It’s no secret that interest-only loan payments are a big draw for a
lot of people, especially entrepreneurs and individuals who work on
commission. But are interest-only loans right for the small business
owner? Perhaps, but the loans are often risky and frequently have some
uncompromising caveats attached to them.
The adage of “you have my word,” may soon be replaced with something
akin to “you have my bond”, especially when it comes to small minority
and women business enterprises (M/WBE’s) hoping to land multi million
dollar state and federal contracts.
As a PAL little league coach in the 80’s, I was amazed at how many of
our players (my son included, who is now 27, married and a father),
were such big fans of Hall of Fame Chicago Bulls guard Michael Jordan -
especially making it a point to discuss the amount of money he and
other NBA all-stars were paid playing a game.
Since taking the helm of the Small Business Administration last April,
businesswoman Karen Mills has drawn praise for aggressive moves to try
to boost lending to small firms amid a deep economic downturn.
Credit-card issuers are going to have to play by a whole new set of
rules that take effect Monday and are considered consumer-friendly —
but will also cut into some of their traditional sources of revenue.
Do you dream of just chucking the corporate rat race and becoming your own boss? Many workers have chosen that option after joining the ranks of the millions who have lost their jobs in the recession. While there's a certain amount of freedom at being
your own boss, there's also the realization that you now wear two hats
— employer and employee.