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Monday, 28 April 2008 |
By David Castro
Despite the way it is portrayed in the media, not all businesses are swimming in profits. The truth is, many businesses face an ongoing struggle to remain profitable. Some months are good, others are not so good. Even those that are consistently profitable may have very lean cash reserves. Then, when the economy cools and sales slow down, those cash reserves can quickly disappear. In order to remain in business these small businesses must be able to find and obtain additional business funding.
There are two types of funding that many small businesses consider when looking for business funding; conventional secured loans and unsecured loans. The type your business will qualify for largely depend on tow factors. How long your business has been operating, and the credit record of the business. In order to qualify for the best rates when getting business financing, you should have an existing business that can show a history of profitable performance, and have a clean credit history. Businesses that fall into this category can go to any bank that they have a relationship with, and the chances are good that |
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Last Updated ( Monday, 28 April 2008 )
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Monday, 28 April 2008 |
By David Castro
The biggest reason that small businesses fail is a lack of adequate cash flow. When the economy is good and sales are high, this isn't usually a problem. However, the economy is not always strong, and sales are not always high. During these down times, the cash flow can slow, and cash reserves begin to dwindle. Or you may be enjoying the good economic times, and decide that it is time to expand your business. When this happens, you need to make sure you have a plan for obtaining small business financing.
For well established businesses with a good credit record, finding small business financing is not usually a problem. If this describes your business, you probably already have a relationship with a bank. You should be able to talk to the loan manager at your bank, and it is just a matter of structuring the financing in a way that is acceptable. If you do not already have a relationship with a local bank, it is an easy thing to do. Most banks are more than willing to work with successful businesses.
However, not |
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Last Updated ( Monday, 28 April 2008 )
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