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    1 Reply Latest reply on Sep 9, 2010 2:53 PM by phanio

    Financing issues with growing existing business

    SouthernDoc Newbie

      Our family owned and operated business just celebrated its 6th year. We would like to open a facility, as we currently are mobile. Opening a facility would allow us to tap into an even larger slice of the pie the retail market. We currently service the car dealership, resturant and fitness center industry with a small portion of retail.

      Before the economy took a nosedive our company was in great standing -- meaning no late payment to creditors great credit score etc., however we operate on a 30-45 day invoice structure with our customers. When some went out of business and others began paying us later and later, it impacted our small company. We would like to seek financial assistance to grow and add additional employees and a working shop -- there are currently 5 full time employees and 3 subcontractors. With loans on 4 vehicles and slow receivables and other operating expenses we are just now considering looking for some operating capital help.

      The only assistance our company has taken in the past were the loans on our work vehicles. We used the receivables to fund the companies growth and had always done fine. Grants are cumberson and difficult and we are not sure if they are even the right choice, banks are slow in lending and especially now with late payments and our credit score taking a hit (I assume). Any suggestions?