Post Tagged with: "loan"

Why is California Among the Top 10 States for Business?

California Business District An analysis ranked California as the eighth best state for businesses in the country for 2018 based on three factors.

Despite having the fourth most expensive business costs, the state’s business environment and access to resources ranked second best nationwide. Companies, including those eyeing to open a second location or acquire new equipment, also have easy access to resources such as a business loan for a restaurant.

Business Survival

The survival of companies largely depends on a strong business plan, but other factors should also be taken into account. The U.S. Bureau of Labor Statistics said many firms don’t last beyond their first anniversary, while those that survive are bound to fail before their fifth year.

For this reason, choosing the state where you plan to do business will be a key influencer for the success of your venture. In California, the wide availability of financial lenders and a stable network of business investors led it to rank among the top 10 states. If you’re planning to grow your own business empire, for instance, the idea of opening a restaurant chain may have crossed your mind.

Dining Sector

Those who have taken care of funding should now focus on handling certain legalities and food safety standards in the state. You can show proof of compliance with these rules by obtaining licenses and permits, including the California Food Handler Card. You will also need to have a liquor license from the California Department of Alcoholic Beverage Control if you plan to serve alcoholic beverages.

Don’t forget about business insurance for property damages and personal injury to customers or staff. It’s best to have a comprehensive policy that covers different scenarios from broken plates to an employee who slips on the kitchen floor.

Any firm requires capital, so you should look for a licensed lending company in California when planning to start and grow a business. Find one that specializes in your chosen industry, whether it’s the food service or health and wellness sectors.

August 4, 2018 at 1:00 amMind of Money

What to Keep in Mind When Looking for Commercial Loans

Mortgage and Loan keys on a keyboardCommercial loans are an ideal source of funds to realize the dream of owning or expanding a business. However, you may fail to get funding that is suited for your business if you fail to look at the following points below.

Have the records and plans in place

The lenders want to be sure that their loans will be paid back. They need to see the financial records of your business, your projections, and the activities for which you are seeking a loan, according to ARF Financial, whether its a funding for a restaurant or a small boutique shop. Have a plan, prepare the records, documents, and projections to show that you mean business.

Put some money down

If you would like to buy some equipment or property, you should put a down payment before asking for the loan. Lenders would be more eager to loan you money if you share the risk too. Many of them will not finance your asset for more than 75 percent.

Do market research

Do not close a deal with the first commercial lender you come across. Look around for other offers. Compare the cost of the loan and other terms before settling on a particular lending company.

Negotiate a deal with the lender

Most of the lenders are open for negotiation. See how you can add some icing to the deal and make the lender lower the rates. For example, if you need restaurant funding and your restaurant has some cash flow, you can be banking with the financial institution in return for a better deal.

Borrow what you can repay

Choose a loan that is reasonable for your business. Otherwise, the loan may put you under pressure to seek further funding, cause cash flow problems or even have some of the property taken away by the lender.

If you’ve been planning to expand or re-organize your business, a commercial loan can help you to start your plans immediately. However, keep in mind the pointers above to get the funding that will help your business.

December 3, 2017 at 1:00 amMind of Money