Have you heard about payday loans? Chances are good you’ve heard nothing good about them. They trap customers in an endless debt cycle. You wouldn’t dare, right?
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You’re a business owner and tomorrow is payday. The checks that are supposed to cover payroll haven’t come in. On top of that, you had to purchase materials with what little cash you had on hand. You just couldn’t wait until after payday to get the materials you needed.
This is a situation familiar to many small business owners. And there’s an easier way to solve it without upsetting employees, clients, and vendors.
On the TV show “Shark Tank,” business owners typically ask for funding in exchange for equity. When a product catches the eye of Kevin “Mr. Wonderful” O’Leary, he likes to counter with a complicated deal consisting of royalties and fees. Sometimes royalty in perpetuity comes attached to the offer. Smarter entrepreneurs turn him down flat because it takes away money they could reinvest in the business.
You have many options to get working capital for your small business to ensure you have enough cash flow. Here are common questions to ask to help you find a small business lender that best meets the needs of your company.