Mark Deo, President of the SBA Network was quoted today in an article on factoring in Bloomberg Businessweek.  Unfortunately, many small businesses are forced into this method of funding when more traditional funding is made unavailable by the banks that their tax dollars have propped up.

You can read Mark's quote below, and the full article is available here.

Mark Deo, Torrance (Calif.)-based executive director of the consulting firm Small Business Advisory Network, says many entrepreneurs he consults with have turned to factoring, not only because they lack access to credit but also because they are having problems getting new business. “Factors are oftentimes the only source of funding for desperately needed cash, but it is very sad that business owners who have worked for years to build their businesses are entertaining factoring just to fund new purchases, equipment, or improvements,” he says.

Mark recently interviewed Steve Strauss, author of Get Your Business Funded about alternatives to traditional funding sources on his radio show. Listen online here to learn more about funding your business.

Labels: banks, factoring, funding