06/06/11

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:

Music Store, Drill Bit Manufacturer, and Medical Spa Score .2 million in FundingClient #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.

Music Store, Drill Bit Manufacturer, and Medical Spa Score .2 million in FundingClient #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.

Music Store, Drill Bit Manufacturer, and Medical Spa Score .2 million in FundingClient #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.

It takes a little cash to change the world.

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Comments

  1. Wow, $348,00 for a SBA loan on a medical spa is awesome. I’ll have to look into your service, I have an idea for a new business. Great info.

    • @Huntington Beach Spas, please do. Sign up for a free Lendio account (there’s a sign-up button at the top of the page), to get matched to the best lender for your situation. Let us know how it goes.

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