An entrepreneur owns and operates a medical transcription company with annual revenues around $1.3 million in 2006. The company is headquartered in New Jersey.
In response to declining margins, the owner wanted to expand business volume by hiring a new sales team and adding clients.
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 ability to increase payroll as new clients were added, only paying interest on the amount used. Biz2Credit surveyed various lending options and targeted two lending institutions. The owner received the line of credit at a rate of prime.
Unlike a traditional term loan, a line of credit gave the owner the ability to increase payroll as new clients were added, only paying interest on the amount used.The owner received a line of credit of $300,000 within 21 days
He's recommended Biz2Credit to other entrepreneurs and considers the company "a great partner in my expansion."
"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