Web Start-Up in Need of Quick Financing

April 14, 2022
Company: Huckle & Goose

Challenges:

Based upon LendSpark’s detailed review of their business plan, personal credit histories and short and long-term business goals, we recommended, then assisted them in obtaining unsecured bank lines of credit in the name of their business.

Solutions:

LendSpark determined that the combination of owner’s credit, collateral and cash flow made pursuit of an SBA option worthwhile for all concerned. There was a question on whether the SBA-lenders would support the use of funds for product development. When a lengthy SBA underwriting process with several lenders proved unsuccessful, a term loan option became the next best solution.

Results:

This financing approach quickly provided the funding required to launch the company. Because the credit was established in the name of the business, they avoided over-leveraging their personal credit, protected their personal assets, and maintained 100% ownership equity in their company. Their effective use of this business credit has also increased access to additional funding options for the future.

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