Sunovis Financial, a premier alternative financing company that specializes in bad credit business loans, helps an electrical contractor with challenged credit.
bad credit business loans, delivered by packaging a deal that took into consideration the company's strengths rather than its weaknesses.— Electrical contractor with tax liens gets affordable business loan. Sunovis Financial, a premier alternative financing company that specializes in
Today, Sunovis Financial, a leading alternative financing company that specializes in small business loans, announced the successful completion of a financing package that allowed an electrical contractor with tax liens to infuse the company with the cash needed to start work on new projects for an expanding customer base. Without the financing, the contractor would have turned work away because the projects need a large outlay of cash to start. The recession has caused companies to be more generous with credit terms to secure the business, hence the need for an upfront cash outlay. An added benefit to this loan, the owner's 20 plus employees were able to keep working because of these new projects. In addition, the company was able to add additional employees to its payroll.
This was not the case just a few years back as a contractor, like many businesses in the country; the Great Recession forced him to make the hard choice of laying off employees because of the lack of work. Additionally, he was unable to meet his tax obligations. He used the cash to keep the doors open.
"The Great Recession took a financial toll on many small businesses, and many are still reeling from the effects of it even today," said Terry Robinson, Founder and CEO of Sunovis Financial. "A company that has a less than stellar credit record does not necessarily mean that they are high risk. The downturn in the economy forced many companies to downsize, lay off employees and often the owner would forgo a paycheck to make sure his existing employees were paid," said Terry. Terry goes on to say, "Sunovis Financial is an advocate for those companies that were battered during this economic storm. We look for more important factors, as opposed to just a credit score to make a "common sense" decision on lending money." The other more important factors include:
These are important factors that banks often look past. Banks are still not lending because of a restrictive regulatory environment. This lack of lending sends ripples across the economy. The small business owner is the engine for job creation in this country, and if they cannot secure the financing to expand, people seeking work will have a hard time finding a job. Mitchell Weiss, professor of finance for the Barney School of Business and former owner of several commercial finance companies, says, "The banks are conflicted. On the one hand, they need to make more loans because they have more deposits, which are liabilities on the lender's balance sheet. Then, they have receivables, which are assets. However, they're also still wary about what took place a few years back."
Sunovis Financial has been leading the way in creative bad credit business loans for companies with a healthy cash flow. Their customers include:
- Health and Dental practices
- Retail Stores
- Restaurant and Franchisees
- Online companies and many more
Their Premier small business loans are affordable with business-friendly rates; require no guarantee, no collateral and no prepayment penalty. They are the experts in bad credit business loans.
Name: Meghan Robinson
Organization: Sunovis Financial
Address: 7500 College Blvd, Suite 500, Overland Park, KS 66210
For more information, please visit http://www.sunovisfinancial.com
Release ID: 57939