Small Business Capital: SBA Loans

by Crestmark 2. July 2012 09:28

Getting capital is often one of the biggest struggles that small business owners face. A lot of lenders hesitate to invest in a business that hasn't achieved critical mass and  banks might resist lending to small undercapitalized companies.

The U.S. Small Business Administration (“SBA”) was created to represent business owners and help provide the kind of resources needed. As part of that, the SBA partners with regional lenders to create SBA-guaranteed small business capital loans that are available throughout the country. When you apply for small business loan programs through the SBA, you get more than just the basic required allotment of small business capital. They sometimes come with some kind of coaching, instruction, or assistance, which can be vital to help a new business get the most out of the loan.

In order to apply for small business loan programs through the SBA, you have to meet certain criteria. There are a number of different loan programs that exist. They range from those available on a broader scale to more specific loans for rural businesses or other specialized applications. The requirements for each are different, and the ways in which loaned money can be used will vary as well. 

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working capital

Is It Important To Find A Finance Company That Specializes In Your Industry?

by Crestmark 23. May 2012 12:19

Are all factoring companies equally capable of financing every deal? From the perspective of someone seeking credit for your business, it can be tempting to knock on the door of every bank and non-traditional lender in your area and online. But is it really better to work with anyone who will give you the kind of loan you need?

Your Field Is Unique

Immersed in the daily reality of life in your industry, it's easy to lose perspective on just how unique your business really is. The flow of revenue for the transportation industry – punctuated by delays, spiking gas prices, and lag time between payments – is very different from the expected pattern in a staffing agency, which in turn is different from a retail business. Because non-traditional lenders are often relying on these patterns to provide financing, it's vital that they have an understanding of what to expect. Your explanations may not tell them what they need to know.

A Specialized Company Has Custom Solutions Ready To Go

Many fields have developed specific lending practices that are unique within that industry. For example, trucking has freight bill financing and fuel cards. Government contract financing has to understand the additional paperwork and disclosure requirements that are necessary when working with federal or state organizations. A company that has worked with your field before knows what to expect and has already created unique solutions that are designed specifically to meet your needs. You just won't find that level of service in factoring companies that don't know your business.

Crestmark has always been proud of our customized offerings for fields like staffing, manufacturing, transportation, apparel, and government contracting. Even when we don't have prior experience in your field (a rarity considering the diversity of our staff and years of lending across industries) we know the questions to ask in order to provide you with the right non-traditional lending tools for your needs. 

Crestmark's recent industry recognition

by Jack Roper 20. June 2011 06:53

Crestmark has recently received recognition from several industry entities including; SNL Financial, American Banker, and the ABA Banking Journal. An article in American Banker showed us as having the fifth highest Commercial and Industrial Loan Portfolios for independent banks with assets less than $1 billion. It is great to be recognized within the accounts receivable / asset-based lending / factoring industry… and as they say, it’s an honor to be nominated.

But of course, what we love to hear about even more are the clients that we have helped. Like the office supply company in upstate New York who we provided working capital that helped their business weather the turbulent economy and told us, “Crestmark is the next best thing to sneakers.”

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