The company was very young, only two yeas time in business. They also had limited to no comparable borrowing history. It was a private party sale which means a lot more work has to be done up front to coordinate between the seller and client.Apply Now
LendSpark recently financed a hard asset for a new equipment company, specifically a sign company that faced a few challenges during the process. The client had only been in business for two years and had limited to no comparable borrowing history. Additionally, it was a private party sale, which required more coordination between the seller and the client.
To overcome these challenges, our team at LendSpark came up with a solution. We used one of the larger vehicles that the client already owned as collateral to get approved for the new truck they needed financing for.
As a result of this approach, the client was able to purchase a larger truck and secure longer contracts that they would not have been able to qualify for traditionally. This allowed the sign company to expand its operations and grow its business.
At LendSpark, we understand the unique challenges that new businesses face when seeking financing. That's why we work closely with our clients to find creative solutions that meet their needs and help them achieve their goals. Contact us today to learn more about our financing options for new and growing businesses.