Take your government contract to the bank and get financing! - Eric Coffie

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[timeriftchornicles]

Thank you for clearing the air on this subject. BANK CREDIT (NO). VENDOR CREDIT (YES)

[RThom]

Hello Eric,
After applying your strategic design to my business, I've learned not to even go after a contract until I have my ducks in a row. That is, I began getting supplier credit, with my EIN number, as you should, until I was able to get a business credit card and now I'm working to increase my line of credit to a limit to where the Gov't will trust me to complete a contract.

[kensalas]

Eric, I do have a source of financing for Goverment contracting, it is a private investor line of credit, you do have to have at least a 650 credit score but we do have the resource. I am just getting started doing my own CAGE and we also have helped a few individuals who worked for contractors to become contractors themselves and wanted to get the money to go and fulfill contracts. I also have found that many vendors out there require good credit along with the contract and some kind of cash investment in the credit line.. I don't know maybe you know a different route but for example if you wanted to supply a 150K parts award and the vendor will offer a net 60, we have experienced the requirement of at least 20% cash deposit to establish a new vendor account. We all are Veterans (my partners, myself and the General are Service related Disabled) and we have excellent credit, we have assets and we have equity in our properties. (I also own another business that cash-flows high balances). That being said, traditional banks do not like Government Contractors, typically this business is fraught with "high risk" such as no control of awards or competition, you can be here today and gone tomorrow... I have spent the last 22yrs in residential and commercial financing, I am a Director of Operations for a small broker, we do private business financing as well and we do have a few private investors that have experience in doing finance options for Government Contractors. (one of the reasons why we decided to get into direct contracting ourselves as a SDVOSB). I would love to learn how to establish vendor accounts without having to put up so much cash from you as well, maybe we can do a collab with our private investors on a quick information call on what they do, how much and the terms. Great stuff as always.

[nawarghannam]

Eric thank you very much for your videos, i love your videos.
Is working for the US embassy counts as working for US government? thanks

[philphillip]

All I need is business credit. Landing contracts and negotiate deals is easy!! I have all the certifications I qualify for. I need the credit to park these deals.

[SharonEBuck]

Eric, love your videos. This is a little off-topic but with FBO merging with beta.sam.gov, it's extremely difficult to find the type of contract opportunities I'm looking for. Also, with FBO gone, where can I go to find old awarded contracts with the information I need, i.e., price points, etc.? Thanks so much!

[pulchritudeman]

Great job Eric! If you or anyone you know need financing or help winning government contracts let me know! I can get your contract fully financed and help with RFP/RFQ proposals!

[fabolousever]

Hi! I was awarded a BPA and I need assistance with getting financing in place to pay my vendors. I’m being told I need to wait until I get a task order approved. Any advice?

[michelleapple]

Has anyone had problems talking to factoring companies about financing? Most of these factoring companies that handle Government contracts . The first thing they want to know is how long have you been in business? No one wants to give you a chance if you're a new business owner, you have to start some where. All I want to know is, how do you get your foot in the door wit Factoring companies that deal with Government contracts. I have two Government contracts now. I just don't' and can not fund a million dollar contract...ughhhh. Any suggests someone. I have been calling and filling out paperwork for a couple of Factoring companies who only cater to Government contracts.

[deez]

Is it hard for a software company to do business with the government?

[rahdiagreen]

Could you please share your vendor/supply lenders?

[nathanielgarcia]

Eric im set up to start doing government contracts. But I don't know what to do next so is possible get in contact with me please. Thanks

[DocprepUsa]

Are you looking for application development?

[daveedajane]

Can a Staffing Agency get a Government Contract?

[therealoddballz]

I have a private lender that can help anyone that needs financing.