Inc. magazine recently posed a question on their Twitter account about what entrepreneurs really want this holiday season. Some of the answers included more time in a day, increased sales, free therapy, a new office, gas mileage, more sleep, adoring and paying clients, and a successful exit. The second most requested gift stuck out to me: working capital.
Why was this one of the most requested gifts? CFO magazine recently posted a story on their website called “Commercial Banks in Limbo” that talked about the low number of business loans in the third quarter. Despite rising profits, commercial banks are still not lending as they used to. Although earnings were $14.5 billion in the third quarter, this is down from $21.4 billion in the second quarter, and as the article reports, banks are being extremely safe with their money and investing it in government securities, which is up 13.8% from 2009’s third quarter. In addition, FDIC’s list of problem banks has risen to 860.
Ok, enough bad news. What alternative options are there to help your business succeed? Cash advances, microloans, and sales-leaseback are all options, but Far West Capital may be the best option for your business. We’re here for asset-based lending, factoring of accounts receivable, and purchasing order financing. We’re here to customize your options. You can get what you want this holiday season, and we can help. Contact us today!
