Day: June 13, 2020

Chicago's Walmart Plea

The Covid Age Penalty

Top 5 Wine Law Blogs & Websites To Follow in 2020

Top 5 Wine Law Blogs Contents [show] ⋅About this list & ranking Wine Law Blogs Wine & Law Program Libation Law Blog » Wine WineLaw.ca Fermentation » Wine Legal Battles On Reserve | A Wine Law Blog Submit Blog Do you want more traffic, leads, and sales? Submit your blog below if you want to grow your […]

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Top 30 Homeland Security Blogs & Websites To Follow in 2020

Top 30 Homeland Security Blogs Contents [show] ⋅About this list & ranking Homeland Security Blogs Department of Homeland Security Just Security Lawfare | Hard National Security Choices Homeland Security News Wire War on the Rocks In Homeland Security Homeland Preparedness News The Hill » National Security Homeland Security Today RAND » National Security and Terrorism National Review […]

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Top 10 Brilliant Ways to Find Recession Startup Funding

The COVID-19 pandemic caught the world by surprise and turned the economy on its head.  If you are a business trying to stay afloat during this time, we can help.  The Federal government has approved funding through  The CARES Act, including the Paycheck Protection Plan.  In addition, many states and local organizations are offering their own unique funding options.  If you are thinking of starting a business during this time, keep reading for recession startup funding options.

It is Possible to Find Recession Startup Funding, but You Have to Get Creative

During a recession, prices go up, employment goes down, and lenders tend to hold on to funds much tighter. This can make funding a startup very difficult.  The truth is, startup funding during a recession is not easy to come by.  In fact, many of the traditional option will not work for the majority.  Recession startup funding takes a little more creativity.

You may even wonder why anyone would start a new business during a recession.  It’s all in your perspective.  The fact is, a recession could be the perfect opportunity to start your own business.

For example, if you are one of the many who find themselves unemployed during a recession, you are no longer tied down.  You have nothing to lose, and you can use that freedom to start brainstorming ways to find startup funding. The recession can actually be a catalyst! 

Despite the fact that there are many, many ways to get startup funding, it is still one of the greatest roadblocks to business ownership. It the first stumbling block most come across, and a recession makes it even bigger.  Recession startup funding can even seem like a mirage to some, but it is a real thing.  It just takes a little creativity to bring it out of hiding.

Some sources of funding for your startup will not work during a recession.  You need to know what your options are, what works for startup funding, and what will work best in your situation.  Then you can start looking.

Why Small Business Loans Do Not Always Work, Especially for Recession Startup Funding

With this startup funding source, recession is a huge issue.  It can work for some, but the traditional lenders tend to really hold on to their funds tighter during an economic downturn.  Since this is the source that most people immediately look to when they want to start a business, you can see why they get discouraged early on. They get turned down for traditional financing and just give up.  It can look like that is the end of the line.

Note as well: business lending tends to reduce if not dry up altogether during economic downturns.

There is more than one place to get a business loan however, and some people do not realize that.

SBA loans

These loans are still offered through traditional lenders such as banks and credit unions, but the federal government guarantees them. Since they are not completely reliant on the credit score of the borrower to reduce risk, the required credit score is slightly lower to qualify.

There is a lot of red tape related to applying for SBA loans however, and it does take a significant amount of time. If you do not qualify for traditional loans and do qualify for SBA loans however, it is definitely worth the time it takes.

If you are looking to traditional lenders for small business loans as recession startup funding, you will most likely need to consider SBA Loans. 

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Alternative Lenders: The Super Heroes of Recession Startup Funding

These are lenders that, as a general rule, operate online. Most of the time borrowers can apply online or over the phone and know about approval within minutes. Funds usually only take 24 to 48 hours to hit their account. Though this timeline does vary among lenders, the point is the process is fast and easy.

They also will sometimes take other factors into consideration if the credit score isn’t fabulous. Length of time in business and annual revenue can play a role as well. This makes it a more accessible source of funding for startups than traditional lenders for many. In addition, repayment terms are often more flexible and manageable.

These types of lenders are easier to work with even during a recession, though an economic downturn may slow them down some, recession startup funds from these lenders will still be more accessible to most than those from traditional banks and credit unions.

Downfall of Small Business Loans for Small Business Funding

Any small business loan is going to require strict repayment and interest.  This is harder to manage for anyone during a recession, so keep that in mind when forming your plan of action.

Credit Line Hybrid

A credit line hybrid is basically revolving, unsecured financing.  It allows you to fund your business without putting up collateral, and you only pay back what you use.

What are the Qualifications?

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.  Also, 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, all is not lost. 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.

The Downside?

If you don’t have a decent personal credit score, you’ll need to take on a credit partner.

Bootstrapping: The Ultimate in Recession Startup Funding

You know what bootstrapping is right? Pulling yourself up by your bootstraps and all of that. Basically, it’s when you figure out how to use what you already have as startup funding. This could include a number of options:

  • · Savings
  • · Retirement
  • · Credit cards
  • · Additional mortgage on a home
  • · Home equity line of credit

If you use retirement or savings, then you can rest easy knowing you don’t have to pay anyone back but yourself.  

The Downside to Using Your Own Funds for Recession Startup Funding

The downside to this option is either the loss of retirement or savings, or significant personal debt. If your business is successful, it is not a problem.  However, if your business does not do well, you could find yourself with some pretty major financial issues.

If you happen to have access to the amount of personal funds it would take to fund a startup during a recession, you are likely going to struggle with letting go of those funds.  It is a definite risk, especially in economically tough times.  However, it may be less of a risk than extensive debt.  It could also be the only option available.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Crowdfunding

Crowdfunding is a much more viable option during economically stable times.  People that do not normally have disposable income may find that they have a little, and would like to help support a startup in return for a piece of the action.

This is still a possible source of recession startup funding, but much less likely.  There is simply less “extra” money in the pockets of consumers.  It is still worth a shot however.  

Popular Crowdfunding Platforms

There are a lot of crowdfunding platforms, but the two most popular are Kickstarter and Indiegogo. While they are very similar in most ways, they do differ in one major way.

For each, you have to set a funding goal. Kickstarter requires the campaign to reach the goal before you can access any of the funds. Indiegogo allows you to choose whether you want to receive funds as they come in, or wait until you reach the goal.

Indiegogo also offers an option to keep accepting funds on the same campaign even after you reach the original goal, rather than having to launch a new campaign to raise more funds.

The Downside of Crowdfunding

A very small percentage of crowdfunding campaigns are successful during the best of times. This shouldn’t deter anyone from trying, but there needs to be a realistic realization that a backup plan may be necessary, especially during a recession.

Small Business Grants

There are small business grants available if you qualify. Most often these are available to certain demographics including:

  • · Women
  • · Minorities
  • · Veterans
  • · Businesses in low-income areas

If you fall into one of these categories, a quick search could be very fruitful. There are grants available to those that do not fall into these categories, but they are not as common.

There are some grants offered by the government, but most often they are not awarded directly to businesses. Rather local governments and nonprofits disburse the funds. This may involve nothing more than accepting applications and awarding funds based on eligibility until money is gone.

Corporations and professional organizations also sometimes offer private grants as well based on their own application criteria and eligibility requirements.

During a recession there may actually be more options like this available, as the government is looking to help shore up the economy and increase circulation.

The Downside

Grants are an awesome source of recession startup funding if you can get one. However, they are highly competitive and therefore not guaranteed.

Do the Hustle: A Side Hustle Could Be the Answer to Recession Startup Funding

This one is a personal favorite. It could fall under bootstrapping, but in my opinion, it deserves its own category. While you are technically self-funding, this option requires you to work to raise funds rather than using funds you already have available or taking on more debt.

It also, in most cases, requires keeping your day job. When you use a side-hustle to create your own recession startup funding, the process is pretty slow. This is why most do not care to use this option. There are many benefits however.

Benefits of the Side Hustle

The first is that you can gauge the market a little. If you use your business idea as your side hustle, you can get a feel for what kind of demand might be out there. For example, if you want to open a bakery, you could bake breads, cookies, cupcakes, or whatever your specialty may be on the side and sell it. As you do so, you can save any funds you earn to go toward growing your business, and in the meantime, you are gaining a following and making a name for yourself and your product.

Your side hustle does not have to be your business idea at all. It can be as simple as cleaning or babysitting around your day job hours. The point is that you put every penny you earn back for funding your startup.

The Downside

This is a slower option, and some people do not want to wait that long. In addition, with unemployment down during a recession, it may be hard to find one job, let alone a second to use as a side hustle. Even simply things like cleaning houses and cutting grass may be hard, because a lot of people will be trying to save money by doing these things themselves.

Investors: One of the Oldest Forms of Startup Funding

One of the most obvious options, other than small business loans, is to find investors. This would be significant investment from one or a few different people, rather than small investments from a large number of people like in crowdfunding. In addition, investors most definitely invest in exchange for profit sharing, usually in proportion to their investment or a percentage they agree upon from the beginning.

The Downside

You give up some of your earnings. That’s not fun, but it could be worth it for the right investor.  Also, during a recession, investors tend to hold on to funds similar to the way lenders do.  It is a much greater risk to invest during a recession because of the economic uncertainty that exists.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Partner Up: Two Heads are Better Than One 

You could also take on a partner. Sometimes the power of two is way stronger when it comes to startup funding. Where your credit score lacks, your partner’s may be strong. In most cases in life in general, two are better than one.

The Downside

Depending on how the partnership is structured, you may give up some of the managerial control.  Just like with investors, you will definitely give up a portion of the profits.

Contests: The Longest Shot Option for Recession Startup Funding

There are contests out there that offer startup funding as a prize. Think “Shark Tank.” You could try to get in on that specific contest, but there are smaller scale contests out there also. Similar to crowdfunding and grants, they are not guaranteed. They are certainly worth a shot however.

Some of them simply award prize money, while others, like “Shark Tank,” award investment funds. Either way, it is money you can use for startup funding that you do not have to pay back.

The Downside

Like grants and crowdfunding, winning a contest is not guaranteed.  It could end up being a lot of work for little to no payoff. During a recession, it is likely even fewer contests are available.  If you find one however, definitely take advantage.

Bartering

 It is difficult to fund a whole business by bartering, but in conjunction with one or more other sources of startup funding, it could be just the burst of energy you need to get you over the hurdle. Basically, it can make the funds you already have from other sources go further.  

What does this look like? Maybe you are great at keeping books, and you have a friend that is great at social media. You may offer to do his books in exchange for his creating and managing your online presence.

Maybe your buddy is adept at designing websites, or has a space that will work as a location for your business. You could offer equity in the business in exchange for a website or use of the space.

This is one source of recession startup funding that may actually help be more of a possibility during a recession than in a booming economy.  With people holding to funds tightly, they may be more likely to help you out for something in return other than money, as it will help them keep more money in their own pockets as well.

The Downside

There isn’t really a downside to this.  It may not fully fund a business, but it could definitely reduce the financial need and help you stretch the funds you do have further.  If you can find someone willing, this is a great option.

You Might Have to Get Creative, but You Can Find Recession Startup Funding

Sometimes the traditional ways work, and sometimes they do not. In a recession, the traditional ideas are sometimes even less useful. Creativity can be your best friend. You may have to use a few different sources of startup funding, recession or not. It can take longer than you originally anticipated, but slow and steady wins the race as they say.

If you work on winning grants or running a side hustle, it may feel like you will never finish the race, let alone win. Maybe you applied for loans but could not get approval. Now you are shaking yourself off and wondering if it is worth it. It is. Just keep trying. Consider the recession, though a challenge, to be an opportunity to do something not only different, but bigger and better in the long term.  The rain doesn’t last forever, and neither does a recession.  By starting your business now, you can be positioned for ultimate growth when the clouds finally roll away.

The post Top 10 Brilliant Ways to Find Recession Startup Funding appeared first on Credit Suite.

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The Most Effective Home Owner Insurance Quote

The Very Best Home Owner Insurance Quote

You might really feel that the very best property owner insurance policy quote is mosting likely to be the most inexpensive resident insurance policy quote, however that’s not constantly, if ever before, the situation. The most effective property owner insurance policy quote is mosting likely to be the quote provided by the insurer that completely examines your property owner insurance policy requires.

Make certain the house proprietor insurance coverage firm you talk with covers the complying with problems with your when you start going shopping for a house proprietor insurance coverage quote.

What do you intend to guarantee? This generally suggests a house, a condominium, an apartment, a mobile residence, or an apartment or condo or residence you rent out. This provides the homeowner insurance policy representative an embarking on factor.

Where is your residence found? The place of a house considerably impacts the homeowner insurance coverage quote, since it offers the resident insurance coverage representative a concept of what sort of criminal activity or climate aspects they might be up versus.

Have you taken supply of your house? This indicates, have you made a checklist and/or video clip of whatever in your house, concentrating particularly on one of the most useful and also priceless materials in your house. This info might lead your resident insurance coverage representative to recommend a drifter plan to ensure the properties are covered, and even recommend keeping them someplace much safer than a residence, such as a financial institution safe-deposit box.

Exactly how secure is your residence? Inform your property owner insurance coverage representative regarding any type of unique alarm, durable locks and also home windows, as well as repair services to roofings as well as actions, in addition to electric as well as pipes upgrades you’ve made. These responses will certainly allow your resident insurance policy representative understand simply exactly how secured your house and also its components are, in addition to any kind of site visitors that might stop by.

The solution to these concerns will certainly aid your homeowner insurance coverage representative identify the sort of homeowner insurance policy you require, as well as offer you with a quote based upon those requirements.

This normally suggests a residence, a condominium, a condominium, a mobile residence, or a home or residence you lease. Inform your house proprietor insurance policy representative concerning any kind of unique alarm system systems, tough locks as well as home windows, as well as repair services to roofing systems and also actions, as well as electric and also pipes upgrades you’ve made. These responses will certainly allow your house proprietor insurance coverage representative recognize simply exactly how safeguarded your house and also its components are, as well as any kind of site visitors that might go down by.

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Interest-bearing Accounts Interest Rate How To Start Earning Money Today

Spending your hard-earned cash in an interest-bearing account is maybe among the best as well as simplest methods to make the cash benefit you. Possibilities are, your cash will certainly not function as tough for you if you do not have the finest cost savings account passion price.

Right here is exactly how you can begin generating income today with your interest-bearing account rate of interest:

– Keep track of the passion interest-bearing account rates of interest supplied by both standard along with on-line financial institutions;

– Check out the information and also small print of “high rate of interest return interest-bearing account” as you have the power to make even more for your cash with this kind of interest-bearing account as long as you can stay on par with the dedication as well as abide by the problems and also terms;

– There are different sorts of interest-bearing accounts that might satisfy your details requirements and also needs to generate income that you might wish to discover even more such as cash market interest-bearing account, and so on

– With your meticulously picked high interest-bearing account rates of interest, you can begin setting aside a section of your cash right into the account frequently. You will certainly be amazed to locate that you have actually collected much financial savings particularly with interest-bearing account rate of interest that is worsened.

– Aside from the cash market interest-bearing account, you might additionally intend to place your cash and also make from it in a deposit slip (CD) that functions as a time down payment. Keep in mind that with this kind of financial investment, the longer your cash is kept in the financial institution as CD, the greater the return will certainly be for you.

– Another type of financial investment is with the cost savings account passion price you obtain from financial savings bonds. You can pay in the bond at any type of time yet doing so might cost you the gained rate of interests.

You can certainly generate income from interest-bearing account rates of interest as long as you agree as well as dedicated to conserve, or spend your cash in the most effective interest-bearing account. The relevance of conserving cash needs to not be delegated to the history as it is as crucial, of not more crucial than making money.

You have to establish your objectives plainly as well as wisely in gaining your cash from cost savings account rate of interest price. It will certainly likewise aid to differentiate your cost savings account where you straight down payment that part of your cash from your pay to your monitoring account the one that you make use of for your day-to-day costs.

When you do it instantly and also make conserving one of your great practices, gaining cash from your financial savings account rate of interest price must be a wind specifically.

– Another kind of financial investment is via the cost savings account passion price you obtain from cost savings bonds. You have to establish your objectives plainly as well as wisely in making your cash from financial savings account passion price. It will certainly likewise assist to identify your cost savings account where you straight down payment that section of your cash from your reimbursement to your monitoring account the one that you utilize for your everyday costs. You can establish up a high yielding cost savings account rate of interest price.

The post Interest-bearing Accounts Interest Rate How To Start Earning Money Today appeared first on ROI Credit Builders.