Your Questions About Small Business Financing For Customers

Joseph asks…

need to know about financing for customers?

My husband and his brother just started their own business. I am trying to figure out where to find a finance company that the guys can call and tell them the customers info and they can tell them on the phone whether or not they are approved. I have been searching the internet and cannot find what I am looking for. Keeps pulling up small business financing. Need financing for customers that want windows, not the business… Anyone know where to find this, or what it is called?

admin answers:

That used to be pretty easy. There were lot’s of local finance companies that they could work out agreements with. Look in your yellow pages for finance places as though you were looking yourself for a loan. Call them and explain what you want them to do. Bear in mind however, there are 2 types of financing. One is crummy, short term, and those companies that only accept high dollar $8000.00 or more. So if you are looking for financing for just a couple of thousand dollars, per customer, you may have trouble.

George asks…

How can I offer financing options for my small business?

I own an Air conditioning company, and I want to offer financing to customers who dont have lots of cash on hand. I know you can partner up with a company that will finance the purchase and my company takes care of the paperwork
Can anyone tell me how it works and some companies to get me started?

thanks in advance.

admin answers:

Yes, partner with a bank. They have access to research reports such as credit ratings – it would be risky for you to give the loan yourself. Plus a bank might be willing to cut you a % of the loan as a referral fee. The business you bring them is very valuable to them so try to make sure you are rewarded for your sales leads.

Donald asks…

what is the best free software to download for keeping track of my small business finances?

I recently opened a Motorcycle Repair and Customization Shop. I am looking for a free program that I can download to keep track of my small business finances.
ie: transactions, invoices, customer info, etc. Can anyone suggest a program that will fit this need?

Thank you.

admin answers:

I’ll assume that you have already done a lot of searching online for free stuff, so what I would turn to is Microsoft Excel or an equivalent (i.e gnumeric). You will have to construct the entire track expenses yourself, but should not be difficult in you know basic accounting principles. You need a ledger and a journal. At the end of every month or week, type up all of your expenses into the journal first, having an expiation in the journal (if you know accounting you know what I’m talking about) citing the invoice # and etc. Once you have journaled everything you need to post it to the ledger, so you will have to know your debits and credits (I don’t mean the cards you pay with when shopping)
Customer Info you will have to create yourself. Citing what you would want to know about the customer, Have a separate file for customer info and the ledger+journals in one document (I think it makes it easier, but you may disagree, I’ll normally let the file last for a year.
Make sure you know how to use the various ‘sheets’ on Excel, this wil help you tremendously in organization.

I use excel to track expenses, I literally have a journal and what I would call a ‘Modified ledger’ for personal use, meaning non-busines, but it should work about the same.

No software is perfect for what you’re looking for (especially free) you have to customize it yourself.

Let me know if you have any questions. Good Luck!

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