AmRock Financial Helps Staffing Company Receive a $5 Million Loan
MIAMI- Small and mid-sized businesses are struggling to keep their doors open due to the effects of the global pandemic. Business owners have been flocking to banks to obtain whatever loan they can get their hands. Unfortunately, banks have restricted lending, making the searching process difficult for small business owners.
One of Miami’s leading financial firms, AmRock Financial, has seen an influx of small business owners who are ready to close their doors and file for bankruptcy. Since 2007, AmRock has provided more than $1 Billion in financing to small and mid-sized businesses. It has recently expanded its team to help its growing number of clientele obtain the funding they need to succeed. AmRock Financial does not charge small business owners any upfront fees, only modest success fees based on performance, and uses its network of over 1,500 lenders to match debtors to the right lender.
A local staffing company that provides industrial and administrative positions in the logistics and warehousing space, applied for a loan at a local Bank, months later the loan was eventually denied. A common manifestation of what happens in our banking system nationwide. The banker recommended AmRock Financial and referred the business owner to us. AmRock met with the owner and after listening to his short- and long-term goals, structured a $5 million, 10-year term loan with another Community Bank, which is one of 1,500 verified banks in the AmRock Financials network. The company paid off $4 million of existing debt and received an addition $1 million in working capital.
Obtaining a bank loan should be easy in America but all too often, the process is filled with uncertainty, frustration, and distrust. Having a skilled commercial loan advisor/broker like AmRock can be a valuable asset.
Founder and CEO Frank Tomasino says “In 2007, when we began, we had no lenders, no relationships and the economy was deteriorating and eventually it collapsed in 2008. Banks collapsed and most were bailed out by the government, the economy descended into an abyss, but we knew eventually new lenders would need to start lending. This is similar to what we are seeing now with the global pandemic. We know that certain community banks are now lending but finding a local bank could be a challenge. AmRock has found that your perfect bank might be located in an entirely different state as the landscape has changed.
Since the beginning of the pandemic, AmRock Financial has helped hundreds of domestic and international businesses keep their doors open, this staffing company is just one of many. The AmRock team is hoping to help as many more as possible.