Saturday, October 31, 2009

Is there money in 2010?

As the financial criteria tightens in the economy business owners tremble at the idea of applying for a loan and feeling the rejection. Many owners are closing the doors and many other are laying off people by the hundreds. Cutting expenses in this economy is not the only way to find the extra dollars for expansion. To prepare to be financed there is a couple of things you may want to do.

1. Get your credit score above 650. there are a couple of good programs out there for people who still pay their bills on time
2. have an alternative source of income. Having a wife, girl-friend, husband, boyfriend, etch may be just the income you need for the proper income to debt ratios.
3. sell off all your crap on eBay and craigs-list. Today lenders still consider cash as king and a strong cash position yells finance me.
4. Cut back on your charitable donations and employee benefits. showing lenders good business decisions can be the push you need.
5. take a personal pay cut from your company, now is not the time to take larger than needed Us Bank type executive pay checks.
6. and lastly never lie to your loan officer his reputations is on the line for you. Lenders are now holding people responsible for not weeding out bad clients with out the proper due diligence.