Fast Small Business Loans Offer Liquidity for Struggling Companies

Whether you’re in high-end fashion or IT support, having money on hand when you need it is an essential part of owning and succeeding with a small business. Rather than having to wait a month or even two to get the money from outstanding accounts receivable transactions, selling those invoices for fast small business loans could make or break your next business venture.

Once considered highly risky, factoring loans have become more secure and therefore more popular over the past few decades. Some businesses even use this type of loan to pay for start-up costs. When a bank won’t loan you the money you need to expand your business, factoring companies offer the best and most effective solution.

The trick to getting a good rate for your factoring loan is to find a company that specializes in a certain area. This specialization could be the size of businesses they work with or the field within which they work.

For instance, some factoring companies only buy invoices from businesses that make less than $10,000 per month. This allows a factoring company to focus their efforts on just one type of business, giving you a better lending agreement. Because factoring does take a larger percentage of your profits than, say, a bank loan does, it’s important to find a factoring company that can offer you a competitive price offer.

Few small businesses have an accounts receivable department capable of collecting the needed monies quickly. Whereas it would take your own department weeks and possibly months to complete outstanding transactions, you can get the money up front by selling your invoices to a factoring company.

In cases where your accounts receivable are not outstanding but you need money now rather than by the due date of the original transaction, a factoring company can give you cash in hand. Some factoring companies claim that they can even get you the money you need within two days of contacting them! For small business, this immediate cash liquidity can be the difference between success and failure.

Another way that a factoring firm can offer a small business financial stability is by handling international accounts receivable. Like a regular collections department, few small businesses have the liquidity to train and hire staff capable of working with overseas transactions. Because a factoring company works exclusively in their particular niche field, the employees and staff there already have the experience necessary to make settling international accounts simple.

For a variety of solid business reasons, using a factoring company for fast small business loans is a highly beneficial practice. Whether your business is in an unexpected financial hole or you have the opportunity but not the funds to expand, selling your invoices for cash up front can make your business dreams possible.

Outsourced Network Services For Small Businesses

The use of a computer network, especially for businesses of all sizes, entails many undertakings. Big corporations pay in-house IT professionals top dollar for their year-round services and expertise. However, smaller businesses that may not need entire IT departments can cost-effectively acquire network services from consultancy firms composed of highly dedicated IT professionals.

Network services include network planning, design, procurement of new technologies, implementation of these new technologies and designs, and network maintenance and management. These services, along with many others, can be outsourced to network consultancy firms.

Almost every business today makes use of computers, with needs ranging from basic network file and print management. Many third-party IT consultancy services provide a full range of services, from network planning and design, to implementation and network maintenance and management. Small businesses can have their needs analyzed by these firms’ experienced business-oriented IT experts to receive the best network architecture for their respective businesses. These experts can essentially act as the IT departments of small businesses without having to be hired full-time. This effectively eliminates the need for these businesses to pay regular employee benefits, thus considerably limiting their costs.

Also, an IT and network services provider can supplement existing IT departments by implementing preventative maintenance measures like system backups, security, and remote monitoring. The consultancy firms that provide these services can also recommend hardware or software, and sell or lease it at competitive prices. They can also be hired for expertise that existing IT departments may not have.

These firms can even offer training for managers and IT departments through computer-based training (CBT) modules, as well as live training sessions in order to help both users and management make the most of their IT infrastructure.

Department Of Commerce Grants For Small Businesses

Several businesses have benefited by applying for and receiving grants from the Department of commerce of their states. These grants are designed to help various small businesses operate and develop within that particular state. Small businesses needing information about the grants from the department of commerce can contact the local area development managers, local development organizations, regional planning commissions or the small business information centers for more detailed information.

Profile of Eligible Candidates to Apply For the Grants:

U.S. based, for-profit businesses are eligible. Individuals or groups of individuals can apply for the grants even before the creation of a company but established businesses have a better chance of getting a grant, as they will have time to focus on the project rather than on creating the company. It must be at least 51% owned by American citizens.

The business must be a small business and can qualify for the grant only if it conforms to the definition of a small business of the U.S. Small Business Administration.

They must use technology and innovations regularly in their operations.

It will be an additional qualification, if an experienced and committed individual, who will ensure the success of the project, heads the company. They will have to have the experience in researching and writing proposals as well as be knowledgeable about using emails and the Internet.

They must present the proposals on how to carry out the project and who will help them such as university faculty who may guide them.

The Small Business Innovation Research program offered by the various state departments of commerce, is very helpful and an excellent opportunity for small businesses to avail non-repayable grants. Businesses can apply and compete to make use of up to 1 million dollars given annually as grants. The department offers free counseling for any individual or groups wanting to explore the possibilities of getting a grant. Various businesses compete annually to get these grants and only 1 out of 10 get these grants, as competition is tough.

Small Business Technology Transfer program is another very important grant available to small technology companies. This grant was designed to allow small businesses to collaborate with non-profit research institutions to bring innovative technologies to the market.

It is necessary for individuals to have a good plan ready and they can seek professional help in planning how they will accomplish the project. The researcher must be well qualified, have adequate research and development experience and have good project management experience. These are just some of the small business grants from the department of commerce. Other grants such as The Community Development Block Grant (CDBG-ED) Economic Development Program, The Customized Labor Training (CLT) Fund, the Entrepreneurial Training Program (ETP), The Recycling Demonstration Grant Program etc are also provided by the department of commerce in the state of Wisconsin.
There are firms that offer services as well as products to help run a successful business.