In Session 6 of Entrepreneurship for Transitioning Veterans our guest speaker discusses lines of credit as one of several capital sources for military entrepreneurs. Here Marco Terry, managing director of Commercial Capital LLC, shares part two of a two part article about lines of credit. Terry offers many tips business owners need to understand about this valuable sources of funding. Understanding the details will help you determine if a line of credit is right for you.
In Session 6 of Entrepreneurship for Transitioning Veterans our guest speaker discusses lines of credit as one of several capital sources for military entrepreneurs. Here Marco Terry, managing director of Commercial Capital LLC, shares part one of a two part article about lines of credit. Terry offers many tips business owners need to understand about this valuable sources of funding. Understanding the details will help you determine if a line of credit is right for you.
Last week in class, Entrepreneurship for Transitioning Warriors, we discussed the challenges of maintaining cash flow in your business. Here is an article about factoring which is one of several solutions to improving cash flow. Here Marco Terry, the managing director of Commercial Capital LLC, offers a thumbnail on factoring. Factoring is not for everyone as you'll see below, but for many veteran owned and military entrepreneurs it is a viable solution to preserving cash. The key for veteran owned businesses is to find the right cash flow solutions for you.
In class, Entrepreneurship for Transitioning Warriors, we discuss money, funding, and sources in modules 5 and 6. Many military veterans consider banks and the SBA for their business funding. Here is a good sign of the times as written by Leslie Johnson, a contributing writer at the Atlanta Business Chronicle. You may not live in the Atlanta area, but you may be surprised to find a similar situation in your area. I encourage you to do a little research in your local area to determine the status of lending there. Visit the SBA website for the key lenders in your local area.
As a veteran and entrepreneur, at some point you will likely need some outside funding for your business. There are many resources to condider just like we discuss in class, Entrepreneurship for Transitioning Warriors. Trying to determine which source of funding is the best for you is the challenge. Here are ten helpful things that I found on the Atlanta Business Chronicle. It can be mind boggling because there are so many different lenders that offer so many different products. Choosing the best fit is key to success. As part of your search I recommend that you take a look at the SBA wedsite and especially the SBA Linc Tool. You may be surprised at local funding sources available to you.
Here is a short article by Marco Terry with five great ideas. In class, Entrepreneurship for Transitioning Warriors, we discuss the challenges associated with finding the money necessary to start and run your veteran owned business. It is not easy. That money can be a recurring issue. Cash flow planning is critical to success and vetrepreneurs need to look everywhere. Marco Terry has some experience in this field. He is the managing director of Commercial Capital LLC, a company that provides invoice factoring, purchase order financing, and asset-based lending to small and midsized companies.
Kent Hoover, Business Chronicle Washington Bureau Chief, passed on some excellent information here. Veterans and transitioning military considering entrepreneurship need as many sources of funding as possible. Here is an excellent tool for finding funding. This is a valuable sourcing tool to use in Module 6 of the Entrepreneurship for Trainsitioning Military Program. Remember that funding for your business opportunity is available to veterans and transitioning military. The challenge is finding the sources that are right for you.
Many veterans consider the SBA for their funding. Here is an excellent article by Cassius F. Butts, Regional Administrator in Atlanta of the U.S. Small Business Administration. As we have discussed in class many times, the SBA is a great source of information. Even their website offers many great ideas. The SBA can help veterans find an SBA Preferred Lender in your area.
The key is doing your homework and being prepared.
Here is a great short article about by Erin Lowry about business loans. We discuss these in class and Erin offers some key points here. It is important to do your homework when a veteran entrepreneur seeks funding for their small business. There are many options available to you for financing and loans are certainly one of those options. You need to shop around as Erin writes below.