Grow Your Business the Same Way ESPN Did
If you asked 100 small business owners what the number one thing was they wish they had more of, the answer the vast majority of the time would be working capital. Defined as Current Assets – Current Liabilities, a robust supply working capital can be an indication of a healthy business poised for growth opportunities. Conversely, small businesses lacking these assets often spin their wheels to stay afloat and miss out on potentially lucrative opportunities to thrive. This can further jeopardize the blood, sweat and tears required to build a business from the ground up. After all, expansion – and the inability to acquire the resources with which to expand – is the top obstacle small businesses face.
For small businesses that lack the assets, time in existence or credit score to qualify for bank financing, there are other options available. Most notably, private specialty lenders exist for the exact reason of helping hard-working small business owners get over the hump and get to the next level. While specialty lending is sometimes scrutinized for higher interest rates and shorter terms than traditional bank funding, this short-term inconvenience pales in comparison to the opportunity to create a profitable business in the long term.
One astounding example of how revenue advances – a core offering of many specialty lenders – can propel a business to immeasurable success, is sports media giant ESPN. In 1979, ESPN Co-Founder Bill Rasmussen and his partners were in the midst of negotiations with the NCAA, cable networks and satellite providers. Once they reached agreements for broadcast rights and the associated logistics, there was a glaring immediate need for capital. Mr. Rasmussen took out a $9,000 revenue advance to facilitate these partnerships and the rest is history. Now, fast forward four decades and ESPN has grown into one of the most recognizable brands in the world.
All this is not to say that everyone who utilizes specialty funding will achieve this type of success, but it goes to show that the sky is the limit if entrepreneurs have a great plan and the resources necessary to execute it. As the premier private lender in the specialty funding space, MobyCap has helped small business owners – and even publicly traded companies – in virtually every industry acquire the funds they need to expand. We’ve already deployed over $1 billion in working capital over the last decade-plus and continue to innovate in the space so we can create even more long-term partnerships.
We can complete our fast, easy funding process in a matter of hours or days, rather than the weeks or months required to complete a bank loan. Since we don’t require any collateral or personal guarantee and require minimal documentation to underwrite, there is much to gain with virtually no downside to exploring your options. Don’t hesitate to call (737) 577-1180 or Contact Us at your earliest convenience if interested in doing so. Moreover, you can simply Apply Now if you’re ready to move forward ASAP.