NEW YORK, NY--(Marketwired - June 24, 2013) - Pearl Capital, LLC. Provides small business financing to owners of existing businesses, regardless of high risk designations or other issues banks typically use to disqualify applicants. High risk industries can include trucking, construction and real estate businesses as well as non-traditional ventures.
Pearl Capital announced a record funding amount of $7.1 million last month, and we are proud to report that we are on pace to break $8 million in funding for the month of June. Behind this dynamic growth are the small business owners who use our merchant cash advance services to grow. Pearl Capital provides business financing to small business owners in every industry, including out of the box or high risk ventures that typical funding companies exclude. Abe Zeines, CEO, says "It is because of a unique blend of experience and desire to understand the stories of each small business owner that our underwriting department is able to preserve an inimitable rate of success. It is a testament to our underwriters that we have achieved so much while working with business owners who may not be able to get approval for funding anywhere else."
An example of a high risk industry where we have successfully enabled business owners to expand is the trucking business. One of our clients is a female minority owner of a commercial freight company. She chose to create a relationship with us last year, and received an initial advance of over $100,000. She used the advance to create American jobs through phone marketing which enabled her business to broker its freight capacity. Since first being funded through Pearl capital, she has been funded for a total of over $1,000,000, with increased clips from $100,000 to $250,000. Because of the flexibility and dedication of our underwriters, her business has grown 40% in the past year alone. Based on her demographic and business model, she may not have been able to get approved for a traditional small business loan. Fortunately, she found a source of quick direct capital that she could trust with Pearl Capital.
Another non-traditional industry where we have funded business owners with great success is commercial real estate. A luxury real estate broker with holdings throughout the tri-state area first took out an advance with us a year and a half ago. Within that time, he has called on us for funding 11 times and received over $2,000,000 in the past 18 months. By investing in marketing to increase the reach of his business, he has been able to grow significantly, reporting 60% growth within the time he has worked with us. The speed with which Pearl's underwriters were able to clear him for each advance coupled with the growth of a relationship based on mutual trust allowed his truly marvelous rate of expansion.
Our underwriting department allows these success stories to happen by working diligently to ensure that every qualified candidate for our merchant cash advances is able to get financing in the shortest possible period of time. Elliot Sanderson, Co-director of Risk Management, has over 6 years of experience in the merchant cash advance industry. Commenting on Pearl Capital's funding milestones, he said, "Due to the success of our out of the box story underwriting [underwriting based on personal information and direct relationships] Pearl has been able to fund merchants in the alternative financing space in a way that our competitors have not been able to replicate both in scale and rate of success. We're projecting to finish 2013 with over $120 million dollars funded, which is directly correlated to our stellar underwriting and relationship management."
About Pearl Capital
Pearl Capital upholds a corporate culture of excellence and accountability that has allowed it to flourish in the past few years, with ISO agent satisfaction being the driving force behind our success. Pearl Capital provides merchant cash advance solutions for ISO agents and merchants as a direct funder, filling in the cracks in the lending industry that many small business owners slip through. Our service is unique by virtue of our acceptance of bad credit and high risk applicants, as well as our swift approval and funding process. The professionalism and know-how of our ISO agent relationship managers and underwriting department allows us to get funding to each qualified applicant, even if other lending institutions have turned them away. We also excel in clarity of communication between our relationship managers, underwriting department and ISO agent partners. By partnering with Pearl Capital, ISO agents become part of an efficient team that focuses on high turnaround and crystal clear communication, allowing them to focus on building and maintain their relationships with their merchants.