Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
ITimeI magazine reports Bethpages tips for small-biz
BETHPAGE, N.Y. (3/22/10)--A Bethpage FCU executive told Time magazine that there are some alternatives business owners should consider when putting up their personal assets to get a loan from a financial institution. Every year, millions of business owners put their personal assets on the line for loans, according to Time (March 18). If the business doesn’t thrive, then the owners are in danger of losing their assets. The article’s author, Gigi Berman, told the story of her husband, whose credit line was cut by his bank. The bank told him and his business partner they had nine days to pay back a seven-figure amount the bank had loaned him. To avoid situations like these, Bethpage (N.Y.) FCU senior vice president Michele Dean suggested pledging accounts receivable and asking for a guarantee that gets smaller each year as borrowers build a credit history. “There are other bargaining chips in lieu of or to reduce the personal guarantee that banks may not go out of their way to reveal,” she told the magazine.
Other Resources

RSS print
News Now LiveWire
The 2014 @CUwomen Forum was held in Gold Coast, Australia yesterday during @WOCCU 's World CU Conference.
1 hours ago
.@CFPB obtains $92M in debt relief from Colfax Capital Corp. http://t.co/QPZAeCAcy2 See also: http://t.co/Kjf4HHkINW
2 hours ago
Julian Castro was sworn in as 16th secretary of @HUDgov Dept. of Housing and Urban Development Mon.
2 hours ago
.@CUNA's Chief Economist @SchenkMike talks consumer confidence--at highest levels since 2007 w/ @TheStreet @JoeDeaux http://t.co/JyoYQmhAxc
2 hours ago
RT @CUNA: .@CUNA's Jeremy Dalpiaz congratulates @reppittenger on reg relief bill consideration after @FinancialCmte markup http://t.co/9JMG…
2 hours ago