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Presented By: Rob Misheloff Smarter Finance USA www.SmarterFinanceUSA.com


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7(a) Loans Can Be Used For Real Estate Working Capital Equipment


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Loan Terms Up to $5 million, Average Loan Size is $337,750 10% Down Payment, Personal Guarantee and Collateral are Required Up to 7 years for Working Capital, 10 Years for Equipment, 25 For Real Estate


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Pros and Cons of SBA 7(A) Low Interest Rates:6-7% as of 2014 Long Payback Periods Less than 15% approval rate This Loan Can Take Several Months to get


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SBA 504 Loans Can Be Used For Real Estate Equipment


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SBA 504 Loan Terms Up to $5 million, but your business must create 1 job for every $65k borrowed 10% Down Payment, Personal Guarantee are Required, but the assets acquired serve as collateral Loan terms of 10 or 20 Years


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Pros and Cons of SBA 504 Loans Low Interest Rates: ~5% as of 2014 Long Payback Periods Very difficult to qualify for This Loan Can Take Several Months to get


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SBA MicroLoans Can Be Used For Real Estate Working Capital Equipment


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SBA Microloan Terms Up to $50,000 with average loan amounts around $13,000 Personal Guarantee and collateral are generally needed, but vary (loans are placed by intermediaries) Loan terms of up to 6 Years


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Pros and Cons of SBA Microloans Reasonable interest rates from 8-13% Payback Periods Up to 6 Years You have to take classes first and submit a business plan This Loan Can Take Several Months to get


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Shelf Corporations A sometimes used trick for startup owners with great credit is to buy an aged corporation that isn’t being used for any actual business and use that corporation’s age to get a loan.


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How Can a Shelf Corporation Get You Money? You buy the “zombie” corporation (typically for about $5,000) Along with the aged corporation and your good credit (720+), apply for a “stated income loan” If successful, you can receive a line of credit from $50,000-150,000


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Pros and Cons of Shelf Corporations Reasonable interest rates It’s not exactly ethical to use another corporation to mask your business’ age You may get turned down and be out $5,000 Many of the providers are con artists


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Peer 2 Peer Lending Startups Can Access P2P Funds If They Have: 700+ Credit Score 2nd Source of Income (a job or a working spouse, or another business) $150,000 Liquid Net Worth ($$, investment or retirement accounts)


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Startup P2P Loan Terms $50,000 to $500,000 Rates of 9-21% “simple Interest” (which really means up to 30% if compared to bank loans….) Loan terms of 2-5 years


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Pros and Cons of P2P For Startups Longish Payback Terms Higher Rates Not Easy to Qualify


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What Is A Sale-Leaseback? Kind of Like a Home Equity Loan On Your House Take a Loan Against Vehicles or Equipment You Own


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How Do Leasebacks Work? Payback over 2-5 Years Structured as a “lease” so you can write off the entire payments. Good credit not required – but rates depend on credit. Customers with reasonable credit often find the tax savings negate most financing charges


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Pros and Cons of Sale Leasebacks Easy Qualifying (if you own equipment) Big Tax Breaks Long Payback Terms Higher Rates (but often compensated for with tax savings)


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Problems With Borrowing From Friends and Family? It’s easy to screw up reporting and/or track on-time payments if you “do it Yourself You may not know how to amortize a loan properly This could cost you relationships!


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Solutions Online Tools To Help Track Friends and Family Loans Loankin ZimpleMoney Trust Leaf All are very inexpensive with setup fees from $0 to $200 and plans ranging from “Free” to $35/Month


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Why Not Just Fund Your Business With Plastic? If You Have Large Amounts of Credit Available, this will be Cheaper than a lot of Other Options. Have Multiple Cards? Do the Credit Card Shuffle, and Get Zero Percent Financing (You’ll pay 4% each time)


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- But - Don’t max out your cards – this will tank your credit score and impede future borrowing You may be warned against this – people that don’t understand finance might think it’s risky (Let’s be serious, anyone lending money to a startup is going to ask for a personal guarantee, so how would using your credit cards be more risky than anything else?)


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Pros and Cons of Equipment Leasing Easier to Get Than Most Startup Financing Big Tax Breaks Long Payback Terms Higher Rates (but often compensated for with tax savings)


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Should You Borrow From Your 401(K)? Your Financial Advisor Would Advise Against it, as the 401(k) is your Safety Net The One Good Thing is You are Paying Interest to Yourself If You (or Your Spouse) Leaves the Employer at Which the Funds are Held, the Loan will be Due in 60 Days.


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You Can Borrow From Life Insurance? You can Typically Borrow up to 90 Percent of the Cash Value of an Insurance Policy at 6-9% NEVER do this Without Talking to Your Accountant First. Taxation Rules on this Can be Tricky.


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Hard Money? What Is That? If You own Real Estate (other than Your Home) You can Borrow Against the Value of the Property Hard Money is Often Referred to as a Type of “Bridge Financing” as it is Best as a Shorter-Term Funding Option


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Hard Money Loan Terms Often Available for Months As Opposed to Years, You Can Typically Leverage Up to 75% of the Equity in a Property Rates can be High, With Large Origination Fees and High Interest Rates Since the Property Serves as Collateral, this is One of the Only Business Loans that Needs no Personal Guarantee


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Invoice Factoring If You are Giving Customers Terms, you Can Really Drain Business Cash Flow Fast. You Can Sell Off Your Invoices to a “Factoring Company”, Receiving Cash Today Factoring Can Be A Good Choice for New Businesses – Qualifying is Based on Your Customers’ Business Credit, not Yours


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Pros and Cons of Factoring Easy Qualifying Fast Cash Rates Can Be Pretty High You Can End Up Paying More than Planned With Slow-Paying Customers


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Purchase Order Financing Very Similar To Factoring, Rates Can Be Expensive, but PO Financing Can Be A Great Option For New Businesses That Cannot Get Financing Elsewhere If You Have Orders to Fulfill, but Not the Capital To Buy Materials, You Can Finance Against Purchase Orders


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Crowdfunding? A Relatively New Concept – Startups Have Recently Been Turning To Potential Customers and Fans To Provide Interest Free Loans in the Form of Pre-Orders Kickstarter.com has been a popular platform, with several startups finding hundreds of thousand (or even millions) of dollars in seed funding.


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Bonus: For More In Depth Information, Including 3 Startup Funding Strategies Not Covered in This Presentation, Please Click Here


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