$4.9 MM Loan Preserves Jobs in Florida
$4.9 MM Loan Preserves Jobs in Florida
“The SBA loan paid off our Bank of America loans and a former seller note. In addition, we were able to preserve 43 jobs, have already created two new hires and with our ability to again focus on growth expect to create at least two more jobs in the next 12 months.”
Jay Mack, CEOMack, Mack & Waltz | Deerfield Beach, FL
CHALLENGE
In business since 1989, Mack, Mack & Waltz represents over 50 insurance companies that provide products and services in Florida. This small business is a family-owned private insurance brokerage firm in Deerfield Beach, Florida. Faced with a combination of factors including legislation prohibiting increasing rates and a recent acquisition of a competitor's book, the company needed to consolidate debt. Its existing lender (one of America's largest banks) was unwilling to restructure the company's debt or listen to the industry externalities which were stifling the company's cash flow.
44 Business Capital was able to leverage the new, higher loan limits of the US Small Business Administration to consolidate all the debt and save the company significant cash flow by reducing debt service. This deal is an example of how public/private partnerships between SBA and its lenders should work.
44 Business Capital was able to leverage the new, higher loan limits of the US Small Business Administration to consolidate all the debt and save the company significant cash flow by reducing debt service. This deal is an example of how public/private partnerships between SBA and its lenders should work.
