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WI company markets controversial paint to color guns

A Chippewa Falls, Wisconsin company is in the middle of a dispute involving the product it sells.

Lauer Custom Weaponry manufactures paints to color guns.

The Mayor of New York City has already banned the paints and at least one other municipality wants to do the same thing.

On Wednesday, Nassau County, New York announced it wants to pass local legislation that would ban the possession and sale of brightly colored handguns in the county.

The commissioner there says he's outraged at Lauer Custom Weaponry for mocking the efforts of Mayor Bloomberg to enhance police officer safety.

They come in all shades of colors.

Greens, pinks, blues, and blacks.

And these colors are what's generating big time attention, for a small town company. more

Progen to outsource manufacturing of PI-88

Progen Pharmaceuticals Limited said it would outsource the commercial manufacture of PI-88. The Progen manufacturing facility at the Brisbane suburb of Darra will be retained as a stand-alone business providing process development services and the manufacture of drug development material. Progen expects the transfer of PI-88 manufacture to occur in the next 12 to 18 months.

Progen will maintain the manufacturing facility with existing contracts as a break even operation, and will be assessing its options to either increase facility profitability through additional manufacturing contracts and/or seek a commercial buyer.

"Our manufacturing division has been of great value and has served Progen very well in the past, having made all PI-88 to date, including the supply to be used in the phase III PATHWAY trial as well as having played and continuing to play an important role in supplying contract manufacturing services globally" said, Justus Homburg CEO Progen. more

Contact the Business staff

The Observer publishes business news seven days a week and online at charlotte.com/business.

Reporters and their coverage areas:

Airlines, sports business, tourism:
Jefferson George. jgeorge@charlotteobserver.com. 704-358-5071.

Banking:
Rick Rothacker, rrothacker@charlotteobserver.com. 704-358-5235.

Christina Rexrode, crexrode@charlotteobserver.com. 704-358-5170.

Business courts, general assignment:
Kirsten Valle. kvalle@charlotteobserver.com. 704-358-5248.

Commercial real estate:
Doug Smith, dougsmith@charlotteobserver.com. 704-358-5174.

Economy:
Kerry Hall. khall@charlotteobserver.com. 704-358-5085.

Retail:
Jen Aronoff. more

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Resolved Question: Question About College for a 40-Year-Old Female...?

Bear with me, this is a bit lengthy. I am female, nearly 40 with family, especially 76 year old father coaxing me to pursue a college degree to land "secure employment" with benefits. Let me shed a little light with regards to my particular situation. I reluctantly graduated high school in '88 *wishing I'd repeated that year citing personal reasons* and, with the persistence of both my parents, began that fall in community college, randomly choosing a major to 1) get my parents off of my back and 2) declare a major just for the sake of declaring a major. My grandfather put away money since the time I was a baby in the stock market for my college, but I used it to fulfill transportation, living expenses and a trade school instead *I had always wanted to be a barber -- since the age of five* This, not surprisingly, was an unacceptable aspiration and, several years later, continued to be coaxed to finish a four-year-degree. This time, not only by my grandfather, but also my father and my younger brother and his wife. To make an insanely long story short, I spent those 20+ years traveling, barbering *for 15 years total*, working in various administrative positions in various industries and had a blast, along the way, doing so. There's one drawback: I have an extremely tiny retirement *my fault*, no benefits other than health insurance through my ex *not that I consider THAT a benefit -- more so a necessity* and some of the best income produced of any field I worked in in the barbering industry, $6000/mo, to be exact. Not too shabby. Still, the barber *out of work, currently* that I am, and the part-time entrepreneur *in another field* that I've become, my family still hounds me about that four-year college degree. Now, I am no dummy. I can do math *citing reasons to be diswayed by bloated interest rates for student loans* and I know my personality. The biggest problem with regards to attending college or, shall I say, the biggest problemS with regards to attending college right now *for my personal situation* are the following: -- I cannot sit still through classes, much less sit still through four full years, more if I need to go part time. -- There's not one major in college that I care to pursue. Not ONE. -- Not that I have anything against them, nor do I realize that all fall within this category, but I don't want a white collar position. No offense to white collar workers. My whole family is white collar. I am the only one who isn't. -- I can do math. I am not stupid. I know what I would need to repay for student loans after private, public or community colleges. I shudder with the thought of even having a debt of $5000. I don't have credit card debt. I don't own a credit card *my wisdom*. I have marginal medical debt *thank you, knee surgeries and asthma issues!*, but that only totals an amount in the ball park of $2000 -- manageable, comparitively speaking. I don't wish to repay loans once I hit the age when I begin drawing social security. I don't qualify for a grant -- still *legally* married, and I don't qualify for academic scholarships, grades aren't good enough, thanks to my high course withdrawal rate and F's for failing to withdraw courses once I unofficially dropped them back in the late 80's. -- I want to own a business when the opportunity arises and don't see it as a possibility by taking out student loans. There's no such thing as good debt/bad debt. It's ALL debt and I'd rather be debt free once the time permits to apply for a small business loan. So, there you have it. My life in a fairly sizeable nutshell. Question is this: How do I effectively explain to my family, once and for all, that I am NOT college-bound and that I have other, more important, more attractive aspirations? Appreciated are the intelligent and inobtuse replies. Thanks. more

Resolved Question: Question about college for a 40 year old female...?

Voting Question: She "stole" my identity, why do I feel bad for her?

My ex boyfriend's mother used my name and social security number to open several accounts without my permission or knowledge in 2006. As of 2/11/10, I am still fighting with one of the companies to clear my name. This is the most frustrating thing I've ever gone through in my life. Every time I check my credit, get denied credit, turned down for a job, denied an apartment, I have to relive this nightmare. I want to buy a house but I have to wait to rebuild my credit from her damage so I can get a decent loan/rate. I want to change my name and start a business but I have to clean up this mess first. My life is on hold because of her. People say I should sue her in small claims court for emotional distress because I suffer from depression. Using the internet I have located her current address and phone number, will it help? Do I contact the police and give them her info? I feel as if I'm a little crazy because I don't want to turn her in to the police. I used to live with her and looked up to her, she was like a second mom to me. I even called her mom. It really hurts to see the damage she has done to my life, so why do I feel bad for her? She is in her 50's with like 11 kids - all of whom would of course call me the bad guy for "snitching". I don't want her to go to jail but I feel she owes me. I can't get these creditors off my back, my credit is ruined and I barely eat or sleep. What should I do? Do I give her info to the officer who took the police report? Should I try to sue for emotional distress or something like that? Shouldn't I be compensated for 3 years of long distance calls, printing, copying, faxing and mailing certified documents to 4 different companies to dispute these accounts, all of which haven't been resolved yet to this date? Please help with genuine advice. This is a serious matter for me. I am not to blame and I'm not sue-happy. I just want this whole thing to go away. more

Resolved Question: how do you get a small business loan with bad credit?

I have been wantng to start a business for some time but have no capital. more

Resolved Question: i have bad credit and i would like to get a loan for around 28,000?

the loan amount would pay for a small building that id use as a coffee shop. the building is about 20 000 asking price. id then b paying 600 mo for the location in the parking lot of a big store. i have 3 vehicles under my company name and the book on the 3 is roughly 20 000. i figured that may help as far as collateral.i just did my taxes for my business for the first time (first year of business 2009). I profitted about 15 000 last year and will make more this year since i used a good deal of money for equipment. my credit score is like 450 and my total debt is around 5 000 which io will pay off this year. but the opportunity for this building wont last in my opinion and i could have my girlfriend run it while i conduct my construction business so we would have a better combined income. any insight is appreciated...so basically the building would serve as collateral too i believe more

Resolved Question: What is the best bank to get a small loan from for someone with bad credit?

I have bad credit and am looking for a bank that can offer a loan. The loan amount is for about $15,000. I am looking to invest in jointly buying an established business. I live in the east bay area. more

Resolved Question: What can I do with credit limit decrease?

I don't know what to do now. I am a small business owner and have or had a good credit. Banks were dying to lend me money. The economy were good back then and my business was doing pretty good. So, I got offers from my business and personal credit cards with 0 interest rates. I admit I took out some loans and line of credit to hire employees and expand my business but I was good at paying bills on time. All of the sudden, I am not a good risk anymore. First bank of america decreased my credit limit to the balance owed then other banks followed. Now, I look like I max out on my credit cards and business line of credit and worse the banks use that as a reason to hike up my interest rate from 9% to 24.99. This is like a vicious cycle. I didn't max out my cards and before my limit were decreased I had plenty of cushion. This is sick. Banks lower my limit to make me look like I maxed out on my loans and they use this reason to hike up my interest rates. I have to let go 3 employees just to pay the banks. Now, the future looks pretty doom for my business and family. more

Resolved Question: I got money to start a small bussines But bad credit!?

I was a Loan officer as you know the industry collapsed now I want to start a business like the dollar store type I got the money but my credit stinks since I lost credit cards an have real late payments on everything is there any place you may know where to get help for small business like a government help or else ? thanks more

Resolved Question: What right does a cosigner have to repossess my vehicle if i've only been late once?

I started working for my cousin who owns a small business. He didn't want me driving my truck around customers because it was a few years old and dented on one side. So we went to go and see if I could buy one. My credit was bad (divorce etc) and the only way to get a truck was to pay a large some of money down. couldn't do it. My cousin offered to co-sign. I felt like it was a bad idea and said no. He continued to nag, so I did it. Anyway, i've been paying for two years now and have been late once, by just a few days. In today's economy I feel that's Pretty good, since now I'm a small business owner myself. Well now he says he is going to come and take the truck. He also says he has a lawyer and I need to sign a contract provide insurance information and all paperwork for vehicle purchase and loan. I am still willing to keep the truck and am still making payments. We've already provided bank information in the past and have tried to get a loan to take over the truck soley and trade it in. My question is, can he bring the sheriff dept to my house to repossess the truck and do I have to give him all this paperwork he's asking for.More details: all the paperwork we have is the purchase paperwork and it has his name then my name next to his. On some of the paperwork next to his name says buyer and next to mine is co buyer but on other paperwork it has my signature only as buyer. Alabama dept of rev paperwork states with my signature. that I am owner and I make application for certificate of title. My name and signature only more

Voting Question: Looking for Small Business Loan For my eBay Business Dont have great credit?

Has anyone gotten a small business loan while having bad credit. My credit has some utilities and hospital bills on it. Maybe 30,000 in debt no good credit on it. I am very good at selling on ebay but only can afford $100. to go to auctions. I can turn that 100 into 500 to 1000$. Problem was i had to use my profit to live off of instead of putting it back into my business. How easy is it to get a small business loan with bad credit-am i wasting my time looking Please dont write back if you have not gotten a small business loan or are someone trying to scam me. I am disabled and cant have a normal job. I am great at making money from my home just need a little capital to get to the next level. more

Resolved Question: Do I have a case? Will hiring a lawyer make a difference to the insurance co?

In a nutshell: I am threatening to sue an accountant and investor regarding a real estate deal between the investor and I that went bad. I wrote an initial letter (not shown) threatening a lawsuit which they turned over to their insurance agent. The insurance agent then wrote me requesting information (her letter is on the bottom). I then wrote the insurance agent a more detailed letter which I have not sent but appears below. I'm wondering about the following: A. Is this worth putting my time into? Do I have a case, or even if I don't, might the insurance agent, or the parties settle out of court to avoid a costly court case? Important note: There are lots of e-mails, but we never signed a written agreement between us regarding the profits of the house and what I should get (see below). B. Can I file the case in any state, or does it have to be Texas? (the two parties live and signed in California), I myself was overseas the whole time. C. Would hiring a lawyer (not really cost effective for this small amount) make a difference? Here is the letter: Dear Ms. Sanchez, I am writing this letter to explain the circumstances regarding my claim. Mr. Murray Marks and Mr. Ron Glass approached me in 2008 about using my name and credit history to help them to draw some further cash out a property located at 7017 Tocken Court, Corpus Christi, Texas, 78414. Apparently, they were both in serious financial trouble. Mr. Glass and Mr. Marks have been financial partners for many years together, and have vast experience in the area of real estate and own numerous properties. In this particular deal, Mr. Marks acted as the accountant. Mr. Glass acted as the investor who sold me the property. Both Mr. Glass and Mr. Marks were also partners in this deal as well. For example, Mr. Glass bought this house from a business connection, Scott Cohen, who then sold it to Murray Marks, who then turned around and sold it back to Mr. Glass. They were both investors in the LLC that they formed and were working together. They are in constant communication even up to the present. I am 51 years old, but I have never owned a home in the U.S. I have been a permanent resident of a Middle Eastern country since 1994, and know nothing about the real estate industry in the U.S. I have never been to Texas and had no motivation to own a home there, especially one with no equity in it, and especially at this point in my life when I am in serious financial difficulties and have been threatened by my creditors with prison over here. I initially entered into this agreement with both Mr. Glass and Mr. Marks because they were my friends, their advanced ages led me to respect them both, and they had huge experience in real estate. In addition, they told me that they would split 50% of the proceeds from the profit on the house with me to help me out of my own financial situation. They also said that they would set up a fund to take care of the mortgage payments and that we would split any problems that might arise such as repairs. Both Mr. Glass and Mr. Marks instructed me to advance money towards the house. This was supposed to be for repairs and the loan paperwork for the house, as well as to help settle the financial difficulties of Mr. Glass. Both assured me that, when the house was sold, they would return the money I had advanced to Mr. Glass. This amounted to about 8,000 dollars as is documented in e-mails between the three of us. Mr. Marks and I calculated the correct amount and were more or less in agreement; however, Mr. Glass refused to acknowledge that any money was owed. He gave me verbal reasons for this in e-mail, but none were based on any records, bank statements, or bills that could be verified. In contrast, all of the funds that I forwarded to him were documented, and the financial records of Mr. Marks and Mr. Glass will bear this out if they would open these records and e-mails for inspection. In terms of how I was harmed, first, and as was stated above, Mr. Glass never returned any of the money to me that I had advanced him for the home or as loans. Second I have incurred losses due to having to shoulder the mortgage from this house on my own, after Mr. Glass and Mr. Marks had said that they would set up a fund to ensure that there would be money for monthly payments. Third, Mr. Glass and Mr. Marks promised me that I would get 50% of any of the profits on the sale of this house after they had the house independently re-appraised. Mr. Marks never signed a letter of engagement with me, but he acted as my financial advisor. In reality of fact, he acted as my representative, as well as Mr. Glasses. He represented himself as my accountant and explained that the deal would actually be to all of our benefit and that he would oversee the whole transaction. Mr. Glass, for his part, also advised me on other financial matters as well. Throughout this real estat more

Resolved Question: The worst recession since the dirty 30's the Dem's and Libs cried, Bail out our banks GWB, they cried. WHY?

All the evidence in the world is pointing to the recession as a manufactured hoax by the left, Just this week, the higest profit base for banks in their history is being declared, No one can tell me that BOA, Wells Fargo. Citi group, Wachovia, Merrill Lynch,(BOA bought ML with tarp money, were all in the tank.) All of these units have repaid their Billions of dollars of taxpayer money. Lets break this down so even a liberal democrat can grasp it. You borrow 250,000 to buy your home. You pay it off in less than 6.5 months, Now did you really need that loan, NO. You used it to hedge against other business dealings, that you got lucky on and you escaped losing on the high risk, high return investment. These banks used the TARP funding to buy other banks, they didn't clean up their toxic assets. they haven't even touched them. They didn't make credit available to small business. They kept if froze. So To me this whole damn thing stinks of Obama, the left and manufactured Doom. To pull off an election. And screw the American people. Obama needs to be investigated for his direct part in the sham. Along with Bernacke. and The Banks that alledged they were going under. You don't recover that fast, GM says they are now paying back. their sales are worse than they were a year ago. This is really dirty, And needs investigated and exposed. For the exception of Unemployment, this whole bail out thing is smoke and mirrors.This is a poster child for what is wrong with this picture,Keep in mind, statistics can be manipulated to make black look white and white look black. In this case red ink. more

Resolved Question: How do I pay for dental procedures when my insurance pays for nothing?

My husband has always worked for big businesses and their insurance was always outstanding. Well at&t instead if justing firing people (which would look bad) made it impossible for everyone to make their numbers. Out of the 30 people that worked at the store and 20 had been their at least 5 yrs all lost their jobs. Well praise God someone offered my husband a job and we are so thankful, but it is a small business and the insurance is with bluecross and they are awful! I have never ever had to deal with an insurance co. that is hell bent on not paying for anything if they can help it. I was in the middle of having my mouth worked on and I have to see specialist after specialist and I find out that bcbs will not pay and these procedures are close to 2 thousand each. What do I do? I am so out of my league. Both my husband and I are very scared and I already have to deal with a new physical disability, I can't deal with this too. We have no credit cards and nobody will give us a loan and we are paying close to 400$ for insurance when we use to pay 50$. Please help.Please. more

Voting Question: Am I hopeless or is there another way out of this....?

Hello All! Im just looking for a little guidance as i've come to two places in my life this past week and they have me in a mindframe I really dont think I should be in. Those two places are this: Depression and Reality. I just moved back to Colorado from Miami with my girlfriend of 3 years, we broke up because I insisted upon it, reason being, for the three years we were together, she brought in the money, I was more or less jobless. Meaning she did everything financially and I was just along for the ride (yes I know how bad it is, believe me). We got back to Colorado and after talking to a very kind friend of mine, we both agreed I should let her go as Im only bringing her down when she could be prospering so much more. It was the right thing to do though I loved her immensely. (im 28, not a child, so no assumptions this was puppy love or anything). Now this week, Ive come to realize the job I have is absolutely a dead end as Ive only made $450.00 in two months from it ( auctioning business) and im beginning to wonder if I am hopeless. I do not have a college education, however I am intelligent. I feel as if this past 28 years of my life has been me struggling to just get by. Im lost. The emotions this past week have been building, I dont really have any family I can talk to and definetly cannot get help from as they are all struggling with their own problems. The thoughts Im having are absolutely horrible and I feel as if there just is no hope whatsoever for me at this point. I have been trying to find a different job other than the one I have but with my work record, background from when I was younger and lack of a vehicle are making things almost unbearable. To clarify since this entire question has been a small life story, What can I do to change my life around so that Im heading in a positive direction? My credit is shot so getting school loans isnt an option. I want to be successful, I want to be able to contribute to my next relationship so that I dont end up in this same situation, feeling like a worthless bum who has nothing to offer. Any suggestion are more than welcome!Accidentally posted in the wrong thread before, sorry!Also, for anyone saying I should go into the military, its not an option, I tried, passed the asvab(sp?) but my background wouldnt allow me. I had a felony charge that was deferred to a misdemeanor when I was a lot younger. Stupid teenage mistake! more

Resolved Question: How can I get a business loan with bad credit?

I am trying to open my photography business in a small space but need a small loan to get started.....my credit is bad b/c I've had a hard time with it just being myself and my daughter working as just a medical assistants pay. I am very much into photography and have done runway shoots, helped models build their portfolio, weddings, etc... but would like my own studio so I don't have to travel for all the on-site location shoots...please if someone can guide me... I really appreciate it... more

Resolved Question: Do I pay taxes on a settlement against a bank?

I left my job of 10 years with Kraft foods, and moved to a small town because we were assuming a SBA loan to buy the towns grocery store. The local bank was handling it. The loan officer/ vice president told us everything was fine. We moved, got all of our licenses, permits, accounts with venders set-up...and even had meetings with the main food supplier. Everything seemed great. The banker even said we needed to get a life insurance policy for the amount of the SBA loan assumption, $300k . We were not rich, or even upper class. We managed to get togother around $18,000 after selling a camper and tax refund. We moved in July of 2008...and for 4 months all we heard from the bank was..."EVERYTHING IS FINE, JUST WAITING ON SBA REDTAPE"..I went against their wishes and called the SBA myself, only to realize... while the bank HAD talked and emailed the SBA about us...the bank NEVER ACTUALLY sent the paperwork in , or the formal written application. The bank tried to blame it on the SBA..and said they lost it. My question..."if the bank talked in emails and on the phone to the SBA like they.. AND the SBA said...wouldn't it have come up in conversation sometime...."oh, there is no application"?..anyways, fast forward, we have a great case, I have a stack of emails from the bank...and they basically hung themselves for whatever reason. Our credit was ruined , I have not been able to find ANY work in about one year now, I'm 42 and factory is what I knew. Bad time to look for a job I know....This ruined us, our credit is terrible, we have 2 credit cards with less than $8,000..that we just cannot pay...we have went thru the money saved. we are getting food stamps and cash...any less man might have killed himself, or done something else stupid. The business lawyer that set up our buying contract is handling this, and it looks like the bank is going to give in. We asked for $250k. The house we had before we couldn't sell, the bank took it....no job for over one year, credit ruined(hard to put a value on ruined credit)...some money we did spend on this(computer, software...and what not)...anyways...........Is this settlement taxed? I'm not for sure , while part of it is for lost wages , some is recovery, and some is the ruined credit...and what we have had to go thru now....we are in Missouri. There is a list of things the bank did to us..including possible fraud. Our attorney, said if it went to court...we could a jury trial even..if my attorney fees are deductable...I don't have money to pay him now, he is getting a % of settlement. I have had no income to pay ANY federal tax this year, my wife has worked part time at walmart..but they have not been taking any out either, we have needed every penny to live on.. more

Resolved Question: Would this be a really stupid idea, or could it work, I need serious advice?

My boyfriend and I looking to start a small business; a coffee shop. Since we don't own a house and he has bad credit, we can't qualify for a loan, but his buddy from school happens to have a family member that can look into getting a us a business grant to get it launched. We also want to "go green" with it, that is energy efficient. When I told my mom about this, she kept questioning me and didn't understand why we wanted to do a coffee shop, since I'm going back to school to learn web programming and development and also have a seasonal part time job--it's almost like our business idea was shot down! It's because my boyfriend and I are both struggling in this sh*tty economy, so we thought it would work out better in the long run if we are self employed. Now I'm not stupid, I know that this is a lot of work and it will take time. Will it be hard for us to get a business grant? I heard that the process can be frustrating? Any advice? Please don't spam with online money making ideas or I will report you, thanks. more

Resolved Question: Need help on getting a home or maybe apartment... anything?

My family and I are going through really hard times. My mother was very close to owning the last house we lived in and only had about 5,000 left to pay on it but wells fargo claimed she was late on a payment. When she wasn't, she was actually ahead by one. So since we are in an on going battle with them in the court house we have been evicted and the house its self is not even able to be lived in anyways since they did things like pull out the carpet when they weren't supposed to until the court decided to make its decision and also destroyed the gazebo. We weren't able to catch them pulling carpet and such until it was too late because we have been staying up at my grand pas house taking care of him for i want to say two years, because he was suffering from Alzheimer's ((houses are close by not even like for to five blocks away)) Well recently he had taken a fall while we were walking outside he had hit his head and we feared the worse... not a good day at all. But now we have him being taken care of at a assistant nursing facility. (( good news he is doing very well now )) after having to move him from several because they weren't taking very good care of him and he had an accident at one of them. But now he is at a very good facility it's a little out of the way and cost a little more but honestly we were more concerned about his health. Well his health insurance ran out. Going to seek for help we haven't ben able to find any and now they want his home for payment. So as of December 15th we are really going to be out on the streets. I don't know what to do, I am a college student, I have a little brother who is 11 and diagnosed with leukemia and my mother who although runs a small Business is falling under. Not only that but guess working for hollywood video wasn't a smart move because they closed the store i was working at for about 2 years, and they just closed the store randomly in late October and they literally gave us a one day notice. Now Ive been working for my mom for the time being trying to help her out at least and gather the little money we can. But with my credit score being low 554 I have no idea how to raise it let alone raise it in time to get a loan or something just so we can find a place to live. I really don't know what to do at this point. Ive tried applying online for home loans but keep getting denied. Is there any place out there willing to look passed that even if the interest rate will be high? I'd still be willing. ((sorry if story is a little jumbled or if you'd like me to go into detail on more of one subject id be glad to just trying to give a rough draft of what exactly we are going through of coarse there is more problems we are suffering from but i believe the important details made its way out there)) just desperately seeking help. I have no idea what to do. Let alone think straight or keep myself from falling from all the stress so sorry if I'm not a little all there. more

Resolved Question: Need A Small Business loan of $6500 with bad credit. Any Ideas?

This morning had a small vending machine business idea that popped into my head. Did the research and realized in order to start it i would need just $6500 dollars. Problem is bad credit technically i could save money to get it but the problem is i would be selling a unique product to a very special clientele that i know for a fact will devour the inventory (as i am one of them) also found that i may be able to sell the product for LOWER than the price in retail stores but all it takes now is for some one else to figure this out and it goes to the first one with the idea and the money. This is a slam dunk guarantee with a very small investment. Any ideas how i can get funding? more

Resolved Question: Good or bad: Take $8,000 loan to pay off smaller credit card debts ($4,000) to only pay 1 bill/month?

Just calculated all my CC debt and I have a grand total of $2450 in debt. I also have to pay tuition next semester which will be another $2,000. So $4450 total. This CC debt is hanging over my head and annoying. I just want to get rid of it once and for all! I have been offered a loan of $8,000. My minimum balance per month would be $280. I would take the $8,000 to pay off the $4450 debt which leaves me with $3,550 in my bank account. With that $3,550 + my current bank account balance + work I will pay the $280 per month. ...Then I will not rip up my CC cards (3 total) but I will just straight up not use them. Actually my highest balance is on my Best Buy store card (bought a laptop, a desktop, and an HD Canon over the last 6 months)..... So do you think it is a good idea to do this? I do because I will pay off and "consolidate" all my debt into one payment a month. Instead of worrying about 4 due dates I'll just worry about 1....Not to mention this loan will boost my credit score and report (which is good so far, not one missed payment or late payment, staying below 35-40% of my max credit limit at all times).... Here is the good part. I recently was approved to buy a foreclosed home. I believe I can get (renting it out) $800 a month. The problem is I am waiting on the bank to get the paperwork together so I can use my money from my checking account (yes I have enough to pay off all my debt listed above + way more) BUT I want to use this money to pay for the house THEN LATER when the house is paid for + repairs worry about the $2,000 in debt. It has been a few weeks since the bank accepted my offer and I am hoping any day now they will have the paperwork ready so I can get a tenant in there. So the good news is (hopefully just before Xmas) I will have an extra income of $800 a month which will by itself pay for more than the min. balance of the loan each month. Since I said I would have roughly $3550 of the loan money left after I pay my debt I will use this + the first months rent + the deposit from my tenant to pay a large chunk of that $8,000 debt off (probably $6,000). Then from that point I will go on with my life and business and only owe $2,000 on the $8,000 loan which I will pay off quickly. Now I spoke with the lender and they said if I paid the loan early I would barely pay any interest whereas if I pay over the life of the loan I will pay the full interest. ...Then several months down the road I will try to talk with my bank on getting a home equity loan (to use to buy a second foreclosed home)... What do you guys think? more

Resolved Question: is there a micro loan for someone with bad credit to start a small business with $5000?

Resolved Question: I have a house fully paid for and I got bad credit I would like to take out a loan to clear up my present debt?

I bought a house and want to take out a loan to clear up any and all debt I may have. I do have a small business that has been slow business. Is there any hep for a guy like me more

Resolved Question: My banks keep messing up my loans/terms, any advice?

I had a few loans out through my significant other, one small one that i used for a car about $6,000, one larger one for about $28,500, and then we had some combined stuff to do around the house, etc, so that was a home equity for about $30,000...all in all those were gotten about a year or two fairly closely together though, and they all started out as lines of credit, fixed interest rates. We both kept making payments on time, and were on great terms, then this whole credit crisis hit...our credit cards, some of them, the limits got slashed, one or two just closed.....then two of these lines of credit became variable rates...and then if that wasn't enough, they reduced the terms from lets say 6 and 8 years down to 5, just like that... and just today I found out that they're freezing them, the two of them, and they're no longer lines of credit just simply loans..which totally eradicates drawing more on it lets say at a later date. So now I especially am very angry, because I feel like we're being messed around by these banks just because they "can," even though we have good if not great credit, make our payments on time, and that's actually not THAT bad of outstanding debt being that it's not all under one person's name. it's just ridiculous though. We've been paying them down, and we still have alot of other credit available that we NEVER use, and income is good..everything is good. So now I'm depressed, becuase in the last year, with all this slashing, it put a serious dent into being able to withdraw espeially for necessary things like health bills. So as of right now I want to know what the best option would be? Should I just let things go how they are, or should I try a different bank and then just consolidate a few into one bigger loan, or try to get a line of credit and just transfer over and pay off the, forgive my language, cr@ppy loan deals we now have? Another concern is, with this outstanding debt, which isn't astronomical but it's still quite a bit... will they be less likely to approve, especially if it's secured? Does going in person help any..rather than just over the phone and internet, and perhaps putting up a collateral or securing it with something might help? The thing is, I used personal lines of credit to have as a safety net, just in case emergencies come up, I mess up and over spend,, or whatever financial crisis may arise especially in THIS economy, and it's something that you pay down but can also reach in if you need it. IT's great for rescues, but now banks are seriously cutting that down, and well....not much is available. So I'm very upset over it. I mean I can understand the economy being bad but...these banks aren't even giving out notices ahead of time to WARN us about changes@! They NEVER notified us about this recent change where they're just becoming loans and not lines of credit which we got APPROVED of. no letter in the mail, just happened. This is all by the way, BANK OF AMERICA! the other one is with capital one, and they're fine thus far. is bank of america just a bad place to do business with? They even treat their LOYAL customers like dirt and we've been banking with them for a long time now! Very depressing I'll say. What are our options? I don't want to go into some debt consolidation thing either because I can totally pay off the bills from the loans etc, tey're not that much considering they're spread out for many years, and they serve a great purpose to withdraw money from if they're lines of credit.also, once the banks do this, are these permanent changes or can they be subject to change? Bank of America's reasoning was : well we just don't DO lines of credit anymore. Fine, but why should we then bank with them? It's our money too we're paying back, so why pay under one bank's conditions & terms you don't agree with. If another bank is more negotiable and nice to their customers & offers better rates/plans.....then...why stick with bank of america? They seem very blase about actually working with you. IT's more like...this is what we offer, this is not, take it or leave it GOODBYE, no care about good customer service or a good payment history NOTHING. I feel like a number and they treat you almost condescendingly. Well why do banks offer these services...if they later complain that people shouldn't be USING THEM? It's a catch 22, if no one used them...their businesses wouldn't be as successful. Banks, what's the deal!? more

Voting Question: In a frantic meeting w/ economist has Nancy Pelosi reached the conclusion that Obama's stimulus plan failed?

Top White House economist Christina Romer of UC Berkeley told Congress on Thursday that employment growth could remain "painfully weak" through next year, and that the largest effect from the $787 billion stimulus enacted in February, mainly aid to states, is past. By mid-2010, she said, the stimulus will no longer contribute to growth. Alarms are ringing at the White House and in Congress. But with a mind-boggling $1.4 trillion deficit this year, Democrats have used up their bullets. The word stimulus has such a bad connotation that the term has been banished from new efforts to goose the economy and help workers, such as extending unemployment benefits, sending $250 checks to seniors and a program the White House announced to help small businesses get loans. House Speaker Nancy Pelosi, D-San Francisco, and top House Democrats met for four hours with economists Wednesday, amid criticism from the left that the stimulus was poorly targeted on jobs. Calls have mounted for a tax credit to hire workers, much like one tried three decades ago during the Carter administration, but there is little appetite in Congress or the administration for more stimulus spending. Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/25/MNMR1A9PMQ.DTL&tsp=1#ixzz0UzpHN4Th more

Resolved Question: The Bank Manager’s Dilemma?

Topic: Institutions and Markets (Loan Covenants) Characters: Sara, A branch manager at a large commercial bank As a young branch manager at a relatively small retail office within a large bank holding company, Sara has been challenged by her superiors to increase loan and deposit volume within her local banking market. In Sara’s first year on the job, she has designed and implemented an aggressive calling program in which she visits local businesses and solicits new corporate accounts for the bank. Her initial efforts have been most successful. In spite of strong competition from other local financial institutions, Sara has managed to land a new $2 million deposit account from a local apartment management firm, Silver Valley Estates, and she is currently negotiating with Silver Valley’s president to provide a $300,000 mortgage loan for his new personal residence. After a recent credit committee meeting at the bank’s regional headquarters where Sara presented the mortgage loan request and received approval from the bank’s senior leaders for this loan, Sara is called to her boss’s office. She can hardly contain her excitement in greeting her boss, telling him of the new mortgage loan she is planning to make. Upon hearing the news, Sara’s boss frowns and tells her of a mistake that occurred in the bank’s deposit operations center several weeks ago. It seems a group of checks worth $20,000 deposited into Silver Valley’s rental collection account two months ago were returned to the bank for nonsufficient funds by the Federal Reserve. Instead of promptly deducting the bad checks from Silver Valley’s account and returning them to the firm, one of the deposit operations clerks at the bank inadvertently placed the checks in his bottom desk drawer and forgot about them. After several weeks, the bank’s auditors located the checks, and now Sara must debit Silver Valley’s account and return the checks to the firm. Sara protests to her boss that this action would clearly be wrong, because the bank’s written policy states that checks accepted for deposit cannot be returned after the tenth business day following their date of deposit. In addition, Sara explains that one condition of the bank’s mortgage loan approval to Silver Valley’s president is that the firm must maintain a major deposit account with Sara’s branch. She knows that if she charges the Silver Valley account for the bad check loss, she will anger Silver Valley’s president, lose the $2 million deposit account and the new mortgage loan, and sacrifice all future business from Silver Valley to competing financial institutions in her local market. Sara’s boss claims that he understands her dilemma, but he is adamant in his instruction to her. The bank cannot afford a $20,000 loss to a new corporate depositor, and she must debit Silver Valley’s account to cover the bad check loss. Moreover, Sara is quietly warned that discussing this matter with any other senior officers of the bank will prove most damaging to her career. What should she do? more

Resolved Question: Legitimate small business loans/grants websites/companies?

Is there a secure site or company I can visit in Florida that deals with small business loans or grants even with bad personal credit? more

Resolved Question: Why does free market capitalism get a bad rep?

The bail outs are not free market capitalism, that's fascism to have the government dictate the market. Don't tell me it divides the rich and the poor. 50% of the American GDP is from small businesses - Fortune Magazine Not to mention majority of America is middle class, there are more suburbs then any other form of society in America. Middle class to me sounds balanced, there isn't a majority of lower or upper class, only a select few in population. In free market capitalism the consumers dictate what they want to buy, the businesses can't survive unless they satisfy what the consumer wants to purchase. With the bail outs the government chose to do ruined the free market, the consumers dictated they don't want cars from GM, the government intervened and bailed them out. In a free market capitalist system, that company would go out of business, and a more efficient business would move in that territory and do a better job. Bailing out GM will come back to haunt us if it fails again, it will mandate another bail out or bankruptcy. The banks them selves aren't truly a free market. They are mandated by the government with so many regulations they lose their freedom to choose what to do. The Community Reinvestment Act which Fannie Mae in 1992 was invested in crashed later at the end of the Bush Term in 2008. That's 18 years difference in time. Home Mortgage loans take time to pay off. If you give loans to people that have bad credit obviously they're a hazard to possibly repay it back. Banks where mandated by the government to give out the loans to people that didn't qualify. Not discrediting banks being greedy they where, but it was the bureaucracy that enabled banks to have bad practice. http://en.wikipedia.org/wiki/Community_Reinvestment_Act - Read the History The regulations banks under went with all the changes and enabling them to give bad loans is the reason we feel this 18 years later. Most peoples home loans take longer then 18 years to pay off. Giving them to people that didn't qualify makes it even more dangerous, with the housing market devalued the banks got the homes back with a lower value of the origional loan, cooping an even bigger loss since they can't sell it back. It's not free market capitalism to bail out the banks, and it wasn't free market capitalism for the government to regulate banks on how they distribute home loans. The government made the mess, and it's the tax payer that suffers. This isn't free market capitalism. I just want to make sure you realize free market capitalism doesn't involve government regulation/interference. If you mention things like the FDA and FCC, those don't dictate what company's can sell their product at or anything, that's for safety purposes, it will effect a company's cost but they will just push it to the consumer, regulating the cost they put to the consumer will damage their ability to independently function in the free market. So don't bash a system you probably know nothing about. It really upsets me people watch Michael Moore's movie and think that's capitalism. Bail outs are not Free Market Capitalism, it's government interference which is fascism.Sakata Gintoki: Wow you're pretty ignorant, the people in other countries wouldn't have jobs in their country if it wasn't for the US providing them. They would be killing each other and be unproductive. In any state where there is no employment, which can be a country like Somalia or even the great depression. It was and always will be out of order since there is no production, everyone will just kill each other and constantly be at war. There is no wealth generated. When employment happens, production increases causing wealth to be generated, and it's peaceful. Government housing projects have the highest crime rates in America for a reason that is parallel to unemployment.crunch: Free Market Capitalism hasn't existed since FDR, his socialistic ideals make Americans dependent on the government. The more dependent on the government one becomes the less independent they become. Causing them to demand the government takes care of them. This is why we have health care reform, Medicare is costing America too much money each year, Obama is going to end Medicare and merge it with his new plan. It's going to keep adding to our debt. I'd rather disable all government aid. Not allow doctors to be sued by Lawyers. Then sit back and watch the Doctors compete against each other for patients. There would be so much competition doctors would force each other to lower prices. Just like fast food when McDonalds introduced the dollar menu. Everyone else had to have a value menu because they where getting killed. The consumer will always win.Sakata Gintoki: Wow you're a whiny little blamer, do you understand everyone has the free will to choose what to do with their lives? You can't blame the employer when the employee willingly works there. You can't blame tobacco companies for people who smoke and get cancer since the individual should of known better. You're discrediting the individuals right to choose what they want to do. You blame others for the individuals fault and sole choice they made on their own. You can't blame someone when the individual chose to do it. No one is forcing anyone to work any where, unless it was a totalitarian state and mandates they must. That isn't the case in Free Market Capitalism. The Employees can picket and not work there, if they picket and they get fired and replaced by others, it obviously tells everyone that the work environment must not be that bad if others still want to work there.Matthew D: Middle Class is not defined by how much money you have, since the cost of living per state is different. Middle Class homes in So Cal cost 500k, if you took 500k to Alabama you could live in a mansion. The upper class homes here are valued from 900k and up in So Cal. You can't live in a big house here. It depends on where you live and what the cost of living is. All suburbs are defined as middle class. Government housing projects are lower class, and the upper class are the few rich that live in areas the average person can't afford. Most homes in America are affordable for the average American depending on which state you are in. Real Estate is about location, saying a value determines middle class is stupid, because 500k in so cal isn't worth much compared to Alabama. It's about each location and what the norm is.AgriCult: I know who George Orwell is, he is an author of a book 1984 which was a prediction of how totalitarianism would spread. I know what his philosophy is. Second I want to say that Hitler was a Fascist, Fascism is two things. 1. The cause of race superiority. 2. The merge of corporations and government I for one see number 2 clearly happening right now in our American society. 61% of GM is owned by the US Department of Treasury. It's damaging the system America was built upon. The fore fathers wanted a small government, we are constantly stirring away from it, and I don't want to have a government that is parallel to the king of England. If the government today owns many companies and the king of England taxed high percentages, what difference does it make. Either way the form of government generates a high revenue through ownership or taxation. I really dislike this, all governments can do is go bankrupt, we see it with the USSR, Nazi Germany, and with us being 11 trill debt.remmycool: due to lack of comenting space I am allowed I will keep this short. I agree with everything you said, if the world was a free market system America's value would decrease. I don't mind that, I am not about superiority of currency, I am for the innovation free market capitalism has offered the world. I love it and it makes every bureaucrat look like a selfish dictator that wants the wealth through taxation. I agree with your comparison of Zimbabwe and them being millionaires. Of course not everyone can be a millionaire, it would just be inflation and the value would be even more useless. The problem is people see the rich and think that they're selfish. The belief of that is preposterous since the rich generated that wealth through smart investments. Every society there is a rich class, either a dictatorship/government or the people who choose to make innovative ideas in our democratic republic society. I hate the witch hunts people have on successful people.Aidan: Well for starters I agree with you that the bail outs saved capitalism since it enables banks to give loans to businesses for what ever purpose they need it for. How ever I disagree that you will believe a government report on a government program they allowed. I see a bias there considering if they disagree with their own intended policy it will make them lose credibility, Americans will lose trust in them and no one would ever want something like this to happen again. To push this point even further look at the cause and effects of other programs. Social Security's cause is to allow you to be financially secure by the government past age 65, yet people past 65 still work and aren't retired. Welfare sounds nice to help people in poverty, yet those people become dependent on the program and always will be in poverty. There is no incentive to become independent and not depend on the government anymore. I can go on and on, but I hope you get the point, plus I have no more spacex x: You do realize oil companies face a major restriction by the government of where they can drill. If oil companies could drill any where and have a massive quantity the price of it would lower. Gas would be much cheaper if it was accessable by oil companies to drill any where. The government restricts oil companies to drill any where. So oil companies must buy it from foreign distributors like Canada, and the tariff they pay to ship it here adds to the cost of production. Due to scarcity and the tariff cost, the oil companies pass these burdens to the consumers. Otherwise they would eat a massive loss and go out of business. Again that's government regulation ruining the free market ability of oil companies drilling where ever they want. Gold is expensive because of the scarcity it holds as a natural resource. Same reason why you won't pay money for dirt since it is every where it's so common it doesn't hold a value. more

Resolved Question: How can you start a business if you don't have enough collateral to get the loan approved?

If someone is trying to start a small business in this economy it is harder than it used to be. According to the banks, and credit unions the bad economy has limited the loans available for startup funds. And you have to provide a higher percentage of collateral for the loan. Even if you could qualify for a minority loan under normal circumstances it is more difficult now. How can you start your own business if you can't gett the funds to get it off the ground? more

Resolved Question: I need a business loan?

I am only 18 years old, but I am in college for business management. There is a small store for sale right down the road from my house. I have little credit, no bad credit, just have not had time to build up a lot. Is there any place that might give me a loan for 175k due to my circumstances? more

Resolved Question: Robert Reich: "The truth about Jobs that no one wants to tell you" Do you agree with Reich?

ENTIRE ARTICLE http://www.huffingtonpost.com/robert-reich/the-truth-about-jobs-that_b_307642.html BITS AND PIECES (Read, its shorter than it looks): In other words, ten percent unemployment really means twenty percent underemployment or anxious employment. All of which translates directly into late payments on mortgages, credit cards, auto and student loans, and loss of health insurance. It also means sleeplessness for tens of millions of Americans. And, of course, fewer purchases (more on this in a moment). Unemployment of this magnitude and duration also translates into ugly politics, because fear and anxiety are fertile grounds for demagogues weilding the politics of resentment against immigrants, blacks, the poor, government leaders, business leaders, Jews, and other easy targets. It's already started. Next year is a mid-term election. Be prepared for worse. -- Let me say this as clearly and forcefully as I can: The federal government should be spending even more than it already is on roads and bridges and schools and parks and everything else we need. It should make up for cutbacks at the state level, and then some. This is the only way to put Americans back to work. We did it during the Depression. It was called the WPA. Yes, I know. Our government is already deep in debt. But let me tell you something: When one out of six Americans is unemployed or underemployed, this is no time to worry about the debt. When I was a small boy my father told me that I and my kids and my grand-kids would be paying down the debt created by Franklin D. Roosevelt during the Depression and World War II. I didn't even know what a debt was, but it kept me up at night. My father was right about a lot of things, but he was wrong about this. America paid down FDR's debt in the 1950s, when Americans went back to work, when the economy was growing again, and when our incomes grew, too. We paid taxes, and in a few years that FDR debt had shrunk to almost nothing. You see? The most important thing right now is getting the jobs back, and getting the economy growing again. ------ more

Resolved Question: Bad credit and in need of loan information?

Times have been a bit rough for me lately, and I need to know about getting a loan. I luckily live in a town of like 6 banks, and surely one of them would work with me. I have a credit score of 541 [according to Freecreditreport.com] I have two people that have decent credit that are willing to co-sign I recently went to a bank and asked for a loan of 6k to buy a house and take care of some personal problems. I was literally told to get out of his office after he heard how much I made. Lol. I work part-time as a pilot car, which I make pretty decent money in this profession, but I haven't been able to escort for a while now. Anyways, I need to go to all of the banks tomorrow to get a loan for at LEAST 2k. Will these things be able to help me?: -My boss is willing to go down and co-sign for my loan. They own a home, their business, and they make at least 4k a month. -I make 800 a month through their job. -I make 900 in two days when I escort, and work can be steady. -I can pay the bank back whatever they need me to. -I DO NOT have anything for collateral. -I am only asking for a small amount to make a truck payment and get back on the road. With my credit score of 541 [bad], a cosigner, and a decent income, will they be able to help me? more

Resolved Question: What has Obama done for our country?

I'll tell you what he's done! MORE THAN BUSH DID IN HIS 8 YEAR TERM. Let's see, Obama: -Reversed restrictions on stem cell research -Appointed an assistant to the president for science and technology policy -Created a foreclosure prevention fund for homeowners -Expanded loan programs for small businesses -Extended and indexed the 2007 Alternative Minimum Tax patch -Expanded eligibility for State Children’s Health Insurance Fund (SCHIP) -Expanded funding to train primary care providers and public health practitioners -Directed military leaders to end war in Iraq -Sent two additional brigades to Afghanistan -As promised gave a speech at a major Islamic forum in the first 100 days of his administration -Granted Americans unrestricted rights to visit family and send money to Cuba -Restored funding for the Byrne Justice Assistance Grant (Byrne/JAG) program -Released presidential records -Now requires new hires to sign a form affirming their hiring was not due to political affiliation or contributions -Pushed for enactment of Matthew Shepard Act, which expands hate crime law to include sexual orientation and other factors -Created a White House Office on Urban Policy -Supported increased funding for the NEA -Funded a major expansion of AmeriCorps -Worked to overturn Ledbetter vs. Goodyear -Banned lobbyist gifts to executive employees -Pledged to weatherize 1 million homes per year -Invested in all types of alternative energy -Enacted tax credit for consumers for plug-in hybrid cars -Provided grants to encourage energy-efficient building codes -As promised appointed at least one Republican to the cabinet -Extended unemployment insurance benefits and temporarily suspended taxes on these benefits. I'm sick of hearing ANYBODY say that Obama hasn't been doing anything, you don't even watch the news, read the papers, research shit online. How would YOU know what he's done? Who are you to say he's not fit for presidency, who are you to say he can't do his job right? How could you even THINK that he's worse than Bush when he's gone a hell of a lot more than Bush ever did within his 8 years. Even other countries are finally happy that we got a good president, because it's about damn time we get this country whipped into shape. Your beloved Bush put us into war, he put us into an economic crisis, and now Obama has to get us out, and he plans on trying his hardest, in fact he's already started. So all you Obama haters, shut your mouth unless you're actually informed. And to you racists, I don't know how anybody can't like somebody just because OF THEIR FREAKING SKIN COLOR! Ughh, I KNOW this isn't a question, and I know I'm going against the rules by ranting, but WOW. I guess Americans really ARE stupid.ALSO, yes a lot of people hate him for his skin color, they say it plain as day, they call him a f-ing n*gger, I've heard it plenty of times. What, did you think there was no such thing as racism in America?Also, it wasn't an actual question moron, as I clearly stated in my passage. Do you see why you're a moron now? more

Resolved Question: I have an idea for a business but I have NO MONEY AND NO JOB?

WHAT CAN I DO AND WHERE CAN I GO...VERY BAD CREDIT....I KNOW ABOUT SMALL BUSINESS ASSOCIATION, EBAY, BANK LOANS ETC....BUT WHAT EXACTLY DO I DO FIRST....SOME ONE SUGGESTED I READ BOOKS AND STUFF AND FOLLOW THEY'RE ADVICE...BUT YOU STILL BE ESTABLISHED IN SOME KINDA WAY IN MOST OF THOSE BOOOKS....I CAN NOT SLEEP AT NIGHT....PLEASE HELP AND NO BASHING....THANKS (ALSO, I'M SINGLE MOTHER WITH 2 SMALL KIDS STRUGGLING TO MAKE IT OUT THE GHETTO) more

Resolved Question: how can i come up with a larger sum of money or solution?

im looking for a larger amount of money... or possibly a very effective solution..... its been laid on my heart to help my parents. they are in very bad financial distress. their older and work about 15 hour days 6 days a week. i see them wearing down physically and financially.. i need to help them out with their financial issues as its as bad as it can possibly get..... the problem is personally i cant get no loan.. im 22.. i have no credit history... i own a small business and work part time to make the ends meet. im barely making it for myself. but i need to help them somehow cuz this is hard for me to see..... i need to somehow step up to the plate and help them knock this HUGE burden out..... what can i do???????? more

Resolved Question: How can I get a small business loan with bad credit ranking (no debts, just not enough credit history)?

Hi, I was wondering how easy it is to get a small business loan (app. 2000 pound) if you have a bad credit ranking? I haven't been long enough in the UK to build up a good credit history...I have just recently got a debit card and I do have a credit card with a credit facility of 100 pound, hoping that this will help me to get a better ranking (I always pay the full amount on time). But I moved quite a lot, which doesn't help...I do have a job but don't earn as much as I used to 3 month ago...So I'm looking to start my own business...Not sure how I can persuade my bank? more

Resolved Question: how do i apply for a small start up business loan with bad credit?

i want to open a clothing boutique, and was wondering if anyone can help me with some advice on getting started. like how do i apply for a small business loan (start up) with bad credit? if anyone know any resources please let me know. more

Resolved Question: Can you qualify for any loan with bad credit even though you are able to make a large down payment?

Like alot of people right now, my family has hit really hard times, my husband's business lost all work, we're both working now but with very limited income. We have tried to make thngs right with our creditors, we've sold our house, and are thankfully walking away with some money, but cannot afford to pay the rest of our outstanding debt off. We have some repossessions (business related in his name) against us, medical bills, credit debt, etc. We need a place to live, and looking at houses that are less expensive than our old one, between $40,000 to $115,000, but wondering what are our options, if any, if we could pay down $15,000-$20,000? Due to our outstanding enormous debt, we'll more than likely have to file bankruptcy anyway. The money we will get from the sale of our house is absolutely all we have, and we're also looking into renting, and possibly moving in with relatives. We are a family of four, with 2 small children and pets, so it's hard infringing on someone else's home, I'm consumed with worry and can't see what's ahead. Any info about credit and what is an option for us would be much appreciated, thank you. more

Voting Question: Is there anywhere I can go or anyone who would give me a loan for $20,000 to start a small business?

I can't get a loan anywhere!! Someone messed up my credit and now I'm paying for it! I want to start my own small business. Is it possible ANYWHERE to get a loan with bad credit. (please NO scammers!) more

Resolved Question: Looking To Obtain Small Business Loan W/ Bad Credit.?

I just started up a commercial cleaning company up recently and at the moment it's a home based business.I have bad credit but,I know I can get SOME kind of business loan even if it's a couple of thousand dollars.I live in NY so can anyone point me in the right direction?There are Altot of upfront costs that we could use some assistance paying. more

Resolved Question: How can I get a credit rating? I have none.?

As a child, I was taught that credit was a bad thing, and should never be used. When I married, we bought our house on Land contract rather than a mortgage, and paid it off. I do not drive, but my spouse financed the car through his credit union. When we divorced, as a single parent I could get no credit. Back then they wanted single women to have a co-signer to pay cash! *LOL* Now I am a senior citizen, and need to borrow money to do some major repairs on my home. I own it free and clear. However, I am told that having no credit score is worse than having a bad credit score, and I cannot even get a Home Equity Loan. I am told I should get a credit card and charge small amounts and pay them off monthly to get a credit score, but no one will give me a credit card. Some businesses in my area are no longer accepting checks. They want either cash or a credit card, as they've had too many losses on bad checks. Now my social security is direct deposited to my checking account, and as I don't drive and there is no public transportation here, it is very difficult for me to get to the bank to withdraw cash. I cannot afford the fees to withdraw from an ATM machine. Anyone have any ideas on how I can resolve this impasse?Dixie Darlin' I think you mised the point. I can not GET any kind of credit account t o pay off to give me a credit rating. My Social Security Income is less than $600.00 per month, so there is no question of my being able to save up $300.00 or $500.00 or $1,000.00 in a savings account to get a Secure card or account to use in building my credit. I thought I could maybe rent something at one of those Rent-A-Center places, expensive as they are, to build my credit, but the weekly payments on the things I need are more than I can afford. more

Voting Question: When applying for a poor credit business loan, what are the minimum credit requirements?

I am owner of a small business (LLC) that delivers to vessels in ports. I have an investor, my tax id, and all legal paperwork. Technically I am functioning, and have been for 2 weeks. My issue is this. I had another investor who has backed out, due to personal matters. I had not tried to apply for a loan at start up because I though my personal credit was too low (between 515 - 565) the business itself still has zero. I have customers that need to be supplied now, and need to come up with the other 50K. Our business plan is structured that we pay off the financier in 12 months at 30% interest. (that would have been the total 100K) So you can see incoming cash flow should not be a dilemma, and my business plan shows this. The other issue is since my industry is behind the public eye, (how many of you have been on a tanker?) It is hard for an individual to believe the numbers are accurate, when in fact we are "low-balling". If I applied as a bad credit minority, would I have a chance? Where are the best places here in Florida or otherwise to apply? Any suggestions? I need to get this going or be in a devastating situation. Additional Details I cannot go to family, or friends in this economy, finding another investor, going through the process with them, their accountants and lawyers will end up taking too much time and ruining what has been started. Our mission is to be a loyal company, my customers that I have had since fully financed, still need to be served as promised. more

Resolved Question: Why do Americans brainwashed to believe the business world is perfect?

There was a Yahoo Videogames article about how video game sales were suffering during the recession/depression. I simply said, well, if Microsoft and Sony would stop charging $60.00 for a new game printed on a piece of plastic, maybe sales would go up. I see computer games selling for much less than the same Xbox versions, what's up with that? I asked this question a bunch of people started saying, Oh, there are developer costs, royalties, programmer costs, blah blah blah, all the same excuses I've heard for years. Fact is, that's probably a SMALL percentage of the fixed costs, and the royalties are probably legalized extortion anyways. These companies make an enormous profit, and the typical excuses follow the same ones the oil companies give. Yet, why do they make huge profits? That shouldn't be happening if what they say is true. It's sad that people in America are being taught to be good consumers and not question unfair pricing practices. I see a lot of people my age and younger who have the attitude that business is about charging whatever you can get away with. WTF? It is really true that greed is destroying America, and that people are too stupid to see how it's happening. I think a lot of the problem lies with easy credit, and it should be fun to see this recession get worse as more people default on their credit card loans. We have to change, no joke!I meant, "Why are," not "Why do," sorry. more

Resolved Question: Help with School Fraud >.<;?

This is my horror story, I admit I made a vastly horrible mistake in attending this school. I applied there the student admission's director told me " We are a accredited culinary school." it was my main concern, that whatever school I picked was accredited, well perhaps it was being from a small country town in Texas, I made the mistake of believing him. I was wrong, horribly horribly wrong. During my time spent there I noticed strange thing's happening. Students having accidents that were not reported, one student collapsed and hit his head , they called in someone from my class to drive him to the hospital, a girl in my meat fabrication class caught on fire ! Did they call 911 ? no they had the stockroom attendant drive her to the hospital. All so that they could report they were accident free, another girl had her car broken into not reported either, all for the sake of a clean incident report. My former instructor told another chef in front of me that he had, had hepatitis C , this was the man responsible for the main butchering of meat for the school, event's, and school restaurant. I was shocked no one said anything, at least warned people , a few months later he was found with complete organ failure and died days later. I told this to a attorney I knew he said most likely the man's death record was changed to prevent the true cause of death from being known, alarming I thought. The placement director gave out my personal information to another student , then turned around and talked about his file with me , she also told me that she would not back me nor would the school endorse me when I tried applying for a job at a 4 star restaurant , saying to me that the restaurant owner's were on the school board. I talked to my business instructor and he was shocked that she told me that because it was indeed a lie, the school had no ties whatsoever with the restaurant I was looking to work at. Frustrated, that is what I was and then I found out that Arizona Culinary Institute had lied to me and they were not accredited, I had tried to transfer over my credits their to a Le Cordon bleu school. Meanwhile Sallie Mae was having fun raising my school loan rates, as of now I owe 18,000.00 more on top of my initial school loan, trying to seek legal help has been hellish. The co-founder of that school is the former gov, Fyfe Symington. Once every single consumer advocate and lawyer hears this they say, " I'm sorry we just can't help you. I'm so confused as to what to do, I made a mistake and believed the wrong school and now I'm stuck , the worst part is they brought in my family, even my dad has been ruined by this. Does anyone have any kind of tips or info as to what I can do to get out of this ? I don't want to be forced spending years trying to pay off a loan from a school that lied and is guilty of fraud. more

Resolved Question: I need a small business loan but I have bad credit?

I have an opportunity to obtain a business that can be lucrative. The current owner has no idea how to operate it. The business is worth an estimated $500,000. He is asking $80,000 to get out of it. Problem is I don't want to use my credit to finance the funds needed for the business. He has given me approval to use the business property as collateral. Any ideas? Thanks, more

Resolved Question: Where can I find Investor?

Who can Issue me a small business loan although I have bad credit (Medical) which effects my credit score, although many people thinks it has no effect. I need an advertising investor. more

Voting Question: This is my problem. Well in the sense of problems its not to bad. I have a six month old company and a month?

ago we needed funds. This investment company is giving small business loans up to 75,000. I received the funds but other institutions are telling me I need company credit to get products that they have. What are some good places to establish company credit with these new funds that I couldn't get from any bank. I think that with this amount of funds I shouldn't have to be a personal guarantor like they are telling me. more

Resolved Question: question about how first time small business loans work?

I am interested in starting a small business. I am in my mid-twenties and I have very good credit. I also have a steady job that I would intend to keep while running my business at the same time. I am looking for a small business loan of roughly $100,000. I have no major debt at all other than a car payment. With the economy so bad, what are the chances of a bank giving me a loan of $100k? Since I am young, will I more than likely need a co-signer? any info is appreciated. I am just curious as to how this process works. thanks more

Resolved Question: Desperate for a second chance at going back to school and denied private student loans, don't have a cosigner.?

I went to a private college for almost two years when I realized I was wasting tons of money on Bible credits I would never use, so I decided to take a year off and figure out a great school to go to with a Music Business major. I set my sights on The Institute of Production and Recording in Minneapolis, MN. Everything has been going great...except for my student loans. I have about half of tuition covered my Stafford loans the only thing is, the school isn't an eligible school for several student loan companies. My adviser has been giving me several different ways to get private loans and I have been denied by three places, and twice with a co-signer. My parents have the worst credit right now due to their specific jobs that aren't doing well in this economy. I fell a little behind on my student loan payments from my past private school but have communicated things with them and have set up small payments each month, but I am still being denied these private loans due to my credit score. Please help, I couldn't be more desperate in finding a way to pay for my tuition and this school. Classes start July 27th and I have been working non-stop trying to find new ways of getting there. Thanks! more

Resolved Question: NEED A SMALL BUSINESS LOAN!?

How can I get a small business loan for a coffee shop in Colchester, United Kingdom if no bank/institution wants to help? I have really bad credit, no collateral or any guarantors. What can I do?I need about £8000 more

Resolved Question: I want a small business loan but have bad credit!!! This is my plan...?

I want to open a new small business but no bank or institution will grant me a loan of £15 000! My friend and I thought that he will write me a check and I'll cash it, use it all on my business and pay the money back. But the thing is he doesn't have that amount in his bank account so we are hoping that the money will reflect in my account before the bank finds out! I really want to open this business and I know it will work...WE WILL PAY ALL THE MONEY BACK!! Look at it like this, its like a small business loan but without the banks knowing, lol! Will this work for us or not? All these loan institutions/banks say they can help but NO ONE CAN HELP OUT THERE!!! They all just want your money! Please let me know what your ideas are...I did a bit of research and what we will be doing is sort of like check kiting...look it up to understand!!! ThanksAnd I leave in the United Kingdom. more