bmt2008
305 posts since
Jul 30, 2008
6.
Re: I need a 25k small business loan Mar 7, 2009 9:50 AM
There are two options that I can think of that might help you. These can be used separately or inconjunction with each other.
First, if you have outstanding Accounts Receivables (your invoices that you are waiting to get paid for) you can factor those receivables. You can get cash now - instead of waiting 30 days or more to get paid. Further, if you have a steady level of receivables - many of thee factoring companies will provide a line of credit based on past volumes or future projected volumes of your invoices. These lenders do not focus so much on your strengths or the strenghts of your business but on the credit worthiness of your customers. Yes, they will contact your customers. But, I would estimate that 90% of your customers are already familiar with this process. You could also contact your customers first - letting them know what you are doing and why you are doing it - i.e. - to grow and expand your business so that you can offer them better products and services
Second, Purchase Order Financing. Here, if you have a contract(s) in hand - meaning that you have signed contract for your offerings - from a credit worthy customers, there are purchase order financiers who will pay (fund) what you need to complete the order - be it inventory, supplies, or even labor. Again, they will contact your customers - but I bet many are already fimilar with these programs. Thus, you get the funds you need to complete or even compete for bigger contracts and still get to keep the profits - to help fund the next big one.
If you want more information about these programs, we have some indept information on our site (NO COST TO YOU). You can then search our database for companies either local to your area (in your state) or nationwide that provide these types of funding.
Remeber, we do not charge anything - we just provide the information and resources.
Best of luck
