We got $1 million SBA 7(a) for an Online Retailer

We got $1 million SBA 7(a) for an Online Retailer

Posted on: August 4th, 2015

Situation:

  • A growing 11-year-old online retailer of return, overstock and damaged merchandise items from large retailers needed financing for the purchase and renovation of a larger building as well as working capital.
  • Because the owner was expanding from a 10,000 square feet building to a 70,000 square feet building, the bank wasn’t comfortable providing the loan.

Solution:

  • A local referral partner sent the deal to CCF.
  • CCF analysis revealed a business with a successful history, an industry with a projected growth rate of more than 13%, and a strong equity injection from the borrower.
  • CCF was able to provide a $1 million SBA 7(a) loan.

Impact:

  • An immigrant-owned business expanded in a low-income community.
  • Seventeen jobs were retained with projections to create ten more over the next two years.

Chase Capital Funding offers SBA 7(a) loans ranging from $50,000 – $4,000,000 for owner occupied real estate and leasehold improvements, business equipment, permanent working capital, and refinancing existing debt.