A Line of Credit... Just in Case
The short answer is, “No, you can’t,” according to the Small Business Administration (SBA). But, while the PPP loan may no longer be available for businesses, nonprofits, or churches, there are still plenty of accessible small business funding opportunities if you know where to look. We can help. Here’s what to know about PPP loans, […]
PO financing—or purchase order financing—is one way a small business can fulfill a customer’s order even if it can’t afford the supplies to produce the goods. Here’s what we mean: Let’s say your company wins the manufacturing contract of your dreams. It’s a huge order, and the customer is ready to send you the purchase […]
With the economy expanding, business owners are in need of reliable financial resources to respond to rising consumer/business demands such as equipment financing, payroll funding, and other working capital demand requirements making business grants and loans a necessity for minority-owned small businesses. In the U.S, minority-owned businesses generate approximately $1.8 trillion annually. Despite significant revenue […]
Are you seeking growth financing for your small business? Before going into significant debt or taking on investors, have you considered a small business line of credit? A small business line of credit differs from traditional business loans, invoice factoring, short-term loans, and credit card financing in many ways, but most importantly, it could give […]
There comes a time in the life of every small business when a quick short-term business loan can make the difference between business growth and business failure. Whether you need an infusion of cash to buy equipment or cover an unexpected cash flow shortage so you can make payroll, a short-term business loan provides the […]
Over the past 25 years, I have built 6 companies in the $5 million to $25 million in revenue range with two of them making the INC 500 fastest-growing list. An outsider might think I self-financed all those companies, but the reality is that I used Factoring and business lines of credit to get me […]
Having low expectations doesn’t always mean you are willing to accept anything. Sometimes, low is good, such as when you are looking for a low-interest line of credit to help your small business cash flow management. In business, we often emphasize the highs, like high profits or a high-performing product. Still, there are times when […]
The first rule of business is: every good business needs cash. Thankfully, a business line can help businesses struggling with cash flow The small business you have built is not just any business; it is your small business. Whether it survives or goes down in flames is up to you and your ability to obtain […]
Many businesses without lines of credit don’t think about obtaining one until it’s almost or already too late. They wait until they’re short on payday, their creditors are calling, or they’re unable to meet their obligations due to not enough revenue or a lack of cash flow.
So how does having a business line of credit avoid getting into this situation? The keyword when it comes to planning for a credit line is “prepare.” Be ready before you get into trouble, before you have cash flow and funding problems, and before you run into a shortfall. All of these are great times to consider getting a business line of credit. Because, when the time comes, you might not be able to arrange a credit line to get you out of a jam and cover necessary business expenses.
Update: As of 6/1/2021. The Payroll Protection Program for nonprofits and businesses is now closed. Unfortunately, the government only provides loans through the SBA to for-profit businesses but not SBA loans to nonprofits. Financing Solutions continues to be the leading provider of lines of credit to small nonprofits throughout the United States. The SBA/Federal Government […]
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