John, tell us a little about Bob’s Home Heating & Cooling.
"I bought the business 2016. Bob’s Home Heating takes care of a lot of residential and commercial HVAC business in Winona, Minnesota."
"After 44 years in the business, Bob decided to retire and was looking for someone to carry it on. I had worked with Bob for nine years, and before that I had a background in management. When I first took over the business, I was completely focused on the steep learning curve of just running the business — dealing with payables and receivables, insurance, paying employees and suppliers."
"Now as I look ahead to the next three years, I want to expand. I plan to replace our current vehicles and, as we build our reputation, to update the company’s branding.”
What triggered your need for a loan?
“Cash flow management can be difficult with a seasonal business. After a mild winter and summer, demand for our services wasn’t as high.”
“When things didn’t pick up, I got into a situation of having to ‘rob Peter to pay Paul.’ I needed to catch up with vendors, and I still needed to take care of employees. As I looked at my forecast I realized that I needed to do something. I did the normal research, and I reached out to a few lenders. I found National Funding online.
“Business has picked up again, but the economy is up and down and we don’t know what will happen tomorrow. It’s important to have a safety-net.”
How has National Funding helped?
“I got more than working capital — I got a partner. They took me through our bookwork, our numbers… they educated me.”
“The loan from National Funding helped me get caught up with suppliers, and I hired a sales manager to help me grow the business. In addition to working capital, I received guidance that was so important to me as a new business owner. They educated me to make sure I’m keeping my finances in line and make sure I’m in my budget.
“Ryan, our National Funding loan specialist, took me through our numbers and what we actually needed to help us move forward. He helped me understand that we shouldn’t take too much money right away — even if we qualified for it. National Funding didn’t sell me the biggest loan. National Funding gave me the money I needed to run my business.”
What is it like to work with National Funding?
“I wasn’t treated like a number. I was treated like a person.”
“I would recommend National Funding for small businesses. Along with working capital, I got the guidance I needed as a new business owner. Ryan, my loan specialist, was very thorough and proactive. He gave me all the information I needed and took the time to help me understand the loan process. That was very important to me.”
“Once I had worked with Ryan to complete the application, it was easy for me to turn the process over to Mandy, my Office Manager.”
Mandy, as office manager, what was your experience with National Funding?
“It was a breath of fresh air for something in the financial world.”
“By the time John passed things over to me, the process was so fast and easy—and painless. I had to fill out a minimal amount of paperwork, give them a couple pieces of information, and before I knew it we were already funded. I think it took a day. Our National Funding loan specialist, Ryan, was very quick and easy to work with. Every time I sent information, he responded right away and was very friendly."
“We’re a business of six employees here. When you’re that small, it feels like a family. You dedicate so much of your heart and soul into it. National Funding helped us get the money that we needed — and helped ensure that we were getting the proper type of loan and we weren’t going to over-extend ourselves.”
“I would recommend National Funding to other small business owners.”