While economists, educators and prognosticators fill the airwaves with soundbites on W- versus V-shaped recoveries, the real temperature being felt throughout the business community remains frigid, as companies throughout South Florida and nationwide struggle in a slow recovery with tight liquidity.

The ripple effect of the present banking crisis hits companies where it hurts the most: securing funds to run the business. While credit remains tight from traditional sources, financing options are available through nontraditional sources.

Since the passage of the American Recovery and Reinvestment Act, the SBA's 504 and 7(a) loan programs have become a more attractive option. Most notable among the incentives to loan money is the elimination of fees charged by the SBA. In addition to this, refinancing existing debt is now allowed in the 504 program.

The 504 loans are funded with traditional bank financing and a Certified Development Company, or CDC. Nontraditional financing sources also are available, offering attractive rates on factored receivables.

In some cases, factors have provided rates as low as 1 percent per month (12 percent per annum). There also are lenders for inventory financing and others willing to consider sale and lease-back arrangements for used equipment.

If you are a business owner who is exhausted from treading in murky water, know that viable alternatives exist. Aside from the liquidity challenge, here are some helpful rules to follow in these times:

Anticipate, plan and prepare.

Analyze your projections, burn rate, cash flow and capital structure. According to industry insiders, leverage ratios are at historic lows, exacerbating refinancing in today's environment.

Make sure stakeholder interests are aligned. Are the creditors, owners and management properly aligned? The suppliers, employees and customers?

Talk to your bank.

Having a strong and productive relationship with your bank remains a viable starting point. If your bank turns you down, know that other options do exist.

Consider alternative financing options, including mezzanine financing.

By the time your bank turns you down, a plan for alternative financing options should already be in motion.

Mezzanine financing has emerged as an excellent source of capital today. Some view this as an expensive option, but it is cheaper than equity and can serve as a viable alternative to traditional debt.

Create more value than ever.

In trying economic times, the need to create value in every aspect of your business is critical. Your goal is to show creativity, strength and resilience in navigating through troubled waters.

Fight for the bottom line and remain upbeat.

Remember, your stakeholders will seek strength in leadership and bottom-line performance, particularly in challenging economic times. You must explore alternative financing and out-of-the-box strategies to survive.

The bottom line: Stay positive. It is impossible for negative and positive thoughts to occupy thinking at the same time. Just make sure the dominant thoughts are positive!

James F. Martin is the founder and managing partner of Coral Gables-based ACM Capital Partners, a national investment and advisory firm specializing in assisting companies in transition or distress.

For more information on SBA loan programs visit: www.sba.gov/financialassistance/borrowers/guaranteed