This scenario ticked all the boxes in terms of complexity and the number of moving parts needed to achieve it.
GARDEN CITY, NY (PRWEB)
October 18, 2022
A New Jersey-based engineering company recently secured combined financing totaling $6.9 million through United Capital Source, Inc. UCS helped the company receive a $4.8 million SBA 7(a) loan. dollars combined with a term loan of $2.1 million. It took 12 weeks to complete the loan process. The funds allow the engineering firm to acquire a new business to expand its established patent.
The company’s patented technology was already generating revenue as a solution for the healthcare industry. After identifying a target acquisition to complement its current company, the engineering company adjusted its patent to reflect its application in the air and transportation industry.
The company developed a business plan for expansion, but needed access to capital to make its dream a reality. Connecting with UCS CEO Jared Weitz moved the process forward:
“After researching for two months on their own and working directly with SBA lenders, the owner and I were introduced, and it was off to the races. We analyzed the script and broke down the cash flow of the current business and who they were in. We pitched this scenario to a non-bank SBA lender that we knew would take on this complicated transaction – Jared Weitz.
United Capital Source worked hard to secure the financing the company needed to grow. Jared Weitz relied on his team to see the process through:
“One of our best at UCS, Lorenzo McFarlane, ensured a smooth process and assisted through to close. This scenario ticked all the boxes in terms of complexity and number of moving parts needed to achieve it. the closing, the owners hugged us and thanked us for making their dreams come true.” – Jared Weitz.
The Complex Financing Agreement represents the unique and customized financing packages that UCS provides to its clients. The engineering company can now expand with a new venture that will greatly benefit the healthcare and transportation industries, bringing more help to more people.
Founded in 2011, United Capital Source, Inc. is an alternative lending marketplace designed to drive the growth of small businesses. Visit the UCS website to learn more about their SBA funding and business term loan options.
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