Maryellen Graham, President of Florida Financial Solutions announces another successful solution to a client’s financing problem. The Sarasota/Manatee franchisee of a nationally known restaurant group wanted to open another location in addition to the three existing locations that he had. He had found the site and paid for the considerable remodeling out of working capital. But with some remodeling delays and additional costs out of his control, the planned opening of this new location was delayed for over 45 days. Unfortunately, the timing as well as the additional costs, moved the opening until after quarterly employment and income tax payments were due, and he now found himself cash flow short for paying these taxes.
The franchisee went to his bank for a short term loan, but was turned down due to this cash flow shortage. No matter how much the franchisee provided to the bank on the projected increase in cash flow that this new location was going to provide, the bank still said no. The franchisee did not know what to do; he definitely did not want to be late on paying his taxes so he went to Google and typed in “funding solutions” and there at the top of the list, found the website of Florida Financial Solutions (www.floridafinancialsolutions.com) and contacted them.
The staff at Florida Financial Solutions took the franchisee’s information, copies of several months of bank statements, which showed his cash flow and within three days were able to use one of their many funding sources to provide the franchisee with a line of credit so that he was able to pay his taxes on time and continue with the work being done at the new location. And, since this is a line of credit which will soon be paid down from the increased cash flow, the franchisee has begun looking for other locations and will fund those remodeling costs with the existing line of credit arranged by Florida Financial Solutions instead of using all his cash on hand. Should you have a need for additional funding solutions, call Maryellen at 727-410-1585.