LAS VEGAS, March 11, 2009 — While big banks refuse to loosen their grip on credit, one business consulting firm wants small businesses to know the news is not all bad. In fact, by working with smaller business banks, Wise Man Finance (WMF, http://www.wisemanfinance.com) is able to provide funding for new and established small businesses in spite of the deepening recession.
Offering revolving lines of credit, streamlined Small Business Administration (SBA) loans and equipment leasing, WMF is filling a need shared by most small business owners and franchisees: the need for easily accessible funding, especially in the start-up stage.
“Big banks are usually tailored to larger dollar transactions, typically $100,000 to $2,000,000. They say there’s not enough profit in working with smaller loans,” explained Joseph Ferriolo, CEO of WMF. “In addition to that, they want to look at the applicant’s financials, they want to see a track record of being in business for at least two years, they want to make sure the applicant is showing a profit, and they want collateral. Many times, that’s a lien on the applicant’s home.”
In contrast, WMF works with new and existing businesses. The firm does not ask for business or personal financials, and even in the case of SBA loans, applicants are not required to provide collateral.
WMF is able to offer such a streamlined process because it works specifically with 23 small banks. The firm’s clients can borrow up to $25,000 from the SBA. For revolving lines of credit, if the client meets certain criteria, WMF guarantees a minimum of $40,000.
Ferriolo founded WMF in response to his own needs as a small business owner. Throughout the 15 years he worked in the banking industry, Ferriolo owned small businesses, and like many small business owners, he repeatedly ran into the issue of funding. Through trial and error, he developed the system he now offers through WMF.
“A new business getting funding in this market is unheard of,” Ferriolo stated. “But it is absolutely possible and we’re helping to make it happen every day. The small banks we partner with have more relaxed financing requirements than the large banks, and they certainly are more stable right now than the bigger banks are. We are excited to let small business owners and franchisees know the credit market has not dried up for them.”
About Wise Man Finance
Wise Man Finance is a business consulting company that caters to start-up businesses. The firm’s small business programs help businesses obtain unsecured working capital from $40,000 to $100,000 within 21 days with little to no paperwork. To learn more, visit http://www.wisemanfinance.com.
Logo: http://www.ereleases.com/pr/WiseManFinance-logo.jpg
Contact:
Joseph Ferriolo
Wise Man Finance
877-281-8472
joe@wisemanfinance.com
http://www.wisemanfinance.com
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