Company: Huckle & Goose
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.
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.
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.