Subscribe
Share
Share
Embed
Leaha Crawford and Rhonda Nolen are business consultants that discuss the current struggles of small business owners and entrepreneurs. Each episode covers steps necessary for smaller businesses and business owners to grow and prosper.
Unknown Speaker 0:00
You're listening to locally produced programming created in KU NBC Studios on public radio K, u and v. 91.5. The following is a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you hear did not represent the views of 91.5 Jazz anymore, the University of Nevada Las Vegas or the Board of Regents of the Nevada System of Higher Education.
Unknown Speaker 0:34
Hi, my name is Leah Crawford. And I'm Rhonda Nolan. And you're listening to the let's talk with Leah and Rhonda show for all the beautiful entrepreneurs out there. This is for you. Hey, happy happy chilly Saturday morning Las Vegas. My name is Leah Crawford. I am the host of the let's talk with Leah and Rhonda show. Rhonda Nolan this Saturday morning is trying to recover from CES. You know, ces came in this weekend. She was busy doing event after event after event. Rhonda as always I miss you. I miss you. I'm sure you're listening. I'm sure you're listening. But this morning, look, if you are driving, I would say pull over. If you are a small business owner, you need to listen, I have a guest with me this morning, that we're going to talk about some things in regards to your business to help you start, Grow and Glow in this business arena. And this is Rena this morning. I have Miss Angela Turner here with me. Good morning, Angela. Good
Unknown Speaker 1:35
morning. Leah, thank you so much for having us. Thank
Unknown Speaker 1:38
you for accepting the invitation. You know what? First of all, Angela, how long have you been in the valley?
Unknown Speaker 1:43
I've been in Las Vegas for 20 years.
Unknown Speaker 1:47
20 years? Okay. 20 years. All right. So what brought you to the valley.
Unknown Speaker 1:51
So I am a lender was in mortgage lending still am. And the market was booming. At that time, it was really, really booming. And my brother lived in New Mexico and he's like, Angela has just gone through a divorce. He's an animal, you know what you should move to Vegas, because the market is crazy. You can make some good money, I think you should come. So I came out. I looked at houses decided to move my actually my house in New Jersey sold while I was in Vegas. And I said I definitely gotta find something now because I don't have a house. And so I moved out here to start another chapter of my life. And that's how I ended up in Vegas. 20
Unknown Speaker 2:30
years in the desert, yes, 20 years in a desert. And people say you come to the desert to heal. But let's, let's talk about this because the name of your company is fast track to business capital,
Unknown Speaker 2:39
Fast Track business capital fast,
Unknown Speaker 2:41
I always want to buy your WHY DON'T say to fast track business capital. Tell us about the business.
Unknown Speaker 2:48
So my business is a consultive based business and I work one on one with business owners, small business owners to mid sized business owners to help them build a business credit profile so that they don't have to assume the personal responsibility of gaining access to capital on their personal credit
Unknown Speaker 3:10
profile when their personal credit because a lot of I mean, well do a lot of business owner use use their person. Okay, you shaking your head. Yeah, use their personal credit in
Unknown Speaker 3:19
order to start their business. Yes, I'm guilty of it too. I mean, I'm a serial entrepreneur. But yeah, so a lot of business owners when they're starting out, they don't realize that they're in, they have access to funding, it's out there as a startup. There are some factors that come into play, and it's either one or the other. But so they'll use their capital one business, their personal credit card, their Bank of America, to buy inventory, buy supplies, paper, whatever they need to get the business up and running. And that's not necessarily the route that you need to go. And then by the time they get to me, they're in business for six months, eight months a year and they're like, you know, I'm drowning in personal debt, my debt ratio is too high, I can't qualify for a home and they've got all everything in place, they've got the business EIN number, and soon as you start your business you've got you'd make sure you get your IRS EIN number, you start building the business credit so that the business credit profile is strong enough for you to walk into a bank in about a year's time and get the funding that you need rather than killing your personal credit scores.
Unknown Speaker 4:25
Okay, so, contact and contact number let's start off. What's your contact information?
Unknown Speaker 4:31
My phone number, our toll free number is 1-800-899-6433
Unknown Speaker 4:36
Okay, say it one more time. I need you to say it slow. I'm
Unknown Speaker 4:40
sorry. I talked fast. That's the New York give me 808 9964331 more time 800-899-6433
Unknown Speaker 4:56
Why as a business owner, is it important for us? to contact you, because I'm also a business owner, why is it important for us to contact you in the beginning?
Unknown Speaker 5:04
I think it's important as a startup, even if you don't need funding right now, even if you just want to kick the tires asked me questions about what you might need in the coming months, I'm willing to do that I have offer free consultations, you can schedule that if you go to my website online. But it's important to know the steps that you need to take in the beginning. Once you start, if you know what you need to do to get to where you're trying to go in the next six months to a year, I can give you that information, absolutely free. If you don't want funny, but it's important because if you don't know what to do, and a year goes by what tends to happen is business owners are drowning, they're drowning, and it's a crisis situation. And they are reaching out to me to put out a fire that was unnecessary God. So
Unknown Speaker 5:54
the website is fast track, business capital.com name of the business fast track, business, capital, spelled words fast track, business capital.com, she can be contacted at 800-899-6433. Again, 800-899-6433, you are listening to the less talk with Leah and Rhonda show. I am Leah Crawford. And we thought it would be amazing to bring someone on, especially for small business owners, because we don't know what we don't know. And we want to expose you. So that you will I mean, now you have the information. Now it's up to you what you're going to do with it. Absolutely. So business capital, startup loans, what documents would they need for startup loan?
Unknown Speaker 6:44
Okay, so let's just say, if you're a startup, there's two ways in which you can go as a startup. If you've got good personal credit, I can get you access to 0% interest business credit cards, if you've got strong personal credit, so strong personal credit. So strong personal credit is somebody who has credit scores of 700 or higher, and that their utilization for revolving debt is 35% or less. So what does that mean? What do you what does that mean? So so let's just say for example, you have a credit card with a limit of $1,000, your balance needs to be $350,350 or less, that's 35% utilization. So once you have 35% utilization, and remember, this is only for revolving installment loans are what they are, it's a closed end and fixed loan installment and an installment loan. It's like a car payment or mortgage. But let's get back to the other one. Yeah, so we're looking at revolving debt, we'd like for you to have at least three revolving credit card accounts with 35% utilization and your credit score should be over 708 100. So if you have that right now, as a business startup, and you need funding, I can get you 0% interest business credit cards that will not show up on your personal credit report that will show up on your business credit profile. That's the first way, if you've got good personal credit, try that route, get the 0% Because you've got 12 months to 24 months I can get you have no interest. So whatever you utilize, you're only paying for the principle of what you borrow without interest, which is a great way to start your business. But if you're a startup and you don't have those things, let's say you are just 90%
Unknown Speaker 8:29
in credit card debt you got you used everything to the limit, because you've been financed, you've been financing your life, exactly what options do you have for those people?
Unknown Speaker 8:37
For those people, let's say you, you have another business, let's say you're a realtor, or some sort of w two wage earner, if you're a W two wage earner and you're starting your business, I can get you qualified using your W two income or your 1099 income. So it can be 1099 or w two, I have lenders who will give you startup funding with good credit and that was I think the credit score for that space. If you don't have the 700 think it's like the 620s at 640. But if you're a W two wage earner or you are 1099 earner, two years tax returns with your W twos or 1090 nines, I can get you business startup funding.
Unknown Speaker 9:14
Got it. Okay, so let me give you that number again, one. 800 I like old school 1-800-899-6433 I'm so glad that you say 1118001 800 Yeah 69999 I'm sorry 899 6433 And the reason why when I was younger, my grandmother told us our everything with a song. So like our address, we had to sing a song to it so when I said numbers you know like singing the song and I will remember so was 800-899-6433 and you have to so people will remember right just the phone number and it will be easier. Also the website is fast track business. Is capital.com Fast Track? Business capital.com I am sitting here today talking to Angela Turner thought it was very important as the new year we have some business owners out there, or I mean people that are thinking about opening up a business and capital, you know they're looking for you know, is there a grant out there? Well, no, you might have to go and get some capital. Yeah. So start your business. And this is an option for you. Yeah, just an option for you. That's the startup loan. So say, But now let's, let's shift a little bit. Okay. I'm in business. Okay. I've been in business for a while use me. I've been I've been in business for 17 years. Okay. Of course, we COVID I have a idle loan. Okay, but what are the other options for me? If I, if I needed capital? What are some other options?
Unknown Speaker 10:48
So for someone like us 17 years in business, right? 1717 years of business? Let's say you wanted to expand, okay, okay. And you wanted to buy a commercial building? I don't know, if you do, I
Unknown Speaker 11:01
am, I'm looking best with that. I'm actually in that process. Now we're working, we're looking at it,
Unknown Speaker 11:06
you're looking at commercial discovery. Okay, so that's a whole nother conversation for a different day. But I can also help people with that. But let's just say that I want to, I want to expand, you want to expand the space that you're in, you don't own the real estate, right. But the, there's 300 or 500 square feet next door that you want to blow it out, right, and you want to, you need to build it out. So so you can do expansion loans, it wouldn't be considered a real estate loan, because you don't own the space. But you are can get a working capital loan to do the expansion space. And for additional equipment or inventory like desk and whatever else that you you can get business loans for that based off of your history. Do you have an established business credit profile? Or do you not use your
Unknown Speaker 11:51
see, and and then, um, because I didn't, I didn't so for me, honestly, before idle, I didn't have any business loans. I did everything from them. I did everything from the most well, I stayed at home until I had enough money to get an office space. When I got an office space. I hired employees when I had enough money in the bank to do so. So I just did everything and so idle. That was probably my first ever loan. Okay. But I checked all my Bank of America. Oh, my, my Bank of America account was set up already. What I checked there to look at my business score. Okay, so my business scores are low to moderate. I'm at a low to moderate risk.
Unknown Speaker 12:31
Okay, so you're at or above? You know, your scores are actually
Unknown Speaker 12:37
one of them. Yeah. So it's whatever it is, is on its own aside, which is good, because it was green. Okay, so that's
Unknown Speaker 12:43
good. Yeah. So you got business credit, you probably just don't know what you have.
Unknown Speaker 12:47
I don't I probably don't because I had to do I had, I didn't have a dB. I have a DMV did Dun and Bradstreet. 2007. Okay. I just have never used it. I mean, I know I pay. My utility bills for the office are all in the company's name. Okay. And everything's paid on time.
Unknown Speaker 13:02
Yeah. So you're that's probably showing up. You have a business bank account would be of a yes. Did they give you a credit card? Didn't want
Unknown Speaker 13:09
one? See,
Unknown Speaker 13:10
this is what I'm talking about.
Unknown Speaker 13:14
Literally not? Well, absolutely. No, because Okay, so, y'all know, y'all. Well, y'all heard me talking about it before y'all. I have a bad shopping habit. I don't absolutely not see a lot of Absolutely not. I'm not that disciplined. And I've been in business. I am an accountant. I am a CPA, right. I do tax returns, I talk about discipline, but also know my limitations and boundaries. So my boundary says, No, you don't need if you don't have the cash to pay for it, you don't need it.
Unknown Speaker 13:42
Yeah. And a lot of business owners are debt averse, they're debt averse. It's either the one or the other, your debt averse, or you can't get the funding because you're in a desperate situation. It's, that's the idle
Unknown Speaker 13:52
got me and only because of the pandemic and the fear. And I didn't know what was going to happen. And we use the funds for the business. Right? And I am one of those I believe in doing the work, right. So do the work. And it has to make sense, right? It has to make sense. And I am so over the top with myself that I that I have this idle loan that I am looking to try to pay it off. Yeah, no, it has to be because I needed to give back. No, because I um, you know, I don't like my credit score being under a certain number. I like it to be a certain number that you do, but I had to do stuff during the pandemic, right, you know, in order for me, to for us to be able to survive and thrive after the pandemic. So we had to do something different, right? And I use my personal credit with, you know, with the stuff, but saying all that to say, now I'm going to partner I'm at a point now where I want everything paid off. I need to get back to zero.
Unknown Speaker 14:51
Okay, so, credit is not bad. If used responsibly. There's nothing wrong with credit. And I know you're a CPA, so I know you're probably with ultra ultra conservative, and you have a user
Unknown Speaker 15:03
I lost my mind for about two years, but I'm back. I'm back. I did I lost my I didn't know I didn't, I didn't know we were gonna live. I was scared everybody when people were dying, I was like, Well, I'm gonna go ahead, I'm gonna do everything I want to do. Let
Unknown Speaker 15:14
me go get that Louie says
Unknown Speaker 15:18
I'm gonna go get the stuff. Right. But now that I've gotten out, I got my mind back. Right. And I'm back to who? You know, because I am very, very strategic, very methodical. Like I at one time when people were talking about pulling money out of their homes pulling the equity. Right, that's where I lay my head. Yeah, so I need that paid off. Right? I need to always know I have a home to go to. Well, as a CPA, let
Unknown Speaker 15:40
me ask you this. Go ahead.
Unknown Speaker 15:41
So you want to interview with me? I'm
Unknown Speaker 15:43
sorry. I'm sorry. I'm so sorry. I'm just okay. I won't ask you anyway, you can. Alright. Okay. So as a homeowner, once your mortgage is paid off, paid off, what are your deductions? What kind of tax?
Unknown Speaker 15:54
Okay, so let me let me give it to you another way, I'm gonna stay to Nevada, okay. So normally, because of the low interest rate, it's very rarely that I use a Schedule A, B, unless I start doing other things that are on the Schedule A, okay, my home ownership was create a legacy for my children. So if I need to, because I have a son that's going to college got so it wasn't about the write offs. That's not where it was from, okay, it was, this boy is going to college college is gonna cost him about 250,000. And fame him and student loans might be a 7%, whatever, whatever it is, I can do a revolving HELOC. I can do some other things to ensure that we can pay for this college education. It was also for me to start to build a legacy to make sure that my baby always had some place to lay his head. So it wasn't always about because I haven't I don't itemize. Oh, you don't analyze. Because my mortgage, my mortgage interest rate is a three is less than 4%. Yeah. So I don't pay a lot and we don't pay a lot in taxes. Okay, you know, and my standard deduction, I'm not donating that much in order to activate a Schedule A Okay, so that wasn't a benefit for me. Okay. It was other benefits. It was having some place to live, having the security of knowing that if I don't pay this mortgage, because a lot of people out there renting renting houses, right. And I was caught up in 2007 or eight I was paying the person they weren't paying the mortgage, I get evicted because they're losing the house. And that was traumatizing for them. Absolutely. So the day that I signed the contract on my house in 2012. I cried. Because I was like, I don't ever have to move again. Right, Lord, thank you. You've answered my prayers. I don't ever have to move again. Right. So it was it was more than just a tax write off. Okay, was security for my family some stability? And it was a space that I could grow into? And I have gotcha, you know, and it's a peaceful, loving space. Absolutely. Enjoy where I live. Okay. So that's what it meant. For me. That wasn't that wasn't a business decision. Now this building is the business decision,
Unknown Speaker 17:55
and you're not going to use your personal credit for that. Sure, if you say so.
Unknown Speaker 18:02
As you just told me, I wasn't gonna use my personal credit for that. Absolutely. I totally agree. Not going to use it at all, because I'm going to use you and we're going to use my company's credit in order to get this building company has amazing credit as well. But I was very conscious about that. I didn't, I knew that I didn't want to be in a lot of debt.
Unknown Speaker 18:19
I understood that I mean, that and that, that's fair. That's fair. It's, you know, debt is not for everybody. But for some people. It's the best route to go. And there's nothing like I said earlier, I don't know if I said this on air, or if I said it before we got on air. You know, there's nothing wrong with having Debt Debt is okay, but you have to be responsible with your debt, you have to pay your bills on time. You can't be late, you can't overdraft, you know, all these other things that create this domino effect. Those are the things you need to avoid.
Unknown Speaker 18:51
Well, let me say this, and I told you for two years, I lost my mind. And losing my mind. I was like, you weren't overcharged at all. And I did. Right? And then I just got my mind back probably about a month ago. And no, for real because I was I got to the point where I didn't matter how much debt it is, you want to know what me and Declan have a good relationship than when I just said you want to know what, what is that equilibrium where you're not afraid of the debt, right? Not afraid of the debt, like Okay, I can't get into debt, but you're not out there just charging up everything just because you see it and you have it right. So what's that middle point? Where it's a healthy eat, you know, do you use the debt for what it needs to be used for? And if you don't have it, you don't pay for I mean, you just don't you just don't get it. So what's that? What's that? What's that equilibrium for?
Unknown Speaker 19:38
So I would say I would say it's different for everybody. Okay, you know why? Because every business functions differently so some businesses, you know, they're cyclical, like you're cyclical,
Unknown Speaker 19:51
you want to know what not you we just had this conversation today we're not taxis, no taxis and technically does not end for most accountants till October to Simply So December, but you have a really you have a period between January on necessarily because I tell people lack of planning on your part doesn't constitute an emergency. Oh my There you go. So with that being said, we have mastered having a consistent flow throughout the year. Okay, so we know that, you know, people, more people are contacting us now. But we managed the flow and we learned how to manage the flow so that we're not overwhelmed on the April 5, the April, because I did that for years overwhelmed, right, April 16 through April 30. I didn't want to talk to anyone, right? But I learned how to manage the flow, and me learn how to manage it taxies ends in December so I you know, it's good.
Unknown Speaker 20:44
So you were one of the lucky CPAs most CPAs don't have that same story. I think you would agree mostly Yes,
Unknown Speaker 20:49
I learned but I learned by watching them. We can file you know, we let's do the work consistently, consistently. And if we have to stay later now don't get me wrong, I because I do a lot of other stuff. I'm making me a priority. There you go. Always make me a priority. And by making me a priority, I want to give you an amazing service. I want to be focused on you while you're in or off exactly. I want to give you the love the care the attention that you need. Right and people talk about you talk about love in business I do because I love what I do. And I that pours over into the work we provide but also have healthy boundaries. You waited to the last minute then we're gonna do something different and I have healthy conversations with my clients. I have clients that will tell me nope, I'm okay with paying a penalty because I'm I'm not ready to fall yet. Alright, as long as you know, right, but having healthy conversations with people and for us now like we're still taking clients this is the first year where we're actively taking on new clients because for years we weren't too much we were we were nope, not capacity. We were at capacity and I just expanded our capacity. So we are taking on new clients. And we are looking forward to it you know, but you didn't turn this around. So interview by
Unknown Speaker 21:59
now I'm so bad. I'm so sorry. He did that. I'm so sorry. But
Unknown Speaker 22:03
you're listening to the less talk with Leah and Rhonda show. I am Lea Crawford. You know Rhonda again, ces having an amazing time. Next week, she's I'm sure she's going to tell us all about it. But I have Angela Turner here she then turned interview around on me got to talking about my company. While I'm talking about it just know it is tax season, we are accepting new clients, you can contact us at 702-382-5737. Again, 702-382-5737. We had Larry on last week talking about offering compromises we're going to bring him on again. Because oh I see is sometimes the way for some people to go and we talked about that process. If you know someone that's having issues, tax issues, they may be eligible for the OSC you can contact us seven zero to 3825737. But Angela, I'm gonna turn it back on you. Because we will talk about this some more business lines of credit. And then the lines of credit also good to have, how do I establish a line of credit. So
Unknown Speaker 23:07
for there's there's two different lines of credit that are being marketed. One of them is is business credit cards, okay, so a business credit card essentially is used like a line of credit. And then the line of credit as we know it, like a personal line of credit, but the called the block business line of credit, where as you own, you establish an amount $100,000 line of credit and you only pay for what you use. Okay. It's an adjustable rate, because it's kind of works like a HELOC, which is a home equity line of credit. But like I was saying earlier, the other other lines of credit, the way that it's being marketed is really their business credit cards because there's 0% interest for 12 to 24 months, and you only you pay for what you use, and there's only a minimum payment requirement required until the interest kicks in. But what I like to do is once you get to that 12 month mark, if you have a balance, rinse and repeat so that you're always paying 0% interest, rinse
Unknown Speaker 24:05
and repeat. So but to do that one doesn't have to be a startup.
Unknown Speaker 24:09
No, it doesn't. It could be I mean, I've got clients who have had who've been in business for five years. I do a poor.
Unknown Speaker 24:15
Okay, yeah, I'm talking about a little bit of strategy. So again, you can contact Angela 1-800-899-6433 1-800-899-6433. Again, you're listening to the less talk with Lea Rhonda show. I am Lea Crawford, we've talked about the startup loans, and doesn't have to be a startup if you're in business and you qualify for that because let me say this, do not self deny yourself. We had this conversation around PPP and don't self deny yourself. Go get the information from the professional and let them tell you what you qualify. Let Angela tell you what you qualify for. Because you may be shocked.
Unknown Speaker 24:56
Yeah, you a lot of business owners is surprised if I can just tell a really Quick story about a client of mine. She was referred to me I'm on this platform called Alignable. Oh, yeah, I'm familiar. Okay. And so somebody that I don't know, I said, Hey, I've got a friend who needs. She's a doctor, and she needs a loan and she doesn't she she's feels hopeless, like nobody's can help her. So he said, I gave her a number to 20 lenders. I'm like, I'm not tronics I'm probably anyway, so I call her and everybody had who had reached out to her, nobody was able to help her. And so basically, I said, Look, if you do this, this, this and this, I promise you in 30 days, I can get you this. And she had trepidation because one of the things that I needed to do was to pay down $13,000 in credit that was on her personal because she was using his personal credit personal credit for the business. She did it her credit scores went up to the 780s eight hundreds I was able to get her after was all said and done almost $200,000 And I did that within less than 60 days, probably 45 days, ultimately all told, okay,
Unknown Speaker 25:55
so this is not a this is not what you're hearing it from the horse's mouth as well. I'm telling me Don't Don't tell me what you can do. Show me that you've done it right. And you can hear Miss Turner has done the work her contact number 800-899-6433. Again, 800 Ask him we'll say a 68996433 800-899-6433. And what I love about our radio show, y'all hear we are not perfect. I am not perfect. I try to be excellent, but I am not perfect. If you are in business, thinking about starting a business. Like I said in business, you we don't know what we don't know don't know what you don't know we're exposed exposure exposure, go down the row, you might qualify for some things that can change your life doesn't happen. Did you ever see Hamilton? I said, I'm not gonna change your life. That's what the lady said. Alright, so you also have the accounts receivable factoring or different things like that? Yeah. How does factoring real quick, we would try to get this in house factoring word.
Unknown Speaker 26:56
So the way factoring work is, is that you have a business where you have receivables, you have accounts receivable, both like I owe you money, but you're giving me a net 30. Net 30 means you give me 30 days to pay it. But in the interim, you're you're low on cash. So you you provide me with those AR receipts, and I can give you a percentage of what's due. So I owe you $10,000 I
Unknown Speaker 27:18
give it to you. Yeah, so and then you start collecting from the people.
Unknown Speaker 27:21
Yeah, I collect from the people, but I give you 60 Let's say at 60% It's different for everybody. So let's say I give you 60% of that 10,000 So you got $6,000 And then when they pay you that when they pay you the invoice pays you then I take a percentage of that they charge it the lender will charge interest on that. So whatever that interest is, so I've given you $6,000 in advance your do 10 So maybe I take $500 off of that six. Got
Unknown Speaker 27:44
it. Yeah, got it. Okay, so, like I said she has a wealth of knowledge, a lot of information. 702 I'm sorry, I 702 800-899-6433 Again, 800-899-6433 You've been listening to the less talk with Leah and Rhonda show. I am Lea Crawford. Angela, I want to thank you because it's the end of our show. Thank you. So I want to thank you for accepting the invitation to come on here and talk to us. I would like to bring you on again. Follow up follow through because this is an amazing conversation. Until next week, guys, you're listening to the less talk with Leah Rhonda show Peace and blessings and be safe. Be safe out here on this cold Saturday morning. Bye, Baba.
Transcribed by https://otter.ai