An Introduction to Revenue Based Financing for Small Business Owners

In the new economy it can be very difficult or impossible for a small business owner or entrepreneur to find capital to support the development of new ideas. Historically, small businesses and entrepreneurs have sought capital through “Angel’ investors and lending institutions and these options are increasingly unavailable to even well established businesses. The revenue-based finance model, sometimes called the royalty-based finance model (RBF), is a financing plan that was introduced over 50 years ago and is gaining popularity today. The RBF model provides unique benefits to both the small business and the investor.

The RBF model is a non-dilutive system in that the small business owner does not lose any ownership in the company, this factor tends to be the most important and desirable feature of the RBF funding system to small business owners. Additionally, the investors payout is capped to a specific amount that is paid out of the revenue the company earns within a specified time period. Business owners benefit by receiving investment dollars to build their business without losing ownership and investors benefit by receiving payouts as soon as revenue is made by the business. The investor has purchased the rights to the revenue earned by the small business, but they have not purchased any other ownership of the business. The terms of the RBF model are typically negotiated to allow some time for revenue to accrue before payouts need to be made, and typically there is a time period limitation and a payout limitation that is included in the negotiated terms.

This model is now used by many investment companies across the nation including even local and state government agencies. Notably, not all small businesses or investors will benefit by using this model. Investors who agree to RBF terms need to accept the ‘capped’ earning potential of the investment. Businesses with low profit margins and limited flexibility on pricing should careful negotiate the terms of any RBF financing plan to make sure their revenue stream can support a regular deduction and payout to investors.

Judge Some Facts Before Exchanging The Money

When you will go traveling, then you have to take the things, which you will need in that place. It is necessary because you will not get the facilities of your home there and you have to be prepared for every situation. But when the matter comes to the visiting of a foreign country, then apart from our excitement we have to think about the thing first is the money. As all of us know that there is variety in the currency of different place. So, we must take the proper currency of that place as we cannot do anything without it. There are some methods, by which you can exchange the money, like the banks, the ATMs or from some brokers.
The banks are the most reliable medium for exchanging the money. You can be assured by the fact that you will get the service authentically. They will systematically exchange the currency and you don’t have to think about it. You can also convert it from the banks of that place also. You will get the same reliable service. But as you are going to a public sector, then it will take some time and you have to wait for it. So, if you don’t have the time to wait there, then you will face difficulty by exchanging through the banks. The banks also charge high rates for converting the money, then it can be expensive for you.
You can take the money from the ATMs also. It is the most convenient medium for getting your cash, as you yourself will draw the money and you don’t have to depend on someone for this. So, you can take the money whenever you needed and it is the fastest service. But there I also the problem, as the ATMs charge a very high price for drawing the money. It will become more expensive for you as you have to pay more than the normal transaction. If you think that you will get the money at a time, then also it will not be safe for you to carry so much money to an unknown place. But with every transaction, you have to pay the charge.
When you will try to go some brokers for Cash Exchange, then it becomes easy for you as you can get the money by sitting at your home. You can do it by online and the agent will come to your home and will take the money from you and will also return it within the given time. It can be a suitable option for you as you don’t have to do anything for the exchanging the cash. But there also can be a problem as the matter is about your money, then you have to be a little careful and have to know about the broker and the agent, who will be the medium of transaction. If they are not reliable enough, then your money will not be safe enough. There is also the matter of the false currency as it has happened in the services like Australian Currency Exchange. So, be careful about every facet of exchanging your money so that you don’t have to waste your money in the wrong place.

Car Loan – An Easy Access To Finance For Owning Dream Car

Owning a car of your dream is a reality these days. This is thanks mainly to car loan that is made available to each and every aspirant wishing to have a car of his own. The lenders have kept terms-conditions of car loans attractive for winning as many customers as possible in a tough car loan market, making the loan even easier to access. As per your requirements and as suits to your pocket, car loan is there for asking to buy either a new car or a used one. But before making a deal, it would be wise to have a close look of what is happening in car loan markets and what are basic aspects that one must be aware of in taking car loan.

One of the attractive feature of every car loan is that you do not have to look for a collateral is secured car loan is your option. it may be more beneficial if you can place any of your valuable assets like home as collateral with the lender. But if you do not like to risk home for the fear of its repossession, then the very car you intend to buy can easily secure the loan. all you have to do is to hand over the deal papers of the car to the lender who will return them after you have paid back the loan completely. In the meantime you can continue driving your car. But in case of payment default, you would be losing car to the lender.

Secured car loan have this advantage of lower interest rates and if your home secures the loan, the rate of interest goes down. The loan amount depends on equity in collateral like home or the price of the car. While you drive the car, the burden of the loan is lesser as the car loan can be repaid in 5 to 30 years. Larger repayment duration means you can reduced monthly payment towards installments.

Tenants or non-homeowners however can opt for unsecured car loan. Unsecured car loan comes without the clause of collateral, making the loan a completely risk free affair for the car owner. As there are risks for the lender, unsecured car loan come at higher interest rate making it costlier for the borrower. Unsecured car loan is solely offered on the basis of financial standing of tenants or non-homeowner. Income and employment documents are required from the borrower for ensuring safe return of the loan. you will be approved smaller amount for a shorter repayment duration as unsecured car loan.

Do not worry about bad credit. In case of secured car loan, as lenders have the borrower’s property as security, bad credit does not matters much to the lenders. For unsecured car loan however income and employment documents are must for showing to the lender. But bad credit borrowers will be approved the car loan at higher interest rate. At the same time one should note that if car loan installments are regularly cleared, the borrower’s credit score goes higher and loan availing in future becomes easier.

Buy a car from a reliable car dealer and check it for mechanical defects and quality. Compare different car loan providers who have showcased car loan interest rates and terms-conditions on websites. Apply to the suitable lender online for a fast processing and approval of car loan. Make sure to pay off loan installments in time for escaping debts.

Private Placement Loans – Alternative Mortgage Financing for Buying and Refinancing Properties

With current interest rates hitting historic lows, one would assume it should be easier than ever to obtain a mortgage loan, especially since the mortgage payments are more affordable due to lower interest rates.

However, pretty much 100% of loan products offered by institutional lenders today are strictly “prime” loans and they are available only to the best qualified borrowers with perfect, or nearly perfect credit, income, and employment. In addition, the property, which serves as collateral, must be in top shape as well to qualify.

One of the most significant bi-products of the most recent financial crisis, and the ensuing “great recession,” was effective disappearance of “alternative,” also called “non-prime,” mortgage loan products.

In the past, when borrowers buying or refinancing property did not have a high enough credit score but had solid jobs and incomes, they could qualify for alternative mortgage loans which compensated for the extra risk with higher interest rates.

Lenders which were making these types of loans demanded between one to three percentage points higher interest rates than those on the “prime” loans. The higher rates were deemed sufficient to compensate for the extra lending risk.

In today’s market that would make the interest rates on “non-prime” mortgages around 5% – 7%. However, a plethora of strict financial regulations and the effective disappearance of the private secondary mortgage market virtually eliminated these mortgages.

At the same time, due to the tough economic times, many real estate buyers and owners who have solid down payments or good equity in their properties, cannot qualify for prime mortgages due to lower FICO credit scores or because they are not meeting some other loan qualifying requirement.

In some cases, it is the property, not the borrower, which does not qualify for the financing. This is common in case of purchase or refinance of foreclosure properties or the so-called “fixer-uppers,” which are properties requiring significant repairs.

Private Placement loans, some time called “Bridge Financing” or “Hard Money,” can provide a viable financing alternative for borrowers or properties, which do not qualify for the prime loans.

What is a Private Placement loan? In short, it is a mortgage loan funded through a non-institutional lender such as non-public pension fund, IRA retirement account, hedge fund, investment group, mortgage broker, and/or private lender, which is primarily asset-based.

These loans require higher down payments (purchase), or substantial equity positions (refinancing). In some cases multiple properties can be cross-collateralized as a security for the loan.

Typically, the Private Placement loans are short-term (two to five years) and it they are used as temporary (bridge) financing, not a permanent loan. Here are two real-life examples how this type of financing was used effectively.

Bob (name has been changed) was a real estate investor who wanted to purchase a short-sale condominium property at a substantial discount. Bob was a solid borrower with excellent credit, job, income, and a large down payment. However, the project in which the condo was located had a pending litigation between the Homeowners Association and the developer.

None of the prime lenders would not lend on it, even though the condo unit was not directly involved in the lawsuit. Bob got a really good price on the condo, which was about 30% below the market value.

He put a considerable down payment and our firm obtained for him a Private Placement loan, which funded in about three weeks. Bob thinks will sell, refinance, or pay off the property within three years. In the meantime, this condo is an excellent investment rental for which he paid about 70 cents on a dollar.

The second example illustrates how Private Placement was used to assist property owners with saving their equity through refinancing. Mark and Joan (names have been changed) were successful business owners and operators for over 30 years. They owned a commercial building and several income properties, most of which had significant equities.

After Mark was diagnosed with serious illness and could no longer work, their business deteriorated and eventually had to be closed down. Their primary source of income was gone and so were their savings and good credit rating.

Soon they defaulted on their mortgages and the bank called the loans due and payable. The lender started the foreclosure and Mark and Joan were unable to refinance their properties due to poor credit rating and reduced income. In addition, there was some deferred maintenance on their properties, which made them very difficult to sell in as is condition.

When Joan contacted us, their situation was urgent. They had no funds to cure the defaults and they were about to lose their properties with substantial equities. Our firm was able to arrange a Private Placement Loan with a non-institutional lender, which was funded in about four weeks.

The new mortgage paid off all existing loans and gave Mark and Joan much needed cash reserves, including additional funds to fix up the properties. About one year later, Joan was able to sell their commercial and income properties and cash out their equities. The private placement loan was paid off in full and the borrowers saved hundreds of thousands of dollars in equity.

Here are basic characteristics of Private Placement financing:

Loan must be secured by real estate (all types of properties are considered, cross-collateral can be accepted)
Loan-to-Value (LTV): 50% – 75% of the appraised value (lower in case of vacant land)
Loan amounts range between $100,000 to $5,000,000+
Typical loan term: 2 – 5 years (longer terms are available)
Typical interest rates: 8.9% – 12.9%
Quick funding, usually in 3 – 5 weeks

Obviously, Private Placement loans are not appropriate for every lending situation and seldom are used as permanent or long-term financing. They require solid equity and the interest rates are higher than those of prime loans. However, these kinds of loans can be especially useful when prime lenders are unwilling or unable to lend due to borrower or property requirements and/or when there is a need for a quick funding.

In most cases Private Placement loans are used as “bridge” financing, allowing borrowers to either quickly acquire an attractive property or to refinance their property in order to preserve equity or get a cash-out. The typical exist strategies are refinancing or sale of the property.

The Benefits Of Trading The Commodity Market

Like trading in the Stock market, trading in the commodity market is also very interesting. While one trades on the basis of Stock Cash Tips in the stock market, the trader can trade on the basis of commodity tips in the commodity market. ProfitAim Research is one such advisory firm, which provide both the best Stock Cash tips as well as commodity tips to the traders.
Commodity market seems to be a lucrative avenue to a lot of traders and Investors. In the Commodity market various commodities are traded and one can take benefit of the price fluctuations to trade effectively in the commodity market. Various commodities are listed on the Commodity exchange and the relative prices of various commodities are traded on the exchange. There are various benefits of the Commodity trading like a trader can make huge profits by trying to forecast the Commodity signals. The most important part of the Commodity trading is to anticipate the Commodity trading signals.
Scalping: Intraday Trading Strategy For Commodity Market
One of the important benefits of the Commodity market is that the trader can form a strategy and trade on the basis of it. The Intraday strategies like First hour strategy or scalping techniques can be followed to earn good profits from the trades. Scalping is a technique to look at the price range during the first hour of trade and then look for a breakout from this range. Thus, if the prices break from the high it’s a buy call and a rise in the prices is anticipated. On the other hand, if a breakout from the lower limit of range is observed a down trend is anticipated. Thus, scalping is an important strategy in achieving good profits from the Commodity markets.
Also, there are other strategies available like trading for small profits. In this case small changes in the Commodity signals are generally traded for the profits. Also, a large number of trades are executed to add up to large profits, this will be applicable in Stock cash tips as well. The Commodity trading signals are unassuming but still with a proper plan and a proper strategy good profits can be made through Commodity markets. The trader can also base their trade based on the advice from the advisory firms who provide free Commodity signals initially and then charge a nominal amount for their services. Thus, the Commodity trading is beneficial if done with proper planning and strategy.
Trading based on the Charts
Trading in the stock or commodity market is an art difficult to master. People use various methods and strategies to trade in the stock markets. Trading based on the charts is one of the ways out of them. Various types of charts exist like Candle Stick charts and line charts. These charts can be plotted with varying time scale. The price movement depicted by chart can be an important way of forecasting future prices.
Thus, one can trade on the basis of charts and by applying suitable indicators of the technical analysis, one can anticipate the price movement. Trading on the basis of intraday Stock Cash Tips is the other way of trading.

Top 5 Benefits Annuities Can Bring Except The Lifetime Income

Earning a consistent income in their retirement life is a major concern for the seniors approaching their retirement and many of them invest in different annuity insurance plans. These annuities help the insured to receive a guaranteed income for life protects from the fear of outliving their savings. Also, if a senior couple hasn’t saved enough or doesn’t have someone to support after their retirement, these policies help greatly to take care of their daily expenses and maintain a better lifestyle. However, the majority of seniors isn’t aware of all the benefits an annuity can bring. Most of them buy an annuity solely to receive a guaranteed income in their retirement life but the annuities have a lot to offer. Here, we are going to explain five more benefits of a retirement annuity plan that you might not be knowing.

Benefit to your loved ones

At times, seniors pay a long series of premiums to earn them back during their retirement but die at an early age without receiving the complete benefits. Many seniors die soon after their retirement and insurance providers keep their share of investment with themselves. But, the new additional feature allows transferring the benefits to the beneficiaries, if the insured dies early. Along with the immediate annuity plan, you can choose a guaranteed period of 10-20 years that are calculated since the time you start receiving the payments. If you opt for a 20-year guaranteed period with the annuities, your insurer will provide a series of payments for exact 20 years. You can name your spouse or kids as the beneficiary and they will receive the benefits for rest of the period, in case you die early.

Tax deferral on earnings

Most of the investments are applicable for state and federal taxes, but the investments such as interests, annuities, dividends and capital gains earn a tax-deferred status. These investments are tax-free until you withdraw the accumulated amount. The tax-deferral is similar to 401(k)s and IRAs, but there isn’t any limit on the amount and you can put any amount into the annuities that you assume enough to spend your retirement comfortably. Moreover, the minimum withdrawal criteria have more flexibility than that of to 401(k)s and IRAs.

Tax-free investment transfers

Market performs differently at a different time and an investment performing strong today may perform poorly after a certain period. Hence, investors keep transferring their investment amount form one to another fund and there are financial advisors to help with the same. Usually, these investment transfers or rebalancing are applicable for taxes but the annuity retirement plan has no such tax consequences. That means, you can rebalance your investments as per your financial advisor’s suggestion and you won’t have to pay any taxes on that.

Protection from lenders

People take different types of loans to match a better lifestyle and pay the due amount in installments. At times, people reach a stage where they only have the money enough to take care of their fundamental requirements and aren’t able to pay the loan installments. In such cases, if the lender files a lawsuit, they may lose the return on the investments made. Annuities insurance policies also help protect your investment return even if you can’t make the installments. Usually, the premiums you have made to your insurance provider, belongs to them and there are laws that restrict that money to be accessed by the lenders.

Variety of investment options

Insurers help the investors with a range of annuity options at retirement including the fixed and variable one. The first one credits a certain rate of interest on the amount you deposit while with the later, your money is invested in the stock or bonds like mutual funds and provide a return based on the market performance. Also, various insurance providers have introduced different types of floors that set a limit by which your investment value may not fall further. That means, if you have invested in a variable annuity, you return won’t fall below a certain value, despite the fluctuations in the market.

The Latest Trend In Doorstep Loans

These days, individuals frequently have no opportunity to visit loan specialist’s office to apply for quick cash bolster. Henceforth they begin asking financial assistance from relatives and companions that is exceptionally humiliating. Be that as it may, no more you need to shoulder the disgrace of looking for assistance from companions for banks and facilitates everywhere throughout the United Kingdom have presented Doorstep loans. As the very name suggests, finances under this cash backing is conveyed comfortable doorstep. Additionally, the sum affirmed is all that anyone could need for all your unimportant needs that look for your moment consideration.

Until the point that a couple of years back, applying for extra subsidizes was a testing assignment as you were requested to experience repetitive customs. You were solicited to submit piles from archives. Actually, it took a very long time to finish the whole procedure. The greater part of the circumstances, when you got an endorsement, the requirement for stores was finished.

Be that as it may, things changed with online machine mode that scarcely took a couple of minutes of yours. Simply peruse pages and you will run over different banks offering moment cash backing. Because of regularly expanding rivalry among moneylenders, it has turned into a great deal less demanding for you to pick the loan specialist that offers bargains according to your need.

Render your own subtle elements on an online application frame yet ensure it is finished and exact. Numerous loan specialists may get in touch with you inside no season of applying. You can choose from bargains that suits your current needs. In the event that they are happy with your data, assets may be authorized into your bank tally and you can sue it the way you need with no confinements. From paying pending power charges, Visa charges, stockpiling charges; obligation solidification, child’s instructive expenses to traveling, meeting wedding costs and therapeutic urgencies, you can do everything.

Regardless of where you live in the United Kingdom, you will get cash comfortable home as 12 Month Loans. Assets will contact you either as cash or as a check. Loan specialists will charge financing cost contingent upon your current settled pay and reimbursement capacity. Sometimes, reimbursement residency is additionally broadened. Here, loan specialists charge extra expense for late installment. Be that as it may, paying extra sum isn’t an issue as you can dispose of every one of your inconveniences without running all over.

There is all around the energy among the general population about getting the sum specifically at the entryway with no dreary undertaking by any stretch of the imagination. What’s more, the news is valid and spread like a fire over the United Kingdom. In this way, it is awesome time for those individuals, who used to go to the entryway of the bank keeping in mind the end goal to have exchange about the loans. However, now, the time has come to desert the conventional framework for the acquisition of the earnest bucks in light of the fact that the presentation of doorstep loans UK has been influenced the impact in the finance to advertise.

In this way, the borrowers don’t need to squander their valuable time in going all over on the grounds that the sum something like 100 to 500 is specifically dispatched at the home of the candidates inside round the clock. There is no prerequisite of playing out the hassle full customs. In this way, influence a call to the appropriate loan specialist with the sensible enthusiasm to rate and get the sum as ahead of schedule as could be expected under the circumstances.

Lead You To The Authentic Zone Of Money Transfer

If you have an international business and you have to move to many countries for the purpose it is the urgent requirement to find a reliable and efficient money transfer service. Business with any other country will require a resourceful money transfer. This transfer should be fast efficient and safe. Your trade shouldn’t be forced by the variation in exchange rates either. For all these reasons, it is prudent to take the assistance of International money transfer Services available. It will be better to find the reputed and quality one on the internet. It is an internet era and you get different types of information on the internet.
Process Involved
This service helps you find a provider that you are comfortable with. After you decide on the money exchange provider you will need to complete some forms. Once you have established contact, you will be informed about the rules, terms and conditions involved with a deal. Finally, you will be asked to complete some forms to set up your account. You can fix a standard rate for your exchange as well. The whole process is hassle free and once you learn how to go about it, the upcoming transactions will be smooth, effortless and quick.
Exchange Rates
When you wish the inexpensive currency transfer to be done, you should be careful about the rate you choose. With large amount of money a little change can make a big variation for your commerce. When you transfer your money to a bank, they will transfer it at a great exchange rate that you are happy with on the day you have mentioned. Exchange rates promised may differ between agencies that are why you should be careful while choosing one.
Staying in the circle
Most good free currency transfer companies will make sure you are kept in the circle about where your money is. When the transaction is being made, you will be sent a verification message and sometimes even a message. You will be consulted before and after the deal, which assures that nothing can go wrong with the deal. This feature gives you more control over your money.
Expediency and safety
Foreign Exchange is a very expedient way of sending money across countries. When you choose a reliable company, along with good customer service, you will also safer transferring your money. This service is as useful for the common man as it is for businesses. Having an overseas exchange agent working for you is an immense way of saving money. In some websites, you get to check the exchanging rates promised before you sign in to transfer money. This makes it easy for you to select the best in the record.
Currency Exchange near me, this thought is quite wise and intelligent as there is lower risk for the safety of your cash. If you are in Adelaide, you can find a good currency exchange company that has a strong team for a powerful deal of money transaction. A reputed and trustworthy company always offers the better rates and a higher security.

How to Obtain US Real Estate Financing For Foreigners

Recently, there has been a fall in real estate financing in the USA. Due to the economic turmoil and banks tightening their requirements, it has become harder to foreigners to obtain a loan.

In fact, while cash deals have always been the most common way for non residents to purchase US real estate, it increased even more this past year due to the credit crunch in the market. Fortunately, lenders are slowly beginning to relax their requirements in tandem with the slow recovery of the economy.

If you are considering getting a loan for US real estate, here’s what the current process involves.

Amount Financed

Unlike loans offered to US residents, foreign investors are usually only allowed to finance 70%, or less, of a homes value. In addition to a sizeable down payment, interest rates and fees are also generally a little higher.

Property Usage

You’ll get better terms (more competitive rates and lower down payment) if your purchase is to be used as a second home rather than a rental property.

Property Ownership

Typically, banks are more receptive to lending to foreign individuals than to foreign corporations.

Credit Worthiness

Banks rely heavily on your credit history for US Real Estate Financing. Since many investors won’t have any history with US companies, it’s good to have at least 3 creditors from your own country that can provide proof of timely payments. Letters from institutions attesting to your credit worthiness may also be acceptable.

Asset Verification

This may not be required to obtain a loan but it can help you get better rates or less of a down payment. The best asset verification comes from international banking institutions who can verify the amount you have on deposit and the amount of time your account has been active.

Property Chosen

You may have exemplary credit and still get turned down for a loan. This is because the banks look closely at the type of property you’re investing in as well. For example, there are many banks that would not consider lending money on property that is already heavily controlled and owned on investors. They think that this will only increase the chances of a default and as a result, they are not willing to take the chance. Similarly, many banks won’t lend on property that is not yet built, as there is the risk that the project will never sell enough units to reach completion.

For foreign investors, the reason why the US real estate market is appealing is because it represents a low-risk and high-profit option. Even if you don’t have any cash on you, US real estate financing still represents a great alternative to gain access to this valuable market.

Top Five Intra Day Trading Tips To Become A Better Trader

In words of Warren Buffet The stock market is a device for transferring money from the impatient to the patient. Let’s read between lines. The investor or trader who is impatient (frequent buy/sell strategy) transfers money to the patient (holding strategy).

Find below herewith five tips which should be followed by a day trader:

Take advice of professional trader

Before one starts day trading it is better to take advice from experienced and expert day trader trainer. Every trainer will have different teaching method and style. See for one who has good teaching method. He should also suit your trading style. They may be ready to teach in their free time. He may charge the fee. As he is spending his free time with you. But it is worth. You can assume that paid fee as an investment, which you need to get knowledge. They are the best share tip providers when you trade.

In future when you grow big, many newbies’s will come to get knowledge from you. At that time you can charge them likewise.

Gather information from financial news

One has to gather news from across the globe. Segregate relevant news, which affects your business. Analyze and set priority which news will most affect your business. Stay updated on news like meetings, change in government policies and rules. Local, national and international news should be followed.

M&A, financial results, entry/exit of members of BOD, etc. These types of related news of the company one have shares in, make sense.

Though the news does not impact a common man but may have an impact on your investment in the concerned company. This news helps to take a smarter decision, especially while trading shares. Through nifty future tips also one can gather information.

Treat trading as any other business

Take day-trading as any other business. It is not a hobby, but a serious business. It is not for fun that one is in day trading. Like any business, it needs devotion and dedication. Trading is a part. One has to devote a lot of time preparing a plan. Study different charts before coming to any conclusion. Follow news on TV, read business magazines, study reports etc. It is a full day activity.

Keep eye on professionals

One should study professionals. What they are buying, when they are selling. For how much time do they hold the script? Since they have experienced one can learn a lot by keeping eyes and ears open and mouth shut. If one makes mistakes, then analysis the mistake. What went wrong and where? You can find them in many share market advisory companies.

Patience

It needs time, energy and devotion to master the skills. As the old saying goes Rome was not built in a day It was destroyed and then rebuild. This process was repeated many times over. Even if one makes loss he has to get up again for a fight.

Traders do not profit all the time. Many a time they incur losses. So one has to be prepared for losses and have patience during the time of loss. Commodity tips are also helpful to know the market trends.

Today’s successful traders were also novice once in a while. They got success by their hard and smart work. They had put in their efforts, made mistakes, but kept up their learning process.