Association for Enterprise offers several different types of financial services and lending. These include loans, checking accounts, savings accounts, individual development accounts as well as credit reporting. They even offer program focused areas and training for business and technical assistance. Through Association for Enterprises I located ACE; Access to Capital for Entrepreneurs. ACE allows borrowers to apply for a small business loan of up to $50,000 with just a click of a button. The eligibility requirements is a credit score of at least 550, free of active bankruptcies for the last twelve months, mortgage and rents payments on time and all student loans to be in good standings. Additionally documents that are required include, business information, bank statements, pay stubs, business budget and debt information and of course a business plan, financial projections, start up budget and proof of equity. Association for Enterprise Opportunity offers “Find a Mentor” which I believe is a great added service to AEO. AS a new business owner, having someone to turn to for advice on an ever changing industry will be the key to a new business owner’s success. An advantage I see through their website is a new pilot program called, “Community Advantage. The program is intended to meet the needs of small business with their credit, management and technical needs. They focus on a $250,000 or less mission and help development their business. This type of program is a great opportunity for new business owners like me which will allow focus on the development of our business in a short amount of time.
Reviewing Opportunity Finance Network, allows an entrepreneur knowledge of their financing policies as well as news, innovations and results they have already received from other businesses. The website offers the criteria overview for loans and investments including what mandatory requirements are. Some requirements that are mentioned demonstrate at least two years of operating surpluses in the last three years as well as the capacity to use capital productively. The application details out what each business must submit in order to be considered allowing the new business to fully understand what each investor is looking for when investing in their business. Some of the requirements Opportunity Finance Network asks for in their application is organization information, primary lending Sector, as well as financing amount. They also require supporting documents which is included in a business plan such as pro forma balance sheet, three years of projections, organizational chart and a full business plan. A great advantage of Opportunity Finance Network allows the business developer the opportunity to search their specific area as well as organization type and type of lending that is needed. Extremely user friendly and straight forward which is fantastic. Reviewing the website I did find a disadvantage of alternative financing as I was not aware of the pay back structure and requirements. Their website does not list the full detailed information, which to myself as a borrower, would like to understand.
No comments:
Post a Comment