Sometimes a situation arises that epitomizes the reason Universal Funding exists.
Every employee of this company takes great pride in helping clients grow, solve problems, and make more money. It’s our reason for existence.
Very recently, a business owner came to us with some severe money problems. The problems were not because his business was failing or because he was losing customers, the problems happened because his bank began making unreasonable demands as his business grew.
The business operates in the oil and gas industry and is growing as quickly as it can take on new customers. However, the business owner owed a lot of money to vendors. Over $150,000. In addition, his company burned through over $2,000 in diesel per day and still had to meet a hefty payroll that included a lot of overtime because the company is so busy. Add in other normal costs of doing business, equipment repairs, new equipment needed to finish jobs, etc, and there just wasn’t enough money to go around.
But here’s the real kicker: The bank wanted $72,000, immediately, or it would take back the company’s building, effectively putting it out of business. That makes no sense, because the company still had an outstanding loan for $100,000, which would never have been repaid had the bank taken the building.
For some reason, the bank was about to force a successful entrepreneur out of his growing business because it refused to acknowledge his success and restructure a payment plan based on money he was owed.
Banks can be great to work with, but they can also create severe problems when they refuse to bend on their demands.
Universal Funding saw the potential for this business, and knew it could help out. Through invoice factoring, the business owner got the money he needed to satisfy the bank. Not only that, now he doesn’t worry about how to pay employees or repair equipment and he can sleep at night knowing his suppliers will soon be paid in full.
There are companies in this same position across the country, and Universal Funding is in a position to help out and make sure growing businesses reach their full potential.
It’s what we’re here to do.