Many business owners or medical practices have found a way to do what they love and earn a living at it. When the time comes to expand, pay bills or pay taxes it can be challenging when cash flow is unadequate and the amount available is not enough to pay expenses.
The business owner has many options available to make ends meet when the money is not flowing as it should be.
First the business owner or medical practice can go to a bank and try to obtain traditional funding. In some cases based on the time in business and the community relationship this can be simple. On the other hand if the business has only been around a short time or has not established credit the chances are slim or none that a bank loan can be obtain.
The best option for a business that does not have established credit is to work through an alternative funding source and ask for a bank statement loan or medical practice loan. Small Business Loans Depot is a source that may be considered an alternative loan source.
The business cycle has periods to note that go well and then there are times when funding is scarce. This is the time to either try to increase cash flow or obtain alternative funding. Alternative funding sources are a great way to pay bills, pay taxes, go on vacation or use the funds for any purpose and the money can be received in 7-10 days with no hassle.
If you operate a small business or medical practice you may want to establish an asset based finance loan. This is a handy way to obtain working capital for growth.
An asset based finance loan is secured by collateral including accounts receivable, inventory, equipment or real estate. Many lenders prefer to use receivables for collateral because they liquidate quickly.
Rapidly growing companies can also take immediate advantage of increased sales, even if their accounts receivable collection is lagging behind. Among the benefits of this type of funding is that you don't have to give up any ownership equity to receive funds.
Rapidly growing companies can also take immediate advantage of increased sales, even if their accounts receivable collection is lagging behind. Among the benefits of this type of funding is that you don't have to give up any ownership equity to receive funds.
Many consultants including Ed Rogers is ready and available to answer any type of question you may have as a business owner regarding funding for your business. Understand that you don't have to struggle as a business owner but funding is available in many forms. Also with alternative funding it gives you the ability to fill out a simple 1 page application in the comfort of your home or office.
Lately since the US economy appears to be coming back from such a terrible downturn now is the best time to take advantage of the additional cash flow that is available. Many individuals have waited years to buy equipment and put off expenses waiting for an upturn in the economy. With additional cash flow the business owner can expand and buy additional inventory and make money in the long run.
