Finding Recession Proof Employment
Helping you find your dream job
Written by admin
March 5th, 2010 at 6:08 pm
Posted in entry level jobs
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How can you explain your change of employment while in process of obtaining a business loan?
I have a major dilema! the company i have worked for 9 years is talking about downsizing in a major way! We have offices around the company and they are merging. I am in a management skills however i came to this job on the last recession skittles and now looks like we are back to square one with all the signs of downsizing. My own manager looks nervous. The problem is we are cleaning our credit and in the process of trying to open a franchise that is recession proof we have worked on for over a year. I am wondering if it is best to try to stay here until the december or january ( I don’t know how much longer for credit to update ) or to hurry up and find another job. How do you explain to the lenders especially at this time of a recession why you left a job of 9 years. Of course i am going to look for a job in the same field but the reason we are pushing to open the franchise is because this particular industry is really slow.
We are looking for startup capital in additon to our deposit and decent credit so i am really worried with a business plan that the lenders will see a change of job even in the same field will be risky. I am really trying to make sure we don’t place the franchise on the backburner and with the financial fiasco if we have to wait really how long before we attempt to apply for a business loan.
** sorry i mean how long to wait to apply for a business loan if the criteria is stricter with the economy bad if i have to change jobs. I would love to stay and ride it out but it really is writing on the wall to be downsized (even if you are valuable I make a decent amount) or run and find something else to be employed.
dablack2004
5 Mar 10 at 6:08 pm
If you are interested in starting a small business, then you have to know about small business loans. There are many different ways to get funding for your new enterprise, as well as many different kinds of loans. Finding the one that is best for your enterprise can be a daunting task, but with the right information, it is not impossible. Most banks do not want to loan money to someone who is starting a new enterprise. When trying to get a loan for a small business, collateral will probably be needed for the bank to approve the loan. Things such as cars, houses, land, or other hard assets will usually work for collateral. The bank will probably want to have an asset-backed borrowing transaction with business owners, rather than loaning money to a business based on inventory or other such methods. Having a co-signer is also an option for getting a loan from the bank, but make sure you trust the co-signer before trying this method. There is also another place that a loan can be borrowed from, which is the Small Business Administration. This is a government agency that invests in new, small businesses. In many cases, if a loan is borrowed from the SBA, then the SBA will pay back 90% of the loan if you default on it.
http://best-loans.awardspace.com/businessloans.htm
Another place to try for a loan is through commercial finance companies or venture capitalists. When applying for small business loans, there are certain procedures that must be followed to increase the business owners’ chances of actually getting a loan. Every place you approach with the hope that they will finance your new enterprise will look at your financial projections, credit history and your character. If there is a personality conflict between you and the lender, then you probably will not get the loan. However, it is a good idea to try several different places until you find someone who gets along with you, so that you can get a small business loan. There are also little quirky things that can be done to make a better impression on loan officers. Dressing professionally, keeping a professional manner, and calling ahead of time for an appointment are usually necessary to get loans for small businesses. There are some other things that might increase your chances of getting a loan as well, such as being able to answer any questions about your business plan. Being over prepared is better than being under prepared.
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Miriam
5 Mar 10 at 11:10 pm