What is the best way to manage short-term funding?
Most small business owners know that banks don’t lend money to everybody. Only about 20% of those who apply are excepted to receive loans and many just don’t apply. But, if by chance you get your hands on some short-term funding (24 months or less.), here are a few suggestions as to how to best utilize those funds. And this is really important because the rates are usually higher and its best to use the loan in a way that will enable you to meet emergencies and make it possible to produce income and pay the loan off faster. Here are a few tips: · Emergencies arise for people and businesses and these funds can be used to get you through and around a crisis or two. · What about your payroll? Can you meet it this week? Will one more person on your staff for the next quarter make a big difference in your bottom line the following quarter? · Are some of your clients a litt...