Diverse sectors have struggled for a very long time to get their clients to pay for their orders by the due date listed on the invoice.
You’re afraid that charging excessively large late fees will discourage clients from placing future orders, yet you need the money owed to you to keep your firm thriving.
So, what is the remedy?
Cash flow issues can influence practically every size and type of organization. As the process of launching and maintaining a new firm is frequently uncertain, unstable, and fluctuating, cash flow difficulties provide a significant challenge for small enterprises. Therefore, You need to be smart while expanding your business with cash flow solutions and accounts receivable process options.…
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Starting a small business is hard. And in today’s economy, getting the most for your money often equates to the creative distribution of your financial resources.
Starting a business is an exhilarating time. It can also be a very stressful and busy time. As a local business owner, you often end up wearing all of the hats (CEO, Accounting, HR, Marketing, etc.) in the beginning due to lack of funding early on.
The Small Business Administration (SBA) should be commended for their help in sustaining the small business sector with their microloans. However, a recent report by the Government Accountability Office (GAO) shows that the funds which should be distributed to businesses that need it, actually go to ineligible ones. The HUBZone certification which businesses need to qualify for a loan is a program which spans 13 years and is meant to help small business owners build companies in economically distressed areas. When investigators submitted applications which should be denied or disapproved because of obvious reasons; those applications got the federal contracts instead.…
Bank of America (BOA), one of the world’s largest financial institutions, has announced it will provide $10 million in grants to nonprofit lenders, such as Community Development Financial Institutions (CDFIs), to leverage funds from the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA) for lending to small and rural businesses.
It used to be that even upstart businesses with no credit history could secure $50,000 lines of credit with no documentation. Bank of America began such a program in 2006. And since then, other banks followed suit offering $50,000 and $100,000 loans to new and un-proven businesses. In a press release at the time, Bank of America stated that even “a small business owner in business for only one day could qualify” for its $100,000 line of credit program.
