Business Lending and Financial Planning Information Provided to Greater Lumberton, NJ Area Businesses
Financial and retirement planning and business lending advice offered to the Greater Lumberton Business Association by Smith Barney and Wachovia financial specialists.
Lumberton, NJ (PRWEB) October 14, 2005 -– An overview of financial planning and business lending was provided at the October meeting of the Greater Lumberton Business Association by Jill Ross, a Smith Barney Financial Consultant and Chantal Capodicasa, a Wachovia Financial Specialist.
A large business crowd comprised of owners and managers of businesses in the Lumberton, Hainesport, Mount Laurel, Medford, Mount Holly, Eastampton, Southampton, and Westampton areas attended the meeting, held at Jest Notes and Baskets in Lumberton, New Jersey.
Jill Ross from Smith Barney, discussed several topics including typical growth strategies for businesses, managing cash flow, and key insurance plans and strategies for business owners. Ross also updated this Burlington County business community with information regarding retirement investment alternatives/benefits for employees and individuals. These were retirement plans for self-employed business owners or those managing small or medium-sized businesses with employees. Some of the plans provide for one’s family, minimizes estate and gift taxes, and ensures business growth.
“First, I ask you questions about your business, your goals, what risks you want to take and asset allocation, then I address which retirement plan is right for your business,” explained Ross. “The plans can extend from simple IRAs, SEP-IRAs to profit sharing, Age-Weighted Tiered profit sharing plans, to simple 401Ks and 401K Blueprints.“ Ross mentioned that small businesses, which start up with a new qualified plan, may also be eligible for an income tax benefit.
Chantal Capodicasa, a Small Business Financial Specialist with Wachovia, spoke about business lending. Capodicasa addressed the traditional and more recent types of Lines of Credit available to businesses in this area. “Lines of credit can provide cash flow and overdraft protection for your business account,” said Capodicasa. Capodicasa noted that while expansion is probably the most common reason for applying for a business loan, there are a few other ways companies use the extra financing: to improve facilities, for investment in major equipment, to boost working capital, and to build inventory.
“Businesses that have equity in commercial real-estate may opt for a term loan to fund business expansion. This leaves them with the operating cash flow to cover unexpected expenses, while the new income generated by expansion or a purchase covers the cost of the loan,” explained Capodicasa.
“Wachovia’s lines of credit provide ready cash to help a business meet short-term funding needs, such as increasing inventory, dealing with seasonal cash flow issues, or taking advantage of unexpected opportunities.” said Capodicasa. “Offerings include Business Equity Lines of Credit, secured by residential real estate up to 90% LTV, with rates as low as Prime minus 50bp and overdraft protection.” The criteria for business loan approval were discussed and are based on credit rating, cash flow, and business risk.
“Financing for our business loans is provided by people who understand the challenges and opportunities a small business faces. With competitive rates of interest and repayment terms, our business loans can provide funding for a variety of business expenses,” said Capodicasa about Wachovia.
Wachovia also works with the Small Business Administration, which in some cases offers more competitive rates, longer terms and lower down payments than conventional term loans.
The group was also provided information on business leasing and money and credit management.
Capodicasa cited these Small Business Lease Benefits with Wachovia:
--Little or no down payment
--Lease options for 100% funding available
--FMV purchase options
--Zero percent interest lease payments for computer equipment
--Possible tax advantages—monthly lease payments may be deductible as an operating expense. (Section 179 law expires 12/31/05)
"There is intense interest in this community for low-hassle, small-business funding solutions," said Barry Lefkowitz, President of the Greater Lumberton Business Association. "We chose to bring in speakers such as those from Wachovia and Smith Barney because we believe those organizations' reputable processes provide the best solutions for these Burlington County businesses at this time."
The next meeting of The Greater Lumberton Business Association will be held on November 9, 2005, 5:00pm at Crossroads Programs, Inc., 662 Main Street, Lumberton, NJ 08048. The Guest Speaker will be tax specialist Brian K. Foster, CPA.
For more information on the GLBA and its meetings please visit http://www.lumbertontwp.com/glba/.
Greater Lumberton Business Association
P.O. Box 250
Lumberton, NJ 08048
Website - http://www.lumbertontwp.com/glba/
Phone: (609) 267-2855
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