I'm looking for insight into the options for working capital for an expansion of my husband and my's wholesallme fashion agency. The company is approximately two years old and by partnering with another established agency we've been able to grow quite rapidly.
However, the time has come now when the cash flow is tight through payroll as we wait for tardy customers to fulfill commission payments and wait for other opportunities to mature and pay with seasonal fluctuations in shipping. In the past we were able to stockpile cash for this but now we have an additional employee and the opportunity to expand to NewYork.
We've always been of the mind that a cash business is the best business but now looking at our cash flow projections I really think we need a cushion for unexpected expenses until we build back up the coffers and move through the growing pains of this expansion. I'm expecting money to be tight for 6 to 10 months and am ideally looking for cash in the amount of 25k. The money will be used for operating costs including flights from LA -NYC, showroom rent, utilities and advances to 1099 contractors. My question is, what's the best option for me, a line of credit or a loan and do I need a D & B number to do either?
Thanks for any insights.
Welcome. Would like to know more about you and your business.
Start by going to your profile and supplying more info.
Do you have a Federal I D Number?? Employees on payroll?? or are they all 1099 contractors??
Do you have a cash flow projection?? A business plan?? An accountant??
What collateral or security do you have for a line of credit or a loan??
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