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 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