Blog

What is a Business Plan? What should I include in it?

This document summarizes your firm, including your goals and earning objectives. It shows how a loan will be used and repaid. Financial statements (projections for a start-up business) are also included. Business plans are also developed when an existing firm plans a major change in operations. A business plan is a...

SBA Loan Programs

SBA Loan Program         7(a) Loans-Max $5Million        *Must be a for-profit business & meet SBA size standards; show good character, credit, management, and ability to repay. Must be an eligible type of business.        *Prepayment penalty for loans with maturities of 15 years or more if prepaid during first...

Employee or a Contractor?,..Tips for Businesses Owners to Identify and Classify

A business may pay an independent contractor and an employee for the same or similar work, but there are important legal differences between the two.  For the employee, the company withholds income tax, Social Security, and Medicare from wages paid. For the independent contractor, the company does not withhold taxes. Employment and labor laws also do...

Prescription for Business

As March begins, what is your Prescription for Business? We would like to share with you some of the things business owners can be doing to improve their business… 1) At the beginning of each month, you should be reconciling your accounting system. For example, after all bills are paid...

13 Week Accelerator Programme for Baltimore Start-Ups

The ETC (Emerging Technology Centres), Baltimore city’s award-winning technology and innovation centres, is calling for applications for the seventh year of its seed stage accelerator programme. The ETC will select six tech startups for the 13-week Accelerate Baltimore (AB) programme set to begin mid-March. The Abell Foundation has awarded ETC $250,000 in...

Understanding Commercial Lending

What are the first steps in contacting a lender? What are the basic questions a lender will ask me? -Call the commercial lending department (or bank's branch) to find out the business loan rules. - Ask if the lender is looking for loans of your size and type? - Ask for a loan...