Starting a business can be hard. From managing your supply chain to hiring staff, it is not cheap or easy. And it’s important for small business owners to have the support they need.
Wallace Capital Funding, LLC serves this role as we ensure businesses get the support they need through financing and guidance.
This is the story of one client named Steve and how Wallace Capital Funding, LLC provided him with the invaluable foundation his company needed.
Steve is an entrepreneur whose past venture was with an employer, who did not appreciate his ideas or pay him as much as he deserved. After one disagreement, Steve believed he could do a similar job by himself and so he left.
Steve’s product was a de-icing product that removes snow and ice. The difference between his product and popular remedies such as salt or cat litter is the environmental impact.
Road salt and cat litter both have chloride-based properties that when melted, they wash into soil, lakes and streams.
According to the Environmental Protection Agency, road salt ends up killing or endangering wildlife as high chloride levels are toxic to fish, bugs and amphibians.
Even outside of the environmental concerns, Steve’s product proved to melt ice so it does not re-freezes.
How did Wallace Capital Funding, LLC help?
Steve came to Wallace Capital Funding, LLC to get support in manufacturing his product. He already had a contract with a retailer but he needed about $500,000 worth of equipment to manufacture his product himself.
Wallace Capital Funding, LLC suggested he get a contract manufacturer to make the product for him so he would not have to worry about getting equipment or hiring staff. It would also allow him to focus more on promoting his product and getting more business.
This also allowed him to save his profits and build his cash reserve. This is an important priority for less-established businesses with little to no credit profile.
Now, Steve is looking to expand other products by attending business conferences and association conferences across the country. And his company will quadruple in profits this year alone.
This was all possible using purchase order funding, which gives younger and less-established companies the chance to receive money through purchase orders like invoices to pay their suppliers. Things like personal or business credit is less important than ensuring your customers will pay their invoice.
We knew Steve’s customers would pay so we funded his equipment and materials needs and sure enough, they did pay.
With the help of Wallace Capital Funding, LLC, we find flexible funding options for start-up companies and well-established businesses alike. Work with our experts today to get the process started! You can also join WCF’s mailing list found on our website or call us at 1-800-809-5629.
For all of your business financing needs, Wallace Capital Funding, LLC can help. Whether you need funding for new equipment, financing commercial real estate, or to cover staff expenses before your contract payment comes through, Wallace Capital Funding, LLC can create a custom funding solution that’s right for you.