Accounts Receivable Line of Credit
After a number of years working for larger companies in the industry, the owner ventured out and started his own company. Using some of his own capital and a small SBA Loan to get started, the company quickly gained customers due to its owner’s reputation for quality service and attention to detail. As the company grew, the owner soon realized that he needed additional working capital to support the new business. With a limited operating history, the company did not qualify for a traditional bank line of credit and all assets were also pledged to the SBA Lender. In order to provide the company with another financing solution, the SBA Lender introduced the owner to Magnolia Financial.
Magnolia immediately met with the owner and was impressed with his industry knowledge and experience. Although the company had been in business less than 6 months, Magnolia worked with the SBA Lender and offered the company a $250,000 working capital line of credit secured only with Accounts Receivable. The owner now has immediate access to cash when he needs it rather than waiting 60 or 75 days for his customers to pay. Rather than worrying about keeping suppliers current and making sure payroll is covered, the owner can now focus on executing the existing contracts and winning new ones.
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Kerry Coker, KAMADO JOE
"The Magnolia guys have a real ‘can do’ attitude. Marc Smith and his team are super responsive and upbeat. They can fund within a matter of days. They are always looking for positive opportunities for their clients. It's a breath of fresh air to work with someone like that."
Frank Workman, Dealers Supply & Lumber Company
""Magnolia was really available when we needed them, and the leadership at Magnolia was empathetic to the cold, harsh nature of traditional banking. It gave us a tremendous amount of comfort during a difficult time. Marc Smith and his team really understood where we were, where we were going and gave us the help we needed to get there.""
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