BBBTips(TM) Give Entrepreneurs the Inside Track on Small Business Start-Up.MCLEAN, Va. -- The Better Business Bureau System and Capital One Financial (NYSE NYSE See: New York Stock Exchange :COF) today released its latest set of resources for small business owners as part of the BBBTips(TM) financial education series. The newly-introduced BBBTips(TM) on Small Business Start-Up offer advice and strategies designed to help entrepreneurs effectively plan for and manage both the start-up costs and the financing challenges associated with opening a small business. "Many first-time business owners underestimate the amount of money they will need to get their small businesses off the ground and don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. how to secure the financing they need. These are two major reasons so many small businesses fail within the first year or never get off the ground at all," said Ken Hunter The new BBBTips(TM) on Small Business Start-up Costs offer practical worksheets and exercises, along with budgeting and planning advice, including: How to Estimate Start-up Costs Information and an easy-to-follow worksheet on the types of initial expenses that most businesses incur including housing needs, office equipment and insurance. Projecting Ongoing Monthly Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. A monthly worksheet and formula to help small business owners calculate the ongoing costs of outfitting, promoting and operating a business. Advice on How to Economize e·con·o·mize v. e·con·o·mized, e·con·o·miz·ing, e·con·o·miz·es v.intr. 1. To practice economy, as by avoiding waste or reducing expenditures. 2. - Wisely Important advice for entrepreneurs on ways to economize when launching a start-up, as well as a list of additional educational resources to manage the start-up process. BBBTips(TM) on Small Business Start-up Costs also provides helpful information on U.S. Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) loans-- considered one of the most accessible and popular financing options for new small businesses. A government agency created in 1953 to "aid, counsel, assist and protect...the interests of small business concerns", the SBA's current business loan portfolio consists of 219,000 loans, which together are worth more than $45 billion. This makes the SBA the largest single financial backer of U.S. businesses in the nation. Capital One-sponsored BBBTips(TM) on Small Business Administration Loans provides entrepreneurs specific information on SBA loans including: Who is Eligible for a SBA Loan? Information on the advantages of an SBA loan and specific requirements to qualification. What Kinds of SBA Loans are Available? The SBA offers three types of loans: the Basic Section 7(a) Loan Guaranty Program, the Section 504 Certified Development Company (CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation ) Program and the MicroLoan mi·cro·loan n. A very small, often short-term loan made to an impoverished entrepreneur, as in an underdeveloped country. Section 7(m) Loan Program. This section will help aspiring small business owners determine which loan is right for them. How to Apply for an SBA Loan Specific information to walk individuals through the application process. "It's important for aspiring new business owners to be aware of the various financing options and start-up costs involved with a new business so they can establish a realistic budget and secure adequate financing to get started," said Diana Don Colby, Director of Financial Education at Capital One. "There is a range of financing options available, and this new set of BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. Tips(TM) can help entrepreneurs navigate these choices and find the appropriate option to meet their specific needs." The Capital One-sponsored BBBTips(TM) for Small Business are free and available online at www.bbb.org/tips/capitalone. As the 3rd largest issuer of SBA loans, Capital One also has information available on its Web site about loans. About Capital One Headquartered in McLean, Virginia McLean is an unincorporated community located in Fairfax County in Northern Virginia. A small geographic area along Chain Bridge Road in Arlington County has a 22101 zip code and is also part of McLean. , Capital One Financial Corporation (http://www.capitalone.com) is a bank holding company whose principal subsidiaries, Capital One Bank, Capital One, F.S.B. and Capital One Auto Finance, Inc. offer a variety of consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. products. Capital One's subsidiaries collectively had 48.9 million accounts and $83.0 billion in managed loans outstanding as of June 30, 2005. Capital One is a Fortune 500 company and, through its subsidiaries, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "COF" and is included in the S&P 500 index. Capital One offers a range of products to meet small business needs, including small business credit cards, small business loans and lines of credit, and small business savings accounts. As the largest issuer of small business Visa credit cards, and the third largest lender of SBA loans, Capital One provides specialized support designed to make it easier for small business customers to manage their finances so that they can focus on what's important to them. Capital One small business products are available via direct mail, capitalone.com, phone (877.561.9847) and fax. About BBBTips(TM) BBBTips(TM) is a trademark of the Council of Better Business Bureaus, Inc. (CBBB CBBB Council of Better Business Bureaus CBBB Community British Brass Band ) that is used to identify consumer information articles and brochures that have been developed in partnership with the Better Business Bureau Consumer Education Foundation, Inc. BBBTips(TM) are made possible, in part, through the generous financial and technical support that is provided by corporate sponsors who are members of the CBBB and of the local BBB where the corporate sponsor is headquartered. BBBTips(TM) are designed to provide unbiased and factual information to assist consumers in making informed and intelligent purchase decisions. |
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