Related News Convention Success & USLBA Award 
 

 

August 2008
Welcome to the MyFranchiseExpert e-Newsletter! Our goal is to provide balanced information about business ownership and help you make intelligent decisions concerning your involvement in entrepreneurship.
Don't let poor credit sap your franchise dreams Getting approved for a loan in today's tough economic climate can be daunting -  especially for those with less than perfect credit. However, with a little work and the right information, even those with bad credit can potentially qualify for the loans they need to launch a franchise. Here are some tips and information to help you get started:
The SBA™ loan approval criterion focuses on: The size, location and type of franchise. To qualify, the franchise must be: A "small" business earning less than $13.5 million in annual sales, located in the U.S. or U.S. territory and a for-profit business. Financial viability. The SBA considers the financial viability of the franchise, including your business plan, and looks to make sure the business does not discriminate against a group or groups of individuals. Cash and collateral. The SBA requires that you have cash to invest in your franchise and prefers that you have also have collateral to secure the loan. Credit history and experience. The SBA examines your credit history and relevant managerial experience to ensure the security of their loan.		Understand the criterion banks use to evaluate loan applications. Lenders tend to evaluate applications by asking the following questions: What is the applicant’s credit history? Does the applicant have adequate collateral to secure the loan and cash to invest in their franchise? What is the applicant’s work experience? Does it relate to the franchise they hope to launch? Apply for a loan with the Small Business Association (SBA). Created to help small businesses, the SBA is home to a number of programs that provide loans. A percentage of SBA loans are guaranteed by the government, which lowers the lender’s risk and raises the likelihood of approval. However, to apply for an SBA loan, an applicant must first be turned down for a bank loan. While slightly convoluted, the process of getting turned down for a bank loan can actually work in your favor. The SBA’s MicroLoan Program is a good place to start. Loans average around $10,000 but can go as high as $35,000 with a maximum repayment period of six years and interest rates set by the U.S. Treasury Department. Apply for a loan through a Community Development Corporation (CDC). Small by design, CDCs are neighborhood-based non-profit organizations created to improve local communities. CDCs offer loans to local small businesses, favoring those who bring jobs and revenue to the community. Contact CDCs in your area to learn more about their unique application requirements.
Mobilize your own resources. If loans are not an option, entrepreneurs can consider the following options: Find a suitable co-signer. Leverage your assets to raise cash.  Apply for loans again in two years.   Bring in partners or investors. Gain additional management and business experience.
While bad credit can slow you down, it doesn't have to get in the way of your dream of business ownership. For more information on franchise options and opportunities please call Greg Salzano at 800-633-5580.
Sign Biz, Inc. has been selected for the 2008 Best of Dana Point Award in the Business Management Consultants category by the U.S. Local Business Association (USLBA). The USLBA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USLBA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community. Various sources of information were gathered and analyzed to choose the winners in each category. The 2008 USLBA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the
USLBA and data provided by third parties. U.S. Local Business Association is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USLBA is to promote local business through public relations, marketing and advertising. The USLBA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America. Learn more about the business opportunities Sign Biz offers! Sign Biz® Inc. Launch a sign-making franchise with one of the largest and fastest-growing chains in the industry. Read More Franchise brokers can help identify new opportunities, but there can be more to brokers than meets the eye. With the volume of franchise opportunities rising into the thousands, finding the right business opportunity based on your interests and resources can make a franchise broker an appealing option. However, keep in mind that brokers earn commissions making "sales" for the franchises they represent, which can limit the number of franchises you'll have access to through a given broker. In other words, brokers can help but remember to keep your options open, do your homework and keep your own interests and goals in mind.

"Our Mission is to provide an innovative and productive digital sign & graphics business model, the best education and equipment, and lifetime member services, to support entrepreneurship in the most successful network of full-service imaging sign companies worldwide."

Contact Us
If you have any further questions or would like additional information about Sign Biz Inc., please contact:

Greg Salzano
Vice President Business Development
24681 La Plaza, Suite 270
Dana Point, CA 92629
800-633-5580
Gregs@signbiz.com

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