Music Store, Drill Bit Manufacturer, and Medical Spa Score $1.2 million in Funding
What does a full service music store, a carbide drill bit manufacturer, and a new medical spa all have in common?
Lendio helped each of these businesses get funding through one of our alternative lender partners, which helped secure favorable low-rate SBA financing for each company. Total funding combined for over $1.2 million. Additional details:
Client #1 A full-service music store that sells and rents instruments, and also provides music lessons. The owner came to us with a credit mid-score in the 690s and has been in business just over 5 years. They came to us seeking funding to pay off a note which the previous owner issued during the sale of the business and to consolidate other debts. Through a Lendio lending partner, we were able to help secure an SBA Loan in the amount of $385,000. This new loan increased the client’s cash flow by over $3,000 per month through the consolidating of these debts.
Client #2: A drill bit manufacturer came to us seeking funding to consolidate several equipment leases and loans into a single payment. The owner came with a mid-score in low 730 range and 8 years in business. We were able to secure an SBA Loan through a Lendio lending partner in the amount of $504,000, and increase their cash flow by over $9,000 per month.
Client #3: An individual came to us wanting to open a new company that offers medical and spa salon treatments. The funding they needed was for leasehold Improvements to open a new location, equipment, advertising, initial payroll and rents to get the concept moving. The owner’s credit score was in the low 730 range (but had derogatory accounts; business was a start up.) We helped secure an SBA loan through a Lendio lender partner in the amount of $348,000.