My company is a 7-year-old company with revenue nearing $2m this year. My partners and I have owned the business for less than 2 years. So, banks considered us a startup. We are profitable, have strong cash flow and a veteran management team. We have shown growth in each of the 7 quarters we’ve owned the company. Yet we were “un-bankable” until we were 2 years old. Within 5 minutes First Down Funding approved us for the funding we needed. We’ve recently drawn the funds, which we will use to accelerate our marketing activities in 2015.
Fees are just a pinch higher than we’d like, but given the amount of paperwork and time that a bank loan takes, it’s probably a wash or advantage to First Down Funding. The only think I’d push for, is a 12-month payback plan. The 6-month term is aggressive, but acceptable.
This post was written by firstdownadmin