Small Business Loans #small #business #commercial #loan


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Small Business Loans

A small business loan is simply money you borrow to help pay for what your business needs. Use our small business loan to pay for virtually anything you need for your business, including:

  • Equipment financing
  • Location expansion
  • Hiring new employees
  • Marketing campaigns
  • Upgrading technology
  • Debt consolidation
  • Additional inventory

Check out this 78-second video to get the low-down on all of your burning small business loan questions:

Types of Small Business Loans

When you re browsing for small business loans, here are some of the types you ll likely run into:

  • Working-capital loans give small businesses the ability to keep operations going while they increase their revenue streams.
  • Equipment loans provide financing for office equipment, tools, computers and mobile devices, machinery and vehicles necessary for running your business.
  • Professional practice loans help service providers in industries such as legal, accounting, insurance, health care and others to purchase real estate, renovate office space or refinance debt.

Benefits of our Small Business Loan

RapidAdvance is the partner you can count on to help grow your business – the way you want.

Our team of dedicated business advisors (yes, they’re real people!) will work with you to figure out your goals before recommending a funding solution that’s tailored to your needs.

Apply online in minutes, get approved in a few hours and access funds in as fast as one day!

Higher Approval Rates

Approval for funding is based on the overall health of your business, not just FICO score.

Daily scheduled payments mean no large lump sums are waiting for you at the end of the month.

We offer terms up to 18 months and business funding amounts ranging from $5,000 to $1,000,000 so you can unlock your success.

How to Prepare Before You Apply

When you know you need business funding, you can prepare before you apply for a small business loan by asking three questions:

  1. What are you going to fund with the money?
  2. How much do you need to accomplish that goal?
  3. How long will you take to pay it back?

After you know these answers, it ll be easier for you to complete the loan application processes.

Small Business Loan Requirements

Even if you ve only been around for a little while, you may still qualify for a small business loan.

Here are the two main requirements we look at:

  • You ve been in business for two years or longer.
  • Your monthly revenue is $5,000 or greater.

Credit score not so great? Don t worry about it! Sure, we look at it, but it s not the only thing we consider.

Ready to Apply?

We ll need a few pieces of information to get started processing your application, so have these documents handy:

  1. Government-issued photo ID
  2. Voided check from your business checking account
  3. Last three statements from your business bank account

We make it easy to apply for the money you need. Just click to get started online or give us a call at 800-631-3370. After that, you ll know in just a few hours if you re approved and be able to access the funds in as little as one day.

Looking for other types of loans?

If our Small Business Loan isn’t what you’re looking for, be sure to check out the other funding solutions we offer, including our Merchant Cash Advance. Line of Credit or SBA Bridge Loan.

We’ll help you do great things


Small Business Loans, Lines Of Credit & Mortgages #obama #small #business #loans


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Small Business Loans and Lines of Credit

Ready to expand? Term loans allow you to finance expenses such as vehicles, equipment or a renovation. A commercial real estate mortgage is designed to help businesses invest in property. Both offer your business the security of a fixed rate and a predictable monthly payment.

  • Business term loan amounts from $10,000 to $1,000,000 with 3 or 5 year terms 1
  • Lease options also available for equipment purchase or refinancing from $5,000 to $1,000,000 1
  • Commercial real estate loan amounts from $25,000 to $1,000,000 with terms up to 20 years 1
  • Larger loans available for commercial-sized businesses
  • Interest on business loans may be deducted as a normal business operating expense for tax purposes 2
  • A steady amortization schedule helps you budget your expenses – giving you a fixed monthly payment for a fixed number of years
  • Competitive fixed interest rate
  • Payments are automatically deducted from your checking account
  • Flexible options available through the SBA

What you should know

Typically secured by equipment, inventory or cash.

Interest on loans may be deducted as a normal business operating expense for tax purposes. 2

Fixed monthly payments are automatically deducted from your checking account.

Typically secured by cash or accounts receivable.

Access your money by writing a check or transferring money online.

Your line of credit can be paid down and used again.

Monthly payments are automatically deducted from your checking account.

Secured by real estate.

Interest on loans may be deducted as a normal business operating expense for tax purposes. 2

Fixed monthly payments are automatically deducted from your checking account.

Preserve capital and get the money you need expand your business. As a Preferred SBA Lender, TD Bank provides SBA qualified small business owners the capital they need to grow.

  • Longer-term financing
  • Minimal equity requirements
  • Capital preservation
  • Shorter turnaround times
  • Faster access to loan proceeds

Learn more about SBA loans


Office of Small & Disadvantaged Business Utilization #osdbu, #office #of #small #and #disadvantaged #business #utilization,


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Office of Small & Disadvantaged Business Utilization

The VA OSDBU mission is to enable Veterans to gain access to economic opportunity by leveraging the federal procurement system and expanding participation of procurement-ready small businesses.

Vendor Information Pages (VIP) Maintenance Notice

The Vendor Information Pages (VIP) and Verification Case Management System (VCMS) will be unavailable from 1 p.m. June 2, 2017 to 6 a.m. June 5, 2017 .

The Department of Veterans Affairs, Office of Information and Technology (OIT) will be upgrading the Vendor Information Pages (VIP) Application. This upgrade will start on Friday, June 2, 2017 (1 p.m.) and we anticipate completion by Monday, June, 5, 2017 (6 a.m.). During this period the system will not be available to accept any new applications or any updates to previously submitted applications.

During the VIP system upgrade, the VA OSDBU Call Center (1 866 584 2344) will continue to be able to assist callers by providing information only.

What’s New at VA OSDBU

National Veterans Small Business Engagement (NVSBE)

Powered by U.S. Department of Veterans Affairs, NVSBE is the largest procurement event for the Veteran small business community. Learn about NVSBE

Media Library

From quartlery newsletters to informative training videos, the VA OSDBU Media Library has you covered for all your Veteran small business community needs.
Access the Library

VA Adheres to Supreme Court Ruling

Veterans First Contracting Program Adjustments to Reflect the Supreme Court Kingdomware Decision: The Supreme Court held that VA set-aside law was mandatory and must be applied to all competitive contract awards, including orders on the Federal Supply Schedules. Awards must also be made to VOSBs verified as such by VA. Learn more

Understanding Joint Venture and Mentor-Prot g Agreement Eligibility

This brief explains the criteria that make a joint venture eligible for verification and inclusion in the VetBiz Vendor Information Pages (VIP) database. Read the Brief

Introducing VA Business Intelligence Tool (VA BIT)

VA BIT offers opportunities to directly match supplier capabilities with customer requirements in specific Communities of Interest and enables VOSBs to engage with procurement officials and commercial customers. Start Connecting

Resources for Doing Business

VA OSDBU, in collaboration with BusinessUSA . offers a collection of tools to help you start and grow your small business. Access the Veteran Entrepreneur Portal to find information about business plans, financing opportunities, government programs, training courses, and much more!

Acquisitions and Contracting Support

Become familiar with federal procurement policies, the management of VA small business goals, and the administration of VA contract awards supported through acquisitions.

How to Get Verified

Get verified through the Vets First Verification Program to participate in the Veterans First Contracting Program for VA set-asides and sole-source contracts for SDVOSBs and VOSBs.

Access to Opportunities

Access procurement events, networking opportunities, and requirement resources geared for small and Veteran businesses interested in doing business with VA.

Strategic Outreach and Communications

OSDBU offers small businesses informational tools, requirement resources, and networking opportunities necessary to do business with VA. OSDBU Strategic Outreach ensures that Veteran-owned and other small businesses have access to programs and services to increase their participation in the federal marketplace.

Our Top Requested Pages

External Links Disclaimer

This page may contain links to pages and/or documents outside the Department of Veterans Affairs Domain. These are annotated as shown below. We hope your visit was informative.

U.S. Federal/Military/State Government Sites You will leave the Department of Veterans Affairs web site by accessing links annotated with this graphic.

External Links Disclaimer

This page may contain links to pages and/or documents outside the Department of Veterans Affairs Domain. These are annotated as shown below. We hope your visit was informative.

Non-Government Sites You will leave the Department of Veterans Affairs web site by accessing links annotated with this graphic. VA does not endorse and is not responsible for the content of the linked web site.

Sorry, your browser does not support JavaScript. Please use the right-column to sign-up to receive email updates from Office of Small and Disadvantaged Business Utilization


7 Steps To Getting A Business Loan #steps #to #getting #a #small #business #loan


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7 Steps To Getting A Business Loan

While it is not as easy as it once was before the Great Recession, all banks and other lenders still need to loan money to small business. The key is to know how to do it and get the best terms.

Here is a simple 7 step process:

Step 1: Start before the loan is needed.

It is critical to build a relationship with the people at the lender before the business actually needs the loan. Let the key contacts get to know the company before asking for anything. Remember, people do business with who they know, like, and trust. Lenders work the same way.

Step 2: Decide what the money is needed for.

There are good and bad reasons for business loans. Good reasons include financing a piece of equipment, real estate, long term software development or large seasonal sales variances. Bad reasons include financing ongoing losses, office build outs, or acquiring non-essential business assets.

Step 3: Decide how much money the company needs.

Most small businesses don’t ask for a large enough loan. Underestimating the amount of money can lead to problems with a lack of working capital sooner than planned. Overestimating can make lenders question the business owner’s assumptions and credibility. Have a well thought out budget that is supported by financial projections (profit loss statement and a cash flow statement) that is reasonable and shows that the research was done.

Step 4: Know the score.

Lenders still look at personal credit scores as a way to judge the reliability of the principals who are borrowing the money. It is important to know what lenders look for and how the scores compare to those expectations.

  • Credit score: A credit score of above 650-700 is considered acceptable, but does not guarantee a loan. Most lenders will look for a credit score that is at least in the 700-800 range.
  • Debt to income: Personal debt payments should not be more than 33 percent of gross monthly income.
  • Time in business: Lenders give unsecured working capital lines and term loans to businesses which are over 2 years old and have a reliable record of incoming accounts receivables.
  • Report on industry risk: Industry risk is rated based on the government SIC codes which are ranked. A small business owner needs to find out how their industry is rated.
  • Report on cash flow: The higher the operating cash margin, the better the chance is for a business to survive slower market conditions and ensure long term survival and growth. In the final analysis, most lenders give money based on the company’s cash flow since it measures the ability to successfully repay the loan.

Step 5: Find a lender.

Research which type of lender is the best fit for the business’ loan needs.

  • Commercial banks: This is best for traditional loans that fall into the strict parameters discussed.
  • Non-bank lenders: These are increasing in record numbers for lenders looking to get a higher return. (Help can be located using sites such as Fundera .)
  • Region-specific lenders. Local community banks and other lenders that have an interest in economic development in a certain geographic or industry area.
  • Micro and alternative lenders: Crowdfunding sites like Kickstarter and IndieGoGo can be helpful for capital needs under $10,000. Personal loans can also be sourced from peer to peer sites like Prosper and The Lending Club .
  • Step 6: Prepare the loan application package.

    The “Loan Package” is the paperwork submitted in order to apply for a loan. It generally includes:

    • A business plan including business owners’ resumes.
  • Financial results and projections (Profit Loss, Balance Sheet and Cash Flow Statements).
  • Personal financial information including three years of tax returns.
  • Remember that lenders will be searching a small business owners’ personal social media sites as part of their research.

    Step 7: Wait.

    Expect to get an answer within two to four weeks. Check in each week for a status. It is typical that the lending institution will need additional documentation.

    Have you been successful in getting a business loan? If so, tell us how and who was the lender.

    Take the Mystery Out of Your Financial Statements

    If you want to better understand your financial results, but also how to use this information to make better decisions, the Interpreting Your Financial Results Workshop is for you. During this 6-hour workshop, you’ll learn how to read and better interpret your financial statements so that you can make better decisions. Reserve your spot today.

    Like the topic? Be sure to share what you’re reading.


    Cell Phone Number Database, SMS Text Marketing List #cell #phone #list, #cell #phone #numbers, #canadian,


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    $295 For Any Area Code! $7995 For All US Area Codes!

    The CPL USA Database contains over 430 million individual cell phone numbers. Our cell phone lists include every area code, every NXX (prefix) and wireless carrier! Each area code list also includes the SMS carrier messaging domain for SMS based text marketing campaigns! In addition, we offer the complete United Kingdom. Canadian, Puerto Rican Virgin Island databases!

    For more information about our mobile lists, visit the Cell Phone Number List section. To purchase a list: Click Here .

    The SMS Cell Phone Marketing List

    Consider our database a “Master List” of every mobile cellular number that currently exists. Our in house experts are constantly maintaining and updating our mobile lists on a daily basis. Our goal is to provide our clients with the most accurate, complete and up to date mobile database anywhere!

    Each area code includes every cell phone number and SMS messaging domain for only $295.00. Our clients include small businesses, insurance agencies, realtors, restaurants, networkers, politicians, predictive dialer users, and non-profit organizations just to name a few.

    The CPL Bulk SMS Sender

    The CPL Bulk SMS Sender is unique to any other mobile platform on the market today. Our Bulk SMS Sender is designed to give our clients complete and total control over their own mobile marketing campaigns. The Bulk SMS Sender provides our clients with the right tools to get the job done quickly, cost effectively, with maximum results!

    Since most businesses don�t have a mobile marketing strategy, or a mobile subscriber base, or a mobile delivery platform, the CPL Bulk SMS Sender is the perfect solution. It’s been designed to provide a simple and cost effective way for our clients to substantially increase their daily leads and sales productivity. There are No Per Message Costs or Monthly Fees! For more information about the Bulk SMS Sender Click Here .

    The CPL Ringless Voicemail Drop Platform

    Ringless Voicemail Drops are the legal alternative to auto-dialers, and an excellent way to send a direct message to your subscribers or potential customers.

    Our Ringless Voicemail Platform will leave a custom voice message directly on your audiences voicemail without ever ringing their phone .

    With our RVM platform you can drop your custom message into thousands of voicemail boxes within minutes without ever bothering the recipients, and you are only charged for messages that are 100 percent successfully delivered .

    When used responsibly Ringless Voicemail Drops are fully FCC, CRTC, and TCPA compliant. For more info visit our Ringless Voicemail Drop page.


    Small Space Design Tricks – Amir Khamneipur Manhattan Apartment #amir #khamneipur, #apartment #hacks, #small #space


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    13 Space-Saving Tips for Every Room in Your House

    When Amir Khamneipur set out to transform his cramped apartment in Manhattan’s Flatiron district, he looked to his favorite hotel suites for inspiration. “I wanted to re-create that feeling and aimed for the ultimate luxury version of it,” says the Iranian-born decorator, who is fluent in four languages and lived in Paris and London before moving to New York City.

    Khamneipur is known for his exacting attention to detail. Here, to maintain symmetry and sight lines as well as maximize the square footage, he custom designed almost every inch of his home. “In a space this small, bespoke was a necessity,” he says. “Everything is interdependent, so if a chair is an inch too wide, it throws off the whole apartment.”

    With its serene palette of powdery tonal grays, the renovated apartment feels spacious despite its size. The built-in mahogany cabinetry wouldn’t look out of place in an English gentlemen’s club, while the addition of a few well-chosen 19th-century French antiques introduces a hint of old-world opulence. The result is a place that’s as cosmopolitan and dashing as its owner. “I would rather live in a custom jewel box than a badly designed mansion,” he says. “This apartment brings me such joy.”

    Advertisement – Continue Reading Below

    Living Room

    “It will instantly make a space seem twice as big,” says Khamneipur, who did just that in his Manhattan apartment. On top, he layered Murano glass sconces and a bronze mirror to boost the reflective factor. To create a focal point, he also installed a Chesney’s Louis XVI marble mantel with a HearthCabinet ventless fireplace. The 1840s brass-and-wrought iron chandelier once hung in a German train station.

    Embrace Long Lines

    The original floorboards were dark, wide and horizontal, making the space feel smaller. Now they are four-inch-wide oak planks laid vertically to visually lengthen the room. The bistro table’s base is powder-coated a Gustavian gray to match the floor.

    Kitchen

    Create a Showpiece Kitchen

    Khamneipur likes to throw cocktail parties — he once fit 60 guests into the apartment — so he incorporated his kitchen into the design of the living room. Minimalist cabinets painted in Benjamin Moore’s Harbor Gray match the color of the walls and hide appliances. The Fisher & Paykel pop-up gas cooktop is equally sleek: Its burners retract when not in use, leaving behind a solid glossy black surface.

    Turn Function Into Fancy

    “I didn’t want the typical kitchen island,” says the designer, who gave his the appearance of furniture by adding solid mahogany legs to its mirrored base. The counter stools’ boomerang-shaped leather seat backs “are curved to cradle your body.”

    Make Seating Flexible

    Khamneipur designed the rolling swivel chairs, upholstered in a Great Plains wool and leather, to be 24 inches wide. “That’s narrow,” he says, “but you don’t notice because of the pitch of the back.”

    Advertisement – Continue Reading Below

    Hallway

    The design is rigorous in its symmetry. Khamneipur moved the bedroom doorway so it perfectly frames both his bed and the view of the mantelpiece at the opposite end of the apartment. Walls in a Holly Hunt wool and desks built into niches turn a pass-through hallway into a compact study. The mid century Danish desk chair is from Lorin Marsh.

    Since the apartment lacked a linen closet, a mirrored medicine cabinet in the bath room was designed to be two feet deep to fit towels. The shelves inside are staggered around the pipes.

    The custom vanity conceals pullout bins for dry cleaning and laundry, and the marble countertop has a beveled edge to prevent splashes on the room’s Holly Hunt silk wall covering.

    Khamneipur installed a single slab of Olympic Grey marble on the floor to avoid grout lines; the vanity’s stain less steel straps echo the marble’s striations.

    See something here you like? Check out our shopping guide for where to find it.

    This story originally appeared in the July/August 2016 issue of House Beautiful.

    From Neglected Schoolhouse to Chic Cottage

    Two homeowners offer up some smart renovation lessons. By Sara Bliss

    More from House Beautiful:

    More From Small Spaces

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    A Part of Hearst Digital Media

    House Beautiful participates in various affiliate marketing programs, which means House Beautiful gets paid commissions on purchases made through our links to retailer sites.

    2017 Hearst Communications, Inc. All Rights Reserved.


    Office Phone, VoIP & Internet #infostructure, #office #phone, #business #voip, #sip #trunking, #small #business #phone,


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    out of this world

    Hosted PBX
    Phone Systems

    An Evolutionary Leap in
    Office Phone Systems

    Advanced PBX features ease and speed of use, lower costs, and no phone system maintenance this is the promise of infoPBX, an Internet phone platform designed for small and medium businesses. infoPBX integrates your desktop phone and PC and provides you with a wide range of voice applications. [ read more ]

    SIP Trunking
    Connectivity

    Making Full Use of Your
    IP-PBX Systems

    infoSIP is a VoIP service engineered for business quality, now available in two plans. Both plans are priced at low monthly rates per Internet phone line, also known as a SIP trunk. Long distance in both plans applies to Continental US calls. International calling is billed at separate rates for all of our rate plans. [ read more ]

    High Speed
    Internet

    Scalable, Reliable and
    Affordable Bandwidth

    Your business requires reliable, uninterrupted Internet broadband at the fastest speeds available and at highly competitive prices. Our high speed internet solutions are designed for businesses like yours that require high Internet bandwidth that is easily scalable, reliable and affordable. [ read more ]

    Hosted PBX Phone Systems

    An Evolutionary Leap in Office Phone Systems

    Advanced PBX features ease and speed of use, lower costs, and no phone system maintenance this is the promise of infoPBX to provide sophisticated technology for small and medium businesses without the costs. The infoPBX integrates your desktop phone and PC and provides you with a wide range of voice applications, and because these applications are hosted on our VoIP servers; there is no need for you to purchase a system, cards, server or software.

    The applications are bundled in three different price plans and offered as a managed service that is billed monthly, making infoPBX an affordable and powerful desktop solution that gives your business the competitive edge it needs in today’s economy. And it s available in high definition (HD) voice a technology that makes standard landline audio twice as clear.

    SIP Trunking Connectivity

    Making Full Use of Your IP-PBX Systems

    infoSIP is a VoIP service engineered for business quality communication. Save the investment you’ve already made in your PBX equipment and simply add SIP trunks available in two plans. Plans are priced at low monthly rates per Internet phone line, also known as a SIP trunk. Long distance in both plans applies to Continental US calls. International calling is billed at separate rates for all of our rate plans.

    High Speed Internet

    Scalable, Reliable and Affordable Bandwidth

    Your business requires reliable, uninterrupted Internet broadband at the fastest speeds available and at highly competitive prices. Our high speed internet solutions are designed for businesses like yours that require high Internet bandwidth that is easily scalable, reliable and affordable.


    Small Business Health Insurance Costs #how #much #is #small #business #insurance


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    Small Business Health Insurance Costs

    Table of Contents:

    This guide is for small business owners looking to compare the cost of health insurance for their employees. After reading this guide you should understand small business health insurance costs and which option is going to be the most cost effective for you and your employees.

    There are tens of thousands of health care plans available to small businesses. Because these plans vary so widely by state, there s no one plan we can recommend for all businesses. We suggest checking out Gusto. our recommended payroll provider, which now provides health benefits as well. Click here for a free quote.

    Our Conclusion

    If your average employee makes less than $50,000 per year, you should not offer a group health insurance. The most cost effective option for you and your employees is for the business to provide additional funds to the employee, which can be used to offset the cost of the employee purchasing an individual health insurance policy on their own.

    If your average employee makes more than $50,000 then you may want to consider offering a group health insurance plan.

    Small Business Health Insurance Cost Summary Table

    Average Monthly Premium Per Employee for Health Insurance (Second Lowest-Cost Silver Plan)

    *Does not include potential subsidy explained below.

    How We Came Up With This Table

    There are four main options small business owners have to purchase health insurance for their employees. They are:

    Offer Group Health Insurance via:

    1. Traditional Group Insurance Buying a group health insurance plan through a broker or private online exchange like eHealth .
    2. SHOP Exchange Buying group insurance through the Obamacare website, healthcare.gov. SHOP is short for Small Business Health Options Program. (learn more about SHOP )

    Giving Your Employees Money To Buy Individual Insurance via:

    1. Private Individual Insurance Giving your employees money to purchase individual insurance through a broker or from a private online exchange like eHealth.
    2. Obamacare Individual Insurance Giving your employees money to buy individual insurance via healthcare.gov.

    There are many different health plans you can buy, so to make an apples to apples comparison we chose to compare one health insurance plan (the second lowest cost silver plan) which we feel represents a typical health plan. We then calculated the cost of that plan on a per employee basis using each of the 4 purchase avenues above.

    Where We Obtained Pricing

    To find rates for individual Obamacare insurance and SHOP exchange group insurance we used healthcare.gov. To find rates for traditional group insurance and private individual insurance we used eHealth.com, a website that aggregates many different providers.

    IMPORTANT: How Individual Subsidies Affect Small Business Health Insurance Costs

    If your employees earn below a certain amount (example: $46,680 for an individual, or $95,400 with a family of 4), they can apply for a health insurance subsidy when buying individual insurance. If you offer a group plan however they cannot receive this subsidy. This is true even if your employees do not opt in to the group plan.

    Assuming you do not offer a group health insurance plan and your employees meet the income requirements to be eligible for a subsidy, their health insurance premiums and out of pocket costs can be slashed significantly. This pertains to all plans on healthcare.gov and some plans on eHealth. Use the tool below to figure out how much they could save:

    If you offer group health insurance through the SHOP exchange, your business might qualify for a tax credit of up to 50% the amount the business spends on premiums. To qualify, you must have fewer than 25 employees and their average salary must be below $50,000. The credit is only significant, however, if you have closer to 10 or fewer employees and/or if their average salary is around $25,000 or lower.

    The Advantages of Individual Health Insurance

    Looking at the chart you’ll notice individual health plans, on average, are much cheaper than group plans. This means that rather than buy a group health insurance plan, you might be better off giving your employees extra money to buy their own plans. On top of enjoying lower rates, your employees get the freedom to choose their own plans.

    They can also apply for federal subsidies, which are currently available to individuals earning below $46,680 (or $95,400 for a family of four). The subsidy can be very generous. For example, an individual who earns $25,000 a year could save about 32% on their premiums. If you chose to offer group health insurance, however, the subsidy will not be available. Even if employees opt out of your plan and buy a policy on their own, they will not be eligible for a subsidy.

    So if individual exchanges are cheaper, offer more freedom of choice and potential subsidies for employees, why even consider group health plans?

    The Advantages of Group Health Insurance

    For many small businesses, the individual route is probably the way to go (especially if your employees qualify for subsidies.) However, there still is an important case to be made for group health plans. They hold a key advantage in that you and your employees can use pre-tax dollars to pay for coverage. Your contribution will not be subject to payroll tax and your employee’s contributions are not subject to income tax. So if your employees are in a relatively high tax bracket, group health insurance may actually be the most economical option.

    How To Decide Which Option Is Best For Your Business

    There are some basic rules of thumb to figure out if individual plans or a group plan is the way to go:

    • If employees earn below $45,000 a year, go with individual plans. Your employees will qualify for subsidies. By offering a group plan, however, you take this away from them. Even if an employee earns above $50,000 a year, if they have any dependents (spouse or children), they’ll qualify for subsidies. A family of four that earns $50,000 can get about 62 percent of their premiums slashed by a subsidy.
    • If your employees do not qualify for subsidies and are in a high tax bracket, consider a group health plan from SHOP or a private exchange. Your business and your employees can use pre-tax dollars to pay for coverage, which can mean significant savings for you and your employees.

    Other Things To Keep In Mind

    • Healthcare.gov averaged slightly lower rates than eHealth, but this doesn’t necessarily mean they charge less for plans. It just means they tend to have more affordable silver plans to choose from.
    • Costs vary greatly across regions. In some areas, eHealth actually had the advantage. If you decide to buy health insurance from an exchange, you should maximize your options by checking both websites. See eHealth Sample Rates and Obamacare Sample Rates .

    With that in mind, you’ll be on track to finding the ideal coverage for your business. For more on choosing an insurance plan for your business, check our article “9 Questions To Ask Before Providing Health Insurance. ”

    Looking for the best health benefits package for your employees? Gusto will look at hundreds of health plans and offer you the best choices for your budget and your employees. Click here to visit Gusto and schedule a free demo.

    About the Author

    Jeremy Marsan is a business analyst and staff writer for Fit Small Business currently specializing in small business healthcare issues and product reviews. When not helping small business owners he enjoys many artistic projects, including music performance/recording, blogging, creative writing and carpentry.

    Related Posts


    Cloud-Based Accounting Solutions For Small Businesses #small #business #cloud #accounting


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    Cloud-Based Accounting with CA4IT

    WE’RE CHANGING SMALL BUSINESS ACROSS CANADA

    Meet Alfresco. our easy-to-use interface that allows you to upload documents from almost anywhere in the world*—any type of file, any size, and from any device. No more tracking down your financial records for your CPA and losing precious time in the process. Alfresco is “convenient access” redefined for your business and your life.

    *Accessibility may vary by location and the strength of the wireless network

    WE’RE CHANGING SMALL BUSINESS ACROSS CANADA

    Meet Alfresco. our easy-to-use interface that allows you to upload documents from almost anywhere in the world*—any type of file, any size, and from any device. No more tracking down your financial records for your CPA and losing precious time in the process. Alfresco is “convenient access” redefined for your business and your life.

    *Accessibility may vary by location and the strength of the wireless network

    WHY CLOUD-BASED ACCOUNTING WITH CA4IT WORKS

    • Constant Connection: You have access to a team of advisors who collaborate in real time to address your needs
    • Convenient Data Storage: We back your documents up for extra security so that workflow stays fluid even when you have to search for critical documents
    • Secure Interactions: Cloud-based accounting is proven safe for sharing sensitive information

    WHY CLOUD-BASED ACCOUNTING WITH CA4IT WORKS

    • Constant Connection: You have access to a team of advisors who collaborate in real time to address your needs
    • Convenient Data Storage: We back your documents up for extra security so that workflow stays fluid even when you have to search for critical documents
    • Secure Interactions: Cloud-based accounting is proven safe for sharing sensitive information

    What Is My Small Business Worth? 3 Easy Steps #email #for #small #business #free


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    What Is My Business Worth? 3 Easy Steps to Find Out

    What is my business worth? I ve asked this question many times before. Not because I want to sell it. I have worked really hard to build this business, and it s just nice to know how much it s worth. If you work as hard as you do, you also deserve to know the value of your small business.

    And this is smart even if you’re not planning on selling it today. Remember, if you can’t sell your business, all you really have is a job. Maybe you think you have a great small business. but what you really have is a high-paying job. There is nothing wrong with that. But if you can’t sell your business, it’s not a business. You might think that you ll sell your business when you retire. But if you can t sell it, it doesn t have any value. You ll have to save money for retirement in some other way. That s why you need to know what your business is worth.

    This post is intended to show you how to do your own small business evaluation and appraisal. Later posts will show you how to increase that value going forward. Keep in mind that you need to find out what your small business is worth to someone else who is buying an existing business . It doesn’t matter what it s worth to you. Keep that in mind as we go through the following materials.

    In the real world, many small businesses are bought and sold without paying attention to facts. Buyers try to determine how badly you need to sell and what’s going on in your personal life. They also consider the overall state of the economy in determining price. Those external considerations often impact the price of a small business far more than they should – and not to your benefit if you are the seller. If you want to get the highest price possible when you sell your small business, don’t discuss your personal life. Stick to the facts about your small business. That s the best way to get the best price when you sell your business.

    A fair way to value your business is to take your net income (after you deduct a fair salary for yourself if you work in the business), add back in any personal expenses the business picks up for you and multiply that by a standard multiplier. If the business owns property or inventory, you d add that too. You might be selling to get business debt relief. If that describes you and you have liabilities, you d subtract that from the value of your small business.

    Let s assume your small business doesn t have inventory, assets or liabilities. It s a service business. Let’s take an example. Say your business grosses $500,000 a year and the business runs $400,000 in expenses each year. But $50,000 of those expenses are for items that you’d have to pay for personally if the business didn t pick up the tab. (I’m not encouraging you to have your business pay for personal expenses, but some people do it.) If that describes you, you have to add that $50,000 back into the net income. In other words the real business expenses are only $350,000, even though you declare $400,000 for tax purposes. So the new owner would run the business and have $150,000 in profit each year.

    But wait, the new owner might not work in the business. She might hire a manager to run it. Let’s say she could do that, but she’d have to pay $60,000 to the person she hires. That being the case, the real net income of your business is probably around $90,000 each year before tax. ($150,000 profit less $60,000). This is what s called the free cash flow from your business. It s a very important number. We ll come back to it in a bit.

    1. History Lesson

    Do the exercise above on your business’ income over the last three years. Run a few reports from your business budgeting software. What was the free cash flow from the past few years? Is it rising or falling? Why? If it s going up, explain what you’ve done differently and what the new owner can do to keep that trend moving. If it s declining, you need to explain why. And you ll need a strong argument to convince the buyer that the decline can be reversed.

    If the free cash flow is rising, you can easily ask for 10 times last year’s net returns. So, in the example above, you should be able to ask $900,000 for a business that earned $90,000 net income if that income is increasing. If the net income is declining, you’ll be lucky to get five times last year’s return. That s because the risk is increasing and the buyer won t like that risk. If that were your situation, you’d be lucky to get $450,000 for your shop.

    2. Add-Ons

    Buyers pay more for business when they perceive the risk is low. Find out as much as you can about the buyer. Does she have prior experience in the industry? Does she own other stores like yours? Does she have trained personnel lined up and ready to take over? All these assets make your position stronger because they reduce your buyer’s risk. Find out as much as you can and try to point out to the buyer how low the risk is for her in her particular situation. Is this person buying the business as a way to supplement her retirement income. Is she going to try to grow the business dramatically?

    And try to reduce risk for the buyer (and yourself) as much as possible. One of the most important things you can do is keep an eye on employee theft. This is a huge money drain and the reason why up to a third of all companies fail. Institute anti-theft procedures and show interested buyers all you ve done to minimize this risk. It will make your company all the more valuable to them.

    Of course, you should always be honest. If there are pending landmines, you must disclose them. If you think the person is walking into a hornet’s nest, tell her. Your karma will be better and you’ll spend less time in court if you do.

    3. Market Research

    The multiplier I mentioned above is a rule of thumb that varies from industry to industry. Find out what businesses like yours sell for. Check out eBay, Craigslist and other online sites that sell businesses. This is probably your best indicator.

    The more you prepare yourself with facts, the better you’ll do when you sell your business. Don’t look for someone to pay you what you think your business is worth or to compensate you for all the hard work you’ve put into your business. Be honest and realistic when you are selling your business and do your homework instead.

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    Comments

    Philip Westwood says

    About a 2 years ago I started working for a small Locksmith business part time to help out and also run a bicycle repair service from within the same premises.

    After a while the bicycle repairs became more frequent and we were getting far more work than I could handle in the small space I was given when the shop next door became available. We took over the shop next door and were given permission to knock through the wall to make two shops into one so I could run both businesses while the lads were out on jobs.

    My boss now wants to retire and has asked me for £15,000 so I can take over just the bike repairs shop and I think this is a ridiculous sum.

    We currently have around 10 bicycles for sale with most of them being second hand bikes costing no more than £15 each. The accessories we have at the moment add up to around £200 at cost price.

    The shop itself is leased from a local company at a weekly rent of no more than £50 pw. Yes its a small shop at 6m x 5m with a roller shutter for security.

    Over the past 12 months the bike shop has been taking roughly £250 per week an out of that I take £160 wages before tax part time for just over 16 hours work.

    I personally feel my boss must be on another planet to want £15,000 for the bicycle business I have literally built up for myself an income.

    Is there any reason he can ask so much ?

    My boss has said that his accountant has valued the bicycle shop at that amount and he honestly thinks its worth £15,000

    I don t see where the value comes from

    Neal Frankle, CFP ® says

    Wow! On which planet is this happening? I ve seen a few upto 2.5 times net income but mostly, on deals with earnings in the low 100 s, we re looking at one to 1.5x max. Oh for the glory days of 1967 when CBS bought HRW for 28x declared net earnings

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    Who is Neal Frankle

    I’m a Certified Financial Planner™ with more than 25 years of experience. I feel very blessed and hope to share my personal financial experience and professional wisdom with readers of WealthPilgrim.
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