As a small business owner, one of the most significant challenges you can face is getting the money necessary to operate and grow your enterprise. Whether you’re just starting or you’ve been in business a while and want to expand, getting a loan can feel like an overwhelming process.
For business owners unaccustomed to invoice factoring, selling accounts receivable can be confusing. It’s true that factors do offer companies fast access to cash, but they don’t provide typical loans. The cash that a company receives doesn’t need to be repaid over time with interest. In fact, in most cases, it never needs to be repaid!
Regardless of your business, there’s a good chance that you rely on equipment of some sort to do your job. If you’re in construction, you need cranes and trucks. If you’re a dentist you need X-ray machines. If you own a restaurant, you need commercial ovens and refrigerators. If you own a gas station, you need gas pumps and coolers for drinks and snacks.
As an entrepreneur, you want to be able to run your business smoothly and efficiently. However, for many people this, unfortunately, means floating on credit when money is tight. While having a company credit card can be essential, it’s never a good idea to rely on credit cards too often to balance your books.
