I have a 60 day issue, where by I have sold a large amount of product, need to pay for it prior to shipment, Terms are 30 days to my customers. Need approximately 500K that would be paid back within 60 days.
Have been in business for over twenty years, good personal credit rating. Which option in your opinion would be the least expensive and quickest for me to seek.
Thanks for your question. Based on the situation you’ve outlined above it sounds like your best bet may be a short-term small business loan. You can read more about how these loans work by visiting our list of fast business loans here: https://fitsmallbusiness.com/fast-business-loans/
The interest rates for short-term business loans can be fairly high on an annual basis but these loans fund EXTREMELY quickly and, because you only need a loan for 60 days or so, they shouldn’t be too expensive for you.
If you want to explore a fast business loan for your current financing issue, be sure to check out the list of providers in our article above. OnDeck is one of our recommended providers in this space. They offer small business lines of credit up to $250k and term loans up to $500k – which you could just pay off as soon as your customers pay you. For more information about OnDeck offerings you can use the link in the article or visit OnDeck here: https://fitsmallbusiness.com/goto/ondeck/
Best of luck,
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