Master Your Card: Oportunidad, is a public educational campaign by MasterCard, that helps Latino consumers and small businesses open the doors to greater opportunity and prosperity. MasterCard helps families to learn how to get out of cash and into payment cards to save money and time, increase access to online shopping and bill paying, gain more financial control and move up. MasterCard, also shows small businesses how to use electronic payments to get more customers, higher sales, greater safety, instant payments and advanced accounting and payroll tools. Master Your Card: Oportunidad works to help families prosper and communities move forward. To learn more about this program at Master Your Card: Oportunidad, click here
The Chambers are dedicated to inspiring empowered financial decision making for businesses, individuals and families through every stage of life. With almost a decade of dedication to the public good, the New American Chamber of Commerce (NACC) continues its legacy of service with commitment to providing financial education and practical information to people at all financial levels, including:
To participate in seminars geared towards your personal and business financial literacy, please visit our Events Section.
Financial Literacy for Individuals & Small Businesses
For most potential small business owners the two methods for capitalizing a business are through the business owner’s pension plan (or family member, spouse) and or through the equity in the business owner’s home. With either option, a good credit score is important because it would lower the interest for borrowing money through a home equity loan, or other type of funding. For information on the Chamber’s mentoring program: From Worker (or Union Worker) to Business Owner, click here. Please also continue below for ideas on funding your business through a home equity.
The Home Equity Loan to Fund Your Business
Though many business owners at some point tap into home equity as a financing source, you need to determine whether this strategy is right for you. The two primary kinds of home equity debt are: The home equity loan which is a one-time lump sum that is paid off over a particular amount of time with a fixed rate and number of payments and the home equity line of credit which works more like a credit card because it has a revolving balance. Interest is due on the outstanding balance and that rate may vary over time.
As long as your home has appreciated in value, there will be a bank or mortgage broker who wants to loan you money in the form of either a home equity loan or line of credit right up to your credit limit. It's in their best interest because they make more money that way. Financial Literacy for Business Owners is an important aspect of our Chamber training. For more information on Home Equity Loans to Fund Your Business, click here. To educate yourself on funding your business, attend our Small Business Boot Camp. Visit our Event Section for the next schedule Boot Camp.
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