A plumbing and HVAC contractor had several large projects running at once and a number of customers who were behind on their payments. On top of that, a former accountant had left the company's financials in a mess, which made it hard to pull together the documentation a traditional lender asks for. The contractor needed working capital quickly to keep the jobs moving while the late payments came in.
Vision
The owner wanted to keep funding the large projects already in progress while waiting on the late payments. Pausing a job partway through would have been costly, so the aim was to keep crews working and materials arriving until the receivables caught up.
Opportunity
The projects were already underway, so the work and the revenue were both there. What the business needed was cash to bridge the period until the late payments arrived. A lender willing to look at how the business was actually performing, rather than at the state of its books, could provide that bridge.
Challenge
Messy Financials
The previous accountant left the books in disarray, so clean statements weren't available to hand to a lender.
Late Payments
Receivables on the big projects were running behind.
How Fora Financial Helped
Fora Financial approved $250,000 without requiring a long history of past business performance, which removed the biggest obstacle in the file. With the old books in disarray, that meant the decision could move quickly, and the process stayed simple for an owner who had jobs to run.
Results
Funded Within 24 Hours
The money was in the account the next day.
Work Kept Moving
The contractor kept working on the large projects without interruption.
Conclusion
The owner kept every large project moving, and the condition of the books never got in the way. With funding in place, the contractor can focus on finishing the work and letting the late payments arrive on their own schedule.
Why Fora Financial
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No Long History Needed
The approval came quickly, with no deep review of prior years.
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Fast Funding
The money arrived in 24 hours.