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is there any possible way i can obtain a temporary loan for

my business...I have been open...
is there any possible way i can obtain a temporary loan for my business...I have been open for almost 9 successful years...but last year I tried to open another location and it didn't do well at ALL! so I lost a lot of money in the process and am trying to regroup and recoup. I have extended my credit and credit cards but I need some working capital...any ideas?
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Answered in 4 minutes by:
9/3/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com

MyVirtualCPA :

If you can find a bank, yes you could get a short term loan or line of credit to help you through this time.

MyVirtualCPA :

It's really up to the bank, though whether or not they lend to you. If you can't get a loan, the other option would be to find someone who is willing to invest in your company in return for an ownership stake

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Tax.appeal.168
Tax.appeal.168, Accountant
Category: Finance
Satisfied Customers: 4,015
Experience: Tax Accountant
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Hello and THANK YOU for contacting JUST ANSWER. My name is XXXXX XXXXX my goal is to successfully help you with your finance question(s).

Typically I do not post behind other experts, but as I feel that I can provide you with information that will be beneficial to you, I have decided to post.

In addition to...searching out a bank that may possibly loan you money, which doesn't seem like is an option based on what you wrote, there are what they call hard money lenders out there who makes loans to individuals and companies at a higher interest rate than banks and other financial institutions. Usually hard money lenders are individuals or a group of investors that lend to people with less than stellar credit, who have been turned down by banks and other financial institutions. For the most part, most hard money lenders are legitimate, but as with anything else, you have those who may not be so legitimate, so before going this route, you want to make sure that the party or parties that you are dealing with are legitimate. In addition to hard money lenders, if your business accepts credit cards, you may be able to get an advance on your credit card sales. Again, this type of company usually charges a higher interest rate. As I am not allowed to personally refer you to a specific company, you can google hard money lenders or credit card advance companies for more info relating to these type of companies.

I do hope that the information that I have provided will be beneficial to you.

Thank you again for using JUST ANSWER.
Tax.appeal.168
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Category: Finance
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