Archive for July 2020

Know It All About Trade Booths And Before Settling For A Plausible Loan Amount !

Be it a novice or a maestro, a business loan might come handy unequivocally. Business loans per se are critical to achieve, mainly for a new start-up although slightly easier for expanding the existing workspace. Competitiveness and profitability are kept in mind while seeking a loan in order to reach the peak of success.

The business loans are used for various purposes like:

  • Increase the business cash flow
  • Lease bigger office premises
  • Renovate the office
  • Purchase, lease or repair machinery and equipment
  • Upgrade to the latest technology
  • Stock up on inventory
  • Hire seasonal employees
  • Purchase raw material for bulk orders
  • Expand to another area or city
  • Scale-up operations and take on bigger projects and much more

A poor credit history or a limited cash flow can prove to be a hindrance for securing loans. Thus it is very much essential to have a good record and organized financial documents to attract the lenders in order to get a loan. The other factors that might prove prevent small businesses from securing loans are as follows:

  • Lack of a solid business plan
  • Too many loan applications
  • Obligatory documentation often includes a detailed business plan and proof of collateral; extensive financial records such as income tax returns, personal and business bank statements, loan history, and a balance sheet; and legal paperwork, such as franchise agreements, business licenses and registrations. And a disorganisation of these can cause serious trouble.
  • Failure to seek an expert advice
  • Lacking apathy: Too many business owners simply don’t demonstrate why they, rather than someone else, are a good candidate for a loan.

What are the different types of business loans?

  • SBA loans
  • Short-term loans
  • Long-term business loans
  • Bad-credit loans
  • Secured loans
  • Unsecured loans
  • Merchant cash advances
  • Equipment financing
  • Invoice factoring

Seasonal trade fairs are a blessing for the companies who can have their own niche for advertising and experimenting. Trade fair is an exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products and services, meet with industry partners and customers, study activities of rivals, and examine recent market trends and opportunities. 

For a company start-up especially, it is very necessary for them to advertise in order to expand and this is where the role of trade show booth comes in. The exhibitors play a major role in attracting an audience as well as investors who might show interest in offering loans or investment upon the company. Trade shows are a staple of most industries that allow companies to increase brand awareness, explore new products within the industry and to launch their own new customer and business facing products.

The exhibition booth contains:

  1. Exhibit
  2. Display island
  3. Kiosk
  4. Counter
  5. Free-standing floor sign or hanging sign
  6. Showcase

Trade shows often provide:

  • Exhibit space
  •  Workshops or presentations
  • Opportunities to interact with the media
  • Evening networking events
  • Private exhibitor events
  • Awards presentations

Exhibitors participate in the hopes of connecting with potential new customers, reinforcing relationships with dealers and distributors, and networking with influencers and the media. Attendees come to trade shows to become familiar with the latest products being introduced, to take advantage of special “show prices” from exhibitors, and to become better educated about their industry.

Does bankruptcy affect your credit score?

A credit score is a number that delimitate a person’s creditworthiness. It is designed to present the likelihood of paying bills in time. The higher the credit score result in more favorable credit terms. The credit score represents the credit risk. Credit score is basically based on credit history which is like total levels of debt, length of your credit history, number of open accounts and payment history.

A credit score can significantly affect someone’s financial life. If you have a business and you want to get a loan with your poor credit score, your interest rate will be high. Which means your monthly payment will be higher than those who have a high credit score. If your business is on the edge and you need a guide who will show the best way for you and your company, then the New York bankruptcy attorney is here to help you out. They are specialized in bankruptcy or out of court workouts. The attorneys have many years of experience advising small to middle market debtors and large multi-national creditors.

A general look of credit score ranges

  • 300-579 Poor
  • 580-669 Fair
  • 670-739 Good
  • 740-799 Very good
  • 800-850 Excellent

All bankruptcy remains on your credit score and can affect your credit score for a long term. People with low credit scores are generally considered as subprime borrowers. Higher credit scores receive more favorable credit terms which is lower payment and less interest paying. Types of credit score used by lenders and creditors may vary based on their industry. Payment history counts 35% of a credit score and also shows whether the person is paying all the bills in time. Total amount owed counts for 30% of credit utilization. And the rest 15% is counted for the length of credit history.

How to improve credit score:

  • Often check your credit report

Regularly checking your credit report can increase your credit score. It will help you in identifying errors in your report.

  • Pay all bills on time

If you have any outstanding bills, you must pay it immediately. Because delayed payment history can affect your credit score. Try to pay the full bill of your credit card to reduce the outstanding amount.

  • Up your credit line

If you have a credit card, try to increase the limit of your credit card.

  • Don’t close a credit card account

If you are not using a credit card, just stop using it, you don’t need to close the account. Closing a card can reduce your credit utilization rate which is not good for your credit score.

  • Maintain a healthy credit mix

For maintaining a good credit score you should have a right combination of secure loans (home loan, auto loan) and unsecured loans (personal loan, credit cards).

  • Apply for new credit within your limit

Too much debt can affect your credit score. So, if you are in need of new credit, just remember to only apply then, when you can repay the debt.