By Gino Clark
Recently, Capital Business Credit surveyed our clients to get a read on how their summer is going and how they think the fall/back-to-school season will be. Our clients’ clients stated that not only are they experiencing reorders, but also believe that fall/back-to-school season will be more robust as well.
We at CBC not only echo our clients’ feedback, but are also seeing them ask for more working capital to fuel growth. Additionally, as business gets more robust, we are seeing new manufacturers, wholesalers and importers coming to us with questions and looking for more factoring options.
As business grows, it is important that retailers and manufacturers know how to pick the lender who is best for them.
Tips to follow include:
• Go with a lender who really understands your business. They are more likely able to customize a plan that works specifically for you.
• Cheapest is not always best – find out what you are really getting for your money so you are able to make more informed decisions and reach the conclusion that is best for you.
• A traditional bank might not always be the best option. Consider a factoring facility for working capital.
• Make sure your lender understands who exactly your customers are and is able to help you identify winners in the industry. Your lender should be able to give you credit protection by both identifying the strong companies that are doing well, as well as warn you of potential problems.