In 2020 the world changed
Business Funding Did, Too
Post-COVID Funding
Funding for the new normal
SKIP RIGHT TO THE OPTIONS?
Quite simply, everything.
Americans basically went into hibernation in March of 2020. The social, economic, and business shutdown were truly unprecedented. Though shelter-in-place restrictions are rapidly going away, we don’t yet fully understand how long we will be asked to participate in some sort of sequestration. What’s more, we don’t know how much temporary government madidates will permanently change voluntary consumer behavior.
We do know that by early April 9 in 10 small business owners already said the coronavirus has impacted their business, and 1 out of 3 had shuttered without an intent to reopen.
Twenty-eight percent of small businesses have applied for additional credit in first quarter of 2020. Additionally, lenders are forced to reconsider underwriting criteria.
The secondary credit markets (asset-based lending, factoring, equipment leasing and financing, etc.) have a different level of concerns. Many of these companies themselves borrow money, so they may be facing similar restrictions as you.
Learn more about how underwriting may be changing in the primary and secondary lending markets.
Whether you are looking for a traditional loan or line of credit, or a post-COVID asset-backed loan or other form of alternative business financing, you have to be prepared to put your best foot forward from day one.
Our team is comprised of individuals that have sat at the helm of international lending organizations, developed growth strategies for Fortune 500 companies, and ran main street businesses. The team lead on our coronavirus lending taskforce has been in the alternative lending industry for 55 years. Learn why you need an advocate if you are seeking post-pandemic funding.
The New Normal
The world of small business funding definitively changed due to the novel coronavirus pandemic.Underwriting is Uncertain
Lending requirements in both the primary and secondary markets are in a state of shift.You Need an Advocate
When lenders don’t even know their own current criteria, how are you supposed to? Let us advocate on your behalf.
What About Paycheck Protection?
Many programs, including (in the U.S.) The PPP, EIDL, Main Street Lending, (in Canada) CEWS, and LEEFF, just to name a few, were rolled out by governments to help subsidize small and mid-sized main street businesses during the pandemic.
These programs were, by design, limited in scope and time. More importantly, most initial funding rounds were exhausted in record time.
If you are still pursuing a government loan, great! Continue to do so. The lenders that are managing them generally have clear guidelines as to what they require, and you likely won’t need assistance. If:
- You have received, or are confident you will receive funding from one of these programs
- The funding will provide what you need to recover from the impact of COVID-19
- You don’t believe you will need other funding in the near term to maintain or grow your business
Then you are good to go. If any one of the above is not true, however, then let us help you explore your other options as well.
It’s better to know the HOW than the WHY
We can’t tell you we know what lenders are looking for. They themselves are still figuring it out. When you can’t know the “why”, the “how” becomes indispensable. We know how to present a business. We know how to shop lenders. We know how to speak their language. We know the grueling, tough questions they are likely to ask you, and we can ask them first.
Yes, small and mid-sized businesses can still get capital. Yes, you can still get funding for your next stage of growth, or to get you back on track. You just have to know the “how”.
It’s better to know the HOW than the WHY
We can’t tell you we know what lenders are looking for. They themselves are still figuring it out. When you can’t know the “why”, the “how” becomes indispensable. We know how to present a business. We know how to shop lenders.
We know how to speak their language. We know the grueling, tough questions they are likely to ask you, and we can ask them first.
Yes, small and mid-sized businesses can still get capital. Yes, you can still get funding for your next stage of growth, or to get you back on track. You just have to know the “how”.
Find YOUR new normal
Our team of professionals can help you find your new cashflow equilibrium.
We will look at your individual situation; financial and business history, detailed projections, industry outlook, funding requirements, business volume and other factors. We will challenge your assumptions. We will ask you the hard questions now, when an incorrect answer won't cost you access to the capital your business needs to flourish.
We may recommend pursuing a traditional bank loan, and we can help you shop to the right lenders who are ready to do business. We may recommend that you leverage capital tied up in receivables, and find a factor that meets your business profile. We may match you with a company that specializes in funding businesses based on hard assets. First, however, we'll get to know your business, so we know how to advise you.
Find YOUR new normal
Our team of professionals can help you find your new cashflow equilibrium.
We will look at your individual situation; financial and business history, detailed projections, industry outlook, funding requirements, business volume and other factors. We will challenge your assumptions. We will ask you the hard questions now, when an incorrect answer won't cost you access to the capital your business needs to flourish.
We may recommend pursuing a traditional bank loan, and we can help you shop to the right lenders who are ready to do business. We may recommend that you leverage capital tied up in receivables, and find a factor that meets your business profile. We may match you with a company that specializes in funding businesses based on hard assets. First, however, we'll get to know your business, so we know how to advise you.