Company: Ocean Breeze RV Center
A single-owner, early-stage company that sells and services, Ocean Breeze RV Center needed capital to add an additional location and expand their regional footprint. They had been denied financing from traditional banks due to their relatively short time in business and lack of personal assets to pledge. They looked to LendSpark for creative alternatives.
LendSpark knew that additional credit in the name of the business would help increase credit limits from inventory suppliers and support rapid growth of the new location. For this reason, LendSpark helped the client obtain initial funding through unsecured business lines-of-credit. Detailed analysis of the business financials demonstrated that occasional access to short-term working capital loans would help soften the impact of seasonality on their revenues.
Revenues from the new location are greater than the total revenues from both of the previous locations combined. Through the trust LendSpark had established via our funding efforts, we’ve been asked to help analyze business operations for areas of potential cost savings. This analysis has also reduced the client’s merchant processing costs and improved the time.