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    1 Reply Latest reply on Nov 2, 2010 12:30 AM by MintFinancial

    Small Tax Prep Bsuiness in Need of Operating Capital

    nr42000 Newbie
      I own a small income tax preparation business offering basic income tax prep, e-file, rapid refunds, and ongoing customer service. This year has been especially difficult becasue of the economy. I usuallly generate sufficient cash flow to maintain overhead in the off-season, but not this year. My business serves 350- 600 clients annually at an average base rate of $160 per tax return. I would like to borrow $10K to hold me over until the upcoming tax season, but I have bad personal credit. Is there any way I can use my income history/projections to borrow against?
        • Re: Small Tax Prep Bsuiness in Need of Operating Capital
          MintFinancial Newbie

          nr42000; I am sorry to hear of your difficulties with your business. I think I speak for many of the members here when I say, we feel your pain. To answer your question, yes you may be able to get approved for the $10k you are needing to hold you over. There are cash-flow loans available that are not FICO score driven. Most lenders will be more interested in knowing why your score is low. For the most part as long as you do not have the following:

          • Foreclosure (recent, or active)
          • BK (within past 2 years)
          • Tax Liens
          We would be happy to assist you should you have any questions. Mint Financial Group www.mintfinancialgroup.com

           

          then you should be alright. Just make sure that whom you are working with, they understand that your business is seasonal, and make sure they will allow you to provide proof of your business' revenue during both peak season, and off-season. This way the lender will get a clear pcture of your business' capacity to repay a cash-flow loan.

          Best of luck!