An entrepreneur owns and operates three gas stations in Wisconsin. Properties owned include real estate, food stores and gas pumps. All stations accept major credit cards and each conduct an average monthly credit billing of about $100,000. The real estate of gas stations is lien free and valued at around $2 million.
In order to increase current cash flow, expand the business and improve future profitability the owner needed $300,000 to add a car wash, increase the inventory and for purchase order financing.
The owner approached Biz2credit for a financial solution. Based on the short-term needs and the past personal and business financial statements, Biz2Credit suggested the owner to take out a cash advance against the credit card receivables. To minimize liabilities and avoid cross corporate guarantees, each gas station was presented as a separate entity. Biz2Credit examined the credit card receivables for each gas station. One gas station had a retail store. The other two establishments included a food joint attached to the retail store. Biz2Credit combined the food and retail credit card receivables of the two gas stations to access a larger cash advance at a lower interest rate for the borrower. The deals closed in 10 days, at no closing cost and no fixed-term.
Gas Station Owner gained access to line of credit within 10 days at no closing cost
"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