Results 1 to 15 of 15
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08-02-2023, 06:25 PM #1
- Join Date
- Dec 2021
- Posts
- 14
USDA Contract / Working Capital - $100K
My client, an architect and demolition contractor by trade, received an award letter/blanket purchase order with the USDA’s Forest Engineering Road Maintenance (FERM) division.
These are repair and preventative maintenance assignments to reduce forest fires or deal with the aftermath. Because it is a blanket purchase agreement, the sizing of the invoice can be difficult as it can range from $25K to $500K and then have recurring add-ons because of what they find on-site.
This guy hit the jackpot as there are only 3-5 approved contractors in each region of the State of California. There are lots of fires out here, so he will be busy.
The client would need to mobilize subs and rent large equipment, etc to complete the jobs and needs cash flow to start in order to make it happen as it might take 30-60 days to get paid from the USDA.
We're talking to his home bank, but they're been slow to respond.
Contract receivables are difficult to get past underwriting with the Republic's or Celtic's of the world given the repercussions of not completing the contract and the risk of not collecting on receivables that they potentially are lending on. This is a large scope of an award that the Company received and most cannot get comfortable with it.
I'm trying to avoid SBA7(a) as it's such a long process and he's ready to submit for his first project.
Any thoughts?
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08-02-2023, 06:37 PM #2
I may have a guy...will advise..will have Elon reach out....I have a bank that can do SBA in 25 days..so a bit confused. Either one of us can probably help. Maybe even a stacked $250K LOC?
Last edited by Olderguy; 08-02-2023 at 08:01 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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08-02-2023, 07:29 PM #3
- Join Date
- Oct 2022
- Posts
- 280
What exactly are you interested in? I am very confused here. The USDA loans take even longer than an SBA lol! Please send me a DM message I have experience with bothe SBA and the USDA
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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08-02-2023, 08:21 PM #4
- Join Date
- Dec 2021
- Posts
- 14
The USDA is a contract, not a loan.
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08-03-2023, 08:40 AM #5
- Join Date
- Oct 2022
- Posts
- 280
USDA
Rural Business - Cooperative
Programs
Purpose
Amount of Assistance
Fees
Eligible Applicants
Eligible Areas
Authorized
Use of Funds
Rates & Terms
Equity
Required
Important key points to know
Business & Industry Guarantee
B&I Guaranteed Loan
Provide an incentive for business lending that will save & create jobs in rural areas 80% loan guarantee
Loan max
$25MM
(Co-Ops can go up to $40MM) G-Fee: 3% at closing
Construction LNG Fee: 0.50% at closing
Renewal fee: 0.50% Lender applies on behalf of:
For Profit
Non-Profit
Cooperative
Public Bodies
Tribes Areas outside the urbanized edge of cities of >50,000 population Real estate
Machinery & equipment
Working capital,
Refinancing Rate variable or fixed – determined by Lender.
Term Max:
30 Yrs
Based on use of funds or collateral Existing Bus: 10%
New Bus w/sales contracts: 10%
New Bus with Construction: 25%
New Bus no construction: 20% Business must have strong equity & collateral.Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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08-16-2023, 03:40 PM #6
- Join Date
- Aug 2023
- Posts
- 5
If credit file is in good enough standing, I can definitely help with traditional banking and credit products
Feel free to reach out if interested.
Joseph Zafir 754-610-2148
yossi@siysolutions.com
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12-26-2023, 01:40 PM #7
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 727
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12-27-2023, 11:07 AM #8
Check out Mobilization Funding | https://mobilizationfunding.com/
Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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12-27-2023, 11:46 AM #9
- Join Date
- Jan 2022
- Posts
- 42
A common misconception is that SBA lending is a long process. My group is one of the nation's largest SBA lenders and we can close as quickly as 30 days. Unfortunately, we don't offer SBA 7a working capital loans, just SBA CRE-secured loans.
Keep me in mind for future SBA 7a deals as a direct, SBA lender.Dan WallaceSVPEnterprise BankNational, direct SBA lenderFast and creative financing solutions970-390-6650dwallace@enterprisebank.com
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12-28-2023, 12:45 PM #10
- Join Date
- Oct 2022
- Posts
- 280
I am very interested in this. Sounds like my type of file!
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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12-28-2023, 01:13 PM #11Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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12-28-2023, 09:32 PM #12
- Join Date
- Oct 2022
- Posts
- 280
Steve, seek life elsewhere! Stop being a daily funder ****.
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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12-29-2023, 12:00 AM #13Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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12-29-2023, 02:18 AM #14
- Join Date
- Oct 2022
- Posts
- 280
scorpion and the frog
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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12-29-2023, 08:22 AM #15Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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