David Wichner Tucson-area small businesses unable to get traditional commercial loans can tap a new source of capital, thanks to two local nonprofit organizations.
People are also reading… The program uses revenue-based financing, allowing small businesses to pledge future revenues for an advance of financial capital, with payments varying depending on how well a business is doing and its gross revenues.Payments are higher when the businesses are generating more revenues, and lower when they are generating less revenues — an especially helpful arrangement for seasonal businesses, CIC said.
“But the over-reliance on asset-based lending without complementary alternatives makes it nearly impossible for many small businesses, and especially those run by entrepreneurs of color, to get the financial capital they need to grow and succeed,” Knee said. Contact senior reporter David Wichner at dwichner@tucson.com or 520-573-4181. On Twitter: @dwichner. On Facebook: Facebook.com/DailyStarBiz
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