Sometimes, it can be difficult getting a loan. You need collateral, accurate, current financials, as well as a good relationship with your lender. After you get the loan, it may be years before you review your lending needs. Your business is fast paced, so maybe you have not reviewed your balance sheet to see what lending options are available.
Customer: Upon starting a new engagement with a customer, we reviewed their financial statements to see what their needs were as well as any potential financial stress points. The customer had needs for more cash in order to add equipment and manufacture inventory. We noticed that the customer had a higher level of collateral on its books than it did in loan proceeds. After conducting an analysis, we determined that we could support an increase in the Line of Credit from about $1 million to $6 million. We contacted the lender to see if they would be comfortable increasing the Line of Credit to this amount. After making sure we had all the proper paperwork and analysis to support our request, the bank increased the Line of Credit accordingly. This resulted in increased working capital so the business could support its growth.
The purpose of Crosslin Accounting and Business Solutions (ABS) is to free you up to spend time doing what you do best. Outsource your accounting and CFO needs to someone that has been doing this for years. We have the experience and expertise to help you make your business more profitable. Let us do what we do best, so you are free to do what you do best.
Please contact us to help you find cash in your business.