Free credit rating report Illinois

Even those with free credit rating report Illinois good credit may have to crack their retirement nest eggs to come up with enough cash to make a deal work. "The first thing we want to know is, 'How much free credit rating report Illinois cash do you have? Any outside income coming in?' " says Rick Anderson, general manager of Franchise Finance of Little Rock, Ark., a company that originates loans and leases for the franchise industry. Anderson says if borrowers have substantial cash, "we'd recommend they put more money into the deal -- maybe 40% to 50%, and we'd finance it conventionally." If they aren't flush, he says, they still may have to contribute at least 20% along with collateral -- perhaps just enough from a retirement account to cover the down payment to qualify for an SBA loan. Brian Colburn, managing director of franchise finance at Butler Capital Corp., a commercial lender in Hunt Valley, Md., says that the "only bank loans I see being made to new franchisees are if a person has established free credit rating report Illinois other relationships with a banker, or has previous experience, or is a local figure in the marketplace. credit card report The average Joe, 99% of the time the bank will turn him over to an SBA" office. Indeed, with banks becoming more tight-fisted, the SBA is becoming the place more would-be franchisees are turning to.

"It's what the SBA was created for, to provide free credit rating report Illinois access to capital for small businesses who can't get it through conventional free credit rating report Illinois means," says Christine Reilly, head of small-business lending at CIT Group Inc., a New York-based finance company. Reilly, CIT has recently "made some changes" to its underwriting criteria for franchising in order to reduce its risk exposure. order a credit report online

The standard SBA loan for franchisees is known as the 7(a), which is issued by a bank or other qualified lender, and partly guaranteed against default by the government. Because of that backing, such loans are seen as relatively low-risk. SBA loans include those for short-term working capital and equipment, which often have a five- to six-year free credit rating report Illinois maturity; and real-estate loans, free credit rating report Illinois which can run for 20 years or more. Despite the current tight-money situation, "we expect to have adequate free credit rating report Illinois funding to meet demand for fiscal '09," says James free credit rating report Illinois Hammersley, director of the agency's loan-programs division. About 10% of all SBA loans go to franchisees, with the size running between $250,000 and $500,000, although the maximum is $2 million. Most of that money is earmarked for franchise entry fees, improvements or working capital. free credit report uk

Even so, the program is feeling a bit of the crunch. Hammersley says about 300 of some 4,000 bank participants around the country have free credit rating report Illinois reduced their SBA lending activity.