Quick Cash Sources For Small Businesses

Getting cash for your small business isn't as difficult as some people lead you to believe. Several options exist to raise fast cash for your business. Which one is best is something only you can decide.

The first way to get quick cash is to get a loan from a close family member. Asking for this type of loan can be quite uncomfortable (for both parties). However close family members typically already understand how your business operates and how profitable it is, which makes it easier for the person putting up the money to make a decision. Do put the terms of the loan into a legal contract and follow through. A lawyer can draft a contract very quickly and for minimal cost.

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If you do not have any close family with money to invest or if it would just be too uncomfortable for you to deal with a family member you can always look for a private investor. Private lenders are individuals with money to invest in sound business deals. If you cannot find a local investor willing to make a loan to your business consider an internet based social lending group like Prosper.com. Be prepared to pay more interest than you would to a bank.

Factoring your business's accounts receivable is another option you may want to consider. A factoring company will pay you cash today for the future income that is currently tied up as a receivable. The amount you get will be discounted. How steep the discount will be has many variables and not all factoring companies will be interested in every type of receivable. Call a few companies and see if they are interested in what you have to sell.

Another way to get quick cash for your business is to use credit cards. Use credit cards as a last resort because the interest rate can change without warning. You think you are only paying 9% but 2 statements later you see it has jumped to 19%. Call your credit card companies before you use their cards and ask for a lower locked in rate. Be proactive, don't wait until you have charged stuff to try and get a better rate. If they won't play ball with you, use another company. There are hundreds of credit cards available, go shopping for the terms that suit your business needs best.

Keep good accounting records and be sure to repay all of your loans.

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