Consider other financing during loan drought - bizjournals:

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One very old but underused option is or accountsreceivable financing, where a thire party buys a company’s outstanding invoices or receivables. “Accounts receivable financin g isn’t a loan,” said Chad regional vice presidentwith A/R “Whenever a company creates an invoice, A/R Funding purchasew that invoice and advances the money to the companyh immediately, which helps their cash flow.” Businesses can then use that cash to coveer cash flow shortages or to finance growth.
“Ig doesn’t have to be a big company, as long as your compan y is doing business with creditworthycustomers [according to] , and we have a few othe groups we use to look at that and we establish credir limits,” Todd said. “We actually have a 90-dayy agreement that you can terminat e atany time, without fees. We only have one fee, which is the fee on our it’s less than 2 percentg for the face amount ofthe invoice.” After tryinyg traditional banks and credit unions, Adam Hoyles, vice presideng of operations for , said it turne d to A/R Funding.
“For whatever traditional lenders “weren’t interested in doing a businesss lineof credit,” Hoyles said. “We were growin and our operations were increasing in both speed and and it was more and more difficult tokeep running. “Clientsx would go 30 to 60 days topay us, but when you send someon e in the field, you stillk have the same payroll. The business still has to run whilre you are waiting toget paid. When I look at my abilitu to predict cash flow on aregulat basis, the fee is absolutely worth Another funding source that’s worth looking into is the ’xs America’s Recovery Capital loans.
Beginninf June 15, the SBA will start guaranteeinygthe loans, up to a maximum of “It’s an unusual loan: The SBA is paying the interest,” said Ralp h Ross, deputy director of SBA’s North Florida districyt office. “We have never done it quite this way The bank will disburse the loanand we’ll stargt making monthly interest payments on the loan straight to the Plus, we guarantee 100 percent of the principall for the bank.” The SBA is still drawinfg up guidelines for the loan, but Ross said it estimatew the program could provide for as many as 10,000 loans. The loan progra m is designed to help businesses that are strugglin g due to theanemic economy.
“Thre idea is it’s just something that a companh can use to help payits bills,” Ross said. “Ther e is still going to be a credirt test; we want to make sure they are viable Chris Rodatz, vice president/SBA lende r at , has already had a number of clientw call to learn more about the program. “Thegy say, ‘We could sure use it. I need to buy or, ‘I’m falling behind on my obligations,’ Rodatz said. For any business that’s investigatinh the ARC loan program, now is the time to “First, they need to contactf their bank to make sure the bank is goint to participate inthe program,” Rodatzz said.
“Then be preparedf to have an updated tax return and personal financestatementss — the basic prequalification materials.” Anothert new SBA funding option in the workse specifically targets vehicle dealers and will allow lenders to provide lines of credit through the 7(a) program for titled inventory. “Dealer floor-planninh is something we traditionally haven’t been involved Ross said. “We raised the size standards,” to allos dealers that normally don’t qualify for 7(a) “And the new program will help us financwe the inventory on theshowroom floor. Any property that has a titlecan That’s a very interesting, new product.
there’s a lot of distress in the auto industry andrelate industries, such as RVs and motorcycles, and we are hopinh to help out with that.”