This Maker Aggressively Expanded Her Business Without a Traditional Loan. Here's How.
Have more demand than you can fill? This new spin on financing can help.
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The $510,000 Crista Freeman had raised from angel investors served her well: The money helped her Phin & Phebes artisanal ice cream reach stores around New York City. After four years, she was ready to expand -- but could barely afford to do it. Once she buys ingredients, it can take up to six months for her customers to finally pay her. "When the product gets manufactured," she says, "I'm burning through cash."
Sure, she could have applied for a loan from a traditional online lender, but those credit lines average less than $250,000. She needed more. And she didn't have time to deal with securing a bank loan.
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