THE COMPANY: A rural
telecom company obtained an underfunded SBA loan from its local bank
several years ago, resulting in the need to seek additional outside financing
in the amount of $500,000. An angel investor provided the funding in
exchange for preferred stock to be re-purchased in 3 years or converted to a
24% interest loan.
THE CHALLENGE: As a
result of expansion and growth the rural telecom company was unable to
re-purchase the preferred stock at the end of 3 years, and the local bank did
not want to extend an additional loan to refinance the $500,000 as few lenders
have experience with this industry to determine asset values. The rural telecom
company needed additional funds to expand broadband internet services to new
and existing customers. THE ACHIEVEMENT: BizLoanFunding obtained an approval for a $1,704,000 SBA 7(a) loan to refinance their existing
SBA loan at their local bank, payoff the high-interest investor note, and
provide the company with funds to purchase equipment and provide their
customers with broadband internet services. The bottom line? Reduce
annual debt service requirements by over $240,000 and increase cash flow over
$600,000 annually! WHAT DEAL DO YOU HAVE THAT
NEEDS TO GET DONE? BizLoanFunding is an SBA/USDA consulting,
packaging and placement firm with +60 years’ combined experience lending to
small businesses. We currently have a 92% approval rate with our clients and
may be able to help if you have a deal you cannot get done at your bank.
CALL US TODAY! Joe Wojtowicz or, Dave Nighswander 888.613.4988 |
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CategoriesAnother Done Deal - The DetailsBizLoanFunding.com In The News Community Banks New Loan Approved Self-Storage Businesses Are Now Eligible For SBA Financing We Get RESULTS! 80% APPROVAL RATIO THIS YEAR! |
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