Maxim Commercial Capital announced that it funded nearly 300 transactions for small business owners in the first quarter of 2017. The financings enabled business owners across a wide-range of industries to acquire equipment, fund working capital, and refinance debt. Maxim provides financing in amounts up to $2,500,000, secured by equipment and real estate, to small and mid-sized businesses located nationally.
“Small businesses were the engine behind 66% of all U.S. job growth since 1970, as reported by the Small Business Administration, yet the Federal Reserve’s 2016 Small Business Credit Survey indicated that 61% of small business owners face financial challenges,” said Michael Kianmahd, vice president at Maxim. “Maxim’s programs are designed to alleviate common financing challenges, providing the essential capital small business owners need to grow and thrive in today’s economy.”
Examples of transactions Maxim closed in 1Q 2017 include the refinancing of an orthodontist practice, replacing expensive credit card debt and working capital loans with a term loan secured by dental equipment and second liens on real estate. The borrower’s cash flow had been consumed by debt service to seven creditors and his credit score was ruined. Maxim’s solution reduced his overall monthly loan payment and eliminated the stress of managing payments to numerous creditors.
In another example, a fire containment contractor utilized Maxim’s Application Only program to finance the purchase of a used water truck. The borrower had a 50% down payment, but his poor credit score severely limited his ability to obtain traditional financing for the acquisition. Maxim funded the deal quickly based on the collateral value of the truck.
As a national leader in transportation equipment finance, Maxim consistently finances up to 75% of the purchase price for owner-operators acquiring used class 8 trucks and reefer trailers. During the first quarter of 2017, Maxim provided proposals as quickly as within two hours of application submission, and funded borrowers as quickly as within two days.