Finances: Did You Know?

Financial Words of Wisdom

With today’s economy there are a lot of people being laid off from their jobs.  It doesn’t matter if the people have a vested interest in the company; there is still a possibility that they could be laid off.  Well all is not lost.  There is light at the end of the tunnel.  Could this be a sign that this is the time to reinvent yourself?  For those of you that have decided to take a “proactive” approach and have an interest in becoming an entrepreneur or business owner due to this economic pinch, these financial tips are for you: Did You Know:

1. That money is still available for small businesses?
2. That there is still a need for non-profit, as well as, for profit companies?
3. That your bank may have internal programs to help finance your business?
4. That local community banks did not get caught up in the banking disaster, are still a viable resource and still lending out money?  Visit the branch nearest you.
5. That the rules have changed for FICO Scores?  See how your score affects your lending ability.
6. That in order to obtain a loan your FICO Score should be at least 660, you must have verifiable income, ability to repay and invest at least 15-25% of your own money?
7. That SBA is not a lender nor has money; however, they offer various SBA Loan Programs to help you?   Visit the branch nearest you.
8. That there may be angel investors interested in investing in your business?

Words Of Wisdom To Survive This Economic Pinch:  Get back to basics.  Think out of the box.  Embrace joint efforts.  Make the necessary sacrifices.  Reinvent yourself.  Vernita Naylor, Ft. Worth SCORE View posts by Vernita Naylor