Company Background:

‍In 2019, an established consulting firm was acquired by a veteran. After running the company for two years, he wanted to recognize two employees for their time and dedication by giving them ownership in the business.

The company serves Fortune 100 companies that require assistance executing their strategic plans. They offer various services including project management, business intelligence & analytics, business case development, leadership development, readiness assessments, vendor selection & management, and implementation.
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Business Situation:

‍Between 2018 - 2020 the revenue in the company doubled. The business continued to grow and they obtained an SBA loan to buy a building that was double the size of their previous practice space, affording them the ability to hire additional people.

The company approached a Commercial Banking Relationship Manager at Firstrust Bank. They wanted to refinance an existing $2.8 million SBA commercial real estate loan they had with another lender, as there was a fair number of restrictive covenants tied to the loan.
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Financing Solution:

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‍Although the business was only under new ownership for three years, Firstrust could see they had extensive industry experience, strong cash flow and adequate collateral coverage. Firstrust approved the loan request to refinance the SBA commercial real estate loan they had with another lender.

A year later, they went back to Firstrust to finance the purchase of new office furniture and fixtures.

While many banks get lost in rigid policies, Firstrust approaches the many challenges businesses face with an open mind. If your business runs into a complex financial situation, you can rely on Firstrust to develop a tailor-made solution that makes sense for your business.

All credit, terms, and conditions are subject to individual review and approval.