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Business Lender, Direct Capital Infuses Small Businesses with Working Capital
April 12th, 2011 1 comment
Based in Portsmouth, New Hampshire, Direct Capital is a nationwide business lender which makes commercial and business loans to small businesses announced on April 11, 2011, that it is planning to infuse small businesses with working capital to keep them afloat during these difficult economic times. The business loans that Direct Capital is planning to infuse small businesses could not come at a better time. In a time where the economic climate is rather difficult and with many business lenders not eager to dole out small business loans to struggling small businesses, the loans that Direct Capital is providing will allow small businesses to continue to function and help local economies by keeping their doors open and people working.
Furthermore, there are many businesses and small companies all over the United States who are just recovering from the recession and are having difficulties making ends meet. The working capital that Direct Capital will provide these companies will help those businesses recover fully.
Direct Capital was founded in 1993 and since then has grown to provide business lending services to businesses all across the United States. Primarily providing debt capital, the business lender typically provides small business loans to help businesses keep a handle on payroll costs as well as making important business related purchases, such as technology and equipment. The current funds that the lender has available for the new working capital it plans to provide is up to $60 million.
According to Scott Lynch, who is the director of Client Services of Direct Capital, the small business sector, which is the backbone of many local economies has experienced an increased demand for working capital. Likewise, this demand for capital has also been experienced by Direct Capital among its clients. Mr. Lynch further added that the primary reason why small businesses need this working capital is to bridge capital gaps to cover necessary business expenses, such as increasing their inventory, bridge payroll costs, improve their efficiency, and more.
Other services that Direct Capital provides its clients with include a wide range of business loans, which include franchise financing, business financing, and vendor financing. The franchise financing is provided through a fund that reaches to $250 million and is primarily for small franchises of restaurant chains or other small businesses which are part of a larger nationwide conglomerate, such as Dunkin Donuts and the like. The financing is designed to support the top nationwide franchise brands by allowing local franchises of that local brand to have the necessary capital to continue to operate.
The vendor financing that Direct Capital provides its clients helps vendors have the funding they need quickly and when they needed to keep up with inventory costs and the lender provides vendor loans at highly competitive rates to make it simpler for merchants to the necessary funding at a much faster rate than at other business lenders or merchant banks. Currently, Direct Capital also has $250 million in capital for vendor loans.
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