Consider Buying Your Office Space, Expert Advises Small Businesses

The '5 Cs' Lenders Look for When Considering Applicants

It's not a question of if, but when most business owners should think about owning commercial property, says financial expert and small-business advocate, Chris Hurn.

Owning your workplace is a path toward long-term wealth - one that doesn't rely on constantly bringing in new income, says Hurn, author of "The Entrepreneur's Secret to Creating Wealth: How the Smartest Business Owners Build Their Fortunes," (www.TheEntrepreneursSecretBook.com).

"Once they've established their business, usually after about three to six years of operation, they should look into property ownership - owning their store, office, or other workspace," says Hurn, who has been featured in the Wall Street Journal, the New York Times, Bloomberg Businessweek and other financial publications and TV news shows.

"The smartest way to do that is through the SBA 504 - a little-known loan program administered by the Small Business Administration. It offers long-term financing at below-market fixed rates, which businesses generally can't get through banks."

Whether or not business owners qualify for the SBA 504, they will benefit by knowing the "five Cs" lenders look at when considering loans, Hurn says.

• Collateral: Lenders - usually banks - will want to know that the property in question is worth the loan. The property to be purchased is the lender's collateral, so it must have the potential to cover the loan if for some reason owners can't. Lenders will consider the age of a property and other factors, including whatever equipment may be involved.

• Cash flow (or capacity): The lender will look to see how much cash the business generates along with the amount of existing and proposed debt. In other words, they'll want to know the cash available to service the total debt. A lender will also consider current rental payments, plus noncash expenses such as depreciation, amortization and interest costs.

• Credit analysis: This reveals the business owner's history of making good on debts and other obligations. The higher the credit scores, the better. Lenders generally shy away from credit scores lower than 650, however, they will often listen to credible explanations on lower scores.

• Character: Numerous late payments, for example, suggest that owners do not manage debts responsibly, which will likely be indicated in a credit score. Factors that determine character judgment are largely subjective. An applicant can supply evidence in his or her favor.

• Conditions: What are the conditions in the industry and the economy? The better those conditions, the more likely lenders are to give applicants a plus in this bracket. Conditions are often out of a borrower's control, which makes a positive showing of the other four factors that much more important.

About Chris Hurn

Chris Hurn is CEO and co-founder of Mercantile Capital Corp. based in Orlando, Fla. MCC has earned numerous accolades and has been featured in the Wall Street Journal, the New York Times, Bloomberg Businessweek magazine, Forbes and SmartMoney, among others. Hurn has been a frequent guest on Fox Business News and PBS. He graduated from Loyola University Chicago with two magna cum laude bachelor's degrees and earned his master's degree from the University of Pennsylvania's Fels Institute (formerly at the Wharton School of Business).  He is also the CEO, chairman and co-founder of an upscale men's barbershop franchise called Kennedy's All-American Barber Club.

This small non-profit community museum located on the LeClaire
waterfront has undergone major changes in the last two years, the most
significant being expansion of the exhibit featuring William F. "Buffalo Bill"
Cody, born in LeClaire in 1846.

"We had already started a revision to the exhibit," said Robert Schiffke,
Executive Director of the museum, "when a major collector of Wild West
memorabilia offered us boxes of publicity pieces, books and photographs.
He wanted to remain anonymous, but he visited us often in the past, and
now we are looking forward to showing him what we've developed!"

Through the display and a short video, visitors to the museum will learn
about William F. Cody's experiences as a member of the Kansas 7th
Volunteer Cavalry during the Civil War, and his later friendships with
Annie "Sure Shot" Oakley, Texas Jack, Wild Bill Hickok and Sitting Bull.
He is best known for his Wild West Congress tours, and even appeared
as the subject of comic books and small novels. Not only did he entertain
the public throughout the United States and Europe, but the show served
to introduce crowds to Native American customs, Russian Cossacks, and

other cultures.

"We aren't only a museum about Buffalo Bill. People will learn about local
history, the River Rapid Pilots and see one of the original "airplane black
box" cases and designs. And," continued Schiffke, "it's the home of the
Lone Star Sternwheeler, the longest working wood-hulled boat to have
served on the Mississippi River, retired after 98 years in 1967." The boat
is now on the National Historic Register and being restored by museum
volunteers.

The museum is open daily from 9am to 5pm (closing at 4pm in winter
months), and opens at 12noon on Sundays. A nominal admission is
charged.

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To schedule a tour with Robert Schiffke, Executive Director of the Buffalo
Bill Museum & River Pilots' Pier, please call (cell) 563-505-8028.

WHEREAS, science and technology have a profound impact on shaping our world; and,

 

WHEREAS, scientists and inventors are deserving of our respect and praise for their contributions to moving our world forward; and,

 

WHEREAS, Illinois is home to numerous prominent scientists and inventors; and,

 

WHEREAS, fifty years ago, in 1962, Illinois native Dr. Nick Holonyak, Jr. revolutionized the way we light our world by inventing the first practically useful visible light-emitting diode (LED), a more energy efficient, longer lasting, more durable and mercury free source of lighting; and,

 

WHEREAS, Nick Holonyak, Jr. was born in Zeigler, Illinois and earned his BS, MS and PhD in electrical engineering from the University of Illinois at Urbana-Champaign; and,

 

WHEREAS, Dr. Holonyak was the first graduate student of two-time Nobel laureate John Bardeen, an Illinois professor who invented the transistor; and,

 

WHEREAS, as a professor at the University of Illinois at Urbana-Champaign since 1963, Dr. Holonyak and his students have developed the first quantum-well laser, creating a practical laser for fiber-optic communications, compact disc players, medical diagnosis, surgery, ophthalmology and many other applications; and,

 

WHEREAS, few scientists and inventors have done more to transform our lives than Nick Holonyak, Jr., the holder of over 40 patents and inventor of the light-emitting diode (LED), the red-light semiconductor laser (used in CD and DVD players) and the shorted emitter p-n-p-n switch (used in light dimmers and power tools); and,

 

THEREFORE, I, Pat Quinn, Governor of the State of Illinois, do hereby proclaim October 24, 2012 as NICK HOLONYAK DAY in Illinois, to celebrate the 50th Anniversary of the light-emitting diode (LED) and one of our state's greatest innovators, Dr. Nick Holonyak, "the Father of the Visible LED."

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(DES MOINES) - Governor Terry Branstad, Lt. Governor Kim Reynolds, Board of Regents President Craig Lang, Homeland Security and Emergency Management Administrator Mark Schouten, and University of Iowa President Sally Mason today released the following statements upon learning of the decision by U.S. Department of Homeland Security (DHS) leadership to reaffirm the Federal Emergency Management Agency's (FEMA) previous decisions to replace the University of Iowa's Hancher Voxman Clapp and Art Building East facilities.

Governor Branstad and Lt. Governor Reynolds issued the following joint statement: "We are pleased that this long-standing Federal policy dispute has been settled, as resolution was long-overdue. DHS leaders have reaffirmed FEMA's previous commitments to the State and the University of Iowa.  Thankfully, common sense has prevailed. We appreciate the Iowa congressional delegation's active involvement in this issue and FEMA leadership's openness to discuss our concerns throughout their policy dispute with the DHS Office of Inspector General."

Governor Branstad and Lt. Governor Reynolds continued:  "We recently wrote Secretary Napolitano (See the letter) and encouraged other Federal officials via phone to make a final decision before the October meeting of the Board of Regents. It is unfortunate that this Federal bureaucratic squabble dragged-on for so long, but now the University of Iowa can finally move closer to a full recovery from the historic 2008 floods by expediting the replacement of these important facilities."

Board of Regents President Craig Lang stated the following: "We are pleased that the University of Iowa can now move ahead with certainty to replace these damaged buildings.  The support of Iowa's congressional delegation and Governor Branstad has been crucial and we are so thankful for their continued advocacy.  Finally, the leadership and persistence at the University of Iowa has enabled students within the arts to achieve their academic goals under adverse circumstances and within temporary facilities.  The opportunity to replace these facilities is long overdue."

University of Iowa President Sally Mason said: "The students, faculty and staff of the University of Iowa are grateful for the strong and continuous support of our congressional delegation, the Governor, State Legislature and the Board of Regents.  This final action on our replacement buildings clears the way for construction - and we are ready.  Our students and campus can now move forward with certainty that they will have the facilities they need."

 

Mark Schouten, Administrator of the Iowa Homeland Security and Emergency Management Division, stated the following: "I am thankful that FEMA's previous guidance to replace these facilities has been upheld. Replacing these facilities outside of the flood plain is in the best interest of tax payers.  This decision also avoids potentially serious and expensive complications that would have flowed from repairing buildings that have sat vacant for over four years, including mold removal and foundation stabilization measures."

 

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The state's Commission on Government Forecasting & Accountability (COGFA) recently issued an update on the Illinois gaming industry. The COGFA report states that revenue generated by slot machines at race tracks would make horse racing more competitive with neighboring states, and would help sustain the industry in Illinois.

From page 64 of the report:

"...having this other source of revenue would give Illinois horse tracks a
secondary source of income needed to offer competitive purses, which should help
sustain horse racing in Illinois. Without this additional source of revenue, the horse
racing industry will likely see its dramatic declines continue. And without the
ability to compete with other states, many fear that the pressure on some Illinois
horse tracks to close for good may become insurmountable."

For the full report: Click here
(Moline, IL)  Moline High School is presenting its fall play called Noises Off the first weekend in November.  According to Director, Christopher Thomas, NOISES OFF is Michael Frayn's depiction of the on stage and off stage personalities that it takes to put together a play.  This comedy-within-a-comedy captures a British touring theatre troupe's production of Nothing On in three stages: dress rehearsal, an opening performance, and a performance toward the end of the run.  The characters try to put on a good show, but their unique personalities, out-of-control egos, memory loss and passionate affairs turn every performance into a high-risk adventure.  Progressing from flubbed lines and missed cues in the dress rehearsal, the performances only get worse when friction arises between personalities.

Thomas says rehearsing and performing NOISES OFF is like putting his students through comedy boot camp. "This play is truly a challenge for any theatre group--high school and professional alike--due to its demand for so many pieces to come together all at the right time.  The set has to be extremely sturdy, yet rotate 180 degrees.  Actors have to perform in believable British accents and there are an insane amount of props in the show.  Our students are challenged to showcase all of their comedic talents with their physicality, wit, voice, and timing".

Soul Service is very excited to announce the first annual Mind Body Consciousness Expo 2012
Saturday, November 3rd
10am-6pm
Longbranch Hotel & Convention Center
90 Twix Town Road
Cedar Rapids, IA 

We are bringing in vendors, healers, and national speakers in to inspire, amaze, and transform the statewide Iowa community. A few of our transformational speakers this year will include Jai Westgard of Symbolic Stone Healing, Garth Fuerste of the Institute for Life Architecture, Dr. Barb Fox of Beyond Tradition Animal Healing Center, Roger Ringo of Profound Mystical Meditation, and Rachel Gendreau of Soul Service International. This expo will include vendors from businesses in natural health, holistic healing, physical fitness, personal & spiritual growth, physics, metaphysics and much more!! Tickets are $12. Contact info@soulservices.org or (866) 320-0025 with questions.


Health is a state of complete harmony of the body, mind and spirit.  When one is free from physical disabilities and mental distractions, the gates of the soul open. ~B.K.S. Iyengar

New regional attraction features the BEST of Iowa food from across the State!

Ribbon Cutting Ceremony and Ringing of the Market Bell at 9:45 am

This weekend marks the official opening of the NewBo City Market, the area's major new Iowa attraction featuring food entrepreneurs from around the State.  This 2-day celebration features a full schedule of events for the whole family.  (See attached)

Located in a reclaimed, flood-ravaged industrial site in the heart of Cedar Rapids' New Bohemia district, the NewBo City Market is a multi-faceted gathering place where local merchants provide fresh food products and experiences.

Quick Facts about the Market:

  • Year-round Market sits on one full city block at the intersection of 3rd Street and 12th Avenue SE in Cedar Rapids
  • 18,000 sq. ft. Rotary Hall is home to 25 independent, local and permanent merchants
  • Merchants from across the region sell a variety of:

o   Meats & cheeses

o   Local produce

o   artisan breads and baked goods

o   ethnic foods and spices

o   cut flowers

  • Kirkwood Culinary Kitchen is a state-of-the-art learning center for hands-on culinary and nutrition education
  • NewBo City Market Distribution Center - 3,000 sq. ft. for processing and storage of produce and farm products for non-retail distribution to the hungry
  • Outdoor Square/Yard for outdoor markets, concerts, fairs and performances
  • Children's Play Area & Learning Garden (coming Spring 2013)

Hours:  Thursdays (4pm-8pm), Saturdays (8am-8pm) and Sundays (10am-6pm)

For more information:  newbocitymarket.com

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The day after a strong final debate performance, Democrats are building upon the historic grassroots organization we built in Iowa in 2008, including our 67 Obama for America offices and hundreds of well-trained, experienced volunteer-led neighborhood teams in every corner of the state. As a result of that strong foundation and enthusiasm for President Obama, today we are ahead of where we were at this time against John McCain - and ahead of Mitt Romney. Unprecedented early voting numbers show enthusiasm for the President and the strength of OFA's organization, while Republicans were caught completely unprepared for early voting.

 

Iowa Democrats Maintain a Significant Lead in Early Voting

 

·         Topline: Democrats have a huge lead in early voting, and that lead is growing every day.  Ten days ago, for example, Democrats led by D +52,681 in total ballots cast, and today that advantage has increased to D +54,968.

 

·         Winning Across the Board: Democrats lead on every early vote metric - Vote by Mail requests, mail ballots returned, in-person ballots cast and total ballots cast

 

 

D

R

Margin

Vote by Mail Requests

188,359

125,148

D +63,211

Mail Ballots Returned

123,134

75,452

D +47,682

In-Person Ballots Cast

36,668

29,382

D +7,286

Total Ballots Cast

159,802

104,834

D +54,968

 

 

D

R

Margin

Vote by Mail Requests

45.6%

30.3%

D +15.3

Mail Ballots Returned

49.6%

30.4%

D +19.2

In-Person Ballots Cast

41.9%

33.6%

D +8.3

Total Ballots Cast

47.6%

31.2%

D +16.4

 

·         Winning by More than 2008: In 2008, Barack Obama won Iowa by 9.5 percentage points.  At this time in 2008, we led by D +57,004 in mail ballot requests, D +29,513 in mail ballots returned and 44,686 in total ballots cast.  Our early vote advantage this year is bigger than it was at the same time in 2008.

 

·         Snapshot: In-Person Early Vote

o   Democrats are leading Republicans 36,668 to 29,382 in in-person early vote.

o   Students are voting early in record numbers, including 477 students voting at Cornell following the President's speech on October 17th - 1/3 of the student body.

 

·         Registration: One of the untold stories of the ground game in Iowa is OFA's historic voter registration effort this year.  Democrats lead Republicans in registered voters by D +17,486 (D 689,794 vs. R 672,308).  In the last three months alone, 16,257 registered Democrats were added to the rolls compared with just 2,428 Republicans.  As a result, the Democratic registration advantage increased from D +3,657 in August to D +17,486 today.  The Democratic advantage continues to grow every single day as new voters register, and will continue growing right up through Election Day. Since August, Democrats have added 22,406 active voters to the rolls and Republicans have added just 5,924.

 

Why OFA's Ground Game Matters

 

·         OFA Iowa has 67 offices across the state, with hundreds of trained team leaders, leading thousands of volunteers.  OFA has volunteers in all 99 counties.

 

·         Democrats are winning the battle for early non-midterm voters.  Democrats lead Republicans among non-midterm voters in mail ballots requested, total ballots cast, mail ballots cast and in-person ballots cast.

 

Among Non-Midterm Voters Only

 

 

D

R

Margin

Vote by Mail Requests

59,336

27,778

D +31,558

Mail Ballots Returned

27,115

12,798

D +14,317

In-Person Ballots Cast

8,823

4,092

D +4,731

Total Ballots Cast

35,938

16,890

D +19,048

 

 

D

R

Margin

Vote by Mail Requests

43.4%

20.3%

D +23.1

Mail Ballots Returned

46.1%

21.8%

D +24.4

In-Person Ballots Cast

40.3%

18.7%

D +21.6

Total Ballots Cast

44.5%

20.9%

D +23.6

 

The Romney Campaign is Struggling in Iowa

 

·         "I see the early vote numbers, and I grimace a little bit. ... It feels like an Obama state." - former Iowa Republican Party political director Craig Robinson. [National Journal, 9/21/12]

 

·         Recent GOP early vote numbers do not show momentum, they simply show that the Romney campaign did a mass, "1-million person" mailing, according to GOP Romney operative Matt Strawn.

 

·         Early Republicans tried to push early voting as Rep. Paul Ryan reminded Iowans during an event in September.  Iowa Republican operative Matt Strawn told a reporter in September, "Anybody that tells one of our volunteers that they're supporting Mitt Romney, you bet we want that vote cast as soon as possible."  Yet as numbers started to show a large gap between Democrats and Republicans the change their message as Megan Stiles- Communications Director for the Republican Party of Iowa said on October 1st, "Republicans tend to actually prefer to go to the polls and pull the lever so to speak on Election Day."

EAST MOLINE, IL- Senator Mike Jacobs, Representative Pat Verschoore, and House Candidate Mike Smiddy will be hosting a Democrat Rally and Spaghetti Dinner from 5 - 8 p.m. on Thursday, October 25, 2012. Guest speakers, U.S. Senator Dick Durbin and Illinois Secretary of State Jesse White, will be on hand to support and endorse the local Democratic candidates.

What: Democrat Rally and Spaghetti Dinner

Hosts: Senator Mike Jacobs, State Representative Pat Verschoore and Illinois House Candidate Mike Smiddy

Speakers: U.S. Senator Dick Durbin and Illinois Secretary of State Jesse White

When: Thursday, October 25, 2012, 5 - 8 p.m.

Where: Moline Vikings Club, 1450 41st Street, Moline, IL 61265

 

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