[huhtenberg]

I can relate, I am in a similar situation.

It all depends on the niche. For some industries hiring a sales guy with good connections could make the revenue jump n-folds, for others hiring someone to set up an affiliate program would be a better option, for thirds - adding a specific technical feature can spur a viral growth.

But all in all, I would go with a short-term contracts and the cushion. If you want to borrow money, a bank should be the absolute last resort. Should you fail, they will want them back, and some other investors - will not. A marketing agency sounds like an overkill, but, again, depends on the nature of your products.