An entrepreneur owns an IT consulting company in New York that earned $700,000 in 2007. The business owner has recently moved to the United States from India.
An entrepreneur owns an IT consulting company in New York that earned $700,000 in 2007...
The owner needed $100,000 to service new projects. In the past, the entrepreneur self-funded expansion plans, but lengthening payment cycles created serious cash flow shortages. As a new immigrant to the US, the owner did not have a well-established personal credit history or trade lines, restricting access to debt financing.
After reviewing the business and personal financials of the entrepreneur, Biz2Credit helped the company to build their business credit with D&B (Duns and Bradstreet) and open new trade lines. Additionally, Biz2credit located a bank product that based the line of credit on the business goodwill and accounts receivables. Biz2Credit presented the case as a full doc to the lender with supporting financials like accounts receivables aging statement to strengthen the company's creditworthiness.
As Deepak said, "The speed was exceptional. I was able to get a loan in 24 hours, and I took ownership of the business the very next day."
"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."
Arco Electrical Contractors
Navneet got in touch with the funding specialists at Biz2Credit and worked with his case manager to understand the best way to secure inventory financing. His case manager was able to get him an offer the next day.