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.
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Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.