Guide to Securing a $500,000 Business Loan
Intro
Navigating the landscape of business financing can often feel like trying to find a needle in a haystack. With many options available, securing a substantial business loan, specifically one amounting to $500,000, poses its own unique set of challenges and considerations. In this guide, we aim to unpack the complexities tied to acquiring this level of financing, shedding light on what lenders expect and how businesses can position themselves favorably.
There are several crucial elements that interplay in the loan-seeking process. From understanding key terms within the financing realm to being aware of different loan types, preparation can significantly influence the outcome. This guide is tailored not only to assist individual entrepreneurs but also larger enterprises that are on the lookout for effective funding solutions.
The significance of this loan amount cannot be understated. Effectively leveraging these funds can lead to business expansion, equipment purchases, or perhaps even revamping operational strategies. But before diving into any loan agreement, it’s important to weigh your options and understand the implications of the decision.
"The first step towards securing a business loan is knowing not just what you need, but how to communicate that need to potential lenders."
This foundational understanding sets the pace for the sections that follow. We'll explore definitions of investment-related terms, delve into practical applications of these terms, and offer strategic insights that can aid in navigating financial products. Ultimately, our goal is to equip you with the knowledge necessary to maneuver through this financial phase successfully.
Understanding Business Loans
When it comes to securing substantial funding, understanding business loans is like having a map in uncharted territory. It shapes how entrepreneurs and companies approach financing, a crucial move in growing or sustaining a business. This part of the article delves into the core elements of business loans, highlighting their significance, types, and what one must know before taking the plunge.
What Constitutes a Business Loan?
A business loan is essentially a sum of money borrowed from a financial institution or lender, intended for business-related purposes. This type of financing can help bridge gaps in cash flow, fund new projects, or expand operations. In the grand scheme of things, a business loan serves as fuel for growth, enabling businesses to invest in resources that enhance their operations.
It's worth noting that business loans come with specific terms and conditions, including interest rates and repayment schedules. Understanding these elements is essential, as they dictate how manageable the loan will be over time. An informed approach means assessing how the borrowed funds will be used and planning for potential obstacles in repayment.
Types of Business Loans Available
Diving into various business loans reveals a spectrum of options, each tailored to different needs and circumstances. Knowing what’s out there can be the difference between selecting the right type of funding and stumbling into a less suitable option. Here are several common types of business loans:
Traditional Loans
Traditional loans typically come from banks and financial institutions. They are characterized by their structured repayment schedules and relatively lower interest rates compared to other options. These loans usually require a solid credit score and a well-prepared business plan.
One major benefit of traditional loans is the predictability they offer; businesses can project their repayments reliably. However, the downside is the lengthy application process which may not suit those needing rapid funding.
Lines of Credit
This type of financing operates like a credit card for businesses. It allows you to borrow funds up to a certain limit, only paying interest on what you use. This flexibility can be a lifesaver for managing variable operational costs or unexpected expenses.
The downside? Interest rates on lines of credit can be higher, and lenders may require collateral. It's a beneficial option if you are disciplined about borrowing.
SBA Loans
Backed by the Small Business Administration, SBA loans are designed to support small businesses. They come with lower interest rates and longer terms, making them an appealing option. However, they typically require a fair bit of paperwork and time to process.
One key advantage is the government backing which can make lenders more willing to take preceived risks. However, these loans often come with many stipulations and can be difficult to qualify for.
Equipment Financing
If your business needs machinery or specialized equipment, this loan type specifically caters to that purpose. The piece of equipment often serves as collateral, which can lead to lower interest rates.
While this type of financing is beneficial because it allows businesses to acquire essential tools without a significant upfront investment, it does tie the loan heavily to the equipment itself. Should the equipment fail, it could create financial strain.
Short-term Loans
Short-term loans are designed to address immediate cash flow issues. They are generally easier to acquire and have a quick turnaround time. However, they usually come with higher interest rates and are meant to be repaid in a shorter timeframe.
This type of loan can be quite handy in a pinch, just be cautious; it can lead to a debt cycle if not managed well.
Merchant Cash Advances
A merchant cash advance is not a loan in the traditional sense; it provides a lump sum upfront in exchange for a percentage of future sales. These advances are often leveraged by businesses that accept credit cards.
While they offer quick access to cash and are relatively easy to obtain, interest rates can be exorbitant. Businesses should be wary of the long-term costs involved.
Each of these options comes with distinct advantages and challenges. It’s crucial to weigh these factors carefully according to the specific needs of your business. Knowing the landscape of business loans lays the groundwork for making informed decisions that align finances with strategic goals.
Determining the Loan Amount Needed
When approaching the journey of securing a substantial $500,000 business loan, one critical aspect cannot be overlooked: determining how much you actually need. This process serves as the backbone for crafting a compelling loan application, as well as guiding the direction of your business as you navigate expansion, infrastructure investment, or operational adjustments. Pinpointing the necessary funds helps in creating a focused financial strategy, ensuring you're not just borrowing for the sake of it but rather utilizing those resources wisely to foster growth and stability.
Assessing Business Costs
Assessing business costs is like laying down a road map. It provides clarity on where funds can best be allocated. Let's break this down into three key categories, starting with:
Startup Expenses
When you’re laying the groundwork for a new venture, startup expenses can feel overwhelming. These costs encompass everything from registering your business and setting up a workspace to acquiring essential equipment and initial inventory. What’s significant here is that startup expenses can often be underestimated by first-time entrepreneurs.
A clear-eyed understanding of these costs is vital because it plays into cash flow projections and, ultimately, your loan amount. Individuals aiming to obtain a sizable loan must illustrate these expenses clearly, showcasing their commitment to adequate planning. It's beneficial to also consider adding a cushion for unforeseen expenses—keeping a financial safety net can often ease potential anxiety later on.
- Unique Feature: Potentially high variance due to market conditions and unforeseen rates. - Advantages: Proper planning mitigates risks. However, a common disadvantage is underestimating, which can lead to funding shortfalls.
Operational Costs
After the initial barriers are crossed, operational costs take center stage. These are the day-to-day expenses that keep a business running—think rent, salaries, utilities, and ongoing marketing campaigns. The key characteristic of operational costs is their recurring nature, making it necessary to keep them in check while planning for any business loan.
A thorough understanding here leads to more precise loan requests. Many investors and banks are interested in consistent cash flow, and understanding operational costs helps demonstrate that. Ignoring these can lead to liquidity crises down the line.
- Unique Feature: Predictable yet adaptable; operational shifts might change expenses in unforeseen ways. - Advantages: Loan funds can be used to stabilize essential functions, but mismanagement risk looms larger if not properly monitored.
Growth Investments
As a business matures, growth investments become increasingly crucial. This could be anything from adding a new product line to expanding into different markets or improving technology to boost efficiency. What makes growth investments attractive is their potential for high returns on investment. They show lenders that you’re not just about surviving but also thriving.
A well-thought-out plan for deploying these funds is vital when securing your loan. Include metrics or projections that demonstrate how these investments can elevate profitability. Just remember, with ambition comes a certain level of risk—investing without adequate research can lead to unnecessary financial strain.
- Unique Feature: Innovative but dependent on market resilience and competitive advantage.
- Advantages: Potential for significant revenue growth; however, reality can sometimes diverge from projections if markets shift.
Creating a Detailed Business Plan
A well-crafted business plan acts as the linchpin of your financial strategy. Not only does it highlight your vision and operational framework, but it also delineates how you intend to use the funds you wish to borrow. This plan should serve as a blueprint in articulating how the loan fits into your overall business strategy, resonating with lenders and investors alike. Incorporating financial forecasts, operational strategies, and market analyses are essential components that lend authenticity to your proposal.
By solidifying the rationale behind your loan request through comprehensive financial modeling, you’re laying down the groundwork needed for a successful application process.
Eligibility Criteria for Loan Approval
Securing a substantial business loan involves a variety of elements that ultimately determine your chances of approval. Understanding the eligibility criteria for loan approval is not just a procedural hurdle; it's a cornerstone that can significantly influence your financing journey. The lenders scrutinize several factors before extending a loan offer. Knowing these criteria helps you position your application effectively and avoid common pitfalls.
Credit Score Requirements
Credit scores serve as a vital barometer of your creditworthiness. Lenders generally have a minimum credit score requirement, often hovering around the mid-600s for many traditional loans. A higher score can open doors to better loan conditions, such as lower interest rates and favorable terms. To improve your credit score, focus on timely bill payment, maintaining low credit utilization, and correcting any inaccuracies in your credit report.
Even small adjustments can make a big difference; it’s like getting a fresh pair of socks—it feels good and performs better!
Business Revenue and Cash Flow Analysis
A robust financial footing is paramount when applying for a loan. Lenders assess your business revenue and cash flow to gauge your ability to repay the borrowed amount. A steady stream of revenue reflects stability and resilience, which lenders find reassuring. Ensure you have at least two years' worth of financial statements ready for review.
A detailed cash flow analysis will not only highlight your financial health but also underscore eventual risks. It’s almost like having a well-laid map—showing where you've been and where you're headed.
Business Age and Stability Considerations
The age of your business plays a crucial role in your loan eligibility. Lenders favor established businesses over startups, so if your business is relatively new, you may need to work harder to make your case. A well-documented history, including customer testimonials and past performance metrics, can bolster your application.
How long you’ve been in the game matters because a longer track record suggests that you’ve weathered storms and are capable of handling the ups and downs that come with running a business.
"Understanding these eligibility criteria can give you a significant edge. Prepare accordingly, and you might just find lenders more eager to partner with you."
A credible business narrative, underpinned by data and experiences, will shape how lenders perceive your application's risk factor.
When you're stepping into the realm of business loans, approaching lenders with an understanding of these criterias puts you in the driver's seat. The road to securing that $500,000 loan may be bumpy, but with diligence and strategy, you can navigate it more smoothly.
Preparing for the Loan Application Process
Securing a business loan can feel like trying to find a needle in a haystack, especially when aiming for that hefty $500,000 mark. Before diving straight into the paperwork, it’s essential to understand that the preparation phase is half the battle won. Proper preparation not only boosts your chances of securing the loan but also lays down the foundation for responsible financial management post-approval.
A well-thought-out application can turn the tide in your favor. It's about presenting a clear picture of your business’s financial health and your future ambitions. So, let’s unpack what you need to get your ducks in a row before hitting send on that application.
Required Documentation
Financial Statements
The first item on your list should be the financial statements. Think of these as your business's report card. They provide a snapshot of your company's financial standing over a specific period. Commonly, lenders look for income statements, balance sheets, and cash flow statements.
Financial statements are beneficial because they highlight your revenue streams, expenses, and overall profits, giving lenders a clear insight into how well your business operates. It's crucial that these documents are prepared accurately, as any discrepancy may raise red flags for potential lenders.
One unique feature of financial statements is their ability to show trends across multiple years. For example, an upward trend in revenue could suggest that your business is growing steadily, a factor that many lenders find attractive. However, it’s also essential to be aware of their limitations, such as the possibility of them being out of date if they are not kept current.
Tax Returns
Next up, we have tax returns. These documents hold considerable weight when applying for loans because they give lenders insight into your business's financial history. Tax returns act as a verification tool, as they reflect your actual income as reported to the government.
The key characteristic of tax returns is their ability to validate the financial health reported in your financial statements. They are credible and unbiased, making them a favored choice for both lenders and borrowers like yourself. A unique aspect of tax returns is that they detail your business income over several years, helping potential lenders see long-term stability.
Yet, bear in mind, if your tax returns show losses or inconsistencies, it can work against you. Being mindful of this will help you prepare adequately.
Legal Documents
Lastly, let’s talk about legal documents. These include your business registration, operating agreements, and any relevant contracts. They might not seem important at first glance, but legal documents paint a picture of your business's legitimacy and operational structure.
Their primary role in a loan application is to prove that your business exists and functions within the bounds of the law. This adds a layer of credibility to your application, which lenders highly value. A unique feature of legal documents is that they can also highlight partnerships or joint ventures that can positively affect your loan application, especially if they are backed by strong financial performance.
However, do keep in mind that if your legal structure is overly complicated or nebulous, it might complicate the lender’s assessment.
Developing a Strong Loan Proposal
After gathering the necessary documentation, the next step is crafting a robust loan proposal. This proposal serves as a narrative of your business’s story and outlines why you're seeking the $500,000 loan. Your proposal should include information about your business model, future goals, and how you will responsibly use the funds.
A strong loan proposal not only tells your business's tale but also effectively communicates the soundness of your plans and the security of your repayment strategy, giving lenders the confidence they need to consider your application favorably.
Researching Lenders and Loan Options
Understanding the various lenders and loan options is crucial when seeking a $500,000 business loan. The landscape of business financing is diverse, and taking the time to research can save you both time and money. Knowing what each type of lender offers and their specific requirements can help you make informed decisions that align with your business goals. Recognizing the nuances of different loans means you can choose a financial partner that best suits your needs.
Identifying Suitable Lenders
Traditional Banks
Traditional banks stand as the cornerstone of business lending. They typically offer stability and a formal system that many business owners find reassuring. The key characteristic of traditional banks is their structured approach to lending and risk assessment, which tends to involve thorough credit checks and detailed financial evaluations.
The unique feature of traditional banks is their reputation and long-standing history in the financial sector. This can lend a sense of trustworthiness that many businesses appreciate. However, they often have stringent requirements and a lengthy approval process, which could be a disadvantage for those needing quick access to funds. Despite their rigorous criteria, if you meet their standards, the interest rates can be quite competitive.
Credit Unions
Credit unions tend to be community-focused institutions that can offer attractive rates and personalized service. These lenders usually require a membership, which can often be based on geographic location or employment. The defining feature of credit unions is their member-owned structure, meaning they often operate at lower costs and pass savings on to their members.
This arrangement makes credit unions a popular choice for small business owners seeking reasonable interest rates and flexible terms. However, their loan offerings might not be as extensive as those from larger banks, which could limit options for some businesses. Therefore, while credit unions provide favorable terms, they could lack the breadth of products that traditional lenders may offer.
Online Lenders
Online lenders have revolutionized the lending space, making it easier than ever for businesses to access funding. They often have faster application processes and can approve loans more quickly compared to traditional institutions. A core trait of online lenders is their technology-driven approach, streamlining everything from applications to fund dispersal.
These lenders can be particularly beneficial for tech-savvy business owners who value speed and convenience. However, it's important to know that some online lenders come with higher interest rates. Be cautious when comparing terms, as the quick approval can sometimes mask less favorable long-term conditions. Still, for certain needs, their rapid funding can be a game-changer.
Peer-to-Peer Lending Platforms
Peer-to-peer lending platforms allow individuals to lend money directly to businesses, cutting out the middleman. This model has gained popularity due to its innovative approach and fewer restrictions compared to traditional lending. The key feature of these platforms is their community or investor-based funding, where a network of individuals can choose to fund your loan.
This can make acquiring a loan through peer-to-peer lending less daunting for businesses with less-than-perfect credit histories. However, the major drawback is that the interest rates can vary greatly based on the investor's perception of risk, which can lead to inconsistencies in loan costs. While benefit lies in access to funding regardless of institutional boundaries, careful consideration is essential.
Comparing Loan Offers
Once you've identified potential lenders, comparing loan offers becomes essential. This step ensures you're not only getting the best financial deal but also finding terms that match your business plan. Look for variations in interest rates, repayment terms, and any associated fees. Assessing the total cost of the loan rather than just the interest rate will give a clearer picture of what each offer means for your financial well-being going forward.
Understanding Interest Rates and Terms
When seeking a substantial business loan, understanding interest rates and loan terms is essential. This knowledge not only aids in making informed decisions but shapes the overall cost of borrowing, affecting your long-term financial health. Many entrepreneurs dive headlong into the loan application process, only to be caught flat-footed by the underlying costs associated with interest rates. Hence, grasping how these rates and terms interplay can save you both money and headaches along the way.
As you prepare to secure a $500,000 loan, it becomes crucial to dissect the elements of interest rates and repayment terms. These factors define not only how much you'll repay but also when those repayments occur, impacting your cash flow and operational liquidity.
Fixed vs. Variable Rates
Interest rates generally fall into two categories: fixed and variable. Fixed rates remain stable over the entire loan term, providing predictable monthly payments that make budgeting easier. On the other hand, variable rates fluctuate based on market conditions, meaning your payments could rise or fall over time.
Key Considerations:
- Stability vs. Flexibility: Fixed rates offer stability, while variable rates may yield lower initial costs.
- Market Predictions: Keep a close eye on economic indicators if you opt for a variable rate; a shift could lead to higher payments.
- Total Interest Paid: Calculate the long-term cost of both options. A lower initial cost could be misleading if the rate is set to climb.
Repayment Terms and Schedules
Next in line are the repayment terms and schedules. This aspect outlines the duration over which you're to repay the loan along with the frequency of payments, commonly monthly or bi-weekly.
A shorter repayment term typically results in higher monthly payments but less interest paid over the life of the loan. Conversely, longer terms offer lower monthly payments but can significantly increase overall interest costs.
Important Factors to Analyze:
- Amortization Schedule: Understanding how each payment is applied to principal and interest can provide valuable insights into how your debt decreases over time.
- Early Payoff Penalties: Some lenders impose penalties on early repayments. Knowing these can save you money if circumstances change and you wish to pay off the loan sooner.
- Cash Flow Impact: Assessing your business's cash flow against payment obligations is critical. Too heavy a load in repayments can stifle operational flexibility.
Understanding these intricate details can equip you to make smarter decisions that might just save your enterprise from financial strife down the line.
In summary, both interest rates and repayment terms are fundamental to your understanding of business loans. Stripping these concepts down to their core components will empower you to approach lenders with confidence, ensuring that you secure a loan tailored to your business needs.
Navigating the Loan Approval Process
When you set your sights on securing a $500,000 business loan, the loan approval process can feel like a maze. Each twist and turn can determine whether you hit the jackpot or hit a dead end. Understanding this process is crucial, as it directly influences your chances of obtaining that significant fragment of funding necessary for your business endeavors. This section will shed light on what to expect during the loan review and the common considerations that can determine your approval fate.
What to Expect During Review
The review process can be quite the nail-biter. Typically, lenders will take a close look at your application and all accompanying documents. Think of this as the moment of truth—your carefully pieced puzzle is about to be examined under a microscope.
During this stage, expect the lender to verify various details:
- Financial Health: Your financial statements will be rigorously scrutinized. This is when your balance sheets and profit and loss statements have to speak volumes. They need to show that your business isn’t just surviving but thriving.
- Credit Evaluation: Lenders will examine not only your credit history but also your business credit score, which is obtained through companies like Dun & Bradstreet. A blemish here can make them think twice.
- Purpose of Loan: Be prepared to discuss how you intend to use the loan. Lenders will want to hear that you have a solid, well-thought-out plan.
In short, you’re laying all your cards on the table. Transparency is essential; try to be as forthcoming as possible about any potential risks associated with your business.
Common Considerations for Approval
Getting approved isn’t just about throwing your financial documents at a lender and hoping for the best. There are crucial aspects they consider before making that green-light decision. Here’s what usually plays a significant role:
- Creditworthiness: As mentioned earlier, your credit score is often a deciding factor. Most lenders look for a score of 680 or above, but it can vary.
- Cash Flow: Do you have ample cash flow to shoulder the additional debts? Lenders will analyze your cash flow statements to ascertain if you can keep up with repayments even during lean months.
- Business Plan Adequacy: Your business plan should not only outline where your money will go but also demonstrate how the loan can help propel your business forward. Details matter, folks—speculate less!
- Market Conditions: Sometimes, it’s not just you. Economic factors can influence lending decisions. If the market is shaky, lenders might tighten their purse strings.
Remember, lenders weigh these considerations differently. What seals the deal for one lender may be a dealbreaker for another.
Post-Approval Responsibilities
Once you've successfully navigated the often daunting journey toward securing a $500,000 business loan, it's vital to understand that your responsibilities don’t end with the approval. This stage is just as critical as the application process itself. Misuse or poor management of the funds can lead to financial turmoil down the road. In this section, we will discuss two essential post-approval responsibilities: the effective use of loan funds and managing loan payments.
Effective Use of Loan Funds
Receiving a substantial loan can feel like winning the lottery for many entrepreneurs, but it’s essential to treat these funds with care rather than an open invitation to overspend. Here's where a well-crafted plan transforms the nature of your loan from a burden into a springboard for growth.
- Prioritize Needs Over Wants: It’s easy to get carried away with lofty ideas when you see your bank account swell. Focus on immediate needs that align with your business goals rather than whimsical investments. If you’re expanding your operations, invest in necessary equipment or hiring skilled staff.
- Allocate Wisely: Take time to create a budget that delineates how every dollar will be spent. For instance, if a portion is allocated for marketing, ensure that the strategies chosen are backed by research and clear objectives.
- Track Spending: Keeping tabs on how you’re spending the loan is crucial. Utilize accounting software to monitor expenditures. This discipline aids in identifying areas where you might be overspending and allows for tweaks if necessary.
"An entrepreneur is someone who jumps off a cliff and builds a plane on the way down." This quote signifies the necessity of planning and foresight once you have the resources.
Managing Loan Payments
Just as vital as how you initially use your funds is how you manage the repayments. Missing payments can lead to dire consequences, including damage to your credit score and potential legal action from lenders. Here are several considerations for effective loan payment management:
- Understand Your Repayment Schedule: Different loans will come with varying terms. Ensure that you are familiar with when payments are due and how much they will be. Creating a calendar with essential dates can help keep you on track.
- Set Aside Funds: Regulate your cash flow by setting aside a portion of your profits each month for loan repayments. By making this a priority, you reduce the likelihood of cash flow surprises and ensure that money is available when due dates roll around.
- Communicate with Your Lender: If you foresee difficulties in making payments, it’s best to be upfront with your lender. They may offer options like deferment or restructuring that can alleviate immediate pressures without incurring penalties.
- Emergency Fund: It’s prudent to create an emergency fund specifically for loan payments. Just like you wouldn’t want a sudden rainstorm to catch you without an umbrella, ensure that an unexpected downturn in business doesn’t leave you uncovered.
Managing post-approval responsibilities hinges on intentionality and proactivity. By using the loan judiciously and being diligent with payments, you set your business on a path toward sustainable success.
Long-Term Financial Planning
Long-term financial planning is the backbone of any business operation, especially when integrating sizable loans like a $500,000 business loan. The significance of this planning cannot be overstated; it's the blueprint that guides businesses through turbulent waters and opportunities alike. In fact, without this blueprint, many businesses flounder. So, what are the specific elements and benefits one should consider?
Benefits of Long-Term Financial Planning
- Stability in Growth: Planning ahead allows businesses to predict their growth trajectories. By effectively estimating future revenues and expenditures, they can avoid financial pitfalls.
- Strategic Decision-Making: With a clear financial outlook, managers and leaders can make informed decisions that align with their long-term goals. This could mean knowing when to hire or invest in new technology.
- Cash Flow Management: Understanding cash flow over time helps in recognizing patterns and anticipating dips. This forecasting can prepare businesses for seasonal fluctuations.
- Preparing for Financial Shocks: A solid plan creates a buffer against unexpected expenses or economic downturns. For instance, firms that saw the pandemic coming had already set aside budgets for emergencies.
When integrating a loan into this plan, it’s critical to consider how that debt will affect cash flow, operational expenses, and future borrowing capacity.
Integrating Loan Financing into Business Strategies
Integrating loan financing into business strategies is akin to adding a vital ingredient to a recipe; it enhances the overall dish when done right. When a business secures a loan, it’s not just about spending the money; it’s about how that money can be leveraged to amplify returns. Here are several key points:
- Align Financing with Business Goals: Ensure that the loan aligns with specific business objectives, whether it’s expanding into new markets or increasing product lines.
- Allocate Funds Wisely: Prioritize the implementation of the loan based on urgency and return on investment. For example, investing a chunk into marketing may yield immediate revenue compared to waiting for equipment to arrive.
- Monitor Loan Impact Regularly: Regularly assess how the loan impacts business performance. If it’s not increasing profitability, businesses may need to tweak strategies or use funds elsewhere before it’s too late.
Integrating financing into overall strategy should not be an afterthought. Rather, it should be a core component of the business strategical plan.
Preparing for Future Financing Needs
Anticipating future financing needs is vital. It’s not just about securing the money you need today; it’s also about paving the way for tomorrow’s financing. Here are a few considerations to keep in mind:
- Assess Long-Term Goals: Regularly revisit your long-term goals. If they evolve, your financing needs will likely change. For instance, a shift towards e-commerce might require new tech investments.
- Maintain Strong Credit Health: A solid credit profile will provide more options for securing future loans. This means paying debts on time and keeping credit utilization low.
- Stay Informed About Financing Options: The lending landscape shifts constantly; staying aware of new products and market conditions can give businesses a better fighting chance when in need of funds.
Keeping an eye on the horizon prepares businesses for trends and economic changes. It’s best to be proactive rather than reactive when it comes to financial planning.
