Question Details

[answered] 1) Definition According to Scarborough and Cornwall (2016)


Two minimum 250-word replies (one each to two classmates' threads). A substantive reply analyzes the initial thread as well as adding to the research and concepts put forth in that thread. ?

  • Each reply must include the following:
  • A personal reply that adds substantial discussion of the key topic.
  • A citation from the text or other reputable business source that supports your personal feedback.
  • A Bible verse and a statement as to how you feel it relates to the subject.
  • A?proper?reference?for?any?sources?cited?in?the?reply.

First of person to whom you are replying.

Be sure to share your personal insight into the original topic and expand on the original post. Do not restate the original post, but do be sure to cite something from the text or another article pertaining to the subject. Each reply is to be about 250 words. Do not expect to use a long Bible verse to make up the word count. A citation (quote or paraphrase) is required, but this should primarily be your personal/practical input.

Closing Verse: Share a Bible verse that supports your input and ideas in the submission. Include a short commentary on how your verse fits in with your reply. Note: There is always a Bible verse that pertains to the subject. Don't say that you couldn't find one.

References: (No annotated bibliography is necessary for the replies.)


1)

 

Definition

 

According to Scarborough and Cornwall (2016) SBA loan

 

guaranty program is a program that lends money with a high default

 

rate. Although the SBA is a treacherous program. Lenders are willing to

 

face the treachery because the SBA is willing to gather majority of the

 

credit.

 

Summary

 

The article I read is titled ?What you need to know about SBA

 

Loans?. The article talks about how the SBA offers the most

 

competitive loans available, and explains that the Small Business

 

Administration does not actually lend out money. The SBA is a federal

 

institution which teams up with lenders, and the lenders are the ones

 

who actually lend money. One of the main reasons the SBA does not

 

lend money directly is because of the cost to the consumer. More

 

money would have to go to the agency for employee and lending

 

money. The article also covers the three main programs, 7 (a) loan

 

program, CDC/504 program and microloans. And explains how and who

 

can qualify for them. One thing this article stresses it the amount of

 

time it could take before a loan is obtained.

 

Discussion

 

The Small business administration was established in 1953 for

 

the purpose of helping small distributions get funding and other

 

assistance. According to the author ?loan guaranty program is the

 

SBA?s flagship loan program. More than 3,500 private lenders in the

 

United States make SBA loans to small businesses.? Scarborough, N. M.

 

& Cornwall, J. R. (2016) This is very helpful to small distributions who

 

need money for equipment, to expand or buy real estate, to purchase

 

inventory or to build up capital. Hecht, J. (2016 ) states ?The

 

government guarantees a portion of your loan?usually between 75%

 

and 85% so that, even if you can?t make your repayments, the lender

 

only loses a small amount.? SBA offers resources that assist veterans

 

and disabled veterans in owning and operating their own businesses.

 

So, how does a small businesses owner get an SBA loan? The

 

first think they should do is go to the SBA website and get the

 

checklist. Then the business owner or potential owner should gather all

 

needed documents. The next step is to call the local SBA district office;

 

they would then provide you a list of local lenders. Once a business

 

gets paired with a lender it may take some time before funding is

 

received. The SBA has strict rules that must be adhered to. And in some cases credit has to be excellent. A lender can also extend the

 

loan repayment type so a business owner does not owe any interest.

 

Small businesses account for a large part of the United States GDP,

 

about 50% so it is important to help small businesses survive and

 

thrive; by offering low interest loans. ?Insufficient or delayed financing

 

is the second-most common reason for business failure,? Mills (2016)

 

Bible Verse

 

According to Proverbs 22:7 (ESV) states ?The rich rules over the poor,

 

and the borrower is the slave of the lender.? In modern time, I would

 

interpret this verse, breaking it down into two parts. The rich do rule

 

over the poor, because the rich are the once giving people jobs. And

 

the borrower would be considered a slave because you have to pay

 

back a loan you receive. So, until that loan is repaid you are actually

 

working for the lender.

 

Annotated Bibliography

 

Hecht, J. (2016, July 25) What you need to know about SBA Loans.

 

Forbes. Retrieved from

 

http://www.forbes.com/sites/jaredhecht/2016/07/25/what-you-need-toknow-about-sba-loans/#40172ebc5002

 

This is the article that I chose as my topic.

 

Martin, M. (2015, August 17) How to find the right SBA loan for your

 

business. Business News Daily. Retrieved from

 

http://www.businessnewsdaily.com/8286-small-businessadministration-loans.html

 

This article begins with an estimate of how many small businesses and

 

employees there are. It then explains who the SBA is, and how they get

 

businesses money. The article explains that the SBA does not lend

 

money on its own; It partners with companies.

 

Mills, K. (2014, November 3) Here how big government could help

 

small business. Fortune. Retrieved from

 

http://fortune.com/2016/11/03/small-business-cash-flow-solutionsgovernment/

 

This article talks about how cash flow is a problem for many

 

businesses. It states that the average small business has cash flow

 

issues. And that the businesses only have cash for a short period of

 

time. The author talks about a program that was enacted during the

 

Obama administration that helped speed up the money lending

 

process.e

 

Scarborough, N. M. & Cornwall, J. R. (2016). Essentials of entrepreneurship and small business management (8th ed.).

 

Upper Saddle River, NJ: Pearson.

 

The definition used to write this paper was obtained from this book.

 

2)

 

DefinitionThe text defines bartering as, ?the exchange of goods and services for other goods and

 

services rather than for cash? (Scarborough & Cornwall, pg. 472,2015).

 

SummaryThe article, ?Using Barter to Help a Business Succeed? describes how different

 

business work together for the common goal of bettering their businesses while

 

conserving as much financial resources as possible. The author talks about bartering

 

groups to join that involve many different businesses. She explains why groups are

 

beneficial using a usual product, fish, as the example. Groups allow you do barter with

 

other marketing items such as shirts or pens instead of your product. A barter group is

 

like a giant club made up of various business with ?barter dollars? and ?bank accounts.?

 

(Goodman, 2012). With those features individuals are able to use their ?barter dollars?

 

with other merchants even if they didn?t directly barter with one another.

 

Discussion

 

Bartering is a trade that goes back well into history; it has essentially been done

 

since God created the earth. Bartering throughout history was peoples? livelihood. They

 

depended on being able to trade with one another for the items that were essential for

 

living. Bartering in today?s society has came a long way since its roots. Bartering is no

 

longer people?s way of life but simply a way to save money. From a new business stand

 

point bartering is a great way to get your name out there as well as be cost efficient in

 

receiving other companies. One example of bartering a local clothing franchise and a

 

photographer. The photographer uses the clothing provided by the clothing store and the

 

store is able to use his pictures in return. In my opinion bartering needs to happen more

 

in today?s society. Bartering groups are not very common especially in small

 

communities. Being able to be part of a group of business that are in an agreement to

 

work together for a common goal is beneficial for the companies. Bartering is good,

 

even if the economy is down, ?you don?t have to make a huge capital outlay every time

 

you need services. You just swap something? (Goodman, 2012). When a new business is

 

in its early stages it can sometimes be difficult to afford everything needs to make the

 

business successful. Joining a barter group gives a business the freedom to obtain

 

various goods and services without having to come up with excessive amounts of capital.

 

In the Bible we are taught to avoid debt when possible. Proverbs 22:7 states, ?the rich

 

rules over the poor, and the borrower is the slave of the lender? (ESV). Having the

 

opportunity to barter alleviates the amounts of debt needed. The small businesses are

 

able to make their profits faster because they were able to save money up front. Annotated Bibliography

 

Goodman, M. (2012, January 18). Using Barter to Help a Business Succeed. Retrieved

 

December 12, 2016, from

 

https://www.entrepreneur.com/article/222478

 

Hawkins, K. (2016). The Basics of Business Barter Groups. Retrieved December 12,

 

2016, from

 

http://quickbooks.intuit.com/r/money/the-basics-of-business-bartergroups/

 

This article focused on barter groups, how they were operated and how

 

businesses would

 

go about finding and joining.

 

How Barter Dollars Work For You - Tradebank International. (2010). Retrieved

 

December 12,

 

2016, from http://tradebank.com/how-barter-dollars-work-for-you/

 

This article went into detail on how barter dollars worked if you are part of a

 

business

 

bartering group.

 

Scarborough, Norman M., and Jeffrey R. Cornwall. Essentials of Entrepreneurship and

 

Small

 

Business Management. Harlow, Essex: Pearson Education Limited, 2015. Print.

 


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