Grants, Loan, Hot Water....

[Tedious]

Hi everybody,

I'm currently running a small business with big dreams in Melbourne i currently have 4 guys working for me and i'm having serious growing pains !

By the time i pay everybody and allow for bills and running costs i just cant find the
extra cash to invest to make things happen, I know 100% these expansion ideas will rapidly increase my profits.

Does anyone have any suggestions on how to get some outlay capital together to get things moving without having to involve the banks? I've effectively committed credit suicide earlier on in the business's life which is seriously effecting my ability to get fair priced finance now i'm at a serious growing stage.

otherwise my only alternative is going to be removing one of my much needed workers in order to free up some cashflow which in its self is going to effect my income anyway.

any advice would help.

Cheers, Andrew

[flower-child]

angel investor?

[MikeF]

Hi

All lenders including banks are gun shy when it comes to lending to SME's and all will want some sort of security.

Growing businesses sometimes overlook their existing receiveables as a means of releasing cash.

Invoice discounting is a cashflow funding arrangement whereby lenders advance up to 90% of the value of your debtor ledger.

There are plenty of lenders in this space other than the banks who in any case tend to only want to deal with big established businesses.

[JamesMillar]

Can you explain the business credit position a little more? Have you defaulted or just at limits? Is current dent floating finance or asset specific? (I'm assuming it's debt in your business / company and not personal debt)

[JacquiPryor]

Hi Andrew - depending on the nature of your business and what you are looking to do - you might find something at:

http://www.business.gov.au/GrantFinder/GrantFinder.aspx

This 'tool' will allow you to search on what grants and/or assistance may be available in the state your business operates in.

All the best