Driving School Owner Finances Business Expansion with Unsecured Line of Credit
An entrepreneur owns and operates a driving school in Queens, New York. The 12-year-old school provides training for a large number of immigrants in the New York area. With the immigrant population increasing and demand for driving education rising, the entrepreneur is opening a new office in New Jersey.
In need of financing to expand the enterprise, the entrepreneur wanted a quick and economical source of funding to open the new office.
Biz2Credit reviewed the business needs as well as the personal financial statement of the entrepreneur. Based on the estimated value of the company and two multifamily property units owned by the entrepreneur, Biz2Credit recommended taking an unsecured a line of credit. This reduced the required paperwork and accelerated the funding process. The line of credit would be issued against the goodwill of entrepreneur, his two multifamily units, his personal standing and the strength of the business.
- Received funding in 15 days
- Received an unsecured credit line starting at $100,000 at prime plus 1
- Working capital access
- Refinanced high cost debt (prime plus 4)
- Financed marketing and expansion of existing office
- Lower monthly payments than high cost debts
The line of credit would be issued against the goodwill of entrepreneur, his two multifamily units, his personal standing and the strength of the business.
More Success Stories
"Biz2Credit was the biggest, biggest part of my success here. Biz2Credit came in like a lifesaver," she said
Unstoppable: How Just-in-Time Funding Gave This Salon Owner Her DreamVIEW SUCCESS STORY
"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
How One Business Owner Completed his Year-Long Renovation Plan in Just 1 Month Thanks to Fast FinancingVIEW SUCCESS STORY
"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