WORKING CAPITAL FOR COUPLE OWNED BUSINESSES
It’s well after Valentine’s Day, but couples are still passionate when describing their future dreams with their significant other…in business!According to fortune.com, some estimate over 3 million U.S. small businesses are owned and managed by couples. With the unique challenges faced with business-partner couples, access to additional working capital must be easy and fast. Here are some stories of how ECG recently helped a couple of duos get needed capital for their businesses.
Duo #1: After taking a break from the corporate world to raise their two kids, a wife and husband team founded their own company in 2015. The business began in the confines of their own home, and has now grown to over 15 employees. In early 2018, the growing small business needed $30,000 to fund direct marketing and special event rollouts for its 2018 new inventory offering.
The owners were working on an SBA loan but the process was taking too long. Marketing projects had to be funded immediately to meet vendor payment deadlines. When they came to ECG for help, the sales and underwriting team worked with the owners, responding quickly and getting the team the money they needed within 72 hours of receiving the initial application.
With its new products and expanded marketing efforts initiated with the ECG funding, business sales are expected to double in 2018.
Duo #2: A retired military couple started a culinary business five years ago to pursue their passion of teaching others how to cook. They had multiple culinary kitchens for their business but needed newer equipment and were struggling with cash flow.
After trying for traditional funding without success, the team decided to reach out to ECG to learn about their options. After working with the ECG Team, the couple was able to obtain capital for better equipment.
We want to add your business success story, even if you’re not married to your business partner. What can we help your business achieve with more capital?