I founded Select Capital to help companies access debt financing outside the traditional banking model.If you stay in business long enough, eventually you will have an uncomfortable conversation with your banker. When you do, you will wonder:How can I grow this business if I can’t get more money from the bank?How can I buy out my competition without bank help?Does my current bank not like me anymore?I have been there once myself during my 27 years of owning and operating different companies. Uncomfortable… yes- but you will get over it. The question is: If I can’t get any more help from my current bank, then where do I go from here? There is another way to move forward when traditional banks can’t help.A business owner with capital constraints will experience the following aggravations: Frustration with bank reporting requests rather than working on the business Lost opportunities Always thinking about incoming cash receipts and hoping to make payroll Angering great vendors by paying them late Considering selling the business and losing sleep...There is a solution and an alternative to getting loans from banks and this industry is referred to as Private Credit.Private Credit is simply lenders that are not banks. They consist of insurance companies, private debt funds, family offices and wealthy individuals that have a knowledge of certain industries. Since these private lenders and lending their own money and have familiarity of your industry, they are willing to take on a little more risk and provide funding when banks can’t and at bank-like rates.What this can do for owners, developers and incumbent banks is this: Provide additional capital to fuel business growth Provide capital to refinance out the existing loan and lender Asset Based Borrowing Base: determined by company assets and not profitability. This is great for high growth, low EBITDA situations. Unsecured Lines of Credit: for certain industries and owner credit profile No loan covenants and often times, no personal guarantees Fast underwriting process – a few weeks instead of a few months. Construction, bridge, and acquisition capital for hard to finance assets like hotel, office buildings and sports complexes.I believe the private credit markets will play a crucial role in the Midwest and the State of Indiana to fuel growth capital.
Listed skills include Business Development, Strategic Planning, Management, Entrepreneurship, and 12 others.
