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Funding for economic distress companys

by SAWTOOTH, Window Shopper

  • Created: February 22, 2010, 12:01 pm
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4 comments

We are a service company with 48 employees that has seen our business reduced by 60% due to economic and foreign trade issues. Coupled with adverse weather conditions restricting our customers need for service tooling our business has been hit hard over the last 4 months. Business is starting to come back as our customers are getting and filing orders as they can receive raw materials but this has put our company in a position where it is impossible to maintain our commitments without some financial assistance to help us get through the next few months. We are only looking for financial relief to help us manage our obligations as business regains momentium.Any directional help would be greately appreciated.

 

Tags: Discuss Popular Topics, Loans & Grants
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mrhelpful | Contributor | 2/24/2010 - 10:58 pm

Have you looked into a line of credit against your home (if you own your own home that is)? If it's short term cashflow you need a HELOc can be a good move, but to get oone you'd need to have equity in your property.

phanio | Contributor | 2/25/2010 - 4:55 pm

There may be some government help - have you looked into the Recovery Act? - http://www.irs.gov/newsroom/article/0,,id=204335,00.html?portlet=6 I also think that your business may qualify for tax credits - not sure of the exact rules but you might look into that - while credits may not provide income to the business - they could help stop the bleeding. There are many ways to finance your business - like: Accounts Receivable Financing, Purchase Order Financing, Business Cash Advances or even secured and unsecured loans. If you could provide a bit more information about your business as well as the amount you are seeking, I might be able to point you in the right direction.
Professional Web Site: http://www.businessmoneytoday.com/

ChristineL | Former Moderator | 2/24/2010 - 12:54 pm

Hi SAWTOOTH and x35orcutt, I'm am sorry to hear that the economy and the snow storm has hurt your business. A loan may be able to help you get your business going again. Please use our Loans and Grants Tool to see what you qualify for. We also wrote a blog that may be helpful: When the Worst Happens - Disaster Assistance Loans, Tax Relief and other Lifelines for Your Business. Does anyone else have expertise in financing options for businesses in economic distress?

x35orcutt | Window Shopper | 2/24/2010 - 12:26 pm

Hello,My name is Bridgette Orcutt a business owner of a Salon and spa for 12 years. We are located in Woolwich twp. in New Jersey. The economy has hit us hard the past two years. Making it very hard to pay my bills, taxes, insurance,payroll and etc.. Not only is the economy hitting us but on top of that is the weather. Closing due to snow and ice. Then the weather is causing other expenses. Damage to the building and parking lot. The winter isn't over. I tried everything to stay on time with the bills but with  that money not coming in and all the extra's. I can't hold on. I really don't want to lose my business . If you could point me in the right direction of some help .Thank you .