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It Takes More Than QuickBooks®
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My self-funded, rapidly growing company had me tapped out.
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As a first-time CEO, I couldn’t share my concerns with the management team. I needed a confidante to talk through building a management team, handling non-performing executives and applying the best ways to grow a business. Mary Rodriguez was all that for me.
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She explained that our company, while growing, was not large enough to interest the big banks. We’d need a solid business plan to convince smaller banks to give us an initial line of credit. Mary went with me to meet with every one of the 20 banks on our list, and we got three proposals. She made sure our Balance Sheet stayed strong as we added new employees, new contracts and new expenses. Using her budget with a rolling forecast, I always knew where the company stood financially and I could monitor when we would hit the credit line limit. Mary referred us to the experts we needed – a labor lawyer, pension administrator and a risk attorney. At that point, we had 100
employees and 50 trucks on the road.
When our bank was taken over one year by the FDIC, our credit line was shut down overnight. We knew it would take six months or more to line up new financing. Mary worked through her personal contacts to find a new bank that would lend based on our contracts. She identified new lenders, presented our business plan to them and secured cash that served as our bridge money until we could arrange permanent financing again. We used that bridge financing to continue operating and expanding our projects.
employees and 50 trucks on the road.
When our bank was taken over one year by the FDIC, our credit line was shut down overnight. We knew it would take six months or more to line up new financing. Mary worked through her personal contacts to find a new bank that would lend based on our contracts. She identified new lenders, presented our business plan to them and secured cash that served as our bridge money until we could arrange permanent financing again. We used that bridge financing to continue operating and expanding our projects.
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We’re here to help.
If you want to evaluate alternative sources for bridge financing, contact us. We’ll be back to you within 24 hours.
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