Newspapers / The Perquimans Weekly (Hertford, … / Sept. 11, 1986, edition 1 / Page 11
Part of The Perquimans Weekly (Hertford, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
: Business ? Small Business learns how to get needed loans Are you applying for a loan soon? Advance planning, a carefully filled out loan application and a good bank ing relationship can tip the odds in your favor, says the North Carolina Association of CPAs. Before you talk to a loan officer about a personal loan, it might be smart to review your credit report, especially if you have ever been delin quent in paying bills. Find out from the bank which credit-reporting bu reau it uses. Contact that bureau and ask for a written copy of your credit report. The fee for such a report will be about $8. Any blemishes, such as late payments or unpaid balances, could hinder your chances of gettig a loan. If you find any creditor's com plaints in the report, contact those creditors and discuss paying any re maining bills. Your objective is to have them withdraw their com plaints, leaving your credit in good order. While consumers are advised to shop around for the best deal possi ble, individuals should consider seek ? ing loans from banks they now do business with and hope to do other business with in the future. This helps build a good relationship with a bank. Make an appointment to talk to your banker or a loan officer. During the meeting, explain what the loan will be used for. Your banker will tell you what kinds of loans might be ap propriate, such as a term loan or a line-of -credit loan. Now it's time to fill out a loan appli cation. Do this with great care. List all your assets, such as a home or car, as well as certificates of deposits, mu tual funds, stocks or other invest ments. Don't rush. A hastily completed or sloppily filled out appli cation will create a negative impres sion. You must present yourself on paper as carefully as you would present yourself in preson. You may want to have a CPA assist you by reviewing your application and, if needed, by helping you prepare a financial statement. Any potentially complicated items on the application should be clarified. If your income is low but you will re ceive a raise in two months, attach to your application a letter from your employer about the raise. Too many consumers leave items blank and balk at giving loan officers full financial information. Your loan officer will pay careful attention to your application, and will look for sta bility in your employment record, what other income you may have from savings or investments, and the extent of your debts. Add any infor mation you can think of that will sup port your answers Remember, your banker may ver ify any information you put on your application, including assets with brokerage houses, insurance compa nies, banks, and other financial insti tutions. So be sure you've accurately recorded all the information. One option is to indicate on your ap plication that you will allow the bank to draw payments automatically from your account. This step, which makes it easier for the bank to collect its money, may also help build a posi tive relationship between you and the bank. The loan officer will make sure your application is in order and may, depending on the size of the loan, for ward it to a loan committee generally comprised of other bank officers and, sometimes, board members. They will make the decision. For smaller loans, the loan officer will usually make the decision. Establish a good rapport with your banker. A positive relationship may help you feel more comfortable about requesting help when you're filling out a loan application. If your banker is familiar with your financial situa tion, he or she may be able to swing a borderline loan decision in your fa vor. In addition to credit union, savings and loans, and banks as sources for loans, look into borrowing against your insurance policies or from a bro kerage firm. Also, your employer may have a retirement fund that al lows you to borrow a certain amount against your fund balance. What if you are turned down? Find out why. According to the CPAs, a bank is obligated to tell you why it re jected your application. If you can correct the problem, try again. By this time, if you meet the basic qual ifications, you and your banker may be able to work something out. Wachovia business index The level of business activity in North. Carolina rose in July, accord ing to the First Wachovia Business In dex. The Index registered 136.7, up 0.4 percent from the June level. The in crease was due to improvements in three of the four Index components. Total nonagricultural employment in' the state rose 0.2 percent, while new claims for unemployment insurance declined 4.0 percent. Residential building permits were up 1.5 percent. The average workweek in manufac turing was unchanged from June at 40.6 hours. Manufacturing employment was up 0.2 percent in July. Higher employ ment was reported in the texile, ap parel, and electrical machinery sectors. For the nation, manufactur ing employment fell 0.1 percent dur ing the month. Employment in the nonmanufactur ing sector nicorded a gain of 0.2 per cent. Higher employment was reported in construction, services and government. The number of persons employed in the trade sector was un changed from June. The seasonally adjusted unemploy ment rate for North Carolina was 4.8 percent in July, down 0.2 percentage points in June. The national rate was 6.9 percent, also a decline of 0.2 per centage points. The First Wachovia North Carolina Business Index measures the level of economic activity in North Carolina on a monthly basis. Using 1976 as a base of 100, it reflects indicators of employment, industrial producation and construction activity in the state's economy. All data are season ally adjusted for historic seasonal trends and are adjusted to smooth statistical aberrations. Accountants hold meeting . The Albemarle-Outer Banks Chap ter of the North Carolina Association of Certified Public Accountants met Wednesday evening, August 20th in Elizabeth City at the Whistling Pines ^Restaurant. This was the annual com puter round table meeting. The guest Speaker was Dick Barber of Archon information Stategies located on the ?Outer Banks. Mr. Barber is a consul tant for computer hardware and ?'software packages. ^Member J. P. Timberlake spoke on behalf of the Political Action Commit tee requesting support from the mem bership in the form of cash contributions. The chapter will have P.'A.C. speaker from Raleigh at the October meeting. ; . The September 17th meeting will be I legislators' night and will be held at 'the Whistling Pines Restaurant in Elizabeth City. Also, in September, the chapter is sponsoring a Federal Tax update class. This CPA class will be September 22nd in Edenton. Exhibit scheduled .The second biennial Automated Manufacturing Exhibition and Con ference (AM86) is rapidly growing ? into a show of international stature. 'The exhibition will be nearly 100 per cent larger than in 1984 and the con ference has almost 30 percent more technical sessions. The result of this 'growth, says Executive Director 'Tony Smith, should be a 70 percent increase in shdw attendance. ' When AM86 is held November 3-6 in .Greenville, S.C., it will have nearly .300 exhibitors representing 60,000 -square feet of exhibits, 56 technical Sessions and two full-day manage ment seminars. While the conference schedule is al ready set, the exhibition is still being ? finalized. Almost 200 exhibitors have " Already committed to AM86, long sur passsing the 147 exhibitors that par ticipated in the 1964 show. ,<7 The show's rapid growth should be ^evidenced at the gate. More than *jfo,000 people attended AM84, and <i?M88 is expected to draw more than 17,000 attendees. Those figures make the Automated Manufacturing Exhi bition and Conference one of the fast est growing expositions in the Southeast. ' "AM84 was strictly experimental, ' Smith says. "We looked around the nation at what was going on in the "flTea of automated manufacturing. It firas apparent to us that this was an 4frea of information dissemination Jthat we were not utilizing to a great Extent. AM 84 Will continue to provide 5th e information that is needed by &The AM86 Program-at-a -Glance .rives credence to the conference's Quality For more information, call Hto) 242-3170 Or write: AMM, P.O. Box 5616, Greenville, 8.C. awns wis STOCK IPAi\D SAVE COME BY AND SEE OUR SIDEWALK SPECIALS 4 Perquimans INDIAN SUMMER FESTIVAL L D A S H 10? COKES (FRIDAY ONLY) N WOODARDS PHARMACY JUST IN TIME FOR INDIAN SUMMER FESTIVAL "20% off is no ordinary savings - and this is no ordinary floor!" Over 100 Mannington Never-Wax? floors on sale NOW (Boca, Aristocani and Lustrecon collections) ? Resists stains better than ordinary urethane no-wax r floors -clearly substan tiated by independent tests ! ) ? Built-in shine never-needs waxing, brighteners, strip ping, or dressing. TWINE TILE & CARPET SHOP U.S. 17 N. 426-7817 HARVEST^ THE SAVINGS inamriiglDn 20% Sales Ends Oct. 17! OPEN SEASON ON SAVINGS Perquimans County Annual INDIAN SUMMER FESTIVAL N C N B Member FDIC < i Hunting For Bargains? You'll Find Them ?t ? INDIAN SUMMER FESTIVAL C1UN.es a. WARD UK. WARD SHOPPING CENTER HARDWARE AUTO PARTS i INDIAN SUMMER Old Fashion Sidewalk SALE! Friday and Saturday Sept. 12th and 13th 1 2 PRICE \3 \ ? Ladies Summer Shoes ? Men's Short Sleeve, Sport & Knit Shirts ? Men's Shorts and Swim Suits ? Selection of Men's Suits & Sportcoats ? Selection of Boys' Wear LADIES SPORTSWEAR REDUCED 50-75% CHILDREN'S SHORTS & TOPS REDUCED 50-75% SELECTION MEN'S PANTS $2" SELECTION MEN'S SHIRTS $5?? ?T MISS THIS I I I
The Perquimans Weekly (Hertford, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 11, 1986, edition 1
11
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75