Financing Solutions is a Good Alternative to PO Government Financing
You are facing an age-old dilemma. Your company has won a government contract but you need cash in order to fill it and the bank has denied your application. Fortunately, Financing Solutions is a good alternative to PO government financing.
Winning government contracts is an excellent way to grow your business quickly, especially when you can deliver successfully and on time. Many companies need financial help to make this possible. PO financing is okay but Financing Solutions is an even better choice over PO government financing.
How Can Financing Solutions Help with PO Government Financing
With government contracts, it is common to have orders that surpass your regular volume of work. Consequently, you might not have enough cash on hand to purchase the supplies you need to fill the order. That’s where PO government financing can help.
Your best option is a business cash advance company like Financing Solutions. They will give you a cash advance and when you get your invoice paid by the government, you can pay off your financing.
Getting fast business funding from Finance Solutions allows you to avoid depleting your cash reserves. This will help you to complete the order successfully, which can provide a boost to your bank account, put you ahead of the competition and possibly earn you more winning bids in the future.
Why Banks Are Not the Place to Go for PO Government Financing
Banks are not in the habit of providing emergency small business loans. You may stand a better chance of asking before you actually need the money, particularly if you have a detailed plan for the future.
However, most small businesses are unable to qualify for a quick business loan from a bank. They will look at your company’s finances with a fine-tooth comb, often dating back three years or more. Also, the fact that you need money for your business fast sends up a red flag for banks, signifying to them that your company may be in financial trouble and unable to repay the money.
Additionally, you must have an exceptional credit history in order to get approval. They also require tons of collateral to cover the cost of the loan.
What You Can Do About Cash Flow Problems
Research has shown that approximately half of all small businesses that start today won’t be around five years from now. The main reason that so many companies go under is a lack of cash. Don’t let your business become a part of this sad statistic.
Of course, the key is finding ways to delay payments to your creditors while getting your clients to pay as soon as possible. One way to bring in more cash is to request that customers put a down payment on orders. You can also perform credit checks, especially with new clients or large orders, to reduce risk.
In addition, you can also use electronic funds transfer to pay your bills on the exact due date. This will allow you to keep your cash longer and increase the chances that some of your customers will pay before your bills are due.
The best way to manage cash flow problems is to contact Financing Solutions. They will give you the fast business financing to fill your purchase orders and grow your business.