If you read my previous blog, we discussed how family reunions are one of the best places, as painful as they may be, for funding new business ventures. Many small businesses have been funded by eccentric aunts, retired uncles, and infamous family spinsters who protect the family fortune like hound dogs under the front porch.
Welcome to upside
I woke up a few weekends ago and knew that fall was coming. I was patiently waiting for my Alabama season football tickets on my front steps. I could feel and smell football in the air. It’s Saturday and Sunday pigskin time. The greatest time of year!
Imagine the millions of dollars of football equipment that, like game winning touchdown passes, will be delivered every day to teams across the U.S. — spiraled across the country to athletic programs anxiously awaiting kick-off. Unfortunately, just like so many promising passes, there will be interceptions, incompletions, fumbles and dropped balls.
Did you know that your plastic fork, spoon, or knife may not even be plastic? Recently my son and I were watching a science documentary about the many uses of wheat. Believe it or not, wheat straw is being used to make all sorts of things such as plates, entry doors, cups, and yes, your eating utensils that you thought were PLASTIC!
As a leading supplier of eco-friendly products, World Centric manufactures disposable eating utensils from wheat straw fiber and other renewable plants. In 90 to 180 days your knife, fork and spoon will again become part of the soil. How cool is that?
In late 1848 and 1849, gold rush fever brought over 300,000 people into the Golden State. Although there aren’t any “49ers” panning for gold anymore, I feel like one every day when I see great companies like Just Cellular hit pay dirt with our UPS Capital Cargo Finance® product.
Eric Kirkland claimed a gold mine of his own when he created Just Cellular, a small business with products in high demand, a skilled labor force, an incredibly sophisticated ERP system, high touch customer service and a dynamite business plan.
The only thing missing was the working capital needed to help him grow his sales.
There is a famous Southern joke which goes something like this…
Question: Why do Southern guys go to family reunions?
Answer: To meet chicks.
Being a Southerner from Mississippi I suppose I should be offended by this, but the former banker in me says that besides meeting chicks, enjoying great home cooking like fried chicken, hush puppies (not the shoes) and black-eyed peas (not the singing group, although I do listen to them), there is another very important reason for going to family reunions….money!
It can be difficult for small businesses to secure the financing they need to fuel growth. But funding from UPS Capital Cargo Finance® has helped one company overcome this challenge and its customers are reaping the rewards – in the form of homegrown fruits and vegetables.
Amerinada Distributors imports and distributes indoor horticultural supplies and accessories that make it possible to grow blueberries in your living room, strawberries in your den and green beans in your kitchen throughout the year.
Although Amerinada is a growing part of a $20 billion industry, high product turnover and long transit times for imported inventory led to cash flow problems.
According to the 4th edition of the UPS Business Monitor Latin America, a common challenge identified by small to medium sized enterprises (SMEs) is a lack of access to capital financing for investments in their businesses. These investments can range from the hiring of more employees to purchasing specialized equipment, all under the objective of growing the business.
So what’s an SME with an eye on growth to do? UPS Capital®, the financial services arm of UPS, is expanding its Latin American network with the opening of new offices in Bogota, Colombia, and Lima, Peru. SMEs in both markets now have access to credit with very competitive terms and conditions for financing for the purchase of capital equipment through the use of Export Credit Agency guarantees.