On the surface, the cost of a financial plan is simple: generally between $2,000 and $4,000, depending on its complexity and where you live.
But dig deeper and you’ll find that the plan’s success also depends on you spending time to implement it.
Consider the case of a young physician who recently came to my office inquiring about a financial plan. His primary issues were cash flow with tax considerations, debt service and investment advice. I suggested he would also need an insurance review and estate planning, since he had none. At the conclusion of our getting-acquainted meeting, my colleagues and I quoted a fee for the financial plan and what it would include. He decided to work with us.
Next we had a goal-setting meeting and collected his pertinent financial documents such as his tax return, investment statements, debt statements and more. We provided risk-tolerance questions and discussed his short- and long-term goals in greater detail. Then there was an interim meeting where we reviewed his goals — to be sure we prioritized them correctly — his risk-tolerance results and his investment analysis.
A couple of weeks later, we had a plan-delivery meeting, where we reviewed the recommendations in all the areas of his financial plan. He took the binder home to review and start implementing the plan.
He returned in a month for a progress meeting. He had made some headway on our list of recommendations, but not as much as I had hoped for. At the conclusion of that meeting he told me: “You were very clear as to what the plan would cost me in dollars. What I did not know was the time it would take me to collect the information on which the plan is based, to meet with you, to read and study your recommendations and then to finally implement them.”
He was correct: It costs both time and money to enact a financial plan that will really help you. Eight months later, I received an email from the doctor, letting me know he’d completed all the recommendations. In the end he said the total cost, in terms of dollars and time, was well worth it.
Beware of additional costs
Keep in mind that with some financial service providers, there could be huge additional costs in the form of fees or commissions. This could also be a conflict of interest if your advisor recommends products that pay him more, rather than the ones that are best for you. So be sure you know exactly what fees are involved when you start working with an advisor.
While my recommendations in the doctor’s plan included specific changes to his insurance and investment holdings, I did not sell him any of the coverage plans that I recommended, nor did I sell him the investment products he needed. That’s because I am a fee-only advisor. I want my clients to know that I have no vested interest in the implementation of the insurance or investment part of the plan.
This is not the case for advisors who provide both a plan for a fee and then sell you the investments or insurance products as well. All too often, the insurance recommendations made by those who sell the products, too, include more and larger policies than what I would recommend. It is a sad fact that the commission may be driving the plan recommendations, rather than what is best for the client.
When you are looking for a financial plan, be sure that you use the services of a Certified Financial Planner and that the planner does not sell any products. To find such an advisor near you, contact Garrett Planning Network or the National Association of Personal Financial Advisors.
I think it’s safe to say that we all have the goal of one day reaching financial independence. That is, the point at which we have enough money in savings and investments to support ourselves for the rest of our lives. So, how much money is enough?
Most of the time that question is answered with a single big number. And it’s true that in the end you’re working towards a single total amount of savings and investments. But that total number is composed of many smaller numbers representing the savings you need to support each individual expense.
What if you looked at it that way? What if you broke it down by how much money you’ll need to support each expense, each habit, and each indulgence for the rest of your life without ever working again?
How Much Does That Gym Membership Really Cost?
Let’s look at a single expense. Say your gym membership. And let’s say that costs you $40 per month. How much money do you need in order to support that expense for the rest of your life?
Using the 4% rule, which says that you can withdraw 4% of your savings each year with minimal risk of ever running out of money, it becomes a simple math problem. Take the monthly cost, multiply it by 300, and you get your answer.
In this case, $40 multiplied by 300 equals $12,000. That is, you need $12,000 in savings to support that monthly gym membership for the rest of your life.
Values-Based Decision Making
Looking at it this way can help you make more informed values-based decisions when it comes to spending and saving.
For example, how long will it take you to save the $12,000 needed for your gym membership? And which do you value more? That habit or the ability to be financially independent a little sooner without it? What about a $500 per month car payment? That will require $150,000 in savings. Is that an expense you’d like to support?
There are no right or wrong answers here. The goal is simply to understand how each expense affects your savings need and to make decisions based on what you value.
How to Plan Differently
Next time you look at your budget, I would encourage you to do a few things differently. Consider the options related to each expense. For example, you could have a $500 per month car payment or a $200 per month car payment or take the bus, let’s say that is $50 per month or walk, $0 per month.
Then, for each category, multiply your monthly budget by 300 to see how much money you’ll need in order to support that expense for the rest of your life.
Finally, step back, look at the numbers, and think about how they align with what you truly want out of life. You may find that you want to cut back on certain things. Or you may find that you want to save more in order to support important expenses.
Either way, you’ll have a better understanding of what it takes to reach financial independence and put your money toward what is most meaningful to you.
Most personal finance advice misses a crucial point.
Lost amongst all the calls to cut coupons and skip your morning coffee is the fact that cutting costs isn’t the only way to get ahead.
In many cases, a raise can be far more powerful in helping you reach your biggest financial goals. And it may not be as hard to get as you think.
The Power of a Raise
Let’s say you currently make $60,000 per year and you’re able to negotiate a 10% raise (more on how to do this below).
Assuming that 25% of that new income goes to taxes, that means you now have an extra $4,500 to save each year, which is almost enough to fully fund an IRA.
Looking at it another way, that extra $4,500 represents a 7.5% return on investment, which is right in the range of what experts expect from the stock market.
So by negotiating a raise, you’ve given yourself a stock market-like 7.5% return. And unlike the stock market, that 7.5% return will be consistent year after year.
And if you’re investing that $4,500 each year, you’ll earn additional returns on top of your contribution. Assuming a 7% annual return, that investment will grow to $197,393 after 20 years and $454,828 after 30 years.
Plus the increased salary sets a higher baseline for future raises and for your salary at future jobs, making it more likely that your income will increase even further over time.
And all of that comes with pretty much no risk. As long as you present your case respectfully, the worst that happens is you get a no. And even then you’ll have planted the seed, which may make it more likely that you’ll get a raise in the future.
How to Get a Raise
Of course, the trick here is knowing how to negotiate so that you actually get the raise you deserve.
This can be intimidating for a lot of people, myself included! But the good news is that there are some simple strategies you can follow to strengthen your position and even increase your value in the eyes of your employer through the negotiation process.
My favorite resource on this topic is Ramit Sethi’s Ultimate Guide to Getting a Raise & Boosting Your Salary. Yes, the title is a little hyperbolic, but the advice is practical and solid.
And remember, as long as you present your case well, the worst that happens is you get a no. There’s little risk in giving it a shot.
Side Hustle for Extra Income
Getting a raise isn’t the only way to increase your income. People are increasingly turning to side hustles as a way to make some extra money on top of their day job.
There are lots of ways to do this, from dog walking to freelance writing to website design. It doesn’t have to take a ton of time, and even a little extra income can go a long way.
J. Money at Budgets Are Sexy has chronicled over 60 different side hustles real people have used to earn extra money. You can also check out the websites Fizzle and Side Hustle Nationfor ideas, inspiration, and practical advice on how to get started.
Invest in Yourself
Cutting costs is often the easiest first step towards saving more money.
But over the long term you are your own best investment opportunity, and finding ways to earn more money can make a big difference in your ability to reach your biggest goals.
Knowing More about Tax Returns
The tax return is the form we fill for the purpose of revenue. The form has got the information concerning income of a person. From the tax returns, we will get to see the whole amount of tax an individual will pay. It is the duty of every citizen to file the tax returns since it is a legal requirement, hence filling the available forms is necessary. If you do not file your tax returns, you will not evade a penalty from the tax authority.
The people who file their returns online will get a notice telling them there is an outstanding tax return. If you think you have overpaid your taxes, and you do not receive a tax return, notifying the tax authority is vital so that you get back your money. Every person should make sure filing a tax return is a priority rather than seeing it as a punishment or something unusual. Tax returns preparation, in fact, is a very easy thing that should not give a hard time to anyone. Electronic submission of tax returns should, therefore, be a practice every person should know and execute.
There are different reasons why the governments require tax returns, for example, making sure that people are not overtaxed or undertaxed. Therefore, it is essential to file a tax return and submit it even if you are sure that you have paid your tax. The tax return in simple terms is the document a person files with the tax authority which shows what you ought to pay as tax resulting from your yearly income. When you file the tax returns, there are three things involved: you either paid the tax that was appropriate, and In the form, you report capital gains and your income, as well as giving information on allowances and reliefs you are claiming.
It is also important to note that a person should file the tax returns before the due date. Failing to file your tax on time can result in a penalty. Filing your tax returns early while following the legal procedures will not attract the investigators attention. Once you provide information that is false, and the legal authorities come to realize, some penalties will be applied.
Sometimes, filing the tax returns can be a daunting task, but there is no need to worry as there are some experts who are well-trained. Hiring a professional to do this for you can save you a lot of money that could have been applied as charges. The experts on tax returns charge very less amount. The advantage with professional tax services is that they know law relating to tax very well.
Tips to Observe before Filing Tax Returns
Patriotic citizens will not only file tax returns but also comply with the rules and regulations of a country. Various sectors and facilities of the public are run by the government through the funds they get from tax returns. Whether one operates as an individual or a company, tax returns should be filed after one year. Read the following tips to help you especially if you are filing tax returns for the first time.
Think about hiring a tax expert. The process of filing tax returns is very demanding. Things can be made worse especially if you lack knowledge about tax returns. There are people existing that know everything that revolves around tax returns. These are called tax experts. They can explain all the details, requirements and things to do with tax returns so that you do not get confused in the process. You will get assistance from them when you want to claim for deductions. The fact that they are knowledgeable is a guarantee that you will avoid making mistakes that may cost you dearly in the future. Instead of filling IR3 for an individual, you may find yourself filling IR4 for companies.
Delay to file tax returns will cause your future problems. It is possible to find individuals and companies who are reluctant in filing tax returns. These people are held up in busy schedules, and they forget about compiling all the reports of their businesses. What results is incomplete reports, false or reports full of mistakes. The resulting problems may make it hard to file returns for that specific year. This will demand that you wait for the next year to repeat the process. Not only will you get a headache but also pay a penalty. You can avoid insignificant expenses by being punctual when filling tax returns.
Observe the rule of honesty as the next thing. It is possible to find folks who avoid filling tax returns. This should not happen. It is the responsibility of every citizen to file tax returns without fail. also, cases have been reported that there are those who use false identities to file tax returns. Other people will give false information to pay less. Give correct information to enable the government run projects such as infrastructure and social amenities. The resulting outcome is the development that benefits everyone.
Never make mistakes on the file returns reports. This calls for keenness and organizational skills of the highest order. Ensure that you countercheck your report before filling it with a tax agency. Correct as soon as you find them. Organized reports give tax experts an easy time to complete the process. In conclusion, employ the use of an online method to file tax returns. Apart from being fast, it is very reliable.
The Importance of Using an Accountant to File Tax Returns
An amazing fact is that most taxpayers file their returns by either using a software or filling in forms. For most people, it takes maybe at most an hour to file returns while for some it takes hours or maybe even days. It is important to note that some people also do not enjoy filling taxes or do not have the time to submit them. In some instances, people overpay the taxman and some do not know even what reasons can trigger the need for an audit. It is a known fact that the reasons above are indicators that someone should hire an accountant to handle the tax return procedures. Some other indicators are discussed below.
An interesting fact is that one of these indicators is the fact that the person filing returns is now earning more money. An amazing fact is that an increment income also increases the possibility of an audit. For people making below $200,000 the odds are 0.9% and for someone who has an income of a million and above the odds significantly rise to 12.5%. It is true that at this point, it would be a good decision to have an accountant in case the IRS comes calling for an audit.
The other thing that might trigger the need for an accountant is if the person is a business owner, has rental properties or is self-employed. It is true that a majority of businesses and rental properties has an expense called depreciation on capital assets, which is another tax category all together that most people do not know. However, an accountant is well versed in the various tax categories and will help the business owner to file the correct tax returns.
It is a known fact that investors also need to accountants, especially if they are selling stocks and other capital assets. The other nice thing is that an accountant is very helpful in this scenario as they can help the investor to get tax rates that are below their regular income and assist in determining other ways of minimizing taxes like tax-loss savings.
Estate planning is also another area that needs the services of an accountant. While planning the will, accountants can help the person chose financial instruments that are tax-deferred or tax-free. The amazing fact is that these savings will guarantee that the beneficiaries will not lose a lot of money to the taxman.
An interesting fact is that filing tax returns is a time-consuming activity that might even span for days. An accountant can help a person file tax returns and use the time saved to focus on income generating activities.
Getting Approved For Your Mortgage Loan In the modern era, nothing is more important than home ownership. Your home is where you spend most of your time, and it can also create stability for your life. It should be stated, of course, that there are disadvantages to having a home. As you may imagine, homes are very expensive. This means that you will probably need to borrow money if you want to purchase a home. It will be necessary for you to apply for a mortgage. This is actually a fairly simple process. By being fastidious, you can get the help that you’ll need to purchase a new home. Buying a home can be an incredibly difficult process. There are dozens of homes to choose from, and each one is unique. Before you actually begin looking at homes, you will want to apply for a mortgage loan. Even though this may seem redundant, it’s actually a very valuable part of the process. If you’re pre-approved, it will be easier for you to buy a home. Some sellers will not work with you if they do not think you can get a loan. Generally speaking, it’s important for you to prepare for a loan before the application process begins. Remember that even if you are approved, you may not get as much money as you hope to. All too often, banks will be strict about their lending practices. To really get a good loan, it may be necessary to talk to a handful of banks. If you stay patient, you should eventually come across a mortgage loan that works for you.
What Do You Know About Lenders
There are a handful of variables that you’ll want to process when you’re looking at loans. To begin, you should evaluate convenience. The truth is that it should not be difficult to apply for a loan. If you do your homework, you should find a mortgage loan that inspires confidence.
Resources – Getting Started & Next Steps
Once you have thought about the convenience, you’ll want to think about the interest rate. Remember that a low interest rate is generally better than a higher rate. There are a handful of factors that can influence your rate. Credit history is one of the most important elements. If you can improve your credit score, you’ll be more likely to be approved. Get in touch with your bank if you have any questions about the process of getting a mortgage loan. Generally speaking, mortgage loans come in two main varieties. You may want to get a fixed rate mortgage, but you also have the option of getting something adjustable. There are advantages and drawbacks to either of these plans. Over time, you will spend more if your rate is adjustable. If any of this is unclear to you, get in touch with your bank at your next convenience.
Requirements for Filing Your Tax Return The ending of the financial year is the 30th of June, and most Australians need to lodge a tax return, including details of their gains for the past year. A Tax Accountant may aid you with your tax return Melbourne, or you can pay an accountant to manage the unit for you. When doing your tax return, of if you are planning your information for the accountant, you’ll find certain documents that you must take. Make sure throughout the fiscal year you hold on to all your invoices. Depending what you are doing for a living you’ll find several things it is possible to claim your tax off on. For instance if you use your automobile for your job then you will not be unable to claim things such as upkeep, repairs, petrol, and journey costs. If you wear a uniform or demand safety equipment then you will not be unable to claim against the price of these. Include any invoices for every other travel, like air travel, for meetings or any business functions attended. You can also declare any education or classes attended that your occupation benefited from. Additional receipts you will include are business related gifts or any donations you make. Don’t forget to retain all your receipts safe as well as in one location. It will simplify your life if you have them all organized and saves you sorting through piles of paper at the conclusion of the fiscal year. If you work from home you may see it is possible to claim some of your family bills, such as for instance gas and electricity. You also may have the capacity to claim a part of your mortgage or rent.
6 Facts About Services Everyone Thinks Are True
You may obtain other income through the entire year from additional sources. All this needs to be a part of your tax return Melbourne. You may possess an investment home, so you should include details of any revenue earned from these properties through lease or if you promote them in that financial year. Include a tax overview for just about any funds that you have. Provide any evidence of cash brought in through any shares which you may possess. If you have any cash spent abroad Additionally you will show bank statements with details of the foreign revenue made.
Discovering The Truth About Resources
You may not be unable to claim other tax write-offs through such things as any rebate able superannuation annuity, your partner’s revenue or pension sums. There are tax benefits in having health insurance that is private so if you’ve got this make sure you take to the comptroller too. Any work related expenses are claimable and do not forget to fill out an engine vehicle logbook throughout every season if you use your automobile as part of your occupation.
The Merits of Filing Tax Returns
The economies of various nations are supported by the tax paid by their citizens. It is the work of the government to collect levy from their citizens. The cash collected as levy is usually used to develop the country. The civil servants are paid with the money collected through taxation. The facilitation and funding of the development of infrastructure are done by the government. The money used to fund these projects is collected from businesses, institutions and citizens that pay tax. Filing of tax returns is done annually in many countries. The enterprises in every country should be open on their earnings which are usually announced of quarterly basis. Making file returns are mandatory activity for citizens and businesses in many countries. This enables the government to control the economy.
There are many reasons why people evade paying tax. They are unable to keep the set time and dates by the authorities to file the returns. There are clear set deadlines by the government. In different states, there are official websites where each citizen and organization have their portals which allows them to file returns. These online platforms may be closed before the citizens do the returns. Some citizens do not want to be tax compliant. Some people have unnecessary fears that if they pay tax they will become poor. This actions affects the growth of the economy negatively. Paying levy is an important aspect. Below are well detailed benefits of filing tax returns.
It is a necessity to make file returns in many nations in the world. Failure to make the returns before the specified date and time accumulate penalties. In order to avoid these fines, businesses, companies and citizens should make their tax returns before the deadlines. One of the key requirements to qualify to get a loan from financial institutions is by filing tax returns. The financial institutions and micro-finance do not deal with people that do not pay tax. Filing tax returns is a key qualification that can allow you to secure a loan from many financial institutions.
Make sure that you file your tax returns is clear indication that you are a responsible and accountable resident. Good and amazing citizens that have their country in their mind and heart want its economy to grow massively. These people have great love for their country and therefore, they makes sure that they file their tax returns and also pay their annual levies. They should be individuals that are capable of meeting tax payment deadlines by obeying the dates set by the government. It is therefore good to pay tax to avoid been a burden to your country. It is not allowed by the law to evade payment of revenues. Jail terms and other heavy penalties should be set for the individuals as well as institutions that are not tax compliant.
Source: Tax Return
A Few Things to Understand About Online Tax Returns
You must know that the income taxes need to be filed in a specific time period so that you will be able to get rid of the unnecessary penalties and issues. You should know that taking care of taxes should be one of the problems that need to be addressed in the right manner. You have to deal with various documents, receipts, forms for the entire year as well as other things. To be able to avoid the complexities, then you may consider going the filling of taxes online through the use of the software programs that you can use.
During the tax season, so many accounting firms have that heavy and huge workload. Moreover, you can see that many of the certified public accountants are quite busy in handling paperwork. By going for the online tax return and e-filing option, then you can be sure that things are made much easier as well as faster to handle. There is no longer the requirement of looking for an accountant to ask for guidance. You can take care of matters in a convenient and easy way with use of the software. With the use of those internet facilities, then you can contact a good certified public accountant and be able to send the tax details on the internet.
You can come across various websites that are offering online income tax preparation and also e-filing. You should save your time and money if you choose to do the task online. Many of the online tax filing companies offer the facility of estimating and calculating the right amount of taxes that should be filed.
You must also realize that when it comes to preparing and filing your tax return online, this is not just easy but also free. You may go to the IRS website in order to know how you can benefit from using the free file software when it comes to filing the income tax return. When your AGI income is just less than 57,000 dollars then you can conveniently use such file option. When you are not qualified to use the software, then you can have the free file fillable forms so that you can prepare and then file the return forms electronically. Many of the firms for tax preparation and e-filing offer services at affordable rates. It is now quite easy to compute the tax amount with the use of the online calculators and filing the return.
There are other kinds of information that you can get so that you will know more about how this is done. Once you know the method, then you should try this route so that you can take advantage of the convenience that it provides.
Source: online tax return
Private Money Loans – What are They? Do you have a wonderful idea that could possibly lead to a successful business? You need to develop these ideas of yours in the best possible way and that would obviously require a lot of money. You could also be thinking about a business expansion but are not sure if the bank will actually allow you the loan for something as big as that. The truth is, it actually doesn’t matter how much money you need. When it comes to this kind of business venture, you have private money loans to take full advantage of in this day and age. There is really no need to worry about your funding when you have these amazing establishments to rely on. The investors of these companies actually make a good return from their business so there is no need to feel guilty about it. There are various rates which are offered to you and it would be ideal if you chose the lower ones. Choose the ideal firms which people are constantly talking good things about. Proper planning has to take place when you haven’t really found the ideal company to avail of a loan from. You will be able to make decisions a lot more efficiently when you do some research of your own. Read more of this article to find out the best ways to get private money loans. Make sure to ask advice from some good friends of yours concerning the matter especially if they’ve successfully engage in it in the past and were happy with the payment plans they got. The good thing about asking these guys for help is that they are actually reliable when it comes to these things and would never let you down in the least. That being said, if things don’t work out with this plan, there are many other options for you to take full advantage of.
Finding Similarities Between Loans and Life
When you build a business, you want everything to be perfect. You have to have the means to properly engage in this particular venture before you actually decide to. You certainly don’t want things to go wrong in any way. Make sure you do everything in your power to see to it that everything goes according to plan. When your budget does not seem to be enough, there has to be a company out there you can fall back on. There is little to no doubt that your business would be saved with the help of private money loans. Choose companies that will not rob you with their sky high interest because that would only cause problems for you in the near future.Finding Ways To Keep Up With Lenders
Vital Information Credit Card Holders Should Know About Credit Card Processing
Credit card is among the most important smart cards owned by billions of men and women around the world. These cards are indispensable items of those who prefer to shop devoid of bringing heavy cash on their pockets. Majority of these men and women do not want to bring plenty of cash on their wallets simply because they don’t intend to become among the victims of thiefs. In this connection, you can come across plenty of individuals who prefer to bring credit cards along with them. How are your payments processed? In what ways can companies received the payments made by customers? Well, payments are processed by means of credit card processing. For those who are interested in learning more about credit card processing, the methods of carrying it out and the associated benefits, then peruse this article further.
What Credit Card Processing Is?
When we talk of credit card processing, we refer to the payment of services and goods by swiping the card using the credit card machine. This is regarded as an important requisite of entrepreneurs and businessmen who have the intention of selling bulk products as well as those who want to improve their reputation and status. The process takes short amount of time.
The good thing about using credit cards is that you can buy products and services irrespective of your location and time. Statistics show that there are greater than three billion people world who have credit cards and who use these cards on their purchases. The truth is, you can come across men and women who have three diverse types of credit cards on their possession. This just proves that credit cards are indispensable properties to their daily lives, whether these are used for shopping commercial products or for paying utility bills. For those who have the intention of growing their companies and who want to gain more customers, then you must take credit card processing firms on your side.
At present, there are four big credit card processing that exist in the market.
What Are the Perks of Using Credit Card Processing?
1. When a company employs a credit card processing company, it is credible and dependable to the eyes of their clients.
2. Should your company accepts credit cards, then the customers will think that it is safe to deal with them. Always remember that trust is very significant in the business sector, therefore you should hire these credit card processing companies on your company. Whenever customers trust your company, they will only purchase products and obtain services from your company only.
Get the services of these service providers now to get the rewards it promises.
What You Need To Know About Business Loans
A lot of people aspire to have their own business. For big businesses or small, there could be a need for financial funding because funds are lacking. Business loan funding is an option for you when your business lacks capital or cash.
So that your business will succeed and plan, you might need to get a business loan in order to do so. Documents like personal and business financial statements, financial records, and credit reports are some requirements for a business loan that you would need to submit to your bank. In order to figure out if you are eligible for funding, these requirements are needed.
Financial companies will loan to small companies or startup organizations and they will also come to the agreement on the interest rates, loan amounts, and repayment plan. For each type of business loan funding, there is a corresponding requirement.
Banks and other financial organizations will give their clients useful tools to help owners and managers grow their business. This is also part of their service. In order to show that you will be able to repay your loan, you need to present a business plan that is profitable.
It is important to put in your plan the information on your business and the target market. A plan should show the reason why people would benefit from your services and products. Don’t forget to include the marketing plan and analysis in order to show the lenders your repayment plan. You also need to show return profit and budget for your business.
At first, entrepreneurs would use their own money for their business. Banks, credit unions, and financial institutions would offer business loan funding for small businesses. Sometimes, banks and other loan organizations might be too conservative when it comes to evaluating prospective business loan clients.
If your business is new, you could find it hard to have a start up funding and you would also need to construct an attractive business proposal. You should make sure that you satisfy the expectations of the lenders and also increase the chance of getting the business financing program.
Your personal financial history will be reviewed by these lending institutions. They will also check out assets and other collateral you might have. Financial institutions will want to have a guarantee for the loan and the amount will be bigger than the original loan.
Together with the interest, the borrowed money should be returned to the banks or financial institutions and they will ensure this. This will be how they will earn profit. Once you have a good credit history and financial capability, you can easily obtain a business loan funding.