Alternative funding has turned out to be a blessing for SMEs. In the past decade, this service has supported millions of small businesses across America and has helped them to grow and become a changing force in their respective fields.
Hence, the topic of discussion here is how alternative funding is helping hospitality service owners in growing their business with the help of funding firms. Let's see with the help of some case studies:
Has Helped Businessmen In Opening Their Branches In The City.
Sebastian is a successful 37-year-old pharmacist and is a pharmacy owner in New York. He opened his first pharmacy five years ago, and its successful run has allowed him to plan his franchise by opening another store.
However, his struggle began when he wanted to purchase the place in his preferred area. He first approached banks for financing but only to know that the banks were only going to finance the mortgage charges for his medical store. This led to a question, and that was, what about the stocks, equipment, and staff? This is where he referred to Cresthill Capital for a significant financing offer.
After going through his existing business transactional data, Cresthill Capital approved a business line of credit to cover his entire medical store expense. Sebastian used this line of credit service judicially like a credit card and is now planning to open another branch.
Extending A Trucking Business Service
Mark owns a trucking business that operates in New York and its adjacent places. For years he has complemented the family income by his leftovers from the trucking service. Owing to the seasonality of the business and continuous cash crunch, Mark was thinking of elevating his business by getting more vehicles so that he can get more from what he does. Thus, after a chance conversation with his brother-in-law, he came to know about the benefits of alternative online funding. And, this got him thinking about exploring this option to get funds for his business.
As he is looking to strike a balance in his business, he consulted Cresthill Capital and took out a merchant cash advance from a funding company against his trucking service. This has helped Mark to get the balance he was looking for; further, he has hired more staff for his business and is now thinking of expanding his service to other states.
Helps In Remodeling
Todd wanted to remodel his retail shop. In this day and age of technology, Todd had a traditional retail shop. Due to this, the millennial population of his area skipped him for super-mart in the mall. And, this made things difficult for him in terms of making a profit. So, he decided to remodel it. However, he had enough money to change the look of the shop.
He knew what he wanted to do, but he needed money for the equipment and stocks. This is where he explored a few alternative online funding options, and after going through Cresthill Capital reviews decided to call in and discuss the prospect of the firm's role in his plans with a team member.
He concluded that he wanted to opt for cash advance for the store's remodeling. Since the outlook changed, the sales are increasing, and the profits are back.
These are just a few cases where alternative funding has played a crucial role in the success of a business. Therefore, it is good to say that alternative funding works well for SMEs.
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