Minority Small Business Loan
Achieving entrepreneurial goals through a minority small business loan can be possible for ambitious members of a minority and for success minded women as well. Those who belong to certain ethnic groups as well as disabled business owners may be able to take advantage of funds that are reserved for businesses in their particular group. A federal organization called the Minority Business Development Agency works to promote growth in this area. In addition to aide in locating funding, the MBDA also offers other services. These services can include help in creating and writing a plan of action, and advice on marketing and financial planning. Guidance on management issues and an understanding of technical needs are additional areas of assistance that can be provided by the MBDA. The steps to attaining a minority small business loan can be confusing for many individuals who are striving to make a new venture succeed. The MBDA, as well as many other agencies, can help a potential borrower successfully complete the application process. Many would be entrepreneurs in these categories may have been previously turned down for funding. Help in putting together a solid plan along with a convincing application can be valuable. Some of the groups who can benefit from these loans might include African Americans, Hispanics, women, Native Americans, disabled individuals, Latinos, and veterans. These funds might be used for a variety of needs including equipment, working capital, inventory, or real estate.
Helping women attain a minority small business loan is a priority for many organizations. Attempts at gaining this needed financing are too frequently blocked for female company owners. The reasons behind this hesitancy to lend can be based on a variety of stereotypes and unfair judgment calls regarding a woman's ability in the marketplace. One reason for hesitancy could be a belief on the part of some lenders that a women will not be able to focus on career concerns as fully a men can due to family issues. Other stereotypes could include a notion that women are not able to provide needed leadership or that women have more difficulty taking risks when such risks are called for. Organizations that specialize in helping individuals attain a minority small business loan can provide the kind of guidance that will help an applicant, whether male or female, to put their best foot forward in the application process. Handicapped entrepreneurs may often need help in this area as well. As with women and other minority groups, there are many stereotypes that could prevent qualified leaders from moving forward with a solid plan for the marketplace. Many handicapped individuals choose to start their own companies due to a difficulty in attaining jobs in their fields. By aiding handicapped business owners in attaining funding, many organizations help minorities establish a successful foothold in industry.
The steps that are required to attain a minority small business loan are not complicated. Most borrowers who belong to minorities are not looking for any kind of special treatment or hand out. They just want an opportunity to succeed in a world that often presents a deck that is stacked against them. Organizations that lend a hand to these minority groups can also provide instruction on how to apply for any funds that may be available. A solid, professional, online presence can be an important step in acquiring funding. Web sites can explain an entrepreneur's goals and plans in a creative and easy to understand way. By demonstrating a professional approach via a polished and concise web site, a company can best communicate the mission that drives it. Another possible step would be the appointment of an advisory board. While many companies can thrive without such a board, the presence of these advisors can earn points with lenders while providing needed guidance to the company. There are also many opportunities to attain a minority small business loan through various government sources. Building a new venture requires a great deal of hard work. The Bible talks about the virtues and benefits of gaining wealth through honest labor. "Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase." (Proverbs 13:11)
Many individuals prefer to work from home and it is also possible to get a minority small business loan for this type of venture. Often, businesses out of the home are mistakenly seen as part time hobbies rather than actual successful companies. Some of the smartest entrepreneurs have learned to cut overhead by establishing a home office. Other expenses such as work attire and gasoline can also be saved by this approach. Employing free lance contract workers can result in significant savings since employers do not need to pay an employee's tax contribution and do not need to supply employee benefits. Any work from home venture that operates in a professional manner and follows a well crafted plan can be just as successful as other businesses.
Senior citizens are another group that could benefit from funding that is obtained via a minority small business loan. Some senior citizens will start their own companies as a way of providing income in a manner that is convenient to their retirement lifestyle. Older entrepreneurs who are blessed with good health may find a great deal of fulfillment by starting a business later in life. A lifetime of skills and knowledge can be tapped into in the creation of these new ventures. Persuading a potential lender that the venture's plans are sound can be a challenge. For this reason, organizations that cater to the needs of minorities can be very helpful.
Refinancing Credit Card DebtRefinancing credit card debt is now probably on the minds of millions of Americans who have been rudely awakened to the reality that lending institutions that extend unsecured loans could at any time call in some or all of the debt owed. No person in regular America, that is those who are outside the walls of the federal government and Wall Street secrets, yet knows the extent or the decay of the financial state of the country. Despite assurances by those who have everything to lose that "all is fixable, just give us time," there is a clearly defined sense of worry on the minds of Main Street and now must come ways to dig out of the credit malaise as quickly as possible. Ridding oneself of unsecured money obligations may be one of the solutions many will have to pursue.
It is estimated that there is almost a trillion dollars of credit card debt in the United States and that almost seventy percent of Americans live pay check to pay check. These two factors portend a very unsettling future for they reveal that the large majority of Americans have almost no savings. Laden down by debt, most of it being unsecured such as credit, charge and signature loans, less and less money is available for regular household bills such as food, utilities, mortgages and household expenses. The result is clear: unsecured loan obligations are choking us to a slow death. Because of the American situation, refinancing credit card debt may be a very difficult problem. In fact the whole idea of reconfiguring unsecured loan debt is kind of like putting a bandage on a severed artery. Not effective by any means because the problem is the debt, period.
The first and only effective to way to refinancing credit card debt is through a home equity loan. Home equity loans, depending on the charge balances and the equity in the house, can assist the consumer in consolidating unsecured loans with one loan that is much lower than all the other loans combined. A home equity loan is based on the amount of actual ownership one has his residence, and if there was a large down payment, and a number of ensuing years of faithful monthly payments made on the mortgage, there may be enough to leverage a new second mortgage or home equity loan. Since the old plastic card accounts can reach as much as thirty percent, a home equity loan that, if obtained from a bank, can be as low as prime plus a few points. These loans are variable interest loans and can rise or fall on market conditions, but are far superior to the high interest rates of unsecured debt.
A home equity loan offered by a bank or credit union will be the lowest rate second mortgages found. The credit pyramid has banks at the base of the pyramid with low rates and the best terms, but also the most qualifications for borrowers to meet. With recent bank upheavals and more to come, it may become necessary to have a FICO score of seven hundred and fifty to even be considered for any type of loan from a banking institution, including credit unions. But a FICO score is weighted not only on on-time payments each month, but also how much a charge account is holding. In other words, an account that is above fifty percent of its allowable limit is a real liability in the eyes of the three credit reporting bureaus. It's a vicious circle for the cardholder who needs refinancing credit card debt, for the most positive solution may be the one not within reach because of that very money obligation.
Other refinancing credit card debt lending sources such as loan companies are willing to take a much higher risk on an already maxed out client, but their costs may clearly outweigh the reason for even getting a lending transaction. These sources represent the higher portion of the lending pyramid, allowing more customers to be available for money, but at much higher costs. The one redeeming quality for these high risk, high interest lending companies may be that though the money lent to the customer is higher, payments may be able to be spread out over many years. Of course, the overall cost of refinancing credit card debt is higher, however the payment might be somewhat lower than the present multiple accounts being paid each month. If all of us are really honest, the admission that the desire for stuff we can't afford has been a huge reason the country is where it is today. We ought to heed the words of Jesus who reminds us of what is really important: "Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal." (Matthew 6:19)
Perhaps the real issue isn't about refinancing credit card debt but rather about deciding what is really important in life. Many people are now calling for a simpler and more winsome America, more attuned to living without all the glitter and glam Madison Avenue says we need to be happy. Maybe the idea of refinancing credit card debt ought to rather be how to jettison debt altogether. Living within one's true means, selling off a lot of what we once believed to be so important and putting that money on the obligation mountain, placing more attention on being satisfied and content where one is and who one is may be the real answer to much of where America finds herself now.