Friday, June 29, 2007

Five Banks Said No

A Los Angeles provider of security services needed to obtain financing to repay a soon to mature loan and provide working capital in support of its rapid growth averaging over 30 percent a year. Five banks said “no” and the owners were starting to worry. The last of these five banks suggested the business owner give me a call at Funding 911.

The company has a strong business model, excellent customer relationships and major household name clients. But they needed help in the areas which I excel – helping a borrower tell their story the right way and meeting the most appropriate lenders.

We spent the next few weeks developing a presentation that would clarify for the lenders how this business generates cash flow (historically and in the future) and what collateral would be offered in support of a loan facility. CFO 911 Solutions upgraded the company's financial reports to provide lenders detailed information about its business operations and ability to repay the loan.

With a well written executive summary in hand, we had banks aggressively pursuing this business loan. Yesterday, we closed on a very competitively priced loan facility with a bank that has the ability to provide the financing to help the security services firm grow to its stated goal of $100 million in annual revenue. My client is ecstatic!

Need help finding the right lender or telling your story the right way? Read "Matchmaking for Business Loans" and give me a call!

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