Over recent years, and in particular over recent months, more and more people have started to realise just how important their credit file is and just how their credit rating can impact upon their future, both financially and in other ways. The onset of the global credit crunch has had a profound effect on the financial markets, and many people with even slightly damaged credit have realised that life is not always a bed of roses when you have poor credit.

For those lucky enough to have an unblemished credit record it is important to ensure that you maintain this good record, as this will enable you to enjoy far easier credit conditions in the future, which is important in the current difficult financial climate. If you have damaged credit, however, you could find that life becomes difficult in many ways, and it is therefore vital that you focus on ways to try and improve your credit.

Why is it so vital to ensure that you credit is up to scratch? Well, first of all you will find that it is very difficult to get any sort of affordable finance if your credit is damaged, so if you are looking to purchase a property, buy a car, or even take out a loan or credit card, you could experience real difficulties. Lenders are becoming more and more stringent over who they will lend to due to the global credit crunch, and the worse your credit the less likely you are to get the finance that you need.

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In business we all sometimes need that extra little bit of cash to get certain business ideas off the ground. There are many ways in which you are able to gain extra business finance such as loans, overdrafts, credit cards or through private investors such as business angels; however what do all of these have in common? They all have to be repaid in one form or another but with a business grant it’s another story.

Business grants are a sum of money that is awarded to your company for a very specific purpose or project. This money means that you can undertake the changes that you want to make to your business without having any debts at the end of it; sounds too good to be true? Well let me assure you this is completely genuine but like all things that seem too good to be true there are a few catches. You are only awarded between 15% and 50% of the total money that you need to carry out your project; the rest of the money needed has to come from you. The percentage of the total cost that you will be awarded depends on how much money you need for your purpose or project.

There are many ways in which you can obtain a grant some of the main ones are as follows:

• The government

• The European Union

• Regional Development Agencies in England, Scottish Enterprise, the Welsh Development Agency and Invest Northern Ireland

• Local authorities or local councils and local development agencies

• Chambers of Commerce

• County Enterprise Boards

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When it comes to business finance the saying ‘it takes money to make money’ fits right in; you need business finance in order to get your business started, for it to operate, expand and grow.

There are a range of options open to you when it comes to gaining the right business finance for your company but you need to choose the one that is right for your business. To do this you should look at all of the advantages and disadvantages of each of the financing options that are open to you. Some examples of these financing options are as follows:

Short term sources of finance:

• Bank overdraft
• Trade Credit
• Leasing
• Bank loans
• Credit cards

Long term sources of finance:

• Bank loans
• Share capital
• Debentures
• Asset sales
• Venture capital
• Government, local authority or EU grants

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<!–more–>Every business, especially at the start-up stage will need some form of finance. There is a lot that needs to be spent before your business even starts to make money. Below are just a few examples of some of aspects that you will need to spend money on when it comes to your business start-up:

• Purchase capital items (fixed assets) e.g., plant, equipment, land or buildings, motor vehicles;

• Increase holdings of trading stock and supplies;

• Fund research and development;

• Expand distribution or develop new markets.

On top of this you will have the property costs, including bills and your staff wages to cover. Once your business starts to make money these aspects will be covered by the profit that your business is making but until then you will have to rely on the money that you will have gained for your start-up costs.

When you are in the process of gaining your business finance it is important that you have an accurate idea of your financial needs. In order to do this you need to calculate the amount you need to cover your initial start-up costs as well as this you have to take into account you’re running costs and expenses. This is due to the fact that for a while you will be running your business without it making a profit but you still need to pay all of your bills as well as to keep trading. I would suggest that you have enough funds to cover at least six months of your business running.

One way in which you are able to secure the business finance that you need is through your business plan. Good planning will make it easier to raise the money that you need, which is why your business plan is important. Your plan will detail and outline what the money is needed for, exactly where the money is going to be spent and how this will benefit your business as well as demonstrating how the money will be repaid. Your business plan could make or break whether you receive the finance that you need.

If you are looking for business finance at the moment make sure that you approach the avenue that is most suited to you and that you have took into account the advantages and disadvantages of the finance you are after.

Angel Start-Ups, specialists in all aspects of Business Finance

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One of the most worrying aspects of applying to college is working out how you are going to be able to pay for your studies. Check out our guide below to see the options that may be available to you.

Need-Based Aid
Need-based aid is money awarded based on the ability of you and your family to pay for college. To apply for most need-based aid, you need to first fill out the Free Application for Federal Student Aid (FAFSA). FAFSA is the determining factor controlling all federal aid programs, such as student loans and grants. Many other forms of financial aid for students, including college scholarships and private initiatives, will also use FAFSA information as a factor in determining who is eligible for their financial aid programs.

Scholarships
Like Merit aid, scholarships are another type of financial aid that you won’t have to worry about paying back! The government, colleges, public institutions, private companies and religious groups are all possible sources of scholarships. Most are awarded based on specific criteria, such as your academic performance, extracurricular activities, community involvement, ethnic heritage or religious affiliation. Some scholarships are also need-based. No matter what the requirements, applications for scholarships are always hotly contested, so apply early! A small batch of students with 4.0 GPAs and high test scores may win a disproportionate number of scholarships.

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Before making a decision on which type of loan you need for your particular circumstances, there are some important things you will need to remember.You must first decide whether you want to use a secured loan or an unsecured loan.A clearer picture on the two types of loans can be seen by looking at the options on each one and this will help you to better understand the differences between the two of them.

Every loan agreement will contain special features and legal details which are commonly included in a loan plan.These factors are dependent on your choice of whether your loan type is an unsecured loan or a secured loan.

A big consideration should be in the effect the loan will have on your budget.Depending on the type of loan you are applying to receive you will find out what the total amount you will have to pay for the loan.

The type of loan that can be granted without supplying any sort of collateral is the unsecured loan as exampled by credit cards, bank notes and student loan financing.The lender of the unsecured loan is taking a risk, so the high interest rate will give he lender a form of compensation for doing this for the borrower.

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