Satsumasendai, Japan
Satsumasendai, Japan

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Small Business Loan: How Hard Is It To Get A Bank Loan? Are you trying to get a small business loan for your small business and getting turned down? Banks have a low approval rating for small business loans. Borrowers must have a perfect credit score, cash flow and have a lot of money in their bank accounts. Banks are also looking for established businesses that show a good operating history. Here are a few reasons why getting a small business loan more often than not is turned down by banks. To get a small business loan, there are a few factors that come into play. Banks are looking at credit, cash flow and collateral. Time in business also plays a huge factor. Credit: If you have OK credit and have been in business for 5 years or more, you are more likely to get approved than a start up. If you are a startup business looking for a small business loan you will need perfect credit. A perfect credit score requires no missed payments, no maxed out credit cards or credit lines. It also requires significant credit history, and a low credit use rating. Your credit utilization rate makes up for 30% of your credit score. This is the percentage of your available credit that is being used. If you have a credit limit of $100 and a statement balance of $20, your utilization rate is 20%, a good number. Lets say your credit limit is $3,000 and you borrow over $2,000. This will drive up your utilization rate and lower your credit score. Cash Flow: Cash flow is an important factor when applying for a small business loan. Cash flow determines a Company’s ability to make monthly payments and cover expenses. Many businesses tend to pay vendors and suppliers before getting paid themselves. This gives the impression that more money is coming out than coming in. Light cash flow will also get you denied for a small business loan. Collateral: Collateral is mandatory for you to get approved at a bank for a small business loan. Collateral can be equipment or real estate. Collateral is the equipment the bank can sell in case the loan is not paid back. Most banks do not want trucks or equipment that is older than 10 years old. Lack of collateral is another reason banks reject so many small business loans. Most new businesses do not have any equipment or real estate to offer. Qualifying for a small business loan from a bank can be very frustrating. The approval process for a bank loan takes time. There is a ton of paperwork involved, and you will wait months to find out whether you have been approved or not. Time In Business: Banks want to see a positive operating history for 3-5 years. This means providing tax returns showing a healthy profit. If your tax returns show losses, even if you are making money, this will get you denied for a small business loan. How Do You Get A Small Business Loan? Most importantly you will need to cash flow. If your bank statements have healthy deposits and ending balances, chances are you will qualify for a small business loan . You will also need to have a good credit score. If you don’t, pledging free and clear collateral is a great way to offset the risk of your credit profile. Integrity Financial Groups, LLC specializes in Truck, Trailer and Equipment Financing. Integrity Financial Groups also offers working capital or small business loan programs. These programs are available for small and medium size businesses. Your business has a much higher chance of being approved by IFG than any bank. Integrity Financial Groups looks at more than a credit score. Collateral is not required. Poor credit is not an indicator of poor cash flow. Companies who have had steady revenue over the past three months qualify for our equipment financing programs. If a company can cash flow, they also would qualify for our small business loans. We provide truck and equipment finance solutions to companies all across the country. We also have provided several small business loans to businesses in hundreds of different industries. What Is Required? To get a truck or equipment financing or a small business loan is simple. All that is needed is an application the last 3 months bank statements. Most Approvals are granted in less than 24 hours. Funding takes as little as 2 days. Our small business loans could reach your bank account in a matter of business days. Let our industry expertise help you to sort out all the variables and come to the decision that works best for your company. Visit us today or call us at 801-386-8222 to see how we can add value to your business.


Patent
IFG Corporation, Tohoku University and Japan Basic Material Co. | Date: 2016-04-20

A smaller-sized, more lightweight, and power-saving successive magnetic pulse device is provided. A discharging circuit section K is configured by connecting, in series in a loop, a magnetic therapy pulse coil 6 configured to generate an eddy current in a target part 3, a charging/discharging capacitor 4, and a switching semiconductor element 7 configured to supply a discharge current from the charging/discharging capacitor 4 to the pulse coil 6. A step-up transformer 1 includes a primary-side coil 1a connected to an AC power supply 2 and a secondary-side coil 1b connected to input terminals 5a of a full-wave rectifying circuit 5. A control unit 8 is connected to a switching semiconductor element 7 and controls conduction timing of the switching semiconductor element 7. The full-wave rectifying circuit 5 has output terminals 5b connected to both terminals P1 and P2 of the charging/discharging capacitor 4, respectively. An inductor 9 is connected between the output terminal 5b of the full-wave rectifying circuit 5 and the terminal P1 of the charging/discharging capacitor 4.


Patent
Ifg Corporation, Tohoku University and Japan Basic Material Co. | Date: 2014-09-01

A smaller-sized, more lightweight, and power-saving successive magnetic pulse device is provided. A discharging circuit section K is configured by connecting, in series in a loop, a magnetic therapy pulse coil 6 configured to generate an eddy current in a target part 3, a charging/discharging capacitor 4, and a switching semiconductor element 7 configured to supply a discharge current from the charging/discharging capacitor 4 to the pulse coil 6. A step-up transformer 1 includes a primary-side coil 1a connected to an AC power supply 2 and a secondary-side coil 1b connected to input terminals 5a of a full-wave rectifying circuit 5. A control unit 8 is connected to a switching semiconductor element 7 and controls conduction timing of the switching semiconductor element 7. The full-wave rectifying circuit 5 has output terminals 5b connected to both terminals P1 and P2 of the charging/discharging capacitor 4, respectively. An inductor 9 is connected between the output terminal 5b of the full-wave rectifying circuit 5 and the terminal P1 of the charging/discharging capacitor 4.


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Trademark
IFG Corporation | Date: 2014-09-09

Eyewear. Water bottles sold empty. Pants; Shirts; Shorts; Tops. Athletic sporting goods, namely, athletic wrist and joint supports; Exercise weights; Jump ropes; Physical fitness equipment, namely, fitness sets featuring resistance tubing, jump ropes, push-up bars, foam rollers, and waist trimmers; Weight lifting gloves.


Trademark
IFG Corporation | Date: 2015-07-22

Pants; Shorts; Tops. Exercise equipment, namely, resistance bands, resistance cords, and massage rollers; Exercise wrist weights; Medicine balls.


Trademark
IFG Corporation | Date: 2016-03-16

Watches. Backpacks; Handbags. Footwear; Shoes.


Trademark
IFG Corporation | Date: 2015-07-31

Water bottles sold empty.


Trademark
Ifg Corporation | Date: 2016-11-01

MEDICAL APPARATUS, NAMELY, PULSE GENERATORS FOR CAUSING SUSTAINED GREAT CONTRACTION IN MUSCLES, AND RESTORING MOVEMENT OF MUSCLES BY STIMULATING NERVES; NERVE STIMULATORS; AND MAGNETIC THERAPY STIMULATORS.


Trademark
IFG Corporation | Date: 2014-09-09

All-purpose athletic bags. Water bottles sold empty. Compression garments for athletic or other non-medical use, namely, compression sleeves, and compression arm bands; Gloves; Headbands; Hosiery; Visors.


Un

Trademark
IFG Corporation | Date: 2017-01-16

Clothing, namely, shirts, knit tops, polo shirts, t-shirts, shorts, pants, hosiery, socks.

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