I desperately needed to keep financially afloat for just a few more days. A number of my clients were late in paying me, which had created a temporary cash flow problem for my two-year-old electronic monitoring services company.
We rent GPS-supported ankle bracelets to criminal offenders who qualify for home confinement in California. With all of my credit cards maxed out, I knew there was no way I would qualify for a bank loan or a credit-line extension. That's when I saw a magazine article about Pawngo.
Pawngo is an online pawn shop that gives a secured loan in exchange for just about anything. So I grabbed a silver and turquoise bracelet that I had inherited from my mother after she passed, took a photo of the bracelet, and sent it in to be appraised by Pawngo.
In exchange for pawning my bracelet, Pawngo deposited $150 directly into my account, enabling me to keep my business afloat until my clients could pay up. I still feel guilty about pawning my mother's bracelet. But Pawngo helped me get over a brief hump in a private way so that I wouldn't have to feel embarrassed about my situation. Even better, I can buy back the bracelet once I'm in better financial condition.
Some small business owners say they're hiring but they can't find employees.
