An entrepreneur owns and operates a CPA/Tax Preparation company with growing annual revenues around $1.8 million for 2006. The company is headquartered in New York. Every tax season the owner experiences an increase in demand for accounting services.
In order to meet the seasonal demand, the owner needed financing to increase payroll and expand service capacity.
After reviewing the business and personal financials of the entrepreneur, Biz2Credit recommended taking a line of credit against the strength of the business and personal credit of the owner. A regular term loan exposed the owner to unnecessary risk. If the new customer demand did not meet expectations, the owner would still have to pay the interest on the loan amount. However, with the line of credit, the owner could increase payroll as new clients were added and only pay interest on the amount used. Biz2Credit surveyed various financial options and zoned in on two lending institutions. The owner received a secured line of credit at $250,000 at prime rate.
Biz2Credit surveyed various financial options and zoned in on two lending institutions. The owner received a secured line of credit of $250,000 within 14 days
"Biz2Credit was the biggest, biggest part of my success here. Biz2Credit came in like a lifesaver," she said
"I'd give Biz2Credit a 15 out of 10. Joe, my funding specialist, does a great job. He's always on point and really understands my business. Every time I've worked with him he's come through for me in a big way
"The turnaround time for funding was quick with Biz2Credit," Raza told us. "As soon as they got our information we had a decision - there was no waiting period like I experienced with other lenders."
Raza and David Bolos