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Business Smarts

N. Monk — Sat, 04 Jun 2011 04:13:46 +0000

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Florida business loans available through more credit unions

N. Monk — Mon, 04 Apr 2011 17:11:50 +0000

Florida business loans are increasingly being funding by credit unions, thus filling the gap left by commercial banks. Case In Point John DeNucci finally got the loan he needed to build his Fernandina Beach ice cream shop from what he thought an unlikely source – a credit union. “I never would have thought of going to a credit union,” DeNucci said. “I had no idea that a credit union could be better able to give us a loan.” He discovered this new funding source after spending six months contacting at least 20 financial institutions that turned him down. Florida credit unions that offer business financing Florida credit unions that offer business financing, which can include SBA-insured loans, include one of Florida’s largest credit unions, namely, 1-2-1 Financial Credit Union with $432 million in assets. 1-2-1 Financial, for instance, offers commercial loans from $10,000 to about $1.5 million. David Marovich, their business account officer, said commercial lending at 1-2-1 Financial Credit Union has increased each year for the past five years, rising 19 percent in 2010 alone. The credit union is aggressively seeking new commercial borrowers in 2011 too, and Marovich expects double-digit growth this year as well. Florida’s other largest [...]

Business loans are being funded by credit unions in increasing numbers

N. Monk — Wed, 30 Mar 2011 16:40:10 +0000

Credit unions are filling the void left by banks to fund business loans Banks have curtailed the amount of new commercial loans they will finance since the financial crisis began in 2008. Burned by bad commercial real estate loans, and struggling to meet regulatory pressures to reduce the concentrations of real estate loans in relation to reserves, regional and local banks have pulled back on business lending. Credit unions have historically focused on consumer loans and accounts. Credit unions have also traditionally been more conservative in the types of loans they are willing to offer, avoiding risky practices such as subprime lending, and their loan portfolios were less impacted by the financial crisis than those of many banks. Credit union executives say the business opportunities increased when banks stopped making as many commercial loans and business customers started looking for alternatives. Credit unions, which tend to be smaller and more local than banks by nature of their member-owned business models, also tend to offer smaller commercial loans from $10,000 to about $1.5 million. Credit unions are also offering more Small Business Administration loans. David Colby, the chief economist at CUNA Mutual Group in Wisconsin, said credit unions across the country [...]

Business owners seeking business loans need to beware of scammers

N. Monk — Tue, 29 Mar 2011 16:18:41 +0000

Scammers have turned to business loans an a new area of opportunity A Boca Raton loan broker led a scam that pried more than $10 million in bogus business loans from area banks, federal prosecutors said Wednesday. Frank Santa, 51, of Boca Raton, ran Palm Beach Business Consultants, a loan brokerage that specialized in landing fraudulent business loans for borrowers with shaky credit, the U.S. Attorney’s Office said. Santa used bogus loan applications to apply for the loans, which borrowers didn’t repay, prosecutors said. The U.S. Attorney’s Office and the FBI said the wide-ranging scam involved hundreds and perhaps thousands of loans, and they expect dozens more arrests. Santa paid bribes of as much as $10,000 to bankers who approved applications for small business loans and lines of credit, prosecutors said. Plenty of participants in hot water Not only was Santa arrested but so were seven area bankers and clients. Bankers charged included: Daniel Agudelo, 34, of Royal Palm Beach, who worked for Fifth Third Bank; Christopher Brooks, 34, of Tamarac and an employee of Bank of America; Macario Deguzman, 30, of Miramar, who worked for Regions Bank and AmTrust Bank; William Hebert, 36, of Lake Worth, who worked for [...]

Mistakes start up entrepreneurs make on raising captial

N. Monk — Fri, 25 Mar 2011 17:51:21 +0000

Avoid the top 10 mistakes that entrepreneurs make when starting a company – including raising capital Business consulting expert, Rosalind Resnick, provided a Top 10 list to help startups avoid costly mistakes: 1. Going it alone It’s difficult to build a scalable business if you’re the only person involved. True, a solo public relations, web design or consulting firm may require little capital to start, and the price of hiring even one administrative assistant, sales representative or entry-level employee can eat up a big chunk of your profits. The solution: Make sure there’s enough margin in your pricing to enable you to bring in other people. Clients generally don’t mind outsourcing as long as they can still get face time with you, the skilled professional who’s managing the project. 2. Asking too many people for advice It’s always good to get input from experts, especially experienced entrepreneurs who’ve built and sold successful companies in your industry. But getting too many people’s opinions can delay your decision so long that your company never gets out of the starting gate. The answer: Assemble a solid advisory board that you can tap on a regular basis but run the day-to-day yourself. Says Elyissia [...]