If your business is hurting and out of financial covenant, you may need to reach beyond conventional banks and approach non-traditional funders such as invoice-factoring partners and asset-based lenders.
Alternative funding solutions can give you the flexibility you need, without adding further debt to your books. For instance, invoice factoring allows you to sell your open accounts receivables to a lending partner such as Liquid Capital for a small fee. You receive the money you’re owed much faster and, because it’s not a loan, there is no interest to pay. This can be a really effective cash-flow strategy for businesses during a crisis.
Read full article at: https://www.bicmagazine.com/resources/sponsored-content/lost-business-funding-from-the-bank-heres-how-companies-can-recover/