When the owner of a popular and successful Caf? came to us she was pressed for time. She had heard about our 48 Hour Business Loans, but was unsure of what to expect, what would be needed, and how it all worked.? She was looking ?for the funds to promote the business with one of the most successful avenues she has – her cooking show! We were pretty impressed with this technique as ?she actually features a paid time-slot on local television where the chefs and team prepare some of their dishes, and engage the audience.? Using tracking through their POS to pay attention to trends, they could literally see how it spiked business and resulted in ?profit. Production and airtime for this venture were costly, but were always offset by the increased traffic to their operation – and admittedly, were a lot of fun to produce!
A Conventional Lending Success Story
As the scheduled time to shoot the next episode ?grew closer, some concerns came into play. The issue was that after taxes, and other costs including an unforeseen repair to the dining area the production costs for the episode seemed out of reach. The owner knew she was coming into her slow-down season as she’d been in business for over 8 years, so to spend money in reserves on promotion was a tricky decision. Seeing our website for our small business loan she decided to give us a call. After speaking with one of our agents and providing 3 months of business bank statements and a completed application we determined she’d be a candidate for an SBA Loan. The SBA process takes time, however we have the ability to move much quicker than the bank even on their products. On our short timeline of 45 days, we can offer terms out to ten years.
The business owner was happy to hear all of that – however, even at 45 days it was simply too long. We looked at a revenue based product and offered her $150,000.00 as a bridge loan to pay for the commercial, as well as keep things moving in the right direction as we secure the SBA Loan. When the SBA Loan comes to a close it will pay off the short-term?bridge loan at a discount! Yes, that is correct, not only is there no pre-payment penalty – there is actually a discount.
This multiphase funding is becoming more and more popular for our business owner clients who qualify for traditional bank products but don’t have the time to wait. The SBA process features an online portal, or a paper application, whichever you are more comfortable with and we will go line by line on your most recent tax return as well as get a ballpark on your credit to see if it is even a fit. This process is notoriously demanding of your time in the application process. It is a great program if you qualify (650+Fico for starters).
Even if you don’t qualify for SBA lending, we still show plenty of options on bridge lending with an early payoff discount, with refinance options. In this example, it’s been 40 days, and the SBA Closing is scheduled, the Bridge Loan is being paid off at a discount, and the Business Owner has sent a friend to us – which is the ultimate compliment.
If you’re unsure about our Small Business Loans? or simply have some general questions don’t hesitate to get in touch with an agent today. We would LOVE to speak with you about what is possible. Revenue based lending is, and will always be our main focus but we truly do have options for everybody. Remember, if a business is showing strong cash flow regardless of industry or owners personal financial situation we can get the funds you need quickly – that’s how we are different – that’s how we take businesses to new heights.