Within a year, their business had really taken off and they had moved out of their parents into a shared apartment.  They had created customer software for clients in several different industries and had annual revenue surpassing $750,000. The brothers were excited to take their business to the next level by hiring employees and going after bigger contracts.  They didn’t feel comfortable bidding on larger clients until they additional employees in place. They also didn’t want to hire a new employee only to have to let them go if they ran into a cash flow issue.

 

The brothers turned to an unsecured short term loan to finance their expansion. Even though they had credit scores in the low 600s, they were able to secure financing of $70,000 which was enough to hire a third member of their team.  Once they applied for the loan and provided the minimal documentation required, they received the funds within 48 hours.  Because they had been in business during the prior calendar year, they were able to provide a tax return and three months of bank statements showing significant revenue.  The approval process was quick and once they received the funds, they turned their attention to hiring another team member.

With their expanded employee base, they were able to bid on and win several larger projects over the next six months. As of the writing of this article, they currently employ three additional programmers all working remotely in different parts of the U.S., and they have 3 large clients with projects that they are tackling confidently.

What’s New