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
Maine wracked by 100,000 compromised cards from #HomeDepotBreach http://t.co/edJuIOuBvO
37 minutes ago
@federalreserve Fed Reserve today said it will not propose any change to its cap on debit card interchange fees http://t.co/0vm600OMau
59 minutes ago
Sept. #NCUABdMtg is adjourned.
2 hours ago
.@TheNCUA : Positive TCCUSF net position does not mean that CUs will get a rebate. Final accounting likely in 2020 or 2021. #NCUABdMtg
3 hours ago
No Stabilization Fund (TCCUSF) assessment in 2014. #NCUABdMtg
3 hours ago