NJ Business Capital Needs

New Jersey,  known as “The Garden State” has a thriving business environment, with a diverse range of industries that drive it’s local economy. However, one of the most pressing challenges for businesses in New Jersey is accessing the capital they need to start, grow, or sustain their operations.

For many businesses, obtaining funding is critical to their success. Whether it's to purchase new equipment, expand their facilities, or hire new employees, having access to capital is essential for business growth. Unfortunately, many businesses in New Jersey struggle to secure the funding they need, which can hinder their growth and development.

One reason businesses in New Jersey face challenges when it comes to capital is due to the high cost of living and doing business in the state. As a result, many lenders and investors may view New Jersey as a high-risk location for investment, which can make it more difficult for businesses to secure funding.

To address this challenge, businesses in New Jersey may need to explore alternative funding sources. For example, they may consider seeking funding from non-traditional lenders, such as online lenders or crowdfunding platforms. These types of lenders may offer more flexible terms and/or lower interest rates, which can make it easier for businesses to secure the capital they need.

Another option for businesses in New Jersey is to explore government-backed funding programs. The state of New Jersey offers a variety of loan programs and grants designed to help businesses in the state access the capital they need. These programs do have strict requirements to qualify and take longer to obtain but could offers favorable terms and lower interest rates, making them an attractive option for businesses that are struggling to secure funding through traditional channels and have the time to wait out the lengthy application process.

In addition to exploring alternative funding sources, businesses in New Jersey can also take steps to improve their chances of securing funding. For example, they can work to improve their credit score, present a solid business plan, and demonstrate a clear plan for how they will use the funding they receive. By presenting a strong case for why they need funding to their local bank or credit union and how they plan to use it, businesses can increase their chances of securing the capital they need.

In conclusion, access to capital is a critical issue for businesses in New Jersey. With high costs and a competitive market, securing funding can be challenging. However, by exploring alternative funding sources, exploring government-backed programs, and taking steps to improve their chances of securing funding, businesses in New Jersey can increase their chances of success and continue to grow and thrive.

If you need unrestricted funds to grow your business, we offer our clients the opportunity to access REVENUE BASED or ASSET BACKED BUSINESS FUNDING in as little as 24 hours in many cases. With a fast and simple online application you can review the best offer available to you from multiple lenders with no hard credit inquiry! For more information email info@bizboom360.com You’ll be glad you did!

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Advantages and Pitfalls of Credit Counseling

Credit counseling services receive a lot of mixed reviews. 

There are many reputable services, but there are also credit counseling companies with horrible reputations. Credit counseling is now required before filing for bankruptcy. 

If you want help with your debt, you must be aware of the advantages and disadvantages of using a credit counseling company.

Positive Features of Credit Counseling 

• They tend to have more clout with creditors. Some creditors are more willing to negotiate pay-offs and payment plans with credit counselors. You might get a better deal and more breathing room with a credit counseling service. 

• It’s possible to consolidate your payments. Many firms will consolidate your payments into one payment each month. You’ll be making a payment to the counseling company. Understand that the credit counseling firm must then make all the individual payments for you.

•  It can be easier to get new credit. As part of your credit counseling, it’s common for new credit to be secured for you. They’ll go out and work to have your credit applications approved.

• An end to the harassment. When you’re put on a repayment plan, the debt collectors will leave you alone. Remember that you can do this yourself by simply making a request in writing.

A reputable and honest credit counseling service can be helpful. There are many potential advantages to utilizing the expert assistance they can provide. But there are also several possible negative consequences.
 

Pitfalls of Credit Counseling

• They might not actually pay your bills. There are many complaints every year of credit counseling companies taking your money and then failing to make the agreed-upon payments to your creditors.

• They often over-promise. Just like any other company vying for your dollars, sometimes the marketing is a little too good to be true. After the counseling company takes their cut, you might not be any better off.

• It can possibly make your credit worse. There is one tactic commonly employed that can have a negative impact on your credit score. The credit counselor may advise you to stop paying on your debt and instead put the payments into an account. Once a large enough lump sum has been accumulated, the counselor would then approach your creditors with offers to pay off the debt at a reduced amount.

During this process your credit will suffer due to the non-payment.

The account used to store the money is under the control of the counseling firm. Do you trust them? The potential pitfalls are serious. It’s very important to do the necessary legwork to locate a reputable credit counseling service.
 
Many consumers believe that a service with non-profit status must be reputable. Understand that being non-profit is primarily about not showing a profit at the end of the year. Paying bonuses and higher salaries can accomplish this feat.
 
Ideally, you’ll be able to find a counseling service in your state that you can visit in person. Checking with your state Attorney General is an effective way to see if any complaints or legal action have taken place. Doing an online search is also likely to turn up any negative reviews or complaints.
 
Inquire about the services offered and the fees. Ask how the employees are paid. Are they compensated more for signing you up for certain services? Get everything in writing. Verbal promises are likely to be conveniently forgotten.
 
Credit counseling can be beneficial or counterproductive to your goals of reducing and eliminating your debt. Find a reputable credit-counseling firm by doing the necessary research. Be sure your financial situation will move in a positive direction.

I put in the work and worked on my personal credit repair and my family's credit repair myself after we struggled financially during my eldest daughters cancer treatment. I didn't think I could do it myself but I had already experienced paying someone else to do it for me with no results a few years prior so I figured I would at least try and if it didn't work at least I didn't pay a scammer to do nothing for me. 

I used   my Econ's MyCreditSystem and I am really happy I did. I was so impressed with my results that I joined them as an independent agent. You can check out how that program works clicking on this link ---- myCredit System - myEcon

The Advantages and Pitfalls of Credit Counseling

Credit counseling services receive a lot of mixed reviews. There are many reputable services, but there are also credit-counseling companies with horrible reputations. Credit counseling is now required before filing for bankruptcy. 

If you’d like help with your debt, be aware of the advantages and disadvantages of using a credit counseling company. 

Positive Features of Credit Counseling 

1. They tend to have more clout with creditors. Some creditors are more willing to negotiate pay-offs and payment plans with credit counselors. You might get a better deal and more breathing room with a credit counseling service.

2.    It’s possible to consolidate your payments. Many firms will consolidate your payments into one payment each month. You’ll be making a payment to the counseling company. Understand that the credit counseling firm must then make all the individual payments for you.

3.     It can be easier to get new credit. As part of your credit counseling, it’s common for new credit to be secured for you. They’ll go out and work to have your credit applications approved.

4.     An end to the harassment. When you’re put on a repayment plan, the debt collectors will leave you alone. Remember that you can do this yourself by simply making a request in writing. 

A reputable and honest credit counseling service can be helpful. There are many potential advantages to utilizing the expert assistance they can provide. But there are also several possible negative consequences. 

Pitfalls of Credit Counseling 

1.     They might not actually pay your bills. There are many complaints every year of credit counseling companies taking your money and then failing to make the agreed-upon payments to your creditors.

2.     They often over-promise. Just like any other company vying for your dollars, sometimes the marketing is a little too good to be true. After the counseling company takes their cut, you might not be any better off.

3.   It can possibly make your credit worse. There is one tactic commonly employed that can have a negative impact on your credit score. The credit counselor may advise you to stop paying on your debt and instead put the payments into an account. 

·   Once a large enough lump sum has been accumulated, the counselor would then approach your creditors with offers to pay off the debt at a reduced amount.

·       During this process your credit will suffer due to the non-payment.

·      The account used to store the money is under the control of the counseling firm. Do you trust them? 

The potential pitfalls are serious. It’s very important to do the necessary legwork to locate a reputable credit counseling service. 

Many consumers believe that a service with non-profit status must be reputable. Understand that being non-profit is primarily about not showing a profit at the end of the year. Paying bonuses and higher salaries can accomplish this feat. 

Ideally, you’ll be able to find a counseling service in your state that you can visit in person. Checking with your state Attorney General is an effective way to see if any complaints or legal action have taken place. Doing an online search is also likely to turn up any negative reviews or complaints. 

Inquire about the services offered and the fees. Ask how the employees are paid. Are they compensated more for signing you up for certain services? Get everything in writing. Verbal promises are likely to be conveniently forgotten. 

Credit counseling can be beneficial or counterproductive to your goals of reducing and eliminating your debt. Find a reputable credit-counseling firm by doing the necessary research. Be sure your financial situation will move in a positive direction. 

If you want to save hundreds or thousands of dollars and make sure your credit is repaired correctly you can do it yourself with a DYI Credit Repair System like MyCreditSystem it gives you access to a complete Financial Literacy Program and all the necessary template letters you will need to successfully fix your credit