Grow your business with flexible funding.

Transcription

1 Grow your business with flexible funding.

2 Small businesses are absolutely vital to the U.S. economy. More than 540,000 new businesses are being started each month! Not to mention, over 50 percent of the current American working population works in a small business setting, and small businesses are responsible for generating more than 65 percent of the new jobs created in the U.S. since It s clear that the American Dream is alive and well, but for many entrepreneurs, the statistics paint a much rosier picture than what they are seeing day in and day out. Small and medium-sized businesses continue to face significant challenges when they are ready to grow. Despite having sound financials and solid business plans, many find it difficult to acquire the capital they need. Whether their growth plans included launching marketing and advertising initiatives, stocking up on inventory, investing in new equipment or remodeling and expanding their premises, the stories of these business owners all share one thing in common. They needed funding in order to make their dreams a reality. Receiving an influx of funding from BFS Capital meant that these six small businesses were able to take advantage of the growth opportunities presented to them. By providing capital quickly, we help business owners focus on running and growing their business.

3 Marc Morrone has always found a way to make his business work. When he first started Parrots of the World Ltd. in 1978, he was simply, according to his website, a small company that imported birds, mammals and reptiles from Central and South America, Africa and Indonesia. But, in 1986, when the sale of imported birds was outlawed in New York State, he shifted the focus of his business to breeding birds in the United States while working with other bird breeders in the country. Today, Parrots of the World has a large selection of parrots, reptiles, fish, ferrets and other exotic pets, a wide variety of pet merchandise and supplies, not to mention the large part of their business - exporting birds and other animals that are born in the United States to other countries throughout the world. Oh, and did we mention that he s a regular TV personality and animal expert? He s featured regularly on the Martha Stewart show on NBC; he s the host of The Pet Shop with Marc Morrone on local New York cable; and he s the host of Ask the Petkeeper on Martha Stewart Living Radio on Sirius XM. One thing s for sure, Marc knows what it takes to grow a successful small business. But, despite his impressive track record, he still finds it difficult to obtain business funding.

4 Since first taking out a loan from BFS Capital 10 years ago, Marc has used the funds for a variety of reasons. Sometimes he needed funds for paying taxes. Sometimes he needed funds for buying inventory. Sometimes he just needed funds to get through a slow period of business. In October 2012, like many other businesses in New York, Parrots of the World took a hit from Hurricane Sandy. We had a horrible situation because we re in the south shore of Long Island that had flooding and all sorts of issues, Marc recalled. And, of course we had no power, so we weren t selling anything. Marc didn t even attempt to take out a bank loan to cover any of the hurricane-related costs. If you re going to deal with a bank, the bank s not going to help you in that respect, because, why should they? You have nothing to show them, Marc said. But right away, BFS helped me out and kept me going and helped me back on my feet until the hurricane was over. Running a business for 36 years, Marc knows that for his business to continue growing, he s going to need an influx of working capital to help him take it to the next level. When asked if he expects to turn to BFS Capital again to fulfill his funding needs, Marc s response says it all: Oh, sure I will. We are in the middle of a recession in New York and still post hurricane. Banks will not help you these days at all. They turn a cold eye to any medium or small business. Unless, of course, everything is perfect, and if our lives were perfect, we wouldn t have small businesses.

5 Working in the restaurant industry is not for the faint of heart. But, this isn t news to Harry Hatzis, restaurant owner of Harry s Steak House located in Independence, Ohio. He s been in the restaurant industry all his life. My father had a restaurant, so I grew up working in a restaurant, said Harry. Since I was 14, 15 years old, I ve been in the restaurant business. There s no denying that the business is in Harry s blood. And, it s no secret that he knows the formula for running a successful restaurant. Already the owner of one restaurant, he bought the establishment that is now Harry s Steakhouse in According to their website, Harry s Steak House boasts specially-aged cuts of meat that are selected from corn-fed cattle, with all steaks cut and trimmed on site. And taking a look at the restaurant s reviews, it s clear that the priority of Harry and his staff are high quality food and excellent customer service. Harry knew full well that capital was part of the equation of a thriving restaurant, especially one that a business owner intends to grow. When I was expanding my old restaurant, I needed the money, Harry said. A little expansion here, a little marketing there, you know. But he knew that money was hard to come by when the bank was involved. Harry has borrowed money on several occasions from BFS Capital. He used funding to expand his new restaurant, including adding a parking lot and installing a new roof on the building. And, he fully intends to use financing from BFS Capital the next time that he is in need of an influx of capital.

6 If you spoke to Warren Leighton 15 years ago and told him he would be co-owner of a growing high-end tabletop and gift retail store in Center City Philadelphia, he probably wouldn t have believed you. The head of Executive Compensation at First Union Bank, Warren had an opportunity to retire early when First Union Bank was acquired by Wachovia in So at 45, the newly-retired Warren and his business partner, Barry Terris, moved to Philadelphia and opened Manor Homes and Gifts. Barry had always worked in retail, and his last position as General Manager for The May Department Stores headquarters (now a part of Macy s) made him an ideal business partner for this venture. Warren had intended to return to personal financial planning, which was a big part of what he did at First Union, but when Manor Homes and Gifts took off pretty quickly, he found his new calling. And 10 years later, he continues to be an integral part of Manor Homes and Gifts success. Warren attributes much of the store s success to their online presence. $ $ To this day, much of their business is done online, although the changing demographics of Center City Philadelphia has certainly presented an opportunity to grow. According to Warren, as high-rise condos and apartment buildings replaced office buildings, the area became much more residential as opposed to the traditional mid-size city business district it once was.

7 The changing dynamics of the area presented a huge opportunity for Warren to grow his existing location. The influx of residential development means more potential customers and building clientele on the business already established reputation for high-quality products. Rather than opening additional locations, Warren has other plans for growing the business. We don t intend to open any more storefronts, because what we ve found, especially with our price points, you really have to have a definite connection to your customer base and develop a following that way. And we just don t feel that you can do that remotely, Warren said. However, growth of any kind requires business capital, something that Manor Homes and Gifts has struggled to obtain on occasion. Since the economic downturn in 2008, said Warren, most of our vendors are no longer able to extend terms to retailers. In the current environment, cash flow is probably our biggest challenge. Our ability to do advertising and marketing quite often gets hamstrung because the cash may not be there because business may be off a bit in a particular month. But, that all changed when a local BFS Capital broker approached Warren. With quick access to capital and a simple approval process, the funding solutions from BFS Capital proved to fit Manor Homes and Gifts business model while fulfilling their financing needs. Warren just took out his seventh loan from BFS Capital. Whether he needed an influx of capital when business was slow or he needed to smooth out cash flow when his vendors were unable to extend credit the way they used to, funding from BFS Capital has proven to be a tremendous help in bridging the financing gap necessary to grow Manor Homes and Gifts.

8 In a world where there s no shortage of grease-filled fast food options, it can be pretty intimidating to compete in the quick-service industry with a more health-conscious product. But business owners, like Rosa Sinaeian, want to cut through the noise and offer healthier alternatives to the typical American fast food staple. That s why it was a no-brainer for Rosa to open a Washington D.C. location of the Sandella s Flatbread Café franchise in Sandella s website boasts all-natural, fat free, trans-fat free and low calorie food based on the flatbread. And, they don t sacrifice healthy food for flavor, as their slogan Where Healthy Meets Delicious implies. After being in business for years, Rosa has found that the healthier fast food niche still has significant opportunities as she s seen her customer-base continue to grow. So much so that when she needed to invest in new equipment this year, it was important that she had quick access to capital so she could keep serving her customers. That s when Rosa discovered BFS Capital. Having previously had a poor experience with another company, Rosa was a bit skeptical at first, but the postcard she received in the mail from BFS Capital enticed her to explore the options she had available to her. And she s certainly glad that she did. The simple application process and the friendly staff at BFS Capital, not to mention the quick access to funds, proved to be just the help that Rosa needed. She used the capital to refurbish old equipment and stock up on supplies to meet the needs of her patrons. Rosa hopes to open another location in the very near future to keep up with demand, possibly in a busy part of town or even in the airport.

9 A beautician by trade, Melissa enjoyed helping her clients achieve the look they wanted. And when she opened Gloss Salon and Day Spa, she found that helping her employees grow brought her just as much enjoyment. I knew the kind of place that I wanted people to come to, and I also knew the kind of place I would want to work in, and I feel like that is what I built, Melissa said. I wanted people to feel welcome and I wanted employees to have a place to grow and really help people and just have a good life doing something they love doing. According to the website, Gloss can be described as the essence of what total overall beauty is all about. And in the 6600 square foot, two-story location, Melissa does her best to ensure that every customer that walks through her door has an exceptional experience. An aspiration she s certainly achieved - Gloss Salon and Day Spa won first place in 2014 for the Best Day Spa in Omaha Magazine s Best of Omaha awards. But, running a salon is no small feat, especially in the early days of the business. It s always a challenge to bring clients in the door, being a small business and without having a huge advertising budget, Melissa said. And, just recruiting really good employees. In the beginning, that was always a challenge, just finding the right fit of people. Melissa first opened the doors of her salon in Over the years that Gloss has been in operation, Melissa has learned that one thing you need in order to grow a successful salon is capital.

10 At the time she opened, getting money from the bank was difficult for any small business, let alone for a new salon. That s when Melissa found out about BFS Capital. I think I had received something in the mail, so I went online and looked to see what the stipulations were around that time, Melissa recalled. No banks were really lending, and it was a long process to take out a normal loan. I wanted to look for an option that was quick and easy. For Melissa, doing business with BFS Capital just made sense. Melissa has used funding from BFS Capital several times throughout her business s growth. Every time (I borrowed) it has been a little different. I wouldn t say every time the money goes to one specific thing, Melissa said. When we hit that ten year mark, a lot of things had to be updated or renovated, so usually some portion goes to that each time. Actually, one of the things we did was the spa renovation. Some of it was for purchasing inventory near our busy time. A lot of it has been used toward advertising near the holidays because that s when we have the highest influx of new customers. And, the days of growth are not over for the Gloss Salon and Day Spa. Melissa plans to add additional rooms to accommodate her growing client-base and hasn t ruled out the possibility of opening another location.

11 What s Your American Dream? Whether you re looking to grow your business through an expansion or major inventory replenishment, or if you need to get through this year s tax season without digging into your profits, getting the extra capital you need can bring you one step closer to that dream. Access to capital is essential to remain viable in today s competitive business landscape, and it should not be the hassle it has become. BFS Capital can be your champion by providing simple and fast funding solutions to meet your complex business needs. Contact us today to see what we can do to help you tell your success story for years to come. These products can be either business loans or merchant cash advances. Business loans may be provided by third parties and are subject to lender approval. Products offered by BFS Capital and affiliates are not consumer loans. In California, loans made or arranged pursuant to a California Finance Lenders Law license by BFS West Inc. or made by other lenders. Time to funding subject to processing time by merchant s bank.