First, Jeanne (OkieJ), explained that small businesses don’t get much of our money from banks. I gave a link to a bit more on how to raise money from friends and family. Now Marco Terry explains another option in his blog, Invoice Factoring: Small Business Financing:
There are still two types of financing that are widely available to small businesses – even micro businesses. They are factoring, small business factoring and purchase order financing.
These three business financing tools have one thing in common. They can supply you with financing if you:
* Sell products to business clients (not consumers) or the government
* Have an ongoing business with some clients
More importantly, they can help your business grow without the restrictions of a business loan.
Terry is a professional in invoice factoring, and his blog explains all about it, removing some mystery from a subject most small business people, and especially rural small biz people don’t know much about it.
UPDATE: Here’s the link to Terry’s updated website.
- In an economic crisis, spend your brainpower before your dollars - November 25, 2020
- Video: How to fill empty car dealership buildings for the holidays - November 6, 2020
- How has 2020 changed the challenges rural small towns face? Tell us here - October 20, 2020
- The Idea Friendly Method to surviving a business crisis - October 6, 2020
- Join me for the Rural Renewal Symposium online Oct 13 - September 26, 2020
- Cheap placemaking idea: instant murals - September 11, 2020
- Refilling the rural business pipeline - July 7, 2020
- Huge vacant buildings: grants to renovate? - June 9, 2020
- Economic self defense for small towns - June 7, 2020
- The best things you can do for local businesses in light of coronavirus - March 27, 2020