Getting a loan can be challenging for many small businesses, but Advanced Automation Corporation (AAC) didn’t face the typical roadblocks, such as a lack of business history, poor credit ratings or an unproven industry: In fact, AAC has been successfully and profitably operating since 1985. Instead, AAC needed funds because it was awarded large and potentially lucrative government contracts and needed to purchase materials to build specialty work stations for agencies such as the Department of Defense. In this video by Excelsior Growth Fund (EGF), AAC’s CEO, David Tyler, shares insight about the challenges his business faced when it was awarded the contracts, and ways that EGF exceeded his team’s expectations with streamlined loan processes and sound business guidance.
"I Knew Better Than To Give [A Predatory Lender] My Business"
AAC is a systems-engineering company located in Rome, NY, with a goal to be an expert provider of services, products and training for government organizations and contractors by offering out-of-the box thinking and solutions. It was awarded the contracts based on the innovative approach to problem-solving, a track record of quality, and competitive bid pricing.
To fulfill the contracts, though, meant that AAC had to purchase needed supplies from cash on hand. David regularly receives communications from predatory online lenders that solicit his business and, fortunately, he knew better than to give them his time or trust. Instead, David turned to his bank for funding, and his banker immediately recognized an opportunity to refer him to EGF.
As David explains, “There was a lot of purchasing up front and that’s when Excelsior Growth Fund came and provided a loan to alleviate the cash flow problems.”
EGF loans can be used for almost any business purpose, including:
- To refinance high-cost debt, with EGF loans reducing borrowers’ payments by an average of $4,750 per month
- To purchase equipment or materials to fill large orders and help businesses grow
- As working capital for day-to-day business operations such as payroll, inventory, debt payment, and more
- For improvement or expansion of facilities, staff and inventory
AAC used the funds to purchase equipment and materials needed to build the specialty work stations, which wouldn’t have been possible without the EGF loan.
"Getting An EGF Loan Was Fast and Efficient"
David was very satisfied with the whole process, saying “Getting the EGF loan was fast--within two business days--efficient and there wasn’t a lot of nonsense and waiting around. They came and saw what we needed and asked for some backing data, and they made their decision very quickly and got the money we needed quickly, too.”
David and his team at AAC completed the project on time and for a very reasonable cost, adding to their track record of success and positioning AAC for future contracts.
EGF offers clients one-one-one service, funding in as few as five days, flexible loan requirements and terms, affordable rates, and no repayment penalty. To learn about ways EGF can help your small business, contact us today. And if you think you may already be dealing with a predatory lender, head to EGF’s Business Resource Library to learn more about some of the warning signs and contact us for information that can help.
About Excelsior Growth Fund
Excelsior Growth Fund (EGF) helps businesses in New Jersey, New York and Pennsylvania grow by providing streamlined access to business loans and advisory services. EGF’s signature product, the EGF SmartLoan™, provides up to $100,000 in fast, transparent, and affordable financing through a secure online platform. Larger loans up to $500,000 are also available. EGF is a nonprofit organization and is certified by U.S. Department of Treasury as a Community Development Financial Institution (CDFI). Learn more at www.excelsiorgrowthfund.org.