Raleigh, North Carolina – July 14, 2021 – As the US economy shows positive growth, coming out of the COVID induced slump in 2020, businesses seeking financing to grow and recover have sought options outside of traditional lenders to fund their operations. Loan brokerage firms like FGBMC Capital Command Consulting Group, Inc. fill a gap for many businesses that may not otherwise qualify for traditional loans. The increased attraction for businesses to loan brokerages include higher lending limits than online lending firms, plus consulting to determine the right financial instrument for the business.
“Many business owners have felt burned by online lenders because the business owner enters their information and their loan is determined by a mathematical formula,” Dr. Linda Williams, founder of FGBMC said, “but that is not the case for us.”
“Businesses and sound business plans are much more than a FICO score or a cash flow statement. Often, these borrowers don’t receive enough funding, or the type of loan they are encouraged to take isn’t right for their strategic plan.”
Borrowers that have sound, actionable plans, but not the business history or cash flow to back them up can receive funds from private lenders.
“Banks pose a particular challenge for startups and businesses that ebb and flow a lot in their revenue,” said Darrick Brown, former Senior Vice President/Director of Small business at Wells Fargo bank.
“Banks are required to lend responsibly, which is important because the money they lend is provided by everyday customers. It’s described as a ‘black box’ to borrowers, because they don’t know all of the factors in to the decision to lend or not. They submit their application, it goes into the black box, and they either get a loan or they don’t. With private lenders and a loan broker there’s more information and conversation before lenders make a decision.”
Dr. Williams describes the benefit of working with a loan broker saying, “When you work with a loan broker you get input. The broker reviews your plan, your current financials, and positions you for success with the right lender.”
Loan brokers often work with types of financial instruments not represented by a bank, such as bridge loans, equipment financing, or factoring. “Money can come from a lot of sources, including accounts receivable factoring, bridge funding and other private loan sources,” Shane Walton, a partner at the Commercial Loan Broker Institute said.
Dr. Williams agrees, “I have consulted on government contracting and other high ticket business contracts. One of the primary items determining eligibility to take on such projects is the business’s ability to cover the cost of fulfillment. One of the reasons FGBMC has been such a contributor in 2020 is our ability to source funds for businesses following the end of PPP loans. To get the job done, you need access to capital. Commercial Loan Brokers are the fastest and most effective path to funds for most businesses today.”
Company Name: FGBMC Capital Command Consulting Group, Inc
Contact Person: Dr. Linda Williams
Country: United States