Fast Money for established business?

GetAGripGetAGrip subscriber Posts: 14
edited February 2008 in Growth Funding
Hello,  I am trying to help out a friend with locating some fast money loans for an established business.  Does anyone have any insight on companies that can get money for businesses in 1-2 days.  There are invoices that can be factored, but the cash is needed quick. 
 
Thanks, this business is a great business, he just ran into some unexpected finance problems.

Comments

  • robertjrobertj Tampa Bay, Floridasubscriber Posts: 0 Member
    If the money is needed in a few days,  then factoring may be the best bet - provided that the invoices are from solid companies.
     
    I can give you contact info on a couple if he doesn`t know any.
  • TheBiggerIdeaTheBiggerIdea subscriber Posts: 0
    Does his business take credit cards? If so, and he has previously done a minimum of $2,500 a month in visa/mcard transactions, I can get an application to him that will take him 3 minutes to fill out and he can fax it along with copies of his C/C statements. If things look ok, it is possible to get a cash advance to him wired in about 7 days-if that is soon enough for him. This is a cash advance system that allows quick funds to be provided, similar to factoring as the previous poster mentioned, and it is paid back over 6 to 8 months by keeping a small portion of his future credit card sales (based upon his average CC taking history-He gets to keep about 85% of the future credit card sales until paid off in full and the fee is covered) 
     
    You can him him send me an e-mail if he wants to look into it further to: [email protected]
     
    I can then also direct him to our website for a thorough understanding. Cheers 
  • sagetroutsagetrout subscriber Posts: 1
    I can provide your friend with help in factoring his invoices but wanting the money in 1-2 days is completely unrealistic.   There isn`t a factor anywhere who could do it in that amount of time.  
     
    Generally I tell businesses it will take 7-9 days to complete the process before they can be funded.   That`s why it`s a good idea to anticipate your cash needs in advance of the time you`ll need the cash. 
     
    The other point I should make about factoring is that it isn`t good for short-term cash needs.   The factor is looking for a longer relationship, not a one shot deal.   The borrower can decide which invoices and what amounts to factor but there is an ongoing charge to keep the account active.  
     
    Once a factoring account is set up then you can usually receive funds within 2 days after an invoice is presented to the factor for payment.  If that`s what your friend is seeking then I can help him.   Tell him to contact me by email or the number below. 
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