Money Ideas That Will Help You Find The Money You Need.
Many BWBs (Beginning Wealth Builders) have great ideas and plans for a business. But their ideas are not put into action for just one reason. That reason? Lack of money..
And why doesn't the BWB have the needed money? Because:
The BWB is just starting out on fortune building
To date, the only income the BWB had came from a job
On a job it's almost impossible to build capital
The usual salary on a job gives little more than pennies
As a job holder, a fortune is almost beyond reach
So the typical BWB turns to a lender to borrow the money needed to put the ideas into action. But the lender says: "What kind of collateral can you offer me to take care of my money in case the loan goes bad?" And the BWB has to say "none."
The result of such a conversation is no loan. Is there any way that a BWB can get the collateral the lender seeks? Yes, there is.. Here are some of the ways for you:
Get one or more good cosigners for your loan
Get a surety bond for your loan
Borrow collateral acceptable to your lender
These three ways can get you the money you seek because with each the lender is protected. And this is what all lenders seekprotection of the money they lend out so they will get back if the borrower has problems.
Note this:
With each of these methods the lender has control of the loan
Full protection means the lender has less risk
Ensuring repayment can get you a faster loan
"But how do I get any of these?", you ask. The answer to this is easy. You must look, search, ask, advertise, etc.., depending on your situation.
Here are some good tips for getting cosigners:
Start looking for cosigners around you-friends, relatives, business associates
Next - ask professionals you deal with - such as an accountant, lawyer, doctor, for names
Ask at your club, place of worship, lodge, etc..
Put ads in papers, newsletters, magazines, etc.., for cosigners
Try at special places only you might know
The whole key here is to get the word out that you are looking for the right person to cosign on your loan. And remember - do not be embarrassed - plenty of people get, and use cosigners. Just be completely clear and honest with all the facts you give.
Surety bonds are guarantees that you will repay your loan. Such bonds are issued by insurance companies, surety firms, and similar organizations. What the surety firm does is take you as a risk after:
Checking your credit record
Checking your personal history
Studying your business deal
Check your insurance agent for the names of firms which issue surety bonds. Once you have this information you can take steps to get your surety bond. Remember - the bond protects your lender. So you and the lender feel safer!
Collateral you might borrow includes stocks, bonds, bank accounts, etc.. These serve as the collateral for your loan, protecting the lender. You can usually find this type of collateral in the same ways as you find cosigners, as listed in the preceding.
There is much more about this article in a great business kit about business loan money and finance.
See it at www.howto-business-kits.com/business-borrowers-success-kit.html
Bill Millikin has been a small business and marketing consultant for over 35 years and a marketer of business success kits from International Wealth Success, Inc.
His site is at: hidden-marketing-assets.com
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