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
"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
"Dr. Gautam came across Biz2Credit after seeing multiple TV commercials and figured he'd give it a shot. After submitting the application and speaking with his Case Manager, he was funded $350,000 within 48 hours."
Dr. Ravindra Gautam
"Biz2Credit saved the day and 48 hours later, I had the keys to my new fitness studio in my hand," said Zadeh. "I don't know how Joe did what he did for me, but I'm thankful for his help. He even got me an easy repaymen