Auto Repair Shop, Florida
Hit daily with high MCA loan fees
The owner of this auto repair shop was severely in the red from his numerous MCA loans. We pulled up and pulled him out of debt.
This client contacted SBA Loan Program when his business was hemorrhaging money. The five MCA (Merchant Cash Advance) loans he borrowed were costing him $1,875 per day.
SBA Loan Program developed a program uniquely tailored to the client. First, we consolidated all of the outstanding MCA positions, enabling the business to restore its monthly cash flow. Then, we gave the client a small business loan of $35K in working capital. This funding allowed the client to finance equipment upgrades, hire a certified mechanic skilled and market these new offerings to the public.
Several months later, the client returned to SBA Loan Program. This time, business was booming. We closed a second loan, which the business used to relocate to a larger space and expand their team. The client avoided the astronomical cost associated with MCA loans and the burden it brings on cash flow, by reaching to SBA Loan Program first.