A New York City non-profit school for children with developmental issues needed funding in order to expand their facility. Aside from being a non-profit organization, they lacked the three years of operating history, and had negative assets for the first two years since they were still paying off their start up costs. Although there were no prior issues, it was concluded that a non-profit organization dealing with the Board of Education was not easily bankable.
The Board of Directors for the school wanted to expand their facility to increase their reach among children needing their services. What motivated their idea was having a reasonable faculty to student ratio and to have therapists who specialized in areas that public schools currently lacked. Biz2Credit helped them achieve these goals by getting them approved for a $2.5 million loan, which helped fund their initial goals as well as secure their long term stability.
After analyzing their financial statements with the school’s accountant, Biz2Credit was able to put a loan package together to present the case to potential lenders. Based on Biz2Credit’s experience in dealing with lenders, the school, which was previously rejected by lenders, now obtained multiple offers from a number of lenders. After picking the most cost effective option for the school, Biz2Credit and the school’s accounting firm began to draw up a financing plan for the future.
I will be able to plan better now, and I hope I won't need them again, says Bhatti, "but if I do, I won't wait to call. Biz2Credit definitely helped me through a tough spot."
"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
"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