The ABC Team
— Champions of Job Makers
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AmPac Client Success Stories
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Disabled Veteran Obtains Capital to Expand Business
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In its second loan with AmPac, a disabled veteran owned business continues to expand after winning government contracts to provide document shredding, electronic media destruction, and document and scanning services. The business has traditionally served multiple industries, including commercial, government, medical, and residential customers in Riverside, San Bernardino, Los Angeles, and northern San Diego counties. However, after becoming certified as a small, disabled veteran, the business has soared. Now the business owner is training other veterans on how to start businesses and how to create opportunities to win government contracts.
The business obtained loans totaling $150,000 to hire two employees, purchase new equipment and furniture, make building improvements, and other working capital to service its contracts.
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AmPac Closes Loan with Contractor After Understanding Business Journey
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When the small business contractor approached AmPac, the business owner was discouraged after going through a long process with their existing large traditional bank to learn that they would not approve the loan. Disillusioned about the process, the borrower was introduced to AmPac with few expectations for success, but AmPac listened.
With a core value to practice prudent underwriting with a heart, recognizing “life happens,” AmPac heard the story:
- Past Tax Liens, with an error made by the state, with penalties, but a payment plan
- A need to preserve working capital, thus 10% down payment is essential
- A quick close because seller is ready to move on, since the first bank did not close.
With only 30 days to get it done, the AmPac difference delivered for the borrower:
- Thorough underwriting explaining the borrower’s story around the tax liens and the action plan that they executed to have the lien released
- Guaranteed minimum down payment of 10% so that the borrower could keep their working capital to continue to grow
- Identification of a new banking partner who could get the loan done on time and with reasonable interest rates and terms
- A 25-year fixed interest rate at 4.81%.
In making loans to small businesses, listening matters, and listening for understanding to get to a “Yes” is the AmPac way.
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Recap of SBA Senate Hearing on Capital Access
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On Wednesday, April 3, 2019, U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship convened a hearing titled “Reauthorization of the SBA’s Access to Capital Programs."
Witnesses included
Julie Huston
, President and CEO, immito;
Patricia Kibbe
, President and CEO, Evergreen Business Capital;
Robert Villarreal
, Executive Vice President, CDC Small Business Finance; and
Connie Evans
, President and CEO, Association for Enterprise Opportunity.
The following is a recap of recommendations made:
504 Program Recommendations
- Change occupancy requirements from 51% of building to 50%
- Change public policy goal from 51% owned to 50%
- Reform SBA SOP process to increase transparency, get practitioner feedback, reduce confusion
- Reduce unnecessary restrictions on Eligible Passive Companies and Operating Companies (EPC/OC)
- Oppose the reinstatement of the Personal Resources Test
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April 12
Inland Prosperity Conference
8:00 a.m.-3:00 p.m.
Ontario, CA
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April 12
Orange County Technology Showcase and Acquisition of Capital Seminar
11:00 am-1:00 p.m.
Irvine, CA
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April 18
NAWBO-IE "More Clients, More Income"
8:00 a.m.-10:30 a.m.
Riverside, CA
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May 10
Inland Empire Women in Manufacturing Summit
10:00 a.m.-2:00 p.m.
San Bernardino, CA
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May 23
Access to Capital...LA Women's Business Center
5:30 p.m.-7:30 p.m.
Los Angeles, CA
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AmPac Business Capital
| ampac.com |
909-915-1706
Making Access to Business Capital
as Easy As ABC
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