A: It was a new business enterprise which can be more difficult for other lenders. In this case, the customer was a well-seasoned entrepreneur looking for $160,000 of capital to fund his entire equipment acquisition. When you’re looking at lending for a more risky profile, like with new businesses, there are a lot of variables that will give other lenders pause when reviewing an application like this.
A: No, everything ran smoothly, as our processes are well-equipped for moving along in a timely manner ~ even with applicants that fit a non-traditional profile.
A: We were able to provide the $160,000 of capital to fund his entire equipment acquisition, and provide the opportunity for another business owner to live out the American Dream!
A: Don’t be discouraged by certain lenders turning you away if you are new in business. Different lenders have different areas of focus… one size does not fit all! Keep looking, and be ready to share details about your business ~ tell your story! You may be able to find a lender that is right for you.
Check back in a couple weeks as we talk with another one of our finance officers! Stay up to date and learn more from our valuable resources at www.AmericanEFS.com/The-Bottom-Line