The number of small businesses Breakout Capital has helped graduate to SBA Loans increases every month. June was no different. Read below to hear the details from our latest graduate, an interior design company that chose to remain anonymous.
When did you start your business?
It got started in 2011, originally as a wholesaler of home décor accessories. After decades of working for big corporations, I decided it was time to take the leap out on my own. Seven years on, and I couldn’t be happier with my decision.
There has been consistent and steady growth every year except for the year I needed to care for my aging parents. In just the last 2 years our growth has doubled.
What are the top few hurdles you’ve faced in growing your business and how have you solved them?
The top hurdles have been around cash flow and overcoming the cash crunch caused by slow paying clients. I’ve used alternative funding from time to time as a “band aid” and short-term plan, but now my SBA loan has me set to overcome these hurdles for the long haul.
What would you say to other small businesses facing similar types of challenges?
Plan ahead and secure a business line of credit if you can. Even if you don’t need it now, it will be there when/if you do.
How has your business benefited from the funding with Breakout Capital and working with us?
Breakout Capital was professional and funded quickly when I needed help on short notice. They served not only as a lender, but as a partner that was supportive of my long-term objectives.
Any alternative funding is expensive compared to bank loans, but Breakout Capital was proactive in helping me to secure the SBA loan and helped each step of the way. Now, I can focus on more long-term growth planning.
Looking ahead, what will an SBA loan mean for your business?
We can now plan to manage our growth for the long term. In particular, I am working towards expanding my product line to include more high-end goods in order to reach a more diverse customer base.
Breakout Capital is proud to support all of our small businesses their short-term needs while simultaneously working together to plan for long-term goals. Contact Breakout today if your business could use the same partnership for your small business lending needs.