If you’re caught in a small business funding bind, know that you’re not alone. It’s actually a pretty common issue for ambitious entrepreneurs to identify a market gap and rapidly fill it with a product or service that seems lucrative. Perhaps new small business owners will even improve on an existing product or service, similar to what Lyft did with Uber. However, as good as your ideas may be, a lack of funding — working capital, to be more specific — can leave your company stagnant on the entrepreneurial runway.
Asset-Based Lending In Los Angeles For Rapid Cash Flow Solutions
So, how do you take your business to the skies in order to compete with the big players? Asset-based lending and finance factoring are the answers to your cash flow problems. With the help of our highly-customized, unique lending solutions, The Commercial Finance Group can help restore your company’s cash flow back to a healthy, operable state. Even if you’re not a self-proclaimed finance wizard, you should know that your cash flow is extremely important.
While the right thing to do is reach out to The Commercial Finance Group when you’re experiencing a worrisome lack of working capital, read below in today’s blog post for some things that you just shouldn’t consider doing. Of course, it’s your business at the end of the day, but we absolutely do not recommend doing the following for additional funding.
Getting Personal Loans At Extremely High Interest Rates
First of all, intertwining your personal financial life with your business financial life is only going to complicate matters, especially further on down the road. Second, you’ll probably end up paying so much interest on a simple personal loan that you’ll end up losing money in the process, or, at best, break even after paying everything back with the additional money that your business (hopefully) made with the help of the loan.
Really though, just skip the headache of nutty interest rates and personal financial woes.
Going Through The Bank For A Business Loan
Though interest is still a factor with loans, banks do provide legitimate, trustworthy business loans — especially small business loans. However, while this is a tried-and-true financing solution, traditional bank loans usually take weeks, if not months, to eventually process. By the time your business actually receives the useable funds, who knows if you’ll actually be in business anymore.
Asking Friends And Family For Money To Fund Your Business
Ego aside, this is just a bad way to go about business. Sure, there are some situations where running a little shop out of your parent’s garage necessitates a little more financing from their end, but ultimately, you’re trying to achieve a sense of financial independence. As we mentioned above, keep personal matters and legitimate business separate and skip the debt to your friends and family. This only complicates things.
Work With The Commercial Finance Group Today
If you’re looking for seasoned small business lending services in Los Angeles and Atlanta, look no further than The Commercial Finance Group. Sign up today.
