Where can I easily obtain a US$10k short-term working capital loan for my business?

Answer 1

The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.

Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 2

Hi,

I have owned a business for over 10 years and utilized several capital resources. Depending on your needs, a great short-term capital resource can be to fund it from receivables. I have worked with http://sbaclending.com/ several times in the past.

The things I enjoyed about this sort of financing is it is generally funded quite quickly as it is literally funded off your credit card receivables. I also liked the ease of repayment, as basically the company just takes a percentage of each batch. As long as you budget properly, the money will be repaid quickly and you can focus more on building your business than managing payment, etc.

I found it to be affordable, but I worked with a good firm. Be careful and be sure to ask questions. In my case, the firm lending worked to ensure my success, because, as they bragged (not in an offensive way) he had a much higher customer return rate. They attributed it to a no nonsense approach, and I'd tend to agree with them.

Of course, you can likely find a credit card, but that can be expensive. And, while traditional loads and the SBA are great resources, they are time consuming processes.

In summary, if you need funding fast and have sufficient credit card receivables, this can be a great method.

I hope this helps you or anyone reading this post.