A steady-growth technology services company needed a capital infusion to support the addition of several new products. Like many, the business owner initially desired an SBA loan or, if not available, the longest terms/best rates available.
LendSpark determined that the combination of owner’s credit, collateral and cash flow made pursuit of an SBA option worthwhile for all concerned. There was a question on whether the SBA-lenders would support the use of funds for product development. When a lengthy SBA underwriting process with several lenders proved unsuccessful, a term loan option became the next best solution.
LendSpark helped the client secure a multi-year term loan with a semi-monthly payment structure. Most importantly, they were not required to pledge collateral and were able to quickly deploy the funds to bring the new products to market.