RECENT MONEY $MART SOLUTION TO A PROBLEM …
Mar 3rd, 2010 | By Ernie Brown | Category: UncategorizedA state agency lender (non-bank financing offered through state agencies that support and enhance business development when banks cannot and frequently involving multiple lenders) was faced with a problem: A company they had loaned money to was growing readily using the agency financing and a factor to maintain working capital levels had their cash flow come to a crashing hault. Why? It was discovered that there was a flaw in the wording of the contracts arranging what is called an inter creditor agreement and the factor could no longer provide working capital until the creditor agreements were resolved. The reason for this was that factor was no longer protected when they funded invoices.
Adding to the problem was a third party creditor, who was not supportive of this arrangement to begin with, was not looking to be supportive of resolving this problem a second time around and the clock was now ticking against the business owner.
Sadly? The business owner is once again caught in the middle with limited to no cash flow to run their business and worse yet was at risk of having a stop put to their growth.
After speaking with the factor and with the agency and getting a full understanding of the collateral as well as political positions of all parties we, at Financial Manager’s Resources, proposed an ‘outside the box’ solution that was simple, concise, and protected everyone involved. It was also quick and right now speed was of the essence.
The result: The business owner will cash flow, his business can still grow, the factor and lenders involved are protected as was previously agreed to, and the plans that eveyone involved has for their future should be met – or better yet: Exceeded!
If you or someone you know has a problem? Contact me @ ebrown@finance-manager.com. I’m an email away.
Ernie Brown
Ph: 1-978-256-8634
Money $marts: Financial Solutions that work!
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EB
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I’m having a small annoyance. I’m unable to subscribe to your rss feed for some reason. I’m using google reader by the way.
Hi –
Am not sure why you’re having a problem. Let me know if it persists?
EB
see previous responses on this. Let me know if you need additional.
EB
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Happy to contirbute. Send me the details!
EB
Hi –
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EB
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