- Changes in ownership structure, buyouts or acquisitions.
- Any short-term ‘bulge’ financing requests that cannot be fully accommodated by the Bank
- Seasonal businesses that given a boost in available working capital could easily increase their business volume and profits in a short time frame.
- Often includes borrowing clients who have exceeded their current line of credit or have invoices that do not fall within necessary margining criteria.
- Companies that are unproven, (less than 2 years old) or do not have current financial information available
- Companies who are in arrears with CCRA, GST, PST WCB etc.
- Companies; that given adequate financing, have the opportunity to expand their customer base and grow.
Accountants sometimes mistake the industry as a lender of last resort, and are skeptical of their involvement with their business clients. This is simply not so. New clients are often referred to us by accountants and bookkeepers who readily see businesses that face gaps in cash flow and need some short-term external financial help. As a direct lender, we are able to supplement conventional banking services to those clients where a conventional Bank line of credit cannot be implemented or simply is inadequate for the client’s needs. Philmark specializes in short-term financing as small as a few thousand dollars and as large as maximum commercial credit scores allow.
With the addition of Philmark’s services, companies often become more bankable, develop stronger balance sheets, increase their annual profits and grow to a size where long-term lenders may now consider a conventional accounts receivable margining program or an increase in any existing conventional Bank financing feasible.
Consider discussing the benefits of accounts receivable or trade financing when conducting year end reviews with your business clients.