Getting a loan can be challenging for many small businesses, but Advanced Automation Corporation (AAC) didn’t face the typical roadblocks, such as a lack of business history, poor credit ratings or an unproven industry.
In fact, AAC has been successfully and profitably operating since 1985. Instead, AAC needed funds because it was awarded large and potentially lucrative government contracts and needed to purchase materials to build specialty work stations for agencies such as the Department of Defense. Here, AAC’s CEO, David Tyler, shares insight about the challenges his business faced when it was awarded the contracts, and ways that Pursuit exceeded his team’s expectations with streamlined loan processes and sound business guidance.
AAC is a systems-engineering company located in Rome, NY, with a goal to be an expert provider of services, products and training for government organizations and contractors by offering out-of-the box thinking and solutions. It was awarded the contracts based on the innovative approach to problem-solving, a track record of quality, and competitive bid pricing.
To fulfill the contracts, though, meant that AAC had to purchase needed supplies from cash on hand. David regularly receives communications from predatory online lenders that solicit his business and, fortunately, he knew better than to give them his time or trust. Instead, David turned to his bank for funding, and his banker immediately recognized an opportunity to refer him to Pursuit.
As David explains, “There was a lot of purchasing up front and that’s when Pursuit came and provided a loan to alleviate the cash flow problems.”
There are several ways that Pursuit small business loans can benefit businesses, including:
- To refinance high-cost debt, with Pursuit loans reducing borrowers’ payments by an average of $6,300 per month
- To purchase equipment or materials to fill large orders and help businesses grow
- As working capital for day-to-day business operations such as payroll, inventory, debt payment, and more
- For improvement or expansion of facilities, staff and inventory
AAC used the funds to purchase equipment and materials needed to build the specialty work stations, which wouldn’t have been possible without the Pursuit loan.
David was very satisfied with the whole process, saying “Getting the Pursuit loan was fast, within two business days, efficient and there wasn’t a lot of nonsense and waiting around. They came and saw what we needed and asked for some backing data, and they made their decision very quickly and got the money we needed quickly, too.”
David and his team at AAC completed the project on time and for a very reasonable cost, adding to their track record of success and positioning AAC for future contracts.
Pursuit offers clients one-one-one service, funding in as few as five days, flexible loan requirements and terms, affordable rates, and no repayment penalty. To learn about ways Pursuit can help your small business, contact us today. And if you think you may already be dealing with a predatory lender, head to Pursuit’s Business Resource Library to learn more about some of the warning signs and contact us for information that can help.
