Our goal is always to provide our clients with the funding they need to help their business flourish. To that end, we’ve recently had another exciting success story with a client who would’ve otherwise been unable to find funding based on how they look on paper.
We recently received a call from a banker friend and long time referral source about a referral she was unsure about. While she’d contacted us many times before with referrals who turned into success stories, this particular referral was uncharted territory. Many asset-based lenders would have turned down this referral based on the risk they presented, without ever meeting them.
This referral was an entrepreneurial subcontractor who started a concrete contracting company only one year prior. In this type of industry there are several different pitfalls that can prevent them from receiving funding including:
- Progress billings which create subjectivity as to how much of the work was done
- Retainage
- Potential for supplier or labor liens
- Potential for bonded job situations
Additionally, this particular company had only been in business for one year, which further increased their risk level.
Commitment to Helping Others Succeed
Because of our commitment to helping entrepreneurs succeed, we decided to look beyond this company’s “high risk” appearance and agreed to meet with them. In just the first meeting, it was easy to see that this was a good match. Both of the owners had impressive experience in the industry and had outlined a neat and detailed financial package. They were well versed in the concrete contracting world and completely understood the financial package they had presented.
Within the first meeting, we were able to offer them a $500,000 working capital line of credit, which was even greater than what they were originally proposing. Because of their growth rate, we were able to offer them more than what they had originally requested without any origination fee, termination fee, unused line fee, or minimum borrowing requirement.
Thrilled with the proposal, the prospect gladly accepted it and financing commenced inside of 10 days. We’re so glad that we were able to help this successful company grow and succeed even further, despite what obstacles there seemed to be.
Successful Funding for Your Small Business
If you’re a small business owner that has been denied traditional financing or needs an alternative financing solution, call Allied Financial at 770-730-0101 or start your application online.