Monday, April 18, 2011

Every Cloud has a Silver Lining

Good things happen when you least expect it and it did recently--for us and a new client.

A few weeks ago we were introduced to a potential client in the industrial moving business. They just weren't satisfied with their current lender. Despite the fact that the company was making a profit and had more than sufficient collateral to cover their small loan, the bank they were doing business with just wasn't listening to them or simply wasn't interested.

One phone call from us and a visit to their facility changed this company's future.

During our visit we learned that not only were they a 31-year-old company but a certified women-owned business as well. They had taken out some financing shortly after 9/11 to keep the doors open and keep their employees on board. Now almost 10 years later they had become profitable again, taken on a number of new contracts, had equipment that was free and clear and had all but paid the bank off. Yet when they approached the bank for additional services they were given the brush off.

After starting work with us, within a week we had:
  • Paid off the bank
  • Factored a few accounts receivable to increase their cash
  • Gave them a new lease on life

For us it was a perfect fit and a great opportunity to really help this business. For our client, well, we were their silver lining.

The American Receivable Team

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