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Performing A Loan Modification Through Using A Bankruptcy Attorney

download (11)Loan modification, also known as mortgage modification in legal jargon, is a process wherein the lender alters the terms of the original loan agreement at the request of a borrower.

When homeowners and business owners take a loan, they agree to deposit a certain amount at regular intervals towards the repayment of the sanctioned loan. However, many-a-times they are unable to pay the monthly mortgage payments due to personal and financial reasons. If a person does not make payments on repeated occasions, the bank adopts different methods to recover the money and the most common is initiation of a formal foreclosure.

A borrower can protect his property from foreclosure by applying for loan modification under the Home Affordable Modification Program (HAMP) of the government. You can seek modifications with regards to the term of the loan, the terms of repayment, the installment amount or the interest rate. It is an option to make payments more affordable. It also prevents a borrower from defaulting on his loan.

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Performing A Loan Modification Through Using A Bankruptcy Attorney
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Everything You Need To Know About Business Loans

images (16)Business loans are important for businesses in multiple aspects. Whether it is for funding a company, boosting the company or using it as funding for an acquisition, these loans can be described as the bread and butter for businesses. With the 2008 Banking Crisis and the immediate aftermath slowly fading into memory, a variety of companies are now looking to business loans in numbers once again.

What do you need to know about business loans? Here are a few things which are important for business owners to be aware off.

-Business Loans are widely available. Banks are generally the first calling point for business owners when he/she applies for the said loan. But, banks are not the only body that can offer this support. In fact, it is more likely that company owners will have a far greater chance of securing a loan with a non-governing body instead of a bank.

-There are different types of loans. Different lenders have different products available and different criteria. If an organisation fits within the criteria then they can move to the next stage of credit assessment.

-Some loans are secured and some unsecured. Most lenders will seek security if available to make their loan rates more competitive and reduce their risk.

-If the company have specific funding needs: buying a business, buying a building, stock purchase etc -and then this will often determine the best source of finance.

Business loans are valuable for companies and should be considered in any funding proposition. Much has been made of the economy at the beginning of 2014. Some negativity remains as the world prolongs its exit from the 2008 banking crisis.

But confidence is renewed and has increased for the economy. Towards the end of 2013, these companies have expressed sincere confidence with the economy in 2014 and also confidence in securing the necessary support. Banks have come under fire for not doing enough to help banks secure the funding in which would help them progress in tough economic times.

But the availability of business loans -through companies and non-Governing bodies means that business owners can get help outside of the banks in securing funding for their business.

It is also important to note that the loans have different purposes in which target different areas of funding and business development such as commercial mortgage as an example. Yet, business loans at its core is a valuable form of funding for businesses in which would help them develop.

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Everything You Need To Know About Business Loans
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A Coffee Shop Business Plan – Brewed to Perfection

small-business-loanA coffee shop business plan is one of the first steps in starting a coffee shop business. Using existing models and templates can be a real time saver. Every business plan has key elements. These are the most common to elements:

  • An Executive Summary
  • An Objectives List
  • A Mission Statement
  • Established Keys to Success
  • Risks

The executive summary will define the type of coffee shop, the target market and in general terms, how this particular coffee shop plans to meet he needs of that market. It will also include financial projections as well as plans for obtaining financing and whether or not it will be incorporated. It may also include specifics regarding square footage, background of the founders, and a detailed conceptual description. It is what the name implies: a summary.

Objectives are the same as goals. This list tells the prospective coffee shop owner in specific terms, what he or she is aiming for:

  • Product focus
  • Atmosphere/Ambiance
  • Service to the consumer
  • Image in the community
  • Annual sales
  • Profit margin

Any business instructor will insist that specific goals be written down. This is a proven step to success and one that should never be omitted. They don’t have to be written in stone. A certain amount of flexibility can be advantageous as conditions and markets change, but no destination is reached without knowing what it is or how to get there.

A mission statement is a more generalized goal set, usually including intangible things the business hopes to accomplish. Examples might be contributions to the local economy or to impact the lives of customers in a positive way spiritually or emotionally. There is a lot of leeway in establishing a mission and nothing set in stone. The mission statement comes from the heart of the business owner.

The “keys to success” section is a list of active steps the business owner believes will make his or her business thrive, and plans to execute. They might include things like:

  • Superior tasting product
  • Relaxing upscale interior design
  • Prime site location (with definition of what a prime site would be)
  • Ongoing aggressive marketing
  • Highly trained and friendly staff
  • Multiple revenue streams (list what they would be, ie. gift items, pastries, chocolates, teas, etc.
  • Dynamic website with online sales capacity

The character of the coffee shop as well as market research determines the list of keys to success. The goals have been established. Now this is the plan for reaching them.

Risk assessment may or may not be included in a coffee shop business plan, but it is a wise exercise in the least. If the focus of the coffee shop is closely linked to another service, such as Internet, the savvy entrepreneur will want to evaluate the longevity of that service. Will home Internet service become so inexpensive that an Internet based café won’t make sense anymore?


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A Coffee Shop Business Plan - Brewed to Perfection
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