Helping Women Out Who Need It Most!

Everyone need’s Score’s help!
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Elizabeth Karwowski and I delivered a workshop at The Broward Women’s Correctional Center on Monday, October 31st The topics we covered were budgeting and improving your credit score. We spoke with a group of 7 women who plan to be entrepreneurs when they complete their term on incarceration. We provided this program as part of the education offered by LEAP, a non-profit organization established to stimulate incarcerated women to make positive life changes through education, mentoring and entrepreneurship. The goal of the organization is to enable these women to more readily re-enter society.

The women wer responsive and creative. They realize how difficult it will be to be to a job, so they are examing other options. We as facilitators enjoyed communicating with them. They asked us to return to repeat the program periodically.

Marj Weber, Chair, Chapter 29

Group Counseling and More on Credit

From the pen of our Chairwoman :

Group Counseling for Established Businesses

We can bring together mentors with various professional backgrounds to address the issues that confront a company in a growth mode. Often the business owner thinks funding is the only requirement, but he soon realizes that the efficient use of the funds will make the difference. He may need a marketing program, HR advice, organizational insurance coverage, new accounting systems, new methods of communcating.
Our chapter mentors enjoy the challenge.

If your company qualifies for this service, please contact admin@scoremiami.org

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The Five Cs for underwriting a loan
Capacity (cash flow)
Collateral (value of assets to secure the loan
Capital(investment by borrower)
Character (credit worthiness)
Conditions (the market)

In the past they were all considered equally important forloan approval. In the present market the order of importance has changed.

The first consideration is credit and a credit score. Many lenders require credit approval prior to the submission of a loan package.

Underwriting collateral has become more difficult in the current market. Most lenders seek collateral. They require appraisals from third party appraisers to determine current value of the loan collateral.

Capacity or cash flow is reviewed with great care to make certain the projections are accurate and conservative.

Conditions will include the strength of some industries and weaknesses in other industries.

Capital which represents an investment on the part of the borrower is always required. No lender will provide 100% financing.

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Your Credit worthiness and Your Credit Score

Take responsibility Address the issue – Educate yourself about what you can do about it. Did you know that your credit score is greatly impacted by your use of your credit lines? When you go above 50% of your available credit lines your credit score will be inmpacted negatively. Learn more about your credit and what you can do about it. Attend a SCORE Credit workshop.
If you credit score is 670 or better,learn how to retain it.
If you have no credit, learn how to start to create credit.
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More on Financing

Financing Your Business,Direct from our Finance Chairwoman

Are you looking for financing to help grow your business? SCORE Miami Dade can help!

Our chapter has an active Finance Committee made up of counselors who have financial experience in a variety of industries. We meet regularly with bankers and community
groups who have money to lend, to learn about their interests and requirements. With this knowledge we can match our clients’ needs with the funding sources that are most likely to be available to them. In the past year, we have helped businesses ranging from a hair salon to a coffee roaster to a woman-owned construction company specializing in doors to obtain fmancing.

We regularly give workshops at which you can learn more about what types of loans are available, including special loans for veterans and military personnel and their spouses and for export/import businesses. We also provide information on peer-to-peer lending .

Because only a few lenders are willing to consider funding start-
up businesses, we have two workshops – #206, Financing Your New Business and #207, Funding Your Growing Business. Pick the one that best suits your situation to get up-to- date information on financing possibilities for you.

In addition, as part of our one-on-one mentoring program, members of the Finance Committee counsel clients on the best financing sources for their particular situations and help them to put together the application documents. SCORE counselors often work as a team, providing different types of expertise to individual clients. When you request counseling via our website, tell us as much as possible about your business needs. If
possible, you will be assigned to a counselor who has experience in your type of business, and if you need financing, you will also be assigned to a member of the Finance Committee for help with that process.

Getting financing for a small business is not easy in today’s economy, but it can be done!
We are ready to work with you to make it happen.

SCORE MIAMI CAN HELP GET YOUR BUSINESS FINANCING

Did you know that our chapter has a committee that specializes on getting business financing? Among the members we have bankers,cfo’s,mortgage lenders,SBA loan experts,cpa’s,and several more with strong expertise. In the last few years ,we have arranged millions in loans and we continue to work closely with both banks and Miami small business. We have and can arrange loans for startups,or seasoned business,veterans,export/import business and many others. Don’t hesitate to register for counseling if you need a loan for your business. We will evaluate your business,help you with all the paperwork and help you submit the loan to the appropriate source. Why not take advantage of Score Miam-Dade’s expertise in loans and financing?