We have exciting news to share at Community Business Finance. Roger DeGregori, owner of Fish Gallery, has opened his fourth store in The Woodlands, Texas. Roger used the 504 Loan Program to continue to expand his childhood hobby into the booming business it is today. We have detailed Fish Gallery's beginning in our Success Stories, where Roger describes how his first 504 loan was a lifesaver for his company.
Many Americans imagine a small business to be a mom and pop store with a handful of employees. It might surprise you to know that over 98% of the 6 million US businesses with employees are defined as a small business. While the government has strict sizing rules that define a small business, a company generally qualifies as a small business concern if it has less than $15,000,000 in net worth and made less than $5,000,000 in net profit per year, averaged over the last two years.
When seeking a business loan, your company's credit health is one of many factors a lender will review. However, you may not know that, as a borrower, your personal credit score matters as well. Every individual that is a personal guarantor on a 504 loan must submit his or her personal financials to assess the perceived level of risk for the lender. This assessment includes personal credit scores.
"Death, taxes and childbirth! There's never any convenient time for any of them," exclaimed Scarlett O'Hara in Margaret Mitchell's classic novel Gone with the Wind. While there may not be a convenient time to file your taxes, there is a deadline nonetheless. This year taxpayers have a few extra days to get their information together. As a result of Emancipation Day being observed on April 15th, the deadline to file 2015 personal income taxes is April 18th.