I`m a full-service lender with over 25 years of experience in accounting and finance. Full-service means I do all types of business financing - equipment and software leasing, SBA loans, lines of credit, factoring, and much more. I`ve owned businesses and a franchise. I know that it`s like to run a business and I`m in a position to help you qualify for the financing you need.
I can provide your friend with help in factoring his invoices but wanting the money in 1-2 days is completely unrealistic. There isn`t a factor anywhere who could do it in that amount of time.
Generally I tell businesses it will take 7-9 days to complete the process before they can be funded. That`s why it`s a good idea to anticipate your cash needs in advance of the time you`ll need the cash.
The other point I should make about factoring is that it isn`t good for short-term cash needs. The factor is looking for a longer relationship, not a one shot deal. The borrower can decide which invoices and what amounts to factor but there is an ongoing charge to keep the account active.
Once a factoring account is set up then you can usually receive funds within 2 days after an invoice is presented to the factor for payment. If that`s what your friend is seeking then I can help him. Tell him to contact me by email or the number below.
I agree with others that your target market will help you come up with store name. Who are you trying to attract to this store to buy shoes? The name you`d use for young trendy customers would be different from the name you`d use to attract affluent professinals.
Look at other successful shoe retailers and the names they use. I think we`d all be doing better giving you ideas if you could explain the marketing concept behind the store.
We are addressing the situation but not in the way you might think. Instead of talking to individual borrowers we are talking to people who work in the real estate and mortgage industry who are seeking a new opportunity. We`re seeking commercial loan/lease officers for our company to assist small and medium-sized businesses in obtaining financing.
It`s an outstanding opportunity complete with training, insurance, and support. Not everyone can qualify because we require a background check.
It`s clear that it`s going to take real estate a long time to recover and there won`t be enough business for most agents and brokers in residential real estate. On the other hand there is growth in business lending and leasing, and with tighter lending standards at banks we can expect even more demand for our services.
If you are interested or know someone who would be interested in exploring an opportunity in commecial lending and leasing please contact me directly.
We require identification but only after we`ve given a term sheet or an offer letter for financing and it`s been accepted and signed by the borrower. This is to establish that the party who applied for the loan is the same person who is signing a legally binding document. It`s done to prevent fraud.
If you`ve received a received a term sheet or an offer letter stating the terms for the loan then the request for a copy of your driver`s license is legitimate. If you haven`t gotten that then it`s not. Simple enough?
Compiled financial statements have the least stringent requirements and are therefore the least expensive to obtain. The CPA doesn`t render an opinion on them but reviews them to see that they conform with generally accepted accounting principles (GAAP) and may do limited testing on them for things like reconciliations of the bank account.
What the fee will be depends on how much time the CPA firm has to expend to perform the compilation. That`s a function of their hourly billing rate. I would contact 2 or 3 local CPA firms to get an estimate for compiling your financial statements. The cost will be reduced if you present them with clean financial records. If your records are messy or sloppy or they contain questionable representations then it will add considerably to the bill.
Once you`ve decided on which firm to use you will be asked to sign an engagement letter which states their billing rate and may include an estimate of the total cost. In deciding on a firm you may have other considerations. Will you be using the firm to do your business tax return? Are there other areas you might use them?
A consulting business is usually fairly straightforward in accounting terms and the cost of a compilation shouldn`t be substantial. There is no such thing as a "customary fee" but hourly billing rates tend to be the same in an area for work like this. In accounting work that requires specialized knowledge the rates can go up considerably.