Fontella W., Owner of a Retail Shop
THE OPPORTUNITY AND THE CHALLENGE
Fontella has a young retail shop that’s on the move. Barely a year old and demand was booming. Very exciting. Also very challenging for a new business to find the working capital to keep up with the demand. This was Fontella’s predicament.
She’d already worked with several finance companies and unfortunately was not given any approvals. Instead she got the runaround and was left in the dark with the results of her small business loan request. Fontella was skeptical, and we knew it would take time to gain her confidence.
As hesitant as she was, Fontella also had plans. She wanted to meet the demands of her business growth while building her business credit.
While most programs shy away from a young businesses, we were able to put a business funding package together for Fontella. He explains the extra effort he took to position her file in a way that gave banks the security they needed to verify all her numbers and to show the positive cash flow coming into her business.
“I provided her last 6 months of business bank statements to show a larger scope of business when I typically ask for the last three months. I also performed a bank verification via decision logic to get her transaction report which provided the bank with the last 90 days of banking transactions up to the present day. So I was able to show that the business is trending upward in revenue.”
Once we could show the steady upwards trend of the small business’s revenue, the bank had no problem approving Fontella’s application for financing.
We were able to get past Fontella’s past negative experiences with alternative business finance lenders by taking his time to answer every question she needed answered. We then reviewed the paperwork with her on the phone to give an idea of what he was going to do, and the time frame she could expect.
“I was totally transparent on the details of her file. She was very communicative with her needs and her vision for moving forward. This future oriented mindset is what we love to see in business owners since we know that business is always changing.”
WHAT SHE SAID
“5 Star Service…I had a very pleasurable experience! My rep was amazing… extremely professional, fast and efficient. Before this, I had received the runaround from another company making the same promises and after a long 3 weeks they didn’t deliver. I received approval within 48 hrs. I can’t say enough about their professionalism. I highly recommend them and look forward to working with these guys in the future for my business needs.”