4 Mistakes to Avoid When Applying for a Loan

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BusinessLoanApplicationEveryone knows how uncertain economic times can make it difficult to obtain a loan from a bank. Uncertainty causes banks to be very selective when deciding which applicants to loan money to. There is plenty of information out there that can help inform loan applicants on how to make themselves and their businesses look appealing to banks, but one way to increase the chances of getting that loan is to know what not to do. In an article for Entrepreneur.com, Catherine Clifford discusses 4 mistakes to avoid when applying for a bank loan.

Mistake #1: Underestimating the value of personal credit

Banks want to lend money to applicants who have been responsible managing their own personal finances. If an applicant can’t manage the money that directly affects themselves and their families, then what makes a bank think they will do any better with its money?

Mistake #2: Applying for the wrong type of loan

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2015 Donald W. Reynolds Governor’s Cup Winners Announced

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Top teams to compete in Tri-State Competition in Las Vegas

Battle of the Business Plans

Winners of the 2015 Donald W. Reynolds Governor’s Cup Collegiate Business Plan Competition that is managed by The Arkansas Economic Acceleration Foundation, an affiliate of The Arkansas Capital Corporation Group, were announced today at a luncheon hosted at the Statehouse Convention Center in Little Rock, Ark. Mike Preston, executive director of the Arkansas Economic Development Commission, served as the master of ceremonies for the event, which hosted approximately 760 business leaders, students, educators and supporters from across the state for the 15th annual Donald W. Reynolds Governor’s Cup. This year, 47 teams submitted business plans from 12 colleges and universities from across Arkansas for a chance to win a share of the $152,000 prize pool. First and second place winners of the undergraduate and graduate teams will compete against the top two teams from Nevada and Oklahoma for the Donald W. Reynolds Tri-State Award in May, where they will be competing to win a share of the $118,000 prize pool. The 2015 Donald W. Reynolds Governor’s Cup winners are: [Read more…]

Social Entrepreneurship’s Impact on Education Abroad

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By: Brad Cameron In his book Social Entrepreneurship: What Everyone Needs to Know, David Bornstein argues that social entrepreneurship originally focused on identifying individuals talented in addressing social problems. Social entrepreneurship evolved to building and expanding entrepreneurs’ capacities to address widespread social issues through formalized organizations that borrow from best practices in business and organizational management. Today, the Internet and other forms of electronic communication connect and empower people  to come together to take on local and global issues. The latest iteration of social entrepreneurship combines the strength of social enterprises with the passion of activists, enabling professionals from a variety of fields to use technology to develop solutions for problems ranging from political underrepresentation to disparities in health care. [Read more…]

2015 Donald W. Reynolds Governor’s Cup Awards Luncheon Scheduled April 22

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Governor's Cup
Who: The Arkansas Capital Corporation and The Arkansas Economic Acceleration Foundation, which manages the Donald W. Reynolds Governor’s Cup, invite the media to attend the event for photo and interview opportunities. Lunch will be provided. What: 2015 Donald W. Reynolds Governor’s Cup Awards Luncheon When: April 22, 2015 at 11:30 a.m. – 1:00 p.m. Where: Wally Allen Ballroom, Statehouse Convention Center, Little Rock, Ark. [Read more…]

Historic Rehabilitation Project Set for Downtown Little Rock’s Main Street

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Raimondo Family WineryMore positive news on the redevelopment of downtown Little Rock. Moses Tucker announces today the purchase and plans to rehabilitate the former Fulk-Arkansas Democrat Building, located at 615 Main Street in downtown Little Rock. The project will consist of eight (8) loft-style unit apartments with a retail component on the ground floor that will be anchored by Raimondo Winery. The project is anticipated to start in mid May and will cost approximately $2 million. The Fulk-Arkansas Democrat Building is not currently listed on the National Register of Historic Places, but is one of the more architecturally significant buildings on Main Street. The 2-story, 13,146 square foot building was constructed in 1916 and was designed by well-known architect, Charles Louis Thompson. Charles L. Thompson was one of the more prolific architects in Arkansas, having been involved in designing more than two thousand buildings throughout his career. Some of his best known works in the state of Arkansas include the Washington County courthouse in Fayetteville, Little Rock City Hall, the El Dorado High School, and the Peter Hotze house in Little Rock among others. The Fulk-Arkansas Democrat Building originally housed The Arkansas Democrat newspaper, known today as the Arkansas Democrat Gazette, between 1917 and 1930. This approximately 14,000 SF mixed-use project is situated on the east side of Main Street between 6th & 7th and is expected to be completed by mid 2016 to allow for tenants to open simultaneously. Raimondo Winery will be situated on the ground floor level of the development and will be open 7-days a week, serving only lunch. The winery will feature a wine tasting room and will offer select culinary events . Customers will also have the ability to purchase other products such as her homemade extra olive virgin oils and premium balsamic vinegars. [Read more…]

Business Planning Basics

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Business Model
A business plan is a document that describes your business and the future of your business. The business plan tells what you plan to do and how you plan to do it. Completing the business planning process can be the difference between success and failure, between obtaining financing and being denied, between growing your business and floundering, or between knowing your competition and owning your competition. Think of the business plan as a road map for your business. In writing your business plan, you need to make sure that the plan is clear, focused and realistic. Below is a list of major sections that make up a sound business plan: [Read more…]

The Six Biggest Hits to Your Credit Score

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CreditScoreWith the focus on credit quality these days, the credit scores of principals/guarantors in the application process of securing a loan has become a greater focal point among lenders. Even Commercial Real Estate lenders (like life insurance companies) have paid more attention to credit scores over the last 2 years since the economic recession has taken hold. In fact, there are few things in your financial life that affect your ability to secure credit more profoundly than your credit score. However, it still remains a relative mystery to as to what financial ‘episodes’ really affect your score dramatically and which don’t. Some activities can just ‘scratch’ your credit score, while others can ‘dent-in the whole fender’. [Read more…]

What Is Your Business Really Worth?

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BusinessWorthAt some point, the answer to this question will be critical to all business owners. You may want to sell your company, bring in new investors or partners, or consider an Initial Public Offering (IPO). You may need to determine value for purposes of estate planning. Or, you may simply want to do some competitive analysis and evaluate your company from a market perspective. Because some of these questions can arise suddenly, performing a complete valuation and periodic updates is a healthy practice for growing small businesses. [Read more…]

2015 Youth Business Plan Competition Winners Announced

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5th Year of Youth Entrepreneur Showcase 2.0 Business Plan Statewide Competition for Ninth through Twelfth Grade Students

Arkansas Economic Acceleration Foundation (AEAF), an affiliate of The Arkansas Capital Corporation Group, today announced the winners of the Youth Entrepreneur Showcase 2.0 (Y.E.S. 2.0) statewide youth business plan competition for grades ninth through 12th. Today’s winners were chosen in the categories of Best Business Plan and Most Innovative. The competition included 62 teams from nine high schools across Arkansas. Y.E.S. 2.0 students from across the state and their teacher advisors work to develop and market a business concept. The winners in the two competition categories are as follows: [Read more…]

Is Your Small Business Export Ready?

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This month is all about business exporting. Each week we have talked about exporting and how it can benefit your small business. The first article introduced you to exporting and provided you with a guide to small business exporting. Last week’s article gave you 8 reasons why you should export. This week we want to determine if your business is ready for exporting. To find out if you and your business is ready for exporting, ask yourself these six questions: [Read more…]