Brokerage firm uncovers alternative financing

Business Financing Solutions Inc. had a soft opening in March and offers financing brokerage options for businesses seeking working capital loans, all types of equipment leasing, accounts receivable factoring, credit card receivables loans, debt-restructuring loans, medical profession loans, U.S. Small Business Administration loans and church financing. Owner Tom Dapp said the idea for the company came to him after he learned that many business owners aren’t aware of their financing options.

“They don’t know where to look,” said Dapp, who acts as a consultant but does not provide financing.

Financial ignorance can hurt a business owner when a bank won’t offer a commercial loan – and won’t refer customers to other lenders, Dapp said.

“Just from a conversation with bank presidents and senior loan officers, I simply asked, ‘Where are you sending your customer if the customer doesn’t meet the parameters of the bank?’ I didn’t really get a straight answer,” Dapp said.

Owners of small- and medium-sized businesses especially need of alternative financing options because, when just starting, smaller businesses often fail to meet a bank’s requirements for loans, Dapp said.

Mike McGoldrick, senior vice president at Metropolitan National Bank, said a small-business owner could be turned down for a loan for a number of reasons.

“Operating capital is one of the big challenges for a small business,” McGoldrick said. “If they’re entering a new field where they don’t have any history, sometimes it can be more difficult.”

McGoldrick said that at Metropolitan National Bank, commercial loan officers often refer customers to specialty lenders if the bank cannot provide financial assistance.

Dapp’s business experience includes 15 years of senior management with Federal Express, ownership of Computer Renaissance in Springfield and New Horizons Computer Learning Center in Arkansas, and service as CEO of Dapp & Company Investment Properties in Springfield.

There are no plans to hire additional employees, Dapp said, and the company is in search of an office. Dapp’s rates vary based on loan amounts and interest rates.

He expects to hold a grand opening in mid-April.

For now, Business Financing Solutions operates online at www.bfstoday.com.[[In-content Ad]]