Contract work presents a unique set of challenges to the small business owner. developersDen, Inc. is a provider of IT services such as software development, network engineering, and technical training to commercial and government sector clients. Their work is primarily contract-based, requiring a bidding process and milestone billing. Project length is often difficult to gauge as changing parameters can extend a project's expected completion date.
With limited human resources, the business must complete one assignment before beginning the next. Valuable time - and income - is lost between contracts. Each government contract also comes with a unique funding method or billing procedure that further complicates the company's ability to project a regular income stream.
When managing contract interims, developersDen CEO Daniela Trapani has found that a short term loan is an effective way to bridge the gap. "Many of our government contracts are renewable, but the funding method can change. That creates an additional lag time in payment," explains Trapani.
Faced with an expiring government contract, Trapani sought out small business lending options. She discovered Biz2Credit through a web search and spent some time on the site learning about Biz2Credit's services. She completed the online application and was pleased to receive a return email almost immediately.
Biz2Credit case manager Frank Sparacia worked with Trapani to compile the necessary supporting documents. "It's a strong company that's been in business for over 15 years. Ms. Trapani was able to provide everything we needed to move her loan along quickly," says Sparacia.
"The easiest thing was how fast they were able to get the loan processed by the lender. We had the money within 9 days!" -- developersDen CEO Daniela Trapani
"Biz2Credit saved the day and 48 hours later, I had the keys to my new fitness studio in my hand," said Zadeh. "I don't know how Joe did what he did for me, but I'm thankful for his help. He even got me an easy repaymen
"Vamsi Yaramaka, owner of a group of gas stations in PA, secured quick funding through Biz2Credit for business expansion. Timely funding helped him revamp his business to meet growing customer demands."
"I had a backlog of work for the past 4-5 years," said Angel. "The jobs weren't breaking. With that the cash flow slowed down and I fell behind on my bills."
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