FAQs: Business Lines of Credit

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Do you have interest in securing a business line of credit? Could this be one of the better financial moves you make for your company? Have you begun to consider the pros and cons of moving forward?

When it comes to a business line of credit, there is a lot you need to know. Here’s why: the decision you make today will impact your company well into the future.

It all starts with knowing your business credit. Once you know your credit score, as well as where things stand in regards to your current and past debts, you can make an informed decision on what you should do next.

Here are some frequently asked questions associated with a business line of credit:

1. What exactly is a business line of credit?

This is a form of flexible revolving capital that works in the same manner as a credit card. The primary difference is the ability to access cash, as well as a lower APR in many cases.

With a business line of credit, you don’t have to use the money that is available to you. Instead, you can take what you need, when you need it. This way, you aren’t paying interest on the entire amount, like you would with a traditional or SBA business loan.

2. What does it take to qualify for a business line of credit?

This depends on the lender, but there are a couple things you need to know:

       You typically need annual revenue of $50,000+

       Your business should be a minimum of six months old

Again, the eligibility requirements vary from one lender to the next, but these are just a couple things to keep in mind.

Note: your business credit score is also important. If there is anything you can do to boost your score before applying, make sure you take advantage.

3. What is the maximum loan amount?

Every lender is different in regards to its minimum and maximum amount for a business line of credit, with most starting somewhere in the $10,000 range.

On the high end, however, don’t be surprised if you come across lenders that offer as much as $1 million.

It’s difficult to say how much you will qualify for until you complete an application and begin to discuss your options with the lender.

4. What is an average interest rate on a business line of credit?

There is no easy answer to this question, as it depends on the lender and your company’s financial situation.

For instance, if you have a high business credit score and a long history of paying your bills on time, your company will qualify for the lowest possible rate.

On the flipside, if your credit score is less than ideal, a higher rate is necessary in order to protect the lender.

Generally speaking, you can expect a rate somewhere in the 7 to 25 percent range.

5. How long does it take to move through the process?

This is based largely on how fast you move in regards to completing an application and sharing the necessary information with the lender.

If you’re on the ball, you may receive an approval in as little as one day.

6. What are some of the drawbacks associated with a business line of credit?

There are many benefits of this type of financing, but there are also potential drawbacks. These include but are not necessarily limited to:

       Higher interest rate if you have a low credit score

       Some lenders require collateral

       You may need to provide documentation with each withdrawal

These drawbacks don’t always come into play, so you’ll want to discuss them with your lender before making a final decision.

Conclusion

For some companies, a business line of credit is just what they need in order to improve their financial outlook.

If you think this could do big things for your business, it never hurts to learn more. You may find that it makes perfect sense based on your current financial situation.

What are your thoughts on a business line of credit? Do you understand the pros and cons associated with this form of financing? Do you have any direct experience? Share your thoughts, guidance, and advice in the comment section below.

 

where to buy boric acid where I can buy boric acid

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Using Boric Acid and Carefully

Boric acid is a stunning substance. It is pervasive in the world’s outside. It’s synthetic piece is H3 BO3. That implies three parts hydrogen, one part boron, and three parts oxygen. Since the synthetic happens so common in nature, you can discover boron happening naturally in plants and animals. Does that mean it is 100% safe? The appropriate response is that, as long as safety measures are made, it is a protected item to utilize. Before you say where to buy boric acid, you need to look at the below mentioned points.

Health issues

There is no proof that boric acid causes cancer. In animal testing, it has caused issues for the embryo and in reproduction. For instance, testicular decay can happen from getting measurements of more than 32 milligrams in a 90 day time span. It can likewise be fatal, in the event that you breathe in or eat a measurements of 5-30 grams.

The most perilous part of boric acid is the dust. On the off chance that you are not watchful, you could breathe in some of it and it doesn’t take especially to cause issues. The destructive measurements of 5 grams are the correct weight of a US nickel.

For bug control the vast majority lean toward the draw over the dust. For one reason, you don’t need to stress over inward breath. Besides, the creepy crawlies come to you and that is significantly less pursuing around. Most homes can be free of insects, ants, termites, and silverfish with a solitary bug lure holder. It regards realize that the draw is normally a 33% arrangement and that makes it more secure than straight dust.

The primary concern of security is don’t eat it and don’t breathe in it. Contact with the skin isn’t hazardous insofar as there are no cuts and wounds it is going into.

Employments

Boric acid is frequently used to control bug populaces. For instance, it is known to be useful for insects and ants and scabies. The principle advantage is that contrasted with different bug sprays it is a significantly more secure cure. Also, it will dispose of the nest and that is significant to control creepy crawly populaces. Numerous creepy crawly control strategies don’t address the nest reproduction. Now that the online options are there to get the boric acid powder you will not have to ask yourself where I can buy boric acid.

It is additionally utilized for some different things. It is utilized as a flame retardant. It is utilized to back off atomic parting. It is utilized to treat amble against dampness and creepy crawlies. It additionally has the extraordinary utilization of being a fixing to the toy senseless putty. It is utilized as a vaginal suppository. It is utilized as an eye wash. It is utilized as a sterile. It has numerous more employments. The primary concern is that it is an important naturally happening substance that improves your life.

Last Thought

Boric acid is a protected solution for some things. The fundamental safety measure to take is that, while utilizing the dust, don’t breathe in it. In the event that you can play out a similar thing in a non-dust recipe, utilize that. At last, don’t eat it.

Project Governance: Maintaining Control Over Organisational Projects

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By Cindy Coan
Project Governance is not project management.  It is the higher-level framework inside an organisation to measure and manage projects. Some organisations will have an established Project Management Office (PMO), which may define a governance framework for projects  What does a project governance framework look like?   Start simple, each project governance model should require the following:
1. A Project Sponsor.
2. A Complete Project Plan (more than a Gantt chart).
3. Clear Check-in/Reporting Gates.
4. Active Stakeholder Engagement & Communication.
5. Defined and Communicated Roles and Responsibilities.
6. A Formal Lessons Learned Methodology.

A Project Sponsor
You really can’t have a project without a Project Sponsor.  This is the person who provides the business requirements and provide business context to the project delivery.   Ultimately, they are the link between the project and the business community.  They assist in the decision-making during the project and provide business guidance.  They are your first stop for escalation for issues beyond the authority of the project manager.

Your project sponsor should be the project champion.  They ensure that the organisation and the customer is onboard with the project.  And provide the link between the project, the business community, and strategic level decision-making groups.

Sometimes the project sponsor is obvious, but other times there are several possible sponsors.  Your sponsor can be one person, (often a manager or executive) or two.  More than two and you will struggle for consensus.  They will have overall accountability for the project. It is important that the sponsor be selected early in the planning of the project.

A Complete Project Plan (more than a Gantt chart)
Your project plan is more than a Gantt chart.  In addition to the high-level timeline, you need tasks broken down into manageable work packages.  You need to have a formal communication plan and a Risk Strategy.  These are all things that are included in your Project Plan.

For a smaller project, these might simply be cut-and-paste, from one project to the next.  It is a good practice to walk through the components of a project plan, even on the smallest, to ensure you’ve covered your bases.  This plan should be developed in the initial stages of the project, published and updated periodically throughout the project.

Clear Check-in/Reporting Gates
A Project Governance framework often means defined requirements for a project at various stages and periodic reviews as the project progress.
It might look something like this –
• Monthly PMO Governance Reviews including the required documents at the defined project stages.

Project Concept/Approval
• Proposed Project Charter.
• Proposed Project Budget.

Project Planning
• Project Timeline.
• Project Communications Plan.
• Project Roles & Responsibilities.
• Project Risk Matrix.

Requirements & Design
• Requirements Documented.
• Proposed Design Documented.
• Updated Project Plan.
• Updated Project Timeline.
• Updated Project Risks.

Development/Implementation
• Test and Validation Plan.
• Implementation Plan.
• Updated Project Plan.
• Updated Project Timeline.
• Updated Project Risks.

Project Closure
• Final Transition Documentation.
• Lessons Learned Document.

The Governance model will define which documents are to be completed at each stage of the project and include a review of the project status to senior leadership.  These check-in points may be scheduled at various phases of the project or on a periodic basis, such as monthly or quarterly.  It will also be important to utilize document templates for the required documentation.  Having like documentation from project to project will make both the project managers job easier, as well as the Governance team, so they are looking at similar documents.

Active Stakeholder Engagement & Communication
Part of an effective Governance model will include frequent project communication and interaction with the Project Stakeholders.
“Stakeholders = anyone affected by, participating in or impacted by the project”.

Your stakeholders are going to be the voice of your project.  These are the folks impacted, they are the ones who will complain when things don’t go well.  You will need to keep them engaged throughout the project.  Your project governance model will define requirements for identifying and communicating with project stakeholders.

Defined and Communicated Roles and Responsibilities
This is the project team, the sponsors, the stakeholders and leadership.  Defining Roles and Responsibilities will prevent miscommunications and duplicating efforts.  It will help team members know who to ask when they need something.   As the project manager, this will help you determine if you have covered all your bases.

A Formal Lessons Learned Methodology
Most projects collect feedback at the end of the project, but that’s where it ends.  There is not an active effort to re-tool the Project Management methodology to incorporate the feedback.  Sometimes the feedback is for other groups or organisations. You need a formal process for sharing the feedback and ensuring that there is action taken to make improvements.

Project governance is the management framework within which project decisions are made. Governance ensures that projects are all meet the same standards.  Each project is required to meet the governed check-ins or gates.  Each project is required to have the same documentation, the same meeting cadence and the same leadership approval.   Creating this framework will make incorporating feedback and process improvement easier and consistent across all projects.

Don’t be afraid of creating standards for your organization.  It may seem like additional bureaucracy – and it is – but it is a necessary evil to get the advantages or repeatable processes and consistent delivery and management.