Word: mitternight
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...just banks - or the commercial-paper market, for that matter - that are the obstacle. Talk to Mike Mitternight, president of Factory Service Agency, which installs commercial air-conditioning systems in suburban New Orleans, and you'll find out that one of his biggest problems is other businesses. Historically, he's gotten paid by contractors within 45 to 60 days. His suppliers, even major manufacturers, used to be amenable to waiting that long to get paid themselves...
...more. Now suppliers, loath to extend credit even to longtime partners, are insisting on cash as quickly as possible, sometimes in as little as 15 days - which strains Mitternight's ability to manage his cash flow. "They're concerned things could go wrong," he says. So is he. Which is why he's decided to keep a tight cap on spending instead of expanding his business. That means $35,000 less juicing of the economy when Mitternight doesn't buy a truck. And it means one fewer job created for an HVAC technician...
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