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.
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6 comments:
I’m a credit analyst at an equipment finance company and I wrote an article last month about the [url=http://www.crestcapital.com/equipment_loan_media]Five Cs of Credit Evaluation[/url] that the majority of lenders use to evaluate potential loans. I would like to highlight that while banks look at small-to-medium size companies from a Fortune 500 perspective, equipment financing companies see applicants from a small business perspective, which highlights a sixth C: Common Sense.
I recommend considering equipment financing as a viable option to manage and improve cash flow - and the bonus is that the process (and chances for approval) is much easier.
I'll have to keep this post in mind. I want to run a business soon, which means I can use all the help and advice I can get. Lately I've been thinking about buying a business instead of starting one from scratch. Any suggestions? Advice. Thanks.
I wanted to let you know that our company could be of help to your readers. We are a web design company that reports to Experian and if you have D&B Credit builder, you can use us as a trade reference. Our website is www.bitwavedesign.com. Your custom website will be completed and we charge $59 per month and we start out reporting $2500 account to Experian. The credit limit increases the longer we work with you.
Hey I just started a new business and I needed to know how to get some business credit fast without the long wait. I did some research and found this site called gboogie.net they set me up an account I purchased one of their products and they reported on my business credit file and fast to I was so excited I purchased from there a couple of times to build my file up. And building my business credit up went faster than I ever thought I could. So guys go to gboogie.net they report on your credit file business and personal woow u can’t beat that….
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