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    8 Replies Latest reply on Apr 10, 2009 12:45 AM by phanio

    I am looking for alternative funding to expand business?

    OLHIPI1953 Newbie
      Small Business looking for alternative funding. Woman owned and operated. Opportunities limited? No one wants to lend to Collection Agency. Trying to expand. Would appreciate any help or input. Thanks
        • Re: I am looking for alternative funding to expand business?
          LUCKIEST Guide
          Alternative funding, Welcome Mary

          *What do you mean by "*alternative funding". Like thinking outside the box.

          LUCKIEST
          • Re: I am looking for alternative funding to expand business?
            Wayfarer
            Alternative financing is available through the use of business credit. Try searching for "strong business credit" just like that in quotes, via google or yahoo and see what comes up.

            Beware of the costs, you may run into $1000-$1500 costs when it comes to credit building. Here's an article about business credit cards.

             

            A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.

             

            Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.

             

            Good luck,

            Ilya Bodner

            Small Business Owner
            Initial Underwriting Group
            1 of 1 people found this helpful
            • Re: I am looking for alternative funding to expand business?
              bmt2008 Adventurer
              There are many ways you can get funding - depending on what you are looking for - how much, for what purpose, etc.

              If your credit is strong - there are a few unsecured lenders - non-bank lenders - that provide unsecured business and personal loans.

              If your credit is not the best - and you are only seeking a small amount (say under $25K) there are a few options. These options are for those who either cannot qualify for traditionals bank loans or have been turned downed by their bank for whatever reason.

              There are "alternative" asset based lenders that will either factor your accounts receivables or purchase orders - providing you the cash you need to either complete the job or for working capital to get that next job.

              Lastly, there are bootstrapping options that are falling back into favor. Bootstrapping use to be for businesses just starting out. However, given this credit crunch - established businesses are finding that these are great options to finance growth or to cover a slow market.

              Just some thoughts
              Business Money Today
              1 of 1 people found this helpful
              • Re: I am looking for alternative funding to expand business?
                phanio Pioneer
                Have you found what you are looking for? There are factor companies that understand and work with collection agencies.

                Business Money Today