Post a new topic
    5 Replies Latest reply on Feb 2, 2009 10:22 AM by MoisesZ

    Need short term loan

    Jbbdesign Newbie

      We have been manufacturing, private lable swimwear and sportswear, for 16 years. We normally factor our invoices but the company we were using is no longer being funded.
      We have unpaid invoices with the factor that is now closed. In order for us to get a new factor, we need to payoff the old some of the outstanding invoices so they will
      release us. We have goods waiting in Port ready for us to receive them and ship to our customers. The factory wont release the Original Bill Of Lading
      until we pay them in full. We have paid them 81k of 90k. We can probably come up with the 9k but once we ship we still cannot factor invoices until
      we payoff the old ones. Our customers pay invoices in 30 to 45 days. We are looking for a 90 day loan of $40,0000. This would pay off a portion
      of the outstanding invoices. The new factor would buy the balance of outstanding invoices, we would then be able to factor what we ship and payoff the loan.

      I would appreciate any suggestions, comments, advice
        • Re: Need short term loan
          Creditbuilder Scout

          There is a person here, whom I regard highly reputable when it comes to AR FACTORING and that would be AMSPCS. I tryed to type his email address in this post, but post got rejected. We on the other hand do unsecured no-doc all the way up to 250k+, but you will need a FICO of over 700, but if you are working with AMSPCS that will not be a necessity. If you have questions or need to get his email contact John through our site.

          Good luck
          1 of 1 people found this helpful
          • Re: Need short term loan
            bmt2008 Adventurer

            Couple of options:

            1) If your personal credit is excellent - you could easily get that in a personal loan - I know of two companies that provide up to $100,000 in unsecured personal loans (they also proved up to $125,000 in unsecured business loans)
            2) What other assets do you have? If you have equipment that owned free and clear, you could easily sale that equipment to a leasing company for the cash you need, then lease that equipment back - low monthly payments and possible tax deductions. Then, when ready, you can also purchase the equipment back.
            3) Micro-credit - there are lending organizations in this nation that provide micro- loans from $500 to $35,000 for growing businesses.

            Just some thoughts
            1 of 1 people found this helpful
            • Re: Need short term loan
              LUCKIEST Guide
              Go to Members page and share

              Complete your member profile
              bySBOCTeam at Jan 27, 2009 3:11 PM


              Before
              diving in and asking that first question, complete your profile. Giving
              some background about yourself helps other Community members when
              trying to answer your small business questions. Its a quick and easy
              way to promote your business too. Complete your profile today!

               


              • Re: Need short term loan
                MoisesZ Newbie
                The need of short-term loans is very in demand these days, especially when an unexpected expense comes along and dashes your ordinary financial routine, a really easy option is to get a payday loan. A payday loan, or short term loan, or cash advance loan, is a loan that you take out and pay back in a couple of weeks or whenever you get your next paycheck along with a nominal fee. The greatest advantage of these loans is that they can bring you the much-needed cash almost instantly. There isn't any residual interest that you have to pay down for years, like a credit card or bank loan, and the application is incredibly easy. You could be done with the application and have your payday loan within a couple hours if you apply online or over the phone. Read more about a http://personalmoneystore.com/moneyblog/2009/01/28/supercharge-your-finances-with-a-payday-loan/">payday loan on the Money Blog.