Coming Out of Covid
The Paycheck Protection Program (PPP) officially ended on May 31, 2021. This unprecedented governmental assistance program was met by many with mixed emotions regarding its communication, implementation, and long-term fiscal impact.
While the PPP experienced its fair share of controversies throughout its disbursement, the program was a lifeline for many businesses in need of funds during this trying time. More help throughout the pandemic came from the major banks. They showed leniency for current customers by deferring payments and limiting scrutiny on company performance.
However, times are changing, and Banks are starting to get back to their normal lending practices – even if society isn’t.
If a business showed losses in 2020 outside of the PPP, they will not be eligible for any new traditional bank financing. While the IRS views your forgiven funds as income, banks do not consider those funds in their cash-flow analysis. If that’s the case for your business and you still need working capital, it may be time to explore other options.
Alternative Finance is your solution!
Asset-based lending is a tried-and-true solution to limited credit access. ABL groups leverage current assets to advance cash well above a traditional bank line and use real-time data from your company to maximize the total funds available.
The application process is simpler, and the underwriting focuses more on the health of customers more than the overall health of your business.
Camel Financial is a direct lender and we’ve been in the business of helping companies access cash from their accounts receivable for over 30-years. That means we’ve seen it all and can get creative while working closely with you to identify the best cash-flow opportunities.
Give us a call at 949-722-7717 to discuss your needs. Prefer to have us call you? Send us an email at [email protected] and we’ll get right back to you!