Gas Station Owners Financing During the Recession - Biz2Credit
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Long Time Gas Station Owners Couldnt Find Financing During the Recession

Gas station and convenience store
Funding Need

Gas station and convenience store owners in Illinois were hit hard by the recession and in some cases were forced to sell multiple locations. The owners of one BP gas station in Illinois desperately needed working capital and couldn't find a lender to give it to them.

Solution

Biz2Credit was able to find a lender who could provide them a short term financing solution to boost their cash flow and is currently working with the owners to secure longer term financing in the future.

Our Customer's Story

Our Customer: Monika Chokshi, co-owner of P&P Gas Station and Convenience Store (operates as BP Gas Station) in Rockford, Illinois

Monika and her husband moved to the U.S. from India in 1988 and 1992, respectively. They became successful serial entrepreneurs and eventually became the owners of five gas stations in Pennsylvania and Illinois. When the economy declined in 2008, the couple was forced to sell three locations and foreclose on a fourth.

When they tried to secure financing for their remaining BP gas station in Rockford, Illinois, they were turned down by every bank they approached because of late and missed payments that had occurred with their other locations. Their business credit score had taken a serious hit, and they weren't eligible for a loan. Monika was desperate to find working capital to purchase new inventory for their store and gas for the station. That's when she saw an ad on TV for Biz2Credit.

How Biz2Credit Helped

Biz2Credit Loan Specialist: Eli Haidatov

After seeing Biz2Credit's commercial on TV, Monika quickly completed the online application. The Chokshis were apprehensive about the process due to their previous rejections but to their relief, they were told that they did qualify for financing and were connected with their dedicated loan specialist, Eli Haidatov.

Eli did a thorough evaluation of their current financial situation and the challenges that they had faced in the past. With Eli's guidance, they successfully submitted an application for a short term loan from XPRS Capital that was quickly approved.

Monika was able to use the funds to purchase much needed inventory. She is currently working with Eli to apply for additional financing.

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Utilities Mining, Quarrying, and Oil and Gas Extraction
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