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China Tries to Steer Loans to Small Businesses, loans for small businesses.#Loans

The New York Times

Loans for small businesses

SHANGHAI — China announced a move on Saturday aimed at addressing a vexing problem: how to steer more bank loans to small businesses while adding little to the country’s huge debt load.

A little more than a week ago, Standard Poor’s downgraded China’s sovereign debt rating and its ratings on many Chinese financial institutions, citing a steep expansion in credit. But more than half of that lending has been to state-owned businesses, many of which are chronic money losers but provide so many jobs that, politically, they are almost impossible to close.

Yet even as steel mills, aluminum smelters, cement factories and other big enterprises have gorged on debt, small businesses have struggled to find the money they need to expand.

The People’s Bank of China, the country’s central bank, tried to address that on Saturday with a complex adjustment to a crucial regulation for commercial banks.

The central bank lowered what is called the reserve ratio, or the amount of money it requires banks to keep at the central bank for a rainy day. When the move takes effect in January, it will become cheaper and easier for banks to make more loans.

The People’s Bank of China had used reserve ratio cuts in past years to spur broader economic growth. This time appears to be different.

The central bank said it would cut the ratio only for banks that meet minimums for lending to small businesses or other borrowers that it called “inclusive finance.” The new category encompasses loans typically of less than 5 million yuan, or about $750,000, that are issued to small businesses, small family companies, farmers, students and poverty alleviation programs.

Zhu Ning, a prominent economist at Tsinghua University, said that the central bank was trying to ease credit for the smallest-scale borrowers without setting off more wasteful lending.

The move on Saturday, he said, “kills two birds with one stone, by providing liquidity to small enterprises while also providing a subtle sign of loosening.”

Reserve ratios are currently 15 to 17 percent of a bank’s assets, depending on the bank’s size. The central bank said that it would reduce the reserve ratio by half a percentage point for banks that have at least 1.5 percent of their loans in inclusive finance. It also said that it would lower the ratio by 1.5 percentage points for banks with at least 10 percent of their loans in inclusive finance — a threshold that practically no banks meet in China except for a few small, mainly rural financial institutions, experts said.

In another move that makes the announcement this weekend different from past moves on reserve requirements meant to spur growth, the central bank said the rules would not take effect until the beginning of next year. In the past, such changes took effect immediately or within a few days. Delaying the start of the rule this time gives banks time to increase their lending to small businesses so they can qualify for the new reserve ratios.

Gary Liu, the president of the China Financial Reform Institute, a research group in Shanghai, said that the timing of the central bank’s action on Saturday, the day before China’s National Day holiday on Sunday and before a week when most of the country will be on vacation, suggested that the central bank was trying to show that it was following a broad Communist Party mandate to regulatory agencies to keep the financial sector stable ahead of an important political meeting.

The Chinese Communist Party will hold its twice-a-decade congress beginning on Oct. 18, an event that is expected to confirm President Xi Jinping as the party’s general secretary for another five years while also shaking up the rest of the party’s top leadership.

Reserve ratio cuts were once one of the People’s Bank of China’s most potent moves to stimulate the economy. But since the last reduction in the reserve ratio, early last year, officials have turned to subtler and more precise tools, like transactions in China’s increasingly sophisticated credit markets, that allow them to guide the economy in more directed ways.

Follow Keith Bradsher on Twitter, @KeithBradsher.



Small-Business Loans – 3 ways to get a loan, loans for small

3 ways to get a small-business loan

The recovering economic environment has meant that small businesses have had to be more creative when looking for loans.

However, companies with sound business strategies still can borrow. Options include loans from traditional banks and institutions affiliated with the Small Business Administration, as well as financing from Internet-based lenders.

“For creditworthy, high-scoring small businesses, there is money available,” says George Cloutier, CEO of American Management Services, a consultant to small businesses.

Bank loans

The best place to get a small-business loan is still a bank, says Cloutier. Banks typically offer the lowest interest rates and many have established reputations as trustworthy lenders.

“Many small businesses try three or four banks and then stop looking,” Cloutier says. A more persistent approach has better odds of success.

Calculate business loan payment

Want to calculate your small-business loan payment? Go to Bankrate’s loan and amortization calculator.

“Take out the phone book, target 10 banks and work through that list,” he says.

That strategy worked for Michael McKean. He is founder of The Knowland Group, a company that helps hotels fill up their meeting space.

A few years ago, as the success of The Knowland Group grew, McKean began searching for a bank that would give the growing company expanded access to credit.

“We talked to every bank in our area, at least a dozen,” McKean says. “Many came back with proposals, but the terms were very onerous. Or sometimes they shifted terms.”

Finally, M T Bank came through.

“They just wanted to get our business,” McKean says.

McKean says his company did not approach M T any differently than it had approached the other banks. It was just a matter of being persistent until the right deal came along, he says.

“We did everything right, approaching the right person at each bank,” he says. “We’re a profitable business. I think it was just the … credit crunch that prevented us from getting a loan.”

Cloutier says the key to success with banks is to show past profitability, and to describe a well thought-out plan for future profits.

“If you aren’t making a profit now, you must be able to tell the bank how you will change that in the short term, or you really won’t be able to get a loan,” he says.

He also recommends that businesses start small in their loan requests.

“If you need money for four trucks, ask for two,” Cloutier says. “The bigger the loan request, the harder it is to get it approved.”

SBA loans

Another way to find a bank loan is through the Small Business Administration, or SBA. The SBA can direct you to banks that offer loans guaranteed by the agency. This way, you’ll have the advantage of approaching banks specifically interested in lending to small businesses.

Interested businesses should contact the SBA office nearest to them, which can be found on the agency’s website. Jeanne Hulit, the SBA’s acting administrator, urges businesses to seek a bank that is an experienced SBA lender.

Banks granting SBA loans place increased emphasis on business plans, cash flow and profit forecasts in deciding whether to lend, she says. The SBA also can refer businesses to free counseling centers to improve their performance.

Online opportunities

Another source for loans is the Internet. There are several sites where businesses can seek alternative lenders, such as individuals and small companies.

Interest rates are generally a little higher than what a bank will charge, but it’s much less than what you’ll have to pay on many credit cards.

Look around at different sites, some may charge a one-time fee to list your business, while others are free to list but might have fees reflected in loan rates.

If you’re going to list your company on one of these sites, describe your business in clear and concise language.

Lastly, make sure to investigate the company you are looking to post your business on. These kinds of companies were successful in 2008 and during the recession, but times have changed. Many have since gone out of business. Before paying for anything, make sure the company is legit.



Halloween Costumes for Kids – Adults, business ideas for kids.#Business #ideas #for

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Spice up your look with one of our 3000+ costume accessories. We offer a wide variety of hats, wigs, shoes and make-up to give your adult, teen, kid, toddler or baby costume a little something extra. If you really want to stand out from the crowd, check out our Limited Edition Halloween costumes for an incredibly unique look that will have everyone at your costume party in awe.

CostumeExpress.com is not only a site for Halloween Costumes and Halloween Costume Accessories, but we also carry Décor Party Supplies so you can dress up your house as well! Rattling chains and coffin tablecloths take any room from fab to drab! Make no bones about it, Costume Express is where the experts go to haunt their house!

Costume Express has been a family favorite since 2003! We think it’s due to the fact that Costume Express offers a safe and secure site to do your shopping. Although, same day shipping, a no-hassle return policy, the largest selection of limited edition styles, and the absolute best customer service team in the business also lend to an overall pleasant shopping experience that we strive to provide for each of our great customers! You expect great service and selection – Costume Express delivers (even internationally!).

You’ll love our fabulous Halloween costume selections this year! We’ve brewed up over 4000 disguises for the whole family! From Batman Costumes and Princess Costumes to Superhero Costumes and fairytale favorites, Costume Express has a costume for each one of your characters!

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Business News – Baltimore Sun, business for sale.#Business #for #sale


Business

Online retailer Bambeco is sold to Richmond-based distributor

Baltimore-based Bambeco, a fast-growing online retailer of sustainable home furnishings, has been sold to a Richmond, Va.,-based maker and distributor of home and garden goods after months of seeking an investor to support expansion. Bambeco became a brand of Evergreen Enterprises after the sale.

Baltimore ice rink at the Inner Harbor opens on appropriately chilly note

Questar tops off 414 Light St. tower on Baltimore Inner Harbor

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Community leaders and developers vow to sustain progress around Mondawmin despite Target’s closing

Lacrosse retailer LAX World shutters stores and leaves Cockeysville headquarters

Five minutes with David Rosen, partner and director of tax services at Rosen, Sapperstein & Friedlander

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Spirit Airlines announces new flights to Cancun from BWI Marshall Airport

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The Armoury More coverage of Under Armour

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More Business News

Hogan proposes end to state income taxes on military pensions

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Flanigan construction acquires green roof company Stancills

The Baltimore-based, family-owned construction firm P. Flanigan Sons said Thursday that it has acquired Stancills Inc., another family-owned company that Flanigan already had been using to supply the aggregate and soils for storm water and other environmental projects. Details of the acquisition.

Rosenstein: Rule of law must take precedence over politics

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Black Friday isn t for two weeks, but some stores are already offering deals

Thanksgiving is still two weeks away, but Black Friday has already begun – at least for some retailers. Best Buy on Wednesday began offering Black Friday discounts on hundreds of items, including big-screen TVs, Apple Watches and tablets. Walmart followed a day later, with $6 pajamas and $998.



Business News, Economy, Finance – ASX Market News, business for sale.#Business #for

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Solomon Lew calls for former Myer boss’ return

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Luxembourg is moving to make itself the ‘heart’ of Europe’s space industry 6 Hours Ago

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