When faced with business challenges, having access to financing and advice is invaluable, as Ingrid Murray, owner and president of Prospect Cleaning Service, Inc., learned.
When Ingrid acquired the business, she had experience as its bookkeeper and office manager. What she needed was guidance to focus her work, finance it and help it grow.
When online loans with high interest rates and unreasonable terms led to debt repayments close to $4,000 monthly, Ingrid’s business was at risk.
She turned to Excelsior Growth Fund (EGF), and EGF helped her refinance existing loans using a $30,000 SmartLoan, reducing her payments to $451 a month – a huge difference that turned her financial position around.
EGF’s team offered additional help, too. When Ingrid won contracts with the City of New York and a national drugstore chain, she had trouble working out cash flow. EGF worked with her to analyze the contracts and update cash flow projections to ensure that Prospect Cleaning stayed in good financial standing.
“The business advisory team taught me to look for funding before it’s needed. If I did that before, I would have been in a better financial position and not felt pressured to work with a predatory lender,” says Ingrid. Together, Ingrid and EGF assembled a successful application for another EGF loan of $50,000.
Ingrid’s EGF team identified an additional opportunity – securing a consultant to improve her website and digital marketing, at no cost to Ingrid – and now Prospect Cleaning’s well-positioned to maintain its momentum.