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Advice and Resources on Unsecured Startup Business Loans
Equipment Leasing
Short on cash, but need new equipment to grow? Lease what you need.What It Is: Equipment leasing is basically a loan in which the lender buys and owns equipment and then "rents" it to a business at a flat monthly rate for a specified number of months. At the end of the lease, the business may purchase the equipment for its fair market value (or a fixed or predetermined amount), continue leasing, lease new equipment or return it.
Appropriate for: Any business at any stage of development. For start-up businesses with no revenues, "small ticket" leases, those of $100,000 or less, are feasible on the personal credit of the founders or owners-if they are willing to make the monthly payments.
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Resources for Unsecured Startup Business Loans
Choose the Right Leasing Partner.
The starting point for saving money on your lease is to select the right leasing company. The biggest savings in this area come from saving time and dodging substandard lease transactions.
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Invoice Factoring: A Valuable Funding Resource
Invoice factoring companies can provide immediate, short-term funds for companies that are unable to obtain a traditional bank loan. Financing from traditional banks generally requires commercial borrowers to have two years in business and showing a profit. Banks tend to favor loans secured by tangible assets like machinery, inventory, equipment and real estate. Working with factoring companies, in contrast, are less restrictive.Read full article
Resources for Unsecured Business Loans
Factoring Buyer's Guide
Although price can greatly influence your decision, be careful not to put too much emphasis on price over skill and service. The money you save may not be worth it in the long run if you face long payment periods or unreliable customer service.
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Taking the Accounts Receivable Financing Plunge
Is Account Receivable Factoring for You?As a small business owner, you know first hand the struggle of attaining capital to finance the growth of your business or meet cash flow shortages. When regular small business financing such as loans and credit are limited, some business owners will turn to accounts receivable financing. Is accounts receivable financing right for your business?
What is Accounts Receivable Financing?
Accounts receivable financing is the selling of outstanding invoices or receivables at a discount to a finance or factoring company that assumes the risk on the receivables and provides quick cash to your business. The amount of value assigned to the account depends on the age of a receivable. A more current invoice will pay more. Any accounts receivable over 90 days typically are not financed. Accounts receivable financing is also known as accounts receivable factoring or accounts receivable funding.
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Resources for Unsecured Business Loans
Manage Equipment Returns
Save a bundle on your lease by managing the equipment's return. Although you may not anticipate returning the equipment to the leasing company at lease end, it can be costly if you do.
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Leasing Is Often Better Than Buying
Leasing refers to an owner, or lessor, selling use of his property (equipment, automobile, home, or business) to a lessee. For many individuals, leasing is a good alternative to buying because leasing requires less equity and, therefore, more people have the qualifications to lease than to buy. For example, a $1 million piece of property may be too expensive for a business to purchase, so they lease it for $5,000 per month, which they are able to do with the profits they make.Having the latest high-tech equipment is crucial for an IT company, so they may lease the best computers and have a continuing upgrade in their contract. This is much more cost-effective than regularly having to purchase the latest model, especially because computers are constantly being improved upon and the older ones become obsolete in no time.
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Resources for Unsecured Startup Business Loans
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- tokyobabydoll tokyobabydoll Sep 4, 2008 @ 10:38 pm
- Great mix of resources. The articles are interesting and yes, financing is an essential part of business.
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- sweetpeaches77 sweetpeaches77 Sep 4, 2008 @ 10:24 pm
- Nice articles! Very useful to those interested in financing their startup businesses.
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- BFuniv.com BFuniv.com Jun 7, 2008 @ 12:29 pm
- Running out of money can crush a young business. I would be wary of too many financing commitments too soon; but knowing about the sources you have listed provides a start-up business with choices.
