Archive for

Reasons That Make Small Business Loans So Easily Accessible To Entrepreneurs

The small business loans phenomena is ever growing at a fast pace. Small businesses are more inclined to this lending activity and the support it draws is exemplary. Application process is streamlined and business organizations get a lot of strength on receiving this business grant. What follows thereafter is organizations tend to grow and get established soon. The business grant of this category has some fundamental qualities that make it attractive.

Minimal Paperwork – The business loan requires minimal paper work and so applicants are not faced with difficulties when it comes to filing of loan applications. It just requires entrepreneurs to fill in an online form and documents that are compulsory need to be submitted. Then receiving loans becomes possible and the amount is transferred to bank accounts by lenders without delay.

Document Requirement is Less – Documents that are required for an entrepreneur to become eligible for the California small business loans fund are copies of property documents, bank account books, or any other form of an assurance that makes repayment almost guaranteed. They are not bulk of documents but just one document that speaks loud about the guarantee. So, lenders feel confident and make grants available to businesses at reduced rates.

Fair Repayment Terms – The terms and conditions of repayment is kept fair enough by the financer of commercial loans. It is because of the fair terms and conditions that enterprise owners feel so confident about loan returns. The repayment time is kept long and the interest charged is low. Entrepreneurs take note of these basic nuances and so seek loan support from the lenders.

Commitment for loan decisions – The loan decisions are taken very quickly. Grants are made available to businesses within 24 hours in case of urgency and within 3 working days on a normal basis. Loan officers are engaged on continuous shift wise processes to evaluate filed applications and to make grants available to entrepreneurs without delay. An enterprise that is found to be eligible for grants, get funded in a phased manner and bulk of the money gets transferred to accounts without any restriction whatsoever.

Higher approval rates – The approval rate of business loans is highly extensive and financers do not hesitate to make grants available to any number of business owners. They just have to qualify and prove themselves eligible for receiving the support. Extended lines of credit are available to business owners and large sums of money are given to business owners if they only qualify for loans.

Not Just a Bank loan – This grant is not just available with banks as private lenders and credit unions too come forward to make funds available. So, options are open up for business owners and opportunity gets diversified. They can have easy access to money as one or the other lender is always there to make funds available to the enterprise.

The availability of this loan is extensive and so entrepreneurs can raise funds from private lenders and banks. This support is great and has flexible lending terms. It is available to businesses irrespective of their location, type and time period for repayment.

It Is All About Location – Be Careful Where the Business Parks Its Trucks and Trailers

In the standard Commercial Property Building and Personal Property Coverage Form, business personal property is covered from certain named perils, but only to the extent that the property (at the time of the loss) was located in or on the building described in the Declarations or in the open (or in a vehicle) within 100 feet of the described premises. It is important to have a legal professional specializing in insurance coverage examine the entire policy to ensure that the business has the coverages from losses that the business needs and expects (e.g. theft, loss away from premises).

As mentioned above, the “100 foot rule” often arises in cases of theft of business personal property that was left in a vehicle or trailer in the businesses parking lot. If the business described in the Declarations is a stand alone business where the entire building is owned or leased by the business, then as long as the trailer is parked within 100 feet of the building, then there should be no coverage dispute, at least concerning this particular coverage provision.

The problem arises when the business property is stolen from a truck or trailer owned by the business that was in a parking lot shared by dozens of businesses (e.g. a mall or shopping center). See Evergreen National Indemnity Co. v. Tan It All, Inc., 111 S.W.3d 669 (Tex. App. – - Austin 2003, no writ). In Evergreen, the business sued its insurer under its commercial property policy after some tanning beds were stolen from trucks that were parked in the shopping center parking lot. While the trucks were within 100 feet of the shopping center structure, the trucks were NOT within 100 feet of the portion of the shopping center leased by the business, and more importantly, within 100 feet of the premises described in the Declarations. The Declarations properly identified the business location by physical location (the shopping center) and the specific suite number occupied by the business.

The Court of Appeals held that there was no ambiguity in the Declarations regarding the loss location, and the denial of coverage using the 100 foot rule was upheld. As I have emphasized in prior articles, every word in an insurance policy, and here, in the Declarations, has a purpose. So, for the business owner, when leaving at night, make sure that coverage will exist should a named peril cause a loss of business personal property by parking the business trucks and trailers within 100 feet of the portion of the building described in the Declarations.

There are other protections available for a business to protect against theft of business personal property, whether or not it is within 100 feet of the insured location described in the Declarations. For example, the business could purchase a Commercial Inland Marine Condition Policy that should provide coverage for theft of business personal property “off premises.” In addition, if that coverage alone is insufficient based on the type of work performed by the business, the business could purchase supplemental business personal property coverage that expands the named perils that are covered.

How to Run a Home Business While Living With Your Family

It is never too late to follow your dream. If your dream happens to be a home business, and you have a family, then you need to plan carefully how to create a balance between the two. You can have a business and still enjoy a family life, but you need to set out simple rules to avoid distractions, and even friction. Here are some ideas to help you plan for this common problem when running a home based business.

1. Write yourself a strict working schedule. This is the primary thing you need to do. It is a good idea to model it on the hours you worked while in a job. An important point is to allow for similar breaks as you had at work. The reason behind this is that both your mind and body are likely to have become accustomed to these breaks over the years. The beauty of it is that you can now take your breaks together with your family, so it naturally means that already you have gained regular time with them. Of course there will always be emergencies and special occasions but, again, regard these as exceptions to the rule. When you do this, you are able to concentrate on both your work and family.

2. Equally important is to find a space that is physically separated from your family living space. This may need some expenditure as a conversion, or additional room, could be necessary. Be sure to include sound insulation in the planning for this. With your folks close at hand you are bound to have to deal with the normal noises associated with a growing family. You will certainly not need that distraction. A business telephone is also a must. Having a call answered by a child is unlikely to impress your customers, and you must avoid the distraction of personal calls. Another common problem is likely to be the fact that friends and family will think it is quite OK to call or drop in for a chat and a coffee. Unfortunately, if you are serious about your business you will have to explain to them how serious you are about your work and try to educate them into maintaining their own normal routine. Invite them to call by in the evenings or weekends exactly as it you were still working your former job. If you can tuck yourself away, in your work space or office, and allow your spouse to handle callers, they should soon get the hint that the visit is not convenient.

3. Get your children involved in some small way. Maybe allow them to think that it is a game but a serious game. Perhaps when you are finishing up in the evenings, or tidying up on a Saturday morning, get them to staple papers, to file things alphabetically or to straighten your desk. If they have a little job to do this may help teach them respect for your work. They will usually get a kick out of helping you and having a little job. Older children can do more, of course, and you might consider delegating small jobs and paying them a little for their help.. Even if they don’t help with your business, they can be encouraged to help prepare dinner or anything that helps them feel important and involved.

4. Show the family the benefit of your work. Let them see some of the paper work involved. Show them cheques earned from your business. Explain that this is the money used to buy food and gas for the car, to illustrate the value of what you do. When you take them on a trip or holiday tell them how it was made possible and thank them for their help. They will feel great being a part of the team and it is a valuable lesson for life.

Hopefully you can now see that it is possible to have a great family life and still be dedicated to your work. You can be one of those people successfully running your own home based business. Take time to apply these tips and they will soon become routine. You will be generating an income from your business and at the same time enjoying a balanced family life. How nice to have the thought at the back of your mind that previous commuting time is now a lifetime bonus which is allowing you more time with your family.