Your Questions About Business Online Services Group

Jere answers:

A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.

However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.

When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.

Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.

Good luck,

Ilya Bodner
Small Business Owner
Initial Underwriting Group

Jere answers:

Unlike what you heard, it is hard to find grants to start a business. These are just myths that some perpetuate, but the fact is that federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK – lots and lots of it, that is why a cottage industry of grant writers was born.

Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov – these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.

Even if you buy books on “how to get grants” or list that supposedly has information on grants — all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same – hardly any grants for starting a for profit business.

On CFDA, here is a list of grants available for small businesses http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show – see if there’s any for starting a for-profit business. THERE’S NONE.

10.053 USDA Dairy Indemnity Program
10.162 USDA Inspection Grading and Standardization
10.163 USDA Market Protection and Promotion
10.212 USDA Small Business Innovation Research
10.674 USDA Forest Products Lab: Technology Marketing Unit (TMU)
10.775 USDA Renewable Energy Systems and Energy Efficiency Improvements Program
11.611 DOC Manufacturing Extension Partnership
11.612 DOC Advanced Technology Program
14.167 HUD Mortgage Insurance_Two Year Operating Loss Loans, Section 223(d)
14.412 HUD Employment Opportunities for Lower Income Persons and Businesses
14.506 HUD General Research and Technology Activity
15.630 DOI Coastal Program
15.635 DOI Neotropical Migratory Bird Conservation
16.110 DOJ Education and Enforcement of the Antidiscrimination Provision of the Immigration and Nationality Act
17.207 DOL Employment Service/Wagner-Peyser Funded Activities
19.300 STATE Program for Study of Eastern Europe and the Independent States of the Former Soviet Union
20.500 DOT Federal Transit_Capital Investment Grants
20.907 DOT Minority Institutions
47.070 NSF Computer and Information Science and Engineering
59.002 SBA Economic Injury Disaster Loans
59.005 SBA Internet-Based Technical Assistance
59.006 SBA 8(a) Business Development Program
59.007 SBA 7(j) Technical Assistance
59.008 SBA Physical Disaster Loans
59.009 SBA Procurement Assistance to Small Businesses
59.011 SBA Small Business Investment Companies
59.012 SBA Small Business Loans
59.026 SBA Service Corps of Retired Executives Association
59.037 SBA Small Business Development Center
59.041 SBA Certified Development Company Loans (504 Loans)
59.046 SBA Microloan Program
59.049 SBA Office of Small Disadvantaged Business Certification and Eligibility
59.050 SBA Microenterprise Development Grants
81.079 DOE Regional Biomass Energy Programs
81.108 DOE Epidemiology and Other Health Studies Financial Assistance Program
93.361 HHS Nursing Research
97.065 DHS Homeland Security Advanced Research Projects Agency

Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/expanding/grants.html…

“The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.”

Most of the federal grants are given to specific target groups with specific requirements (e.g. Minority business owners involved in transportation related contracts emanating from DOT – Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs

For private grants, you may want to check the Foundation Center’s Foundation Grants for Individuals Online. It’s a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for “students, artists, academic researchers, libraries and financial aid offices.” Entrepreneurs are apparently not one of them, so I take it they also don’t have listings of private foundations who give grants to would-be entrepreneurs.

Http://www.cfda.gov
http://www.grants.gov
http://gtionline.fdncenter.org
http://www.powerhomebiz.com/vol66/grants.htm
http://www.sba.gov/expanding/grants.html

Jere answers:

I have recently graduated from UOP online with a MBA. My experience was positive. I feel that I have accomplished much. However, from the posts that I read, UOP is not considered to be a valid University. Also, many statements have been made regarding the validity of the degree and its acceptance. Well, this prompted me to do research. Following are highlights from my research:

1. In my city UOP is accepted by employers because of the brick and mortar presence.
2. I did a search in Google using “MBA from University of Phoenix”. I found that many people have received degrees from UOP and are professors, executives, or lawyers. In addition, many have parlayed MBAs from UOP into PhDs. See the following example:

Born in a small South Dakota town, M. Tilden Moschetti’s life journey thus far has held many twists and turns up and down the western United States. Before practicing law, he has worked in areas of management, finance, information systems, and business process improvement in businesses from small to Fortune 500, from private sector to public. M. Tilden Moschetti holds a Juris Doctor from the University of San Francisco School of Law, an MBA from University of Phoenix, and a BS from University of Oregon. He is a member of the American Bar Association, acts as an executive of the Small Firm Section of the California Bar, and holds professional memberships in the groups such as the Association for Conflict Resolution and San Francisco Trial Lawyers Association.

You may view the whole profile at http://www.moschettilaw.com/

Click on About Us.

Do this search. You will find there are pages and pages of people who have received a degree from UOP. Many of these people have gone on to do greate things

Jere answers:

You don’t even need a university degree at all to be a Financial Advisor, let alone an MBA. (Also hard to do an MBA if you don’t have a BBA…can’t do a Masters of Physics unless you ..y’know, took Physics)

Most Financial Advisor firms are hiring constantly, they usually do get you to train with them first at no pay and then send you out on your own.

It’s a totally commision based business, and you train and work for them initially for free, so they’ll pretty much hire anyone who doesn’t seem like a total waste of time.

After that you’ve got to develop your own business, they’ll give you a start on how, but its really up to you. Prepare for the idea of working a few years before building enough clients to make a profit.

The companies usually have active recruiters looking for a sales force, call the company you’re interested in and ask them about it. You could also visit any job fair, I garauntee there will be no less than 5 Advisor companies present recruiting Agents.

I don’t think it’s a very good job, the vast majority do quit with losses in the first 2 years, but those who do become successful can make some money, but it’s very work intensive and hours and inital investment are large.

‘Breaking into the field’ is kind of like saying you’d like to ‘Break into door to door vacuum sales’..Just go tell them you want to, and unless you’re retarded, you’re in…in some cases, even if you are.

PS though, Do NOT work for WFG. They’ll bind your hands with crazy compliance. Work for something with a big enough name that it can help you market yourself, Primerica, Investor’s Group…something more like that.

Good luck if that’s what you decide to do.

Jere answers:

Do not send them any money, you can not be charged for something that you did not buy. I would forward the inovice to your local attorney general. Let them investigate this company.

Or you can just do nothing, and throw out the invoice.

This scam is old. Here’s reference to it from 2002 in Iowa:

http://www.iowa.gov/government/ag/protecting_consumers/2002_news/10_18_miller.html

a quote from the above link:
Miller said phony invoice schemes and fraudulent “Yellow Page” solicitations have been around for decades. “They usually prey on businesses and try to trick them into thinking a bill is to renew an ad in a yellow-page directory, often by using the famous Walking Fingers logo,” he said. “This one is a little different. Yes, it actually is a solicitation for a so-called directory, but this one could very easily mislead people into assuming it’s their ordinary bill for telephone service.”

Miller said the Yellow Pages Integrated Media Association has estimated that questionable companies collect $500 million a year from businesses nationwide through fraudulent billing scams.

He said businesses or consumers who make the payment to West Publishing Business Services likely are listed in an online “directory” that may not be known or be of any use to potential customers, and thus be of no use to the businesses. “It may well be that they buy large database lists, put everyone on the list in their so-called directory – and solicit the same people with the deceptive mailing,” Miller said. The “directory” may not even be categorized, and it appears to list box-number mail addresses, which would be of little use even if a consumer did want to visit a business listed in the directory.

Miller urged any consumers that inadvertently made a payment to West Publishing Business Services or “Yellow Pages Plus” to complain to his office or the company, or both. The Consumer Protection Division letter to the company today said the State expects the company to make refunds. (West Publishing Business Services is not related to West Publishing, a legal publication company part of the Thomson group.)

I hope that helps.