A minority entrepreneur owns and operates a real estate brokerage business with annual revenues around $1.7 million in 2007. The company is headquartered in New York.
In response to having an need for online presence, the owner wanted to expand business volume by revamping the website and spending more money on SEO.
After reviewing the business and personal financials of the entrepreneur, Biz2Credit recommended taking a line of credit against the strength of the business and personal credit of the owner. Unlike a traditional term loan, a line of credit gave the owner the flexibility to increase spending on IT and add payroll as the business built up. Biz2Credit surveyed various lending options and targeted two lending institutions. The owner received the line of credit at a rate of prime.
Biz2Credit provided lenders with the personal account records of the entrepreneur, detailing client payments as well as a letter from the accountant proving the company's existence for 22 months.
"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.