Question :
How can I raise funds for supplies for my business?I’m an artist who needs different sized bulk lots of frames for my art which I think I should have before my art is bought to save waiting for payment clearance times which are five days from sales transaction. I’d like to be able to send out my products within three days and also have physical stock at hand for sales from home and at my market stall when it opens.Please help!

Question submitted 18/09/20 @ 06:51am
Industry: Funding & Finance
  • HI Roger – would your bank provide an OD or cash flow funding and/or could you consider factoring your debtors to turn over the cash quicker – so rather than raise finance for supplies you just get paid quicker from your customers? So banks and finance companies will let you raise funding from your invoices prior to payment. Obviously you will have to pay a fee for that.

    Another option is that you ask the suppliers companies to give you credit until you have made sales?

    Finally, there is a new startup called Relay – which is trying to enable ‘people in a network’ get paid earlier by people who are prepared to pay for their services earlier based on getting a discount for early cash – this might also be an option – https://www.relay.ai/

    Awesome, thanks for the reply! I’ll try a few things.

  • You must be logged in to reply to this topic.