Finance at the Community Level

Over the next several months we will discuss issues that touch on economics, community friendly businesses and practices and organizations that empower you to move from victims to victory in finance.  Ownership is the solution in our community to any discussions about finance.   Ownership means that you have skin in the game of finance.  I challenge you the reader to respond to my commentary and tell your inspiring stories of ownership that improves our community.  Tell us who you feel is positive for our community and why.

 

 

Ownership became real when buying and paying off the mortgage for our commercial building.  The ability to purchase was a gift from GOD, a milestone in my business career, and a source of pride for my family and community.  The journey to the picture above did not start out being a positive experience.  We had leased spaced for some years and were scared to take a leap of faith to ownership, so God created a situation that forced us to make a positive change.  We were evicted from a leased space because the property owner filed bankruptcy due to family death. We had thirty days to relocate our business (we had run out of space in our office in the home years earlier and had small children).  We located three possible office sites but chose a location five minutes from our home and five minutes from our children’s schools.  The building was not in any working condition for a business office.  We met the owner, Mr. Johnston pictured above.  He initially did not want to sale the property.  As a matter of fact he did not want us to know that he owned the property.  We negotiated owner financing for the property and delayed the first payment for three months to allow us to make needed renovations and system improvements.  It took us more than five years to make the necessary improvements to upgrade the commercial building.  God blessed us with additional income for the next seven years and we accelerated mortgage payments of principal and interest to get to the picture you see above.  This is a picture of the final payment made to pay off the mortgage on our commercial building and you will notice that I am the only one that is smiling and so is my wife who took the picture.

Our journey to ownership started in 1987 when my wife and I started our company.  We had no children at the time and started the business out of our home as a way of further using our graduate degrees in accounting and business management.   

Nothing can prepare you for the uncertainty business ownership, but a do not give up attitude and asking lots of questions can arm you with some of the right resources.

 

Ownership does that to you, makes you smile and changes your possibilities for your community. 

 

We think ownership is the most motivating and empowering part of being a business owner.  What do you think? Email us at problmslv@aol.com or check out our website:  www.chambersconsultingLTD.com or call us at 205.780.7903

 

Harry Chambers Jr. MBA is co-owner of an award winning accounting, strategic planning and management consulting firm established in 1978.  Chambers Consulting LTD is located in the western business section of Birmingham.  Chambers Consulting LTD,  mission: To advise and consult with business owners, nonprofits and individual wealth accumulators from an entrepreneurial perspective about strengthening their businesses for better communities by providing long-term financial management expertise that is unavailable to them internally; with a focus on planning business solutions, financial reporting, cash management, budgeting and tax planning.  Website: www.chambersconsultingLTD.com

How to Get an SBA Loan

source: birmingham.bizjournals.com

The U. S. Small Business Administration offers a variety of loan programs for small businesses. But there are two main points to keep in mind if your business is considering pursuing one. First, the SBA does not directly make loans; that’s the job of financial institutions. And secondly, SBA-backed loans should be seen neither as a first recourse or a last resort. “The SBA guarantees loans - it doesn’t actually lend money,” says Carol Kuc, president of the National Association of Women Business Owners. “So it’s important to develop a relationship with a banker - one that makes SBA-backed loans.”

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