates and lower fees on investments. They are also looking for banks to invest and reinvest inside the community. For those banks that do not comply, the city council is threatening to deny them access to $30 billion in city savings and pension funds. // Los Angeles will be tracking bank’s investments,... [Read More...]
Obama extends $1.8 Billion in SBA Small Business Loans
// The Obama administration extended an additional $1.8 billion in SBA backed small business loans. The initial program was for $750 million and helped stimulate small businesses by guaranteeing 90% of the funding and by waiving application fees. The stimulus was depleted by November 23rd. In December the government extended another $125 million which lasted until February. New applications will resume on March 10th, whereby already existing... [Read More...]
TARP Money for Small Business Loans
U.S. Senator Benjamin L. Cardin proposed a bill that would provide direct loans to small businesses. The bill proposes to use $20 billion in TARP money on small businesses. TARP program was initiated by the Obama administration and is largely accredited with saving large US banks from bankruptcy. The bill would also create a tax credit for small businesses with up to 25 employees offering health insurance to staff. [Read More...] Read More →
Mr. Obama Bashes Wall Street – Promises Tax Breaks and Cash Infusion for Small Businesses
Mr. Obama Bashes Wall Street – Promises Tax Breaks and Cash Infusion for Small Businesses In his State of the Union Address, President Obama on Wednesday night promised an infusion of $30 billion to small businesses to help them gain access to loans. // The money will come from the $700 billion in payback from the large bank bailouts. In addition The President also is proposing to extend a $38 billion tax break to small businesses, allowing... [Read More...]
$14 Million Annual Gross – Busboys Poets Denied Loan
Andy Shallal owns three popular bookstore cafes in the Washington Dc and Virginia areas. His annual gross sales are over $14 million, and yet he was denied a recent bank loan unless he tied the loan to his house as collateral. // Taxpayers and small businesses owners are frustrated as billions of dollars were pumped into the financial system in order to save large banks, but the situation of small businesses has not gotten better as they have... [Read More...]
Small Business Owner Declined Bank Loan
Yet another example of a small business owner who was declined by her local bank this December, Hope Gillerman was denied a $100,000 bank loan from Park Avenue Bank. Ms. Gillerman owns a small business which sells aroma therapies in Union Square New York City. Her company has yet to show a profit, but she has had growing sales over the past year. // < ![CDATA[ google_ad_client = "pub-1997056077302870"; /* 300x250, created 5/3/10 */ google_ad_slot... [Read More...]
Bank of America to Pump $5 billion into Small Businesses
After a meeting this weekend with President Obama, CEO Ken Lewis of Bank of America Corp pledged that the nation’s largest bank would do more for small businesses and reverse some of its declines. All in all Bank of America will expect to increase its lending by $5 billion to small businesses this upcoming year. // “Bank of America is determined to do our part to help the economy grow next year and reduce unemployment by making every... [Read More...]
Banks Repay TARP – Small Businesses Still in Trouble
Ciitigroup Inc., Bank of America Corp., and Wells Fargo, are repaying their TARP loans, $20.5 billion, $19 billion, and $25 billion respectively, but unemployment rates are still above 10% and small businesses are still suffering from a lack of access to capital. The Obama administration has recognized the need to reshape TARP money in order to benefit troubled homeowners and small businesses. // Few banks have signed up for extra money from the... [Read More...]
Citigroup Inc. Repays $20 Billion TARP Loan
Citigroup Inc. nearly collapsed back in November 2009, when customer’s lost trust in the bank and the government had to infuse $20 billion and Citi issued $7 billion in trust preferred securities to the Federal Deposit Insurance Corp. in exchange for lost guarantees for $306 billion in securities. // On Monday, Citigroup announced that it will sell $20.5 billion in stock and debt in order to repay the TARP loan. Yet the government still... [Read More...]
