As Craig’s Business Expands, So Does His Need for Capital

Craig Hart
Smyth Electrical Services

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Craig, tell us a little about Smyth Electrical Services.

"We're a commercial electrical contractor in Gaithersburg, Maryland. My partner and I have been in business for two years, and we're trying to grow."

"We were slow for the first two months of our second year, and we've been busy ever since. I run the business side of things from my home office.

We have four employees on payroll, and we also have subcontractors to pay and inventory to purchase."

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What triggered your need for additional working capital?

“Expansion is what triggered my interest in talking to National Funding, and it’s why I came back for a second loan.”

“As happens with a lot of businesses, you bid work, and you never know how much work you’re going to get. We picked up more jobs than we thought we were going to get. It’s a lag time from when we do the work to when we do our billing to when we actually receive a check. So in between there, we can expect we’re going to run short of capital.

“When you’re running your own business and you face an expansion period, if you’re not comfortable with how much money you have in the bank to run your business, it causes a certain amount of stress and anxiety that doesn’t go away at 5 o’clock in the afternoon. It’s something that’s always on your mind.”

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How has National Funding helped?

“Knowing that I have National Funding, that I can get money when I need it, is a big help for me to run my business—and relieve stress about where the money’s going to come from to keep on going.”

“National Funding has very professional analysts. They looked at my business and made a loan that we all felt comfortable we could pay back on a timely basis.

It’s important to me to have the daily payment deducted. It’s not noticeable—much better than having to make a large, lump sum payment.”

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What is it like to work with National Funding?

“It’s important to me to have a personal relationship with whoever I’m dealing with, whether it’s a subcontractor or somebody at work, and certainly when it comes to your banker.”

“There was good communication with National Funding. James, my Loan Specialist, kept me informed throughout the process. It was pretty easy and fast. When we originally funded with National Funding, I was told it would be easy to get a second loan with favorable terms, and that was true.”

“Would I recommend National Funding to other business owners? Definitely. Otherwise I wouldn’t have come back for a second loan.”

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