Engineering Firm Finds Capital for International Growth via Biz2Credit
Radio-frequency engineering is a highly specialized field. While most people take for granted that their cell phone will work wherever they go, the reality is that it's just not that easy. ARQ, LLC is an engineering firm specializing in the design and development of indoor Distributed Antenna Systems - the networks that bring seamless cellular coverage into large venues. The company works with large cellular service providers - such as AT&T Wireless and T-Mobile - to optimize network performance in high service demand locations such as stadiums, airports, hotels, and office buildings. As the demand for indoor cellular service has rapidly increased, so too has the demand for ARQ's expertise and network solutions.
Since its inception in 2008, ARQ has grown from a two-man operation to a company with a staff of 28 engineers, designers, analysts and project managers. Its service area has grown far beyond the U.S. into Mexico, India and Kuwait. Funding this rapid growth has been a challenge. Despite having a strong business plan, demonstrating growth, and being well-positioned in a high-demand industry, ARQ met resistance in its quest for funding with large commercial banks.
"Their answer was largely NO," explained ARQ founder Kunal Hinduja. "Given what I knew about the big banks' home mortgage crisis, I wasn't really surprised they wouldn't work with us. Still it was frustrating."
Hinduja read an online article about small business lending referenced Biz2Credit's success in arranging financing for small companies such as ARQ. He realized that Biz2Credit's network likely included smaller banks hungry to do business lending. The small business owner was impressed with the access and availability to these financial institutions through Biz2Credit.
"Biz2Credit got back to me right away, took the time to understand my business, and recognized immediately that they could help arrange a loan," Hinduja continues. "I was asked to submit the standard financials, tax returns, resumes. Biz2Credit put the package together and got to work."
"Biz2Credit really produced results for us."
Within a short time, Biz2Credit successfully arranged a $150,000 business loan with Valley Economic Development Center. This five-year loan at a competitive 6.25% rate gave ARQ the necessary capital to focus on its business development and expansion. The company continues its rapid growth, challenged only by the demands of its clients - not the distractions of its cash flow.
"We are well-positioned to continue our international expansion. We'll continue to work with Biz2Credit as our needs continue to evolve," Hinduja explained.
We are well-positioned to continue our international expansion. We'll continue to work with Biz2Credit as our needs continue to evolve, Hinduja explained.
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