Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning!
Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Katrina Fitten.
Purpose of the Interview
The interview aims to educate entrepreneurs—especially women business owners—on how to secure funding responsibly, avoid scams, and develop a strategic financial plan. It also highlights Katrina Fitten’s expertise as CEO/CFO of New Day for You Financial and her mission to help startups and small businesses access capital.
Key Takeaways
-
Funding Opportunities & Qualifications
- Katrina helps women business owners secure up to $100,000 in 100 days or less, with same-day approval and next-day funding.
- Basic qualifications include:
- Credit score of 680+
- Existing credit lines (at least $10,000)
- A clear business mission and low-risk profile.
-
Avoiding Scams
- Beware of unsolicited emails/texts promising easy money.
- Do your homework:
- Check companies on Better Business Bureau (BBB).
- Look for testimonials and partnerships with reputable banks (e.g., Chase, American Express).
- Never share sensitive information without verifying legitimacy.
-
Importance of a Business Plan
- Funding is not free money—you need a strategic plan.
- Katrina calls it a “money mission”: know exactly how funds will be deployed.
- Without a plan, money disappears quickly, leading to debt and bad credit.
-
Family & Friends Lending
- Treat personal loans like business loans:
- Have written agreements with terms, repayment schedule, and penalties.
- Decide upfront if it’s a gift or a loan.
- Treat personal loans like business loans:
-
Services Offered by New Day for You Financial
- SBA loans, equipment loans, purchase order financing.
- Lines of credit and 0% interest credit cards (18–21 months).
- Credit card stacking for higher funding amounts.
- Credit restoration referrals for those with poor credit.
-
Success Story
- Example: A tax accountant secured $160,000 in less than a week due to strong credit, revenue history, and a solid business plan.
Notable Quotes
- “If you don’t have a plan for your money, your money will have a plan—and you’ll look up and it’s gone.”
- “We don’t want to be out here racking up good debt and then you’re not going to be responsible.”
- “You have to vet companies. Go to BBB, Google them, and check their credibility.”
- “If I give you money, I decide—is it a gift or a loan? There are rules to borrowing money.”
- “We say if you don’t get anything, we don’t get paid.”
#SHMS #STRAW #BEST
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to my show. I'm Rashon McDonald, a host of
Money Making Conversations Masterclass. Well, we encourage people to stop
reading other people's success stories and start planning your own.
Speaker 2 (00:09):
Now.
Speaker 1 (00:10):
You don't want to miss an episode, so please take
a moment right now to follow or subscribe to Money
Making Conversations Masterclass. It's free. You can follow me on iHeartRadio, app, Spotify,
Apple Podcasts, or wherever you listen to your podcast. New
money Making Conversations Masterclass episodes drop daily. I want to
keep you on alert because my guests provide tips on
(00:30):
how you can uplift your community, improve your financial planning, motivation,
or advice on how to be a successful entrepreneur. Now,
let's get this podcast started. My next guest is an
award winning finance expert and best selling author. She is
also the CEO and CFO of New Day for You Financial.
She is a national leader and business Funding Solutions. Katrina
(00:52):
helps women business owners secure up to one hundred thousand
dollars in funding in one hundred days or less with
same day approval and next day funding. This is the
right person to have on Money Making Conversations. Please walk
with the money Making conversations, masterclass, Katrina fitting How you doing, Katrina.
Speaker 2 (01:11):
I am doing wonderful. Nice to be here, Nice to
meet you once again. I remember seeing you long years
ago on the Steve Harvey Show.
Speaker 1 (01:22):
That's my man, my man, Steve Harvey. I'm cooking up
stuff here, cooking up money, ideas and everything. But it's
really funny, Katrina. A lot of people still follow me
because I bake. A lot of people still follow me
because I cook all those good things. And it's been
very fortunate to have that kind of a well rounded career. Now,
money making conversation, let's start up right here. I get
(01:45):
a lot of texts, I get a lot of emails
by people talking about they looked up my credit, they
looked me on LinkedIn. They can give me fifty thousand
dollars and give me sixty five thousand dollars. It's give
me a call. And what is a scam and what
you should be on the lookout when people start sending
these texts, start sending these emails engaging potential business people
(02:09):
who want that big break, who need just a little
money to jumpstart their dreams. Talk to us about those
emails that I be getting and I'm sure a lot
of people out there get to.
Speaker 2 (02:20):
Yes, ra Sean, this is a really good question because
oftentimes we get hung up on these what ninety second
ig takes and these shorts and all of these conversations
and our emails are being flooded now because obviously there
is funding now that is available for startups and essentially
(02:45):
you have to qualify. Oftentimes, when we are seeing this,
we're not actually talking about what the requirements are. And
so to make it really frank, because this is what
I do every day, and that is this, how do
you qualify? If you have a six point eighty credit
(03:05):
score or higher, you have at least four figures in
a credit card already, right, you need to have at
least ten thousand credit card already, Okay, and you have
a business that has a mission to make money and
(03:28):
your risk is low. This is the answer to that question.
So what that means is that, yes, if you take
the clickbake or you make the call, the first thing
that's going to happen is that we're going to have
a conversation with you first to find out is your
money mindset right, because we don't want to be out
(03:50):
here racking up the good debt and then you're not
going to be responsible. That's number one, right, Are you
ready to actually execute on the mo so that you
can get a cash on cash return is what we
call it, and so you're able to deploy that money
properly to be able to pay the money back.
Speaker 1 (04:10):
So the bigger picture, though, Katrina, is that these are
unknown people contacting you, right, and so that means in
order to even go beyond, you got to share information
with them that can in turn enable people to scam you.
That's the bigger issue here because you get it all
(04:31):
the time. I get it from Chase, I get it
from America Express. They'll tell you, hey, look you got
a credit card here, sign here. But that's a brand
that we know is legit. But there's so many companies
out there now they're just ramming you, ramming you're ramming
your information and bargain opportunities. That scam side is very high.
(04:52):
Not so much about the qualifying side, but that scam side.
That's the part that I really want to drive home
to everybody is a really really research and if there
are any websites that they can go to the unions
please yes, that.
Speaker 2 (05:07):
Is exactly a really good, really good question. And the websites.
You want to go over to what we call the
Business Better UA right, the Business Bureau Right. You want
to go over to BBB right, and you want to
look up that company right and see what their scores
are and see if they have any bad reviews. You
(05:30):
want to do your homework. Go to the Google dot
com and do their homework and see do they have
any testimonials about people saying they're actually getting money right.
You can also vet them by asking them who are
they working with so on the behind the scenes as
(05:51):
far as New Day for You financial, we work with Chase,
we work with American Express, US Bank, all of the banks.
We have relationships with these banks and so we're outsourcing
for them. And so that's how we know one hundred
percent that we're able to get you money if you
(06:13):
are qualified, and that's the key. If you are qualified,
and you have to make sure that you vet the
companies that you want to work with to make sure
that they are reputable companies.
Speaker 1 (06:25):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to Money Making Conversation
master Class hosted by me, Rashawn McDonald. Let's get back
into it. What's the minimum somebody that needs to provide
to you in order to find out if they're qualified
when they come to your company New Day for You Financial.
Speaker 2 (06:48):
Right, So if you go over right now to New
Day for You Financial dot Co. We have a pre
approval process. It's a soft pull process. We have a
relationship with Equifax where we can do a soft pool
and we're able to see whether you can qualify or
(07:09):
not just by looking at the information that is available.
Once we pre qualify you and get you pre approved,
the next step is that we're going to have a
conversation with you to make sure that you're able to
pay the money back. You have a plan for the money.
And this is for startups only, obviously, if you're wanted
to get you know, some of the six and seven
(07:32):
figure We do SBA loans, We do collateral loans with
equipment purchase orders. We do loans as well as lines
of credit. And so how we're able to do that
is because we have the relationships with the bank and
they are doing the underwriting for us to be able
(07:53):
to make that happen. And so this is the process.
Speaker 1 (07:56):
We are talking about you though, Katrina, the business model,
the business plan. So many people you talked about the
credit report, but so many people coming to you with
this great idea to Katrina, but they don't have a
business plan. Will you tell my audience how you frown
on people who walk up to you without a business plan.
Speaker 2 (08:17):
Oh my god, you just don't even know it is.
So many people think that it's free money, right, and
you just have an idea pie in the sky. You
had a dream last night and now you wanted your
money to be able to implement. You have to be strategic.
You have to put together a business plan step by
(08:41):
step on what you're going to deploy the money to do.
If you do not have a plan on what you're
going to do, I call it your money mission. If
you don't have a mission for your money and you
don't tell your money where to go, guess what you're
gonna look up and that money is going to be
gone because you already know. We have oftentimes propensity to
(09:05):
have money in our pocket and it burns and it's
hot and you have to get it out of your pocket,
right or we have a pocket with holes in it,
like my grandmama used to say, but you have to
have a plan for your money, or your money will
have a plan and you'll look up and that money
will be gone. And you're old at money, and that's
where you get the bad wrap and the bad credit.
It's because you don't have a plan for your money.
(09:27):
You have to have a spending plan.
Speaker 1 (09:30):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. No need for you to do
me a favor right now to follow or subscribe to
Money Making Conversation. It's free and you can find it
on the iHeartRadio app, Spotify, Apple Podcasts, or wherever you
get your podcasts. Please do me that favor, follow or
(09:51):
subscribe money Making Conversations. Welcome back to Money Making Conversations
Masterclass hosted by me Rashaan MC. Money Making Conversations master
Class continues online at Moneymaking Conversations dot com and follow
money Making Conversations master Class on Facebook, x and Instagram. Relatives.
(10:12):
You know how people treat relatives asking for money versus
a bank, And I try to treat and I've learned
over the years, Katrina, there's a reason why lenders do
what they do. And please talk to my audience about
when relatives come to them for money. I don't care
(10:32):
if it's a small amount of money a large amount
of money, how you should treat them.
Speaker 2 (10:38):
So I have learned how you're supposed to treat relatives, friends, family, neighbors,
whomever that comes to you to borrow money. First of all,
you want to put an actual stipulations. I'm not gonna
say contract, but I'm just gonna say, you want to
(10:58):
have a a contract or a written agreement, you know,
on what are the terms on which you are borrowing
this money for? So you say you want to borrow
let's just say ten thousand dollars. Okay, that's the amount.
So what I'm going to find out on what terms
(11:21):
are we going to have this repayment by when? How often?
The frequency you're going to pay me? Which is your
payments plan? By what date? And I'm gonna say this
is what if you don't pay me, this is the penalty.
You know, I would put some penalties in place on agreements,
saying if you don't do this, hey, you could say collateral.
(11:45):
You know, I'm just saying, you know, you could say hey,
if you don't Oh.
Speaker 1 (11:50):
No, that's that's racist. Oh you you the man. Now
you trying to hold me back. Okay, you're my cousin,
you're my sister.
Speaker 2 (11:59):
No, if you're a good steward over your money, you
have to have some terms in place in order to borrow.
If people are gonna borrow money, you got to have
some type of terms in place. You can't just give
away money because why you're responsible. You've been giving stewardship
over what you've been blessed with, and so you can't
just give it away because why your money have a
(12:22):
mission and you want to be able to what double
your money you want? When you put money out, you
wanted to come back to you doublefore right, one hundred four.
So that's the terms of it, is that you're responsible.
And so I always just make an agreement and say this.
If I give you money, I'm going to decide is
it a gift or is it a loan? I give
(12:44):
it to you. I don't expect anything back, there's no
streams attached, or I'm going to put some terms in
place in order to make sure that I get my
money back and with interest.
Speaker 1 (12:55):
That's how I do it. I said, I look at
a person, I said look, don't worry about paying me. Here,
here's the money, because I'm not going to track you down.
I know exactly who I'm giving money to, because you
have to evaluate who you're giving your money to.
Speaker 2 (13:08):
Now.
Speaker 1 (13:08):
I've also given money to people who I know I'm
going to give the money back. But also I'm giving
money to people that go don't worry about it. I
got you. Don't worry about It's a gift. I just
want to see you be successful. But what I would
just wanted to state in this conversation I was having
with Katrina here was that they're rules to being successful.
They are rules to borrow money. They're rules, and there's
(13:31):
so many people in the minority community, the community of color,
and I know it's difficult. I know our skin tone,
I know our background might hold us back. But when
you're trying to borrow money, there has to be rules.
It has to they had just because you want one
hundred thousand dollars. If they give you one hundred thousand
(13:51):
dollars and you don't have a business plan, then they
are the foods and they will be shut down.
Speaker 2 (13:57):
There you go one hundred percent. If we have loans
that we give out and uh, they become bad loans.
That hurts my business. Right, So that's why we vet
our clients thoroughly and to make sure that they have
a plan in place. We can look at their history
to see what was the of they trustworthy? What are
their creditability to other people? Right, even with your family,
(14:20):
if you have other family members that said, hey, they
didn't pay me back, you have another family member they
didn't pay me back, So why you gonna line up
to get not paid back. So it's the same thing
with the pains. You know, they're gonna look at your credibility,
your history, your credit profile, what have your history been,
and so these other things that I've been seeing out
here is that you're saying, hey, business, we're gonna get
(14:43):
you business credit. And you think you're gonna get business
credit and they're not gonna look at your personal credit profile. Well,
they don't have nothing to go by it. They're not
gonna just give you credit if they don't even know
what your history is.
Speaker 1 (14:57):
Oh, I love it. I love it. Katrina. We are
doing good. Okay, I'm talking to Katrina fitting she's the
CEO and CFO of New Day for You Financial.
Speaker 2 (15:06):
Now.
Speaker 1 (15:06):
When I opened the show. I want to get back
to this, I said, you are a national leader and
business funding solutions. Katrina helps women business owners secure one
hundred thousand dollars in funding in one hundred days or
less with same their approvals and next day funding. Tell
us how that works, right?
Speaker 2 (15:26):
So, for example, my one of my clients, Angeline, she
is she's a tax accountant, she does taxes, she does
tax strategy and bookkeeping for her business. She came to
me she was like, Katrina, we are in need of
doing some rebranding for our business and I want to
get a minimum of one hundred K to be able
(15:47):
to deploy this to you know, get some additional help
and team. And so that's what we did. We did
a credit analysis on her. We saw that she had
good credibility. It was very trustworthy, she paid her bills
on time, and she had a business that was already
making revenue. So if we already knew pre approval, we're
(16:09):
able to get her the money that she requested. We
went through the process of asking her what is your
business plan, what are you going to do with it?
Once we applied, we went through underwriting. We were able
to secure her one hundred and sixty thousand dollars in
funding in less than a week. Why because she was
(16:32):
already ready, right, she had the revenue, she had the
business plan, she already had a business that was already operating.
She was she's been in business for over twenty years, right,
so we know that we can get that money to
her really quick, right, Versus someone who they have, you know,
(16:56):
pretty sketchy credit. Right, they have some challenges there, They've
had a lot of late payments, they have some collections
on that. We will tell them you need to go to.
We have relationships with credit restoration consultancies. We help them.
We will refer them to get their credit, you know.
Speaker 1 (17:14):
Right.
Speaker 2 (17:15):
Once they get their credit right and they are meeting
their requirements over time, we see they have some history
where they're starting to pay on time, then yes, we're
able to get them some funding as well. But we
want to make sure that we're not out here just
telling people we're going to give everybody one hundred thousand.
We have to prequalify you first. Once you get past
(17:37):
our pre qualification and you have a plan and a
mission for your money, oh we can help you all day.
Speaker 1 (17:42):
Oh no, it's right. Business plan here that business player
here Katrina, she said, business plan and some years in business,
don't we're coming up here. You made that business for
six months or year expecting to get a lot of
money because so we have risks. It's risky your risk
now in your background talking to CEO and CFO of
(18:03):
New Day for you Financial, what are all the services
that you guys provide you to go to the website?
Can you give us a precursor on what to expect
when you go to the website and what's your main
purpose is? If there's funding other services that you provide
at New Day for you Financial.
Speaker 2 (18:20):
Yeah, so obviously we are a financial education consulting company
as well. So when you go over to New Day
Forufinancial dot Co. The we have a whole page of
all of the different services that we provide. Like I
had mentioned to you earlier, we provide SBA loans. We
actually provide equipment loans, like if you've bought equipment, you
(18:44):
can get a loan against your equipment if you have
government contracts. And you know, I have a client who's
in construction and they her and her husband, they have
a business that they do flooring and they do windows
for apartment buildings and things of that nature. Well, oftentimes
they have these contracts where they have a promise to
(19:05):
pay and they have you know, obviously purchase orders that
are out there, but the work is not until you know,
six months later when they complete it. Well, you can
actually get a loan against those purchase orders, right. And
the other thing we do we can give you get
you lines of credit, which is really wonderful. I love this.
It's kind of like a he lock, you know, like
(19:26):
you can go get an equity against your home. You
can get you know, a line of credit with credit
card companies like Chase, an American Express. We also do
obviously zero percent interest credit card. Now, this is the
thing that's hot right now is that literally we are
(19:46):
able to qualify you for a zero percent interest credit
cards up to eighteen to twenty one months in some cards.
And literally if you have a plan, a strategic plan
to go take you know, the twenty five grand that
American Express gives you on a credit card and you
can go put it into something like a business somehow.
(20:11):
I'm telling you, if you can turn that money around,
you could literally pay no interest on So that is
what is really really hot nowadays. And the other thing
about it, Rashean, is this, you don't even have to
show an actual you don't even have to show that
(20:31):
how much money you actually make. They're just going by
your credit score. And you can get zero percent interest cards,
and we have something that we call credit card stacking
where we're able to get more from these banks all
in one shot. So it's a wonderful thing. I see
people get fifty thousand, sixty thousand just in credit cards.
(20:54):
And if you were able to make that happen with
zero percent interest, if you got a plan, I'm telling
you you can really be able to do some things.
And so that's just a little bit about what we
can do for those who come to our website. And
all it takes is is clicking the button there to
fill out the short application. We don't ask for your
(21:15):
social or anything of that nature. We do look at
experience doing a soft pool to get you pre qualified.
If you decide to move forward with what we preapprove
you with, we do ask for an administrative back in
once what we call a success fee. If we get
you the money, then you pay us, don't. We don't
(21:36):
ask for no money until you actually get your money.
So that's what we do, and that's the kind of
you know, reputation that we have as well as in
the the integrity that we have. We say, if you
don't get anything, we don't get paid.
Speaker 1 (21:53):
Katrina, thank you for coming on Money Making Conversation Masterclass.
I appreciate you. Thank you for listening to this episode.
Now I need you to do me a favor right
now to follow or subscribe to Money Making Conversations. It's
free and you can find it on the iHeartRadio app, Spotify,
Apple Podcasts, or wherever you get your podcasts. Please do
(22:14):
me that favor, follow or subscribe money Making Conversations. Keep winning.
Welcome to my show. I'm Rashon McDonald, a host of
Money Making Conversations Masterclass. Well, we encourage people to stop
reading other people's success stories and start planning your own.
Speaker 2 (00:09):
Now.
Speaker 1 (00:10):
You don't want to miss an episode, so please take
a moment right now to follow or subscribe to Money
Making Conversations Masterclass. It's free. You can follow me on iHeartRadio, app, Spotify,
Apple Podcasts, or wherever you listen to your podcast. New
money Making Conversations Masterclass episodes drop daily. I want to
keep you on alert because my guests provide tips on
(00:30):
how you can uplift your community, improve your financial planning, motivation,
or advice on how to be a successful entrepreneur. Now,
let's get this podcast started. My next guest is an
award winning finance expert and best selling author. She is
also the CEO and CFO of New Day for You Financial.
She is a national leader and business Funding Solutions. Katrina
(00:52):
helps women business owners secure up to one hundred thousand
dollars in funding in one hundred days or less with
same day approval and next day funding. This is the
right person to have on Money Making Conversations. Please walk
with the money Making conversations, masterclass, Katrina fitting How you doing, Katrina.
Speaker 2 (01:11):
I am doing wonderful. Nice to be here, Nice to
meet you once again. I remember seeing you long years
ago on the Steve Harvey Show.
Speaker 1 (01:22):
That's my man, my man, Steve Harvey. I'm cooking up
stuff here, cooking up money, ideas and everything. But it's
really funny, Katrina. A lot of people still follow me
because I bake. A lot of people still follow me
because I cook all those good things. And it's been
very fortunate to have that kind of a well rounded career. Now,
money making conversation, let's start up right here. I get
(01:45):
a lot of texts, I get a lot of emails
by people talking about they looked up my credit, they
looked me on LinkedIn. They can give me fifty thousand
dollars and give me sixty five thousand dollars. It's give
me a call. And what is a scam and what
you should be on the lookout when people start sending
these texts, start sending these emails engaging potential business people
(02:09):
who want that big break, who need just a little
money to jumpstart their dreams. Talk to us about those
emails that I be getting and I'm sure a lot
of people out there get to.
Speaker 2 (02:20):
Yes, ra Sean, this is a really good question because
oftentimes we get hung up on these what ninety second
ig takes and these shorts and all of these conversations
and our emails are being flooded now because obviously there
is funding now that is available for startups and essentially
(02:45):
you have to qualify. Oftentimes, when we are seeing this,
we're not actually talking about what the requirements are. And
so to make it really frank, because this is what
I do every day, and that is this, how do
you qualify? If you have a six point eighty credit
(03:05):
score or higher, you have at least four figures in
a credit card already, right, you need to have at
least ten thousand credit card already, Okay, and you have
a business that has a mission to make money and
(03:28):
your risk is low. This is the answer to that question.
So what that means is that, yes, if you take
the clickbake or you make the call, the first thing
that's going to happen is that we're going to have
a conversation with you first to find out is your
money mindset right, because we don't want to be out
(03:50):
here racking up the good debt and then you're not
going to be responsible. That's number one, right, Are you
ready to actually execute on the mo so that you
can get a cash on cash return is what we
call it, and so you're able to deploy that money
properly to be able to pay the money back.
Speaker 1 (04:10):
So the bigger picture, though, Katrina, is that these are
unknown people contacting you, right, and so that means in
order to even go beyond, you got to share information
with them that can in turn enable people to scam you.
That's the bigger issue here because you get it all
(04:31):
the time. I get it from Chase, I get it
from America Express. They'll tell you, hey, look you got
a credit card here, sign here. But that's a brand
that we know is legit. But there's so many companies
out there now they're just ramming you, ramming you're ramming
your information and bargain opportunities. That scam side is very high.
(04:52):
Not so much about the qualifying side, but that scam side.
That's the part that I really want to drive home
to everybody is a really really research and if there
are any websites that they can go to the unions
please yes, that.
Speaker 2 (05:07):
Is exactly a really good, really good question. And the websites.
You want to go over to what we call the
Business Better UA right, the Business Bureau Right. You want
to go over to BBB right, and you want to
look up that company right and see what their scores
are and see if they have any bad reviews. You
(05:30):
want to do your homework. Go to the Google dot
com and do their homework and see do they have
any testimonials about people saying they're actually getting money right.
You can also vet them by asking them who are
they working with so on the behind the scenes as
(05:51):
far as New Day for You financial, we work with Chase,
we work with American Express, US Bank, all of the banks.
We have relationships with these banks and so we're outsourcing
for them. And so that's how we know one hundred
percent that we're able to get you money if you
(06:13):
are qualified, and that's the key. If you are qualified,
and you have to make sure that you vet the
companies that you want to work with to make sure
that they are reputable companies.
Speaker 1 (06:25):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to Money Making Conversation
master Class hosted by me, Rashawn McDonald. Let's get back
into it. What's the minimum somebody that needs to provide
to you in order to find out if they're qualified
when they come to your company New Day for You Financial.
Speaker 2 (06:48):
Right, So if you go over right now to New
Day for You Financial dot Co. We have a pre
approval process. It's a soft pull process. We have a
relationship with Equifax where we can do a soft pool
and we're able to see whether you can qualify or
(07:09):
not just by looking at the information that is available.
Once we pre qualify you and get you pre approved,
the next step is that we're going to have a
conversation with you to make sure that you're able to
pay the money back. You have a plan for the money.
And this is for startups only, obviously, if you're wanted
to get you know, some of the six and seven
(07:32):
figure We do SBA loans, We do collateral loans with
equipment purchase orders. We do loans as well as lines
of credit. And so how we're able to do that
is because we have the relationships with the bank and
they are doing the underwriting for us to be able
(07:53):
to make that happen. And so this is the process.
Speaker 1 (07:56):
We are talking about you though, Katrina, the business model,
the business plan. So many people you talked about the
credit report, but so many people coming to you with
this great idea to Katrina, but they don't have a
business plan. Will you tell my audience how you frown
on people who walk up to you without a business plan.
Speaker 2 (08:17):
Oh my god, you just don't even know it is.
So many people think that it's free money, right, and
you just have an idea pie in the sky. You
had a dream last night and now you wanted your
money to be able to implement. You have to be strategic.
You have to put together a business plan step by
(08:41):
step on what you're going to deploy the money to do.
If you do not have a plan on what you're
going to do, I call it your money mission. If
you don't have a mission for your money and you
don't tell your money where to go, guess what you're
gonna look up and that money is going to be
gone because you already know. We have oftentimes propensity to
(09:05):
have money in our pocket and it burns and it's
hot and you have to get it out of your pocket,
right or we have a pocket with holes in it,
like my grandmama used to say, but you have to
have a plan for your money, or your money will
have a plan and you'll look up and that money
will be gone. And you're old at money, and that's
where you get the bad wrap and the bad credit.
It's because you don't have a plan for your money.
(09:27):
You have to have a spending plan.
Speaker 1 (09:30):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. No need for you to do
me a favor right now to follow or subscribe to
Money Making Conversation. It's free and you can find it
on the iHeartRadio app, Spotify, Apple Podcasts, or wherever you
get your podcasts. Please do me that favor, follow or
(09:51):
subscribe money Making Conversations. Welcome back to Money Making Conversations
Masterclass hosted by me Rashaan MC. Money Making Conversations master
Class continues online at Moneymaking Conversations dot com and follow
money Making Conversations master Class on Facebook, x and Instagram. Relatives.
(10:12):
You know how people treat relatives asking for money versus
a bank, And I try to treat and I've learned
over the years, Katrina, there's a reason why lenders do
what they do. And please talk to my audience about
when relatives come to them for money. I don't care
(10:32):
if it's a small amount of money a large amount
of money, how you should treat them.
Speaker 2 (10:38):
So I have learned how you're supposed to treat relatives, friends, family, neighbors,
whomever that comes to you to borrow money. First of all,
you want to put an actual stipulations. I'm not gonna
say contract, but I'm just gonna say, you want to
(10:58):
have a a contract or a written agreement, you know,
on what are the terms on which you are borrowing
this money for? So you say you want to borrow
let's just say ten thousand dollars. Okay, that's the amount.
So what I'm going to find out on what terms
(11:21):
are we going to have this repayment by when? How often?
The frequency you're going to pay me? Which is your
payments plan? By what date? And I'm gonna say this
is what if you don't pay me, this is the penalty.
You know, I would put some penalties in place on agreements,
saying if you don't do this, hey, you could say collateral.
(11:45):
You know, I'm just saying, you know, you could say hey,
if you don't Oh.
Speaker 1 (11:50):
No, that's that's racist. Oh you you the man. Now
you trying to hold me back. Okay, you're my cousin,
you're my sister.
Speaker 2 (11:59):
No, if you're a good steward over your money, you
have to have some terms in place in order to borrow.
If people are gonna borrow money, you got to have
some type of terms in place. You can't just give
away money because why you're responsible. You've been giving stewardship
over what you've been blessed with, and so you can't
just give it away because why your money have a
(12:22):
mission and you want to be able to what double
your money you want? When you put money out, you
wanted to come back to you doublefore right, one hundred four.
So that's the terms of it, is that you're responsible.
And so I always just make an agreement and say this.
If I give you money, I'm going to decide is
it a gift or is it a loan? I give
(12:44):
it to you. I don't expect anything back, there's no
streams attached, or I'm going to put some terms in
place in order to make sure that I get my
money back and with interest.
Speaker 1 (12:55):
That's how I do it. I said, I look at
a person, I said look, don't worry about paying me. Here,
here's the money, because I'm not going to track you down.
I know exactly who I'm giving money to, because you
have to evaluate who you're giving your money to.
Speaker 2 (13:08):
Now.
Speaker 1 (13:08):
I've also given money to people who I know I'm
going to give the money back. But also I'm giving
money to people that go don't worry about it. I
got you. Don't worry about It's a gift. I just
want to see you be successful. But what I would
just wanted to state in this conversation I was having
with Katrina here was that they're rules to being successful.
They are rules to borrow money. They're rules, and there's
(13:31):
so many people in the minority community, the community of color,
and I know it's difficult. I know our skin tone,
I know our background might hold us back. But when
you're trying to borrow money, there has to be rules.
It has to they had just because you want one
hundred thousand dollars. If they give you one hundred thousand
(13:51):
dollars and you don't have a business plan, then they
are the foods and they will be shut down.
Speaker 2 (13:57):
There you go one hundred percent. If we have loans
that we give out and uh, they become bad loans.
That hurts my business. Right, So that's why we vet
our clients thoroughly and to make sure that they have
a plan in place. We can look at their history
to see what was the of they trustworthy? What are
their creditability to other people? Right, even with your family,
(14:20):
if you have other family members that said, hey, they
didn't pay me back, you have another family member they
didn't pay me back, So why you gonna line up
to get not paid back. So it's the same thing
with the pains. You know, they're gonna look at your credibility,
your history, your credit profile, what have your history been,
and so these other things that I've been seeing out
here is that you're saying, hey, business, we're gonna get
(14:43):
you business credit. And you think you're gonna get business
credit and they're not gonna look at your personal credit profile. Well,
they don't have nothing to go by it. They're not
gonna just give you credit if they don't even know
what your history is.
Speaker 1 (14:57):
Oh, I love it. I love it. Katrina. We are
doing good. Okay, I'm talking to Katrina fitting she's the
CEO and CFO of New Day for You Financial.
Speaker 2 (15:06):
Now.
Speaker 1 (15:06):
When I opened the show. I want to get back
to this, I said, you are a national leader and
business funding solutions. Katrina helps women business owners secure one
hundred thousand dollars in funding in one hundred days or
less with same their approvals and next day funding. Tell
us how that works, right?
Speaker 2 (15:26):
So, for example, my one of my clients, Angeline, she
is she's a tax accountant, she does taxes, she does
tax strategy and bookkeeping for her business. She came to
me she was like, Katrina, we are in need of
doing some rebranding for our business and I want to
get a minimum of one hundred K to be able
(15:47):
to deploy this to you know, get some additional help
and team. And so that's what we did. We did
a credit analysis on her. We saw that she had
good credibility. It was very trustworthy, she paid her bills
on time, and she had a business that was already
making revenue. So if we already knew pre approval, we're
(16:09):
able to get her the money that she requested. We
went through the process of asking her what is your
business plan, what are you going to do with it?
Once we applied, we went through underwriting. We were able
to secure her one hundred and sixty thousand dollars in
funding in less than a week. Why because she was
(16:32):
already ready, right, she had the revenue, she had the
business plan, she already had a business that was already operating.
She was she's been in business for over twenty years, right,
so we know that we can get that money to
her really quick, right, Versus someone who they have, you know,
(16:56):
pretty sketchy credit. Right, they have some challenges there, They've
had a lot of late payments, they have some collections
on that. We will tell them you need to go to.
We have relationships with credit restoration consultancies. We help them.
We will refer them to get their credit, you know.
Speaker 1 (17:14):
Right.
Speaker 2 (17:15):
Once they get their credit right and they are meeting
their requirements over time, we see they have some history
where they're starting to pay on time, then yes, we're
able to get them some funding as well. But we
want to make sure that we're not out here just
telling people we're going to give everybody one hundred thousand.
We have to prequalify you first. Once you get past
(17:37):
our pre qualification and you have a plan and a
mission for your money, oh we can help you all day.
Speaker 1 (17:42):
Oh no, it's right. Business plan here that business player
here Katrina, she said, business plan and some years in business,
don't we're coming up here. You made that business for
six months or year expecting to get a lot of
money because so we have risks. It's risky your risk
now in your background talking to CEO and CFO of
(18:03):
New Day for you Financial, what are all the services
that you guys provide you to go to the website?
Can you give us a precursor on what to expect
when you go to the website and what's your main
purpose is? If there's funding other services that you provide
at New Day for you Financial.
Speaker 2 (18:20):
Yeah, so obviously we are a financial education consulting company
as well. So when you go over to New Day
Forufinancial dot Co. The we have a whole page of
all of the different services that we provide. Like I
had mentioned to you earlier, we provide SBA loans. We
actually provide equipment loans, like if you've bought equipment, you
(18:44):
can get a loan against your equipment if you have
government contracts. And you know, I have a client who's
in construction and they her and her husband, they have
a business that they do flooring and they do windows
for apartment buildings and things of that nature. Well, oftentimes
they have these contracts where they have a promise to
(19:05):
pay and they have you know, obviously purchase orders that
are out there, but the work is not until you know,
six months later when they complete it. Well, you can
actually get a loan against those purchase orders, right. And
the other thing we do we can give you get
you lines of credit, which is really wonderful. I love this.
It's kind of like a he lock, you know, like
(19:26):
you can go get an equity against your home. You
can get you know, a line of credit with credit
card companies like Chase, an American Express. We also do
obviously zero percent interest credit card. Now, this is the
thing that's hot right now is that literally we are
(19:46):
able to qualify you for a zero percent interest credit
cards up to eighteen to twenty one months in some cards.
And literally if you have a plan, a strategic plan
to go take you know, the twenty five grand that
American Express gives you on a credit card and you
can go put it into something like a business somehow.
(20:11):
I'm telling you, if you can turn that money around,
you could literally pay no interest on So that is
what is really really hot nowadays. And the other thing
about it, Rashean, is this, you don't even have to
show an actual you don't even have to show that
(20:31):
how much money you actually make. They're just going by
your credit score. And you can get zero percent interest cards,
and we have something that we call credit card stacking
where we're able to get more from these banks all
in one shot. So it's a wonderful thing. I see
people get fifty thousand, sixty thousand just in credit cards.
(20:54):
And if you were able to make that happen with
zero percent interest, if you got a plan, I'm telling
you you can really be able to do some things.
And so that's just a little bit about what we
can do for those who come to our website. And
all it takes is is clicking the button there to
fill out the short application. We don't ask for your
(21:15):
social or anything of that nature. We do look at
experience doing a soft pool to get you pre qualified.
If you decide to move forward with what we preapprove
you with, we do ask for an administrative back in
once what we call a success fee. If we get
you the money, then you pay us, don't. We don't
(21:36):
ask for no money until you actually get your money.
So that's what we do, and that's the kind of
you know, reputation that we have as well as in
the the integrity that we have. We say, if you
don't get anything, we don't get paid.
Speaker 1 (21:53):
Katrina, thank you for coming on Money Making Conversation Masterclass.
I appreciate you. Thank you for listening to this episode.
Now I need you to do me a favor right
now to follow or subscribe to Money Making Conversations. It's
free and you can find it on the iHeartRadio app, Spotify,
Apple Podcasts, or wherever you get your podcasts. Please do
(22:14):
me that favor, follow or subscribe money Making Conversations. Keep winning.
Host
Rushion McDonald
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