Credit card report Topeka

More people are seeking out loans from the Small Business Administration, which are partially guaranteed by the government, making them less risky -- though some lenders participating in the program are tightening their lending criteria as well. And some would-be franchisees are even tapping retirement credit card report Topeka funds. The shakeout is partly due to the mounting defaults by franchisees who got in during good times, perhaps credit card report Topeka short-changed themselves on working capital and then, when the economy faltered, couldn't cover their loans. "Lenders just don'credit card report Topeka t know what the future will bring," says Robert Snelling, president of Honor Capital Group credit card report Topeka of Plano, Texas, a financial intermediary between franchisees and financial institutions. credit report instantly Cautious lenders are less likely credit card report Topeka to throw money at newer franchises these days. Banks are favoring those with brand names, businesses that aren't seasonal, and, therefore, don't have highly fluctuating cash flow, as well as those that have a solid core credit card report Topeka of long-term operators. Ventures with only a smattering of locations are being bypassed, in part because they lack proof that they can do well in all types of areas or fluctuating economic climates. how to get free credit report once a year

For would-be entrepreneurs who do get financing, unsecured loans are relatively rare. Even those with good credit may have to crack their retirement nest eggs to come up with enough cash to make a deal work. "The first thing we want to know is, 'How much cash do you have? Any outside income coming in?' " says Rick Anderson, general manager of Franchise Finance of Little Rock, Ark., a company that originates loans and leases for the franchise industry. Anderson says if borrowers have substantial cash, "we'd recommend they put more money into the deal -- maybe 40% to 50%, and we'd finance it conventionally." If they aren'credit card report Topeka t flush, he says, they still may have to contribute at least 20% along with collateral -- perhaps just enough from a retirement account to cover the down payment to qualify for an SBA loan. real free credit reports Brian Colburn, managing director of franchise finance at Butler Capital Corp., a commercial lender in Hunt Valley, Md., says that the "only bank loans I see being made to new franchisees are if a person has established other credit card report Topeka relationships with a banker, credit card report Topeka or has previous experience, or is a local figure in the marketplace.