Every case is different, but the process always starts the same way - with a conversation about the profit potential that a specific business opportunity promises
Chicago, IL (PRWEB) January 27, 2010 –
The February 2010 issue of Entrepreneur magazine has singled out PO finance leader PurchaseOrderFinancing.com as an example of one of several commercial financing options available to small businesses short on cash or credit. Feature article “What To Do When the Bank Pulls Your Line of Credit” lists a number of options – including community banks, credit unions, and other alternative sources – with examples of specific providers of each. (Article page 42, company citation page 47.)
“We’re delighted that a prestigious publication like Entrepreneur has mentioned our company as a go-to source for our kind of commercial financing,” says company founder and CEO Dan Casey. “It’s an honor.”
Dan’s company provides businesses with the additional working capital they need to take advantage of large-order sales opportunities. Purchase order financing enables such transactions by leveraging the finances of the client's potential customer, not those of the client itself.
Casey explains, "What our clients all have in common is the ability to demonstrate a business opportunity with the promise of profit. We base our approval on that profit potential - not on the current balance sheet. How it works is we open a Letter of Credit to pay the suppliers, so our clients can take on the job without having the capital themselves." He goes on to state that his company can secure up to 100% financing of up to $25 million, usually within 7 to 14 days. The site features a broad range of topic pages to help businesses unfamiliar with PO financing such as:
- Purchase Order Financing Blog - News and updates from the PO financing industry
- What is Purchase Order Financing - General overview of the PO funding process
- Apparel PO Financing - Detailed overview of funding options for the apparel and garment industries
- Government PO Financing - Information on the online government contract marketplace and the available options for funding
When business owners encounter their "biggest-ever" sales opportunity, many unnecessarily pass it up for lack of working capital. PO financing is a tool that connects businesses with the money they need to make their big opportunity a reality. "Say you get a large purchase order from a good customer,” offers Dan Casey. “We can open a Letter of Credit to pay your supplier, so you can take on the job without having the capital yourself. Everybody wins."
Although the website was launched in January, 2009, the company behind it has been finding creative financial solutions for clients since 2002. Manufacturers, wholesalers, distributors, importers and exporters are among the kinds of businesses that may consider purchase order financing. The process can not only facilitate the immediate business opportunity at hand, but often may also result in the promotion of the client's business to a significantly higher competitive category.
The Entrepreneur article does caution that businesses that take a long time to have their goods manufactured face higher costs for purchase order financing; the shorter the turnaround the better.
Dan Casey has owned and managed businesses in finance, consulting, manufacturing, advertising, technology and other industries throughout his career. "PO financing is a new concept to some people, but it’s easier to use than you might think,” notes Casey,” Every case is different, but the process always starts the same way - with a conversation about the profit potential that a specific business opportunity promises."
Dan Casey, CEO and Founder
7543 West Irving Park Road Suite 1100
Chicago, Il 60634
Toll Free (800)385-0660