I am a small business owner looking for working capital, but as we all know the banks are not lending – Help?
Posted by admin on 21 Apr 2009 9:30 pm. Filed under Small Business.
Small Business Owner needs Help
I am like many other business owners in a cash flow bind. The banks would not help me, so are there any alternative avenues that I might be able to pursue?
Please, No Angel Investors, Venture Capitalist or Credit Card schemes.
I am like many other business owners in a cash flow bind. The banks would not help me, so are there any alternative avenues that I might be able to pursue?
Please, No Angel Investors, Venture Capitalist or Credit Card schemes.
4 Comments to “I am a small business owner looking for working capital, but as we all know the banks are not lending – Help?”
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On April 23rd, 2009 at 8:21 am
Financing is always tough for small businesses. That’s why SCORE and SBA headline their list of ways to finance a small biz with things like savings, your credit card, mortgage your home, take a family member as a partner and each put in capital, etc. Check out SCORE and SBA for ideas, tho I often find them pretty lame.
1. You cannot draw salary while your biz is having cashflow problems. Keep every cent in the biz for the biz. Do you have working family members? Can you take a part-time job? Anything you can do to eliminate your salary or draw temporarily?
2. What expenses can you pare down, delay, or (best) eliminate? You will survive if you are the lowest-cost, highest-value provider. So what are you doing to put yourself in that position?
3. What kind of relationship do you have with your bank? Talk to your banker (assuming you have a good relationship built up over years) and see what your banker can come up with. Biz loans are starting to ease up a bit for the best businesses. Maybe with a good track record, good banking relationship & SBA you can get a loan or line of credit. Tough one that, but that sort of opportunity has started to open up a teeny-tiny crack, whereas consumer lending is still the pits. Do not write off your bank if you have a track record there until you really explore their suggestions for cutting costs as well as financing.
On April 26th, 2009 at 10:14 am
try very good site for people to people landing.
On April 28th, 2009 at 12:30 am
We provide Working Capital for small business owners – If you are interested, give me a call at 1-800-423-5218 and let’s talk about it.
Charlie
On May 1st, 2009 at 6:17 am
Contact your Local Small Business Association. They can get you the Loan that you need.