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Entries for April 2010

Where Did all The Small-Business Loans Go?
By Paul Gori :: 93381 Views :: Article Rating :: Community & Culture, Business & Finance

Chaldean business owners know if you want to expand your business, you're going to need some cash.  Money still isn't falling off trees for small businesses, and the lending process can be a challenge to navigate. As a professional loan officer for a large banking company Haisha helps small businesses prepare loan request packages.  He also serves as the corresponding secretary of a private Chaldean investment group in Michigan.  The Chaldean group pulls their financial resources, investor connections, and business expertise together to help fund new Chaldean business ventures. 

Banks have tightened their lending policies, and it is more difficult for a Chaldean entrepreneur to get financing.  “The difficulty in getting a loan from a bank is causing many Chaldean small-business owners to have to get creative with finding sources of capital.”  Haisha adds, “Many Chaldeans have great businesses ideas, but do not have the money, business contacts, or expertise to make a go of it.  Chaldean entrepreneur candidates submit loan or investment requests to our members and we decide as a group, which we will fund.”

The Chaldean venture capitalists group is mostly composed of successful business entrepreneurs, professionals with funds to invest, and businesses able to provide services to new businesses.  The group tend to invest or loan money to Chaldeans who have developed a thorough plan for the success of their business.  Loans are provided with untraditional collateral requirements and terms. 

Chaldeans have received hundreds of thousands in loans by offering gold for collateral, property in Iraq, or agree to equity shares of their business says Haisha.  “Our members each buy shares into a proposed business opportunity.  Shares prices range from a few hundred dollars to hundreds of thousands, depending on the amount needed by the business selected to be funded.”

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