An excellent article on SmartMoney.com's Small Business Site describes how the credit crunch is hitting entrepreneurs hard -- and right before the holiday season when many need to load up on inventory, hire additional staff, or find their business is in a lull until next year.
She also quotes Curtis Arnold, one of my trusted colleagues, and the provider of our best business credit card list.
The recommendations for dealing with this credit crunch are all good, but I would add that there are alternatives to factoring that don't require $1 million in receivables. We've recently been talking with an Inc. 500 company, for example, that can offer cash advances against your credit card receivables which does not affect your personal or business credit, because it is not a loan. This solution is popular with many businesses, including restaurants (which find financing difficult) and auto repair shops (as in the example in the story. We'll write more about this option soon, but in the meantime feel free to call us at 888-227-3158 if you'd like to learn more about business cash advances.
Tuesday, October 30, 2007
Thursday, October 25, 2007
SmartMoney TV
While in New York last week I had the opportunity to talk with SmartMoney TV Small Business Editor Colleen DeBaise about business credit. Click here to watch the interview.
Congrats to BusinessCreditSuccess Member Scott Walker!
Congratulations to BusinessCreditSuccess.com member Scott Walker, co-founder of DigitalGolf.biz. You can read Scott's start up story on this blog. He was also featured today in a front page story about business credit on the very popular website Small Business Review! (If you don't get their newsletter, you should!) I was glad to be able to hook Scott up with reporter Gary Stern for the interview.
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