IE Business Daily Business news for the Inland Empire.
When it comes to financing small business expenses, some business owners have trouble obtaining approval because of the strict requirements of banks. “Typically, banks require large profits and debt service coverage in order to lend to any specific business,” Jeff Brannon of Solve Capital Group said. “So many business owners who haven’t yet made large profits are forced to choose less-than-ideal financing options, like short term loans found on the web or high-interest cash advances from a local merchant.” Often, he believes, they do this without a proper understanding of the financing products they’re looking at.
“Here’s what I ask business owners who take these types of loans,” Brannon said. “If you are paying 70%+ annually on money that will cost you anywhere from 10% to 25% in interest, is that sustainable?” Instead of choosing an expensive short term loan that may be easy to qualify for but hard to pay back on time, Brannon recommends one of the products offered by Solve Capital Group.
“We have a full suite of services, including growth capital, MCA refinances, equipment financing, start-up lines of credit, real estate financing, FINRA and i-banking affiliation to raise debt/equity and royalty-based funding,” Brannon said. As a result, “We are not bound by pushing one product and we can keep our rates are in the middle.” He believes this is exactly what most small business owners are looking for when they need financing for equipment, expanded retail space, manufacturing facilities and other hard money assets.
According to Brannon, Solve Capital Group has a mission to end the “never ending cycle” of rejection, high costs and catch 22 scenarios when it comes to obtaining small business financing. “We get it,” he said, “and we’re here to help.”
Solve Capital Group can be reached at (949) 356-6601, or by e-mail at [email protected].
