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Newtek Delivers $2.5 Million to Business to Improve Cash Flow and Meet Increased Customer Demand
As a partner, Newtek helps your clients reach new levels of success. A client in a niche market improved their bottom line by refinancing debt and gaining working capital to take on more customers and grow their business.
The Florida-based business manufactures food trucks and trailers with custom built kitchens. Since 2005, they've provided customers in the food industry – many of them repeats or referred by other customers – the right equipment and setup to meet demand from hungry patrons all over the country.
The $2.5 million loan allowed the business owner to refinance high-interest loans with new, lower-interest loans. The funding was also used as working capital for operations to keep up with increased customer demand. Overall, the financing improved monthly business cash flow by $90,000 – enough to cover the monthly lease for their production facility.
The Newtek Solution:
- Term Loan with a 10-year amortization and no balloon payments
- Superior advance rate than a traditional bank
- No prepayment penalties
- No imposing and restrictive bank-like covenants
- White glove service from dedicated customer service representatives
The client's Newtek Lending Specialist provided personalized, hands-on assistance, guiding the business owner through each stage of the lending process, and structuring the best loan to match their capital needs.
Newtek Lending is ready to help your clients do more with funding ranging from $50K to $15M. Please log in to NewTracker at www.newtekreferrals.com to submit a referral today.
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