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re: Funding Sources
Posted on 6/21/15 at 6:13 pm to VABuckeye
Posted on 6/21/15 at 6:13 pm to VABuckeye
Thanks for everyone's insight...
I have tried traditional sources and don't think I'm going to get a bank on board.
I don't want to factor (expensive and negative image to clients) and I probably don't want to give up equity. (Would consider under the right circumstances but I would hesitate to give up a lot for short term cash...)
The company is profitable and I have a solid book of contracted business. The challenge is that the business (6 years old) was a single owner until I joined last year and she only did about 300/400k year, last year we did 2.9 and we will double that this year.
Generally we do fine with Cash flow but I just finished a slow paying huge project and have two more large projects rolling.
Ultimately, I just need an LOC to help finance large projects on the front end but that seems to be hard to come by...
I have tried traditional sources and don't think I'm going to get a bank on board.
I don't want to factor (expensive and negative image to clients) and I probably don't want to give up equity. (Would consider under the right circumstances but I would hesitate to give up a lot for short term cash...)
The company is profitable and I have a solid book of contracted business. The challenge is that the business (6 years old) was a single owner until I joined last year and she only did about 300/400k year, last year we did 2.9 and we will double that this year.
Generally we do fine with Cash flow but I just finished a slow paying huge project and have two more large projects rolling.
Ultimately, I just need an LOC to help finance large projects on the front end but that seems to be hard to come by...
1
Posted on 6/21/15 at 6:17 pm to More&Les
Work with your suppliers. If you share numbers they might offer better terms.
After another year or two that LOC should be easy to get. I operated for five years at a moderate growth rate before I took the plunge.
After another year or two that LOC should be easy to get. I operated for five years at a moderate growth rate before I took the plunge.
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