Money is available for existing businesses. The targeted businesses have had a difficult time capitalizing over the years in my opinion. One of the requirements is that the business must have filed taxes for 2 years and that would be 1120's, 1120S, or Schedule C's (in the case of LLC's). The businesses must be structured as a corporation, s-1 corp, or llc. The lowest loan amounts would be $50K and the limit would be $500K. This would work for beauty salons, restaurants, medical clinics, chiropractic clinics, apparel stores, convenience stores (no gas pumps), women's boutiques, other retail operations, and commercial operations (group homes, etc.).
The requirements are easy, but stiff; in example if you do not have 6 months bank statements with a monthly average of $5,000 or 15 deposits per month then you may find difficulty qualifying. The credit score requirement for the guarantor is between 580 to 720, but I am sure that exceptions will be made pending the other criteria. The use of an interim principal would be ideal to acquire the line.
The payback is daily, therefore the deposit average is a good gauge to determine ability to repay. Now if you are getting money just to have it and you really don't have transactions lined up or expansion activity with high returns then you should look elsewhere for capital. However, you can use this capital to pay off tax liens.
Many small and medium sized businesses are under capitalized and have needed a breath of fresh air relative to cash reserves for years to hire employees and lower the cost of using contractors or working your own business. This would be of superior benefit to goverment contractors that need to turn the corner and lower there cost of human resource and plan for lower taxation in the forthcoming years.
Tax credits will be small businesses saving grace if you choose to utilize this vehicle and expanding your business could offset profits that would otherwise be taxable causing you to pay precious expansion money to Uncle Sam. In the event that you need further assistance leave a comment or contact our organization at Global Enterprises Trust at www.thecontroller.net or email funding request to chet@thecontroller.net .
No comments:
Post a Comment