Q&A with Our CEO Eddie DeAngelis: Part 2

It’s almost every day that one or more of our clients lands million-dollar-plus financing on very favorable terms. But there’s no “pause button” here at QualiFi—there’s always another business that needs capital, and needs it quickly!

Having said that, we also pride ourselves on our transparency and would love to share the thought processes and methods that drive our success in finding novel ways to get you a loan or line of credit even when multiple banks have refused.

And who better to articulate this than Eddie DeAngelis, the boss man himself? He was on a roll once I started asking him a few questions on how money flows and how to follow it in today’s tumultuous times. If you haven’t read Part 1 yet, go check it out and then come back here—you’ll enjoy the rest of it even more!

1. Usually, when businesses need a loan, they need it NOW. Is it really possible to get loans or credit within a couple of days, or is that a myth?

Yep, it’s 100% true! Fact of the matter, we do it everyday!

Several of our non-asset based loans and lines of credit can fund you the same day or the next day—typically within 24 hours!

2. What do you wish every business owner knew before they decide to take a loan?

There’s a gazillion ways to find capital for every business’s needs, if only owners knew where to look. Because going directly to a bank isn’t the best way to get it.

And I say this with all humility—I wish business owners would get in touch with us just once when they need money. We spend so much time educating them on the various loan products in the market, they could easily find more than one option that could be the launchpad for their growth.

Hope you find what you want on the QualiFi blog, but there’s a dozen more ways to stay in touch with us!

We’re just a click away on multiple internet platforms!

3. What are 2 or 3 huge mistakes you see business owners make when trying to get financing?

Easily the biggest mistake business owners make is just going online, looking for business financing and not thoroughly vetting the partner they choose to work with.

We’ve seen several business owners end up working with brokers posing to be direct lenders, and getting taken for a ride.

At the very least, they are lied to and forced to choose a product of the lender’s choice.

But then, remember—and I’ve talked about this a lot—going through a broker is really, really important if you want to get the best deal for yourself. Going to a lender sets you up for rejection or a loan that’s highly skewed in favor of the lender.

As a businessperson or entrepreneur, why in the world would you want to put all your eggs in one basket by going directly to a lender? At QualiFi, we work with 70+ banks and have nearly a dozen different loan solutions for small businesses.

What’s more, we spend huge amounts of time and effort ensuring that the client understands all options available to them. In the end, the decision is theirs, and they need to be fully confident they’ve made the right choice.

4. What‘s your approach when a client isn’t eligible for traditional financing?

Most clients aren’t eligible for traditional financing with their local bank! I’d say almost 85% aren’t eligible for conventional banks’ criteria as they stand now.

And while the remaining small portion might be fortunate enough to have an existing bank line, they’re more often than not maxed out, and need much more capital to do more than just survive from one quarter to the next.

So when the bank hits the brakes, we step in and help you step on the gas!

5. What economic factors should business owners be watching that might affect their financing options?

Business owners should always keep an eye on the economy, always stay on top of what’s going on, what might affect their business, their industry, their supply chain, you get the idea.

The economy—whether it’s good or bad—always has some form of temporary impact on business in general and financing in particular… We encourage all clients to secure financing when they do not need it as that’s the ideal time their financials are going to look the best.

We see many business owners make the mistake of waiting until they need the money in a crunch situation. At that point, their bank statements already reflect a downturn in revenues, cashflow, etc. So whatever you do, don’t wait until the last minute to apply for financing. A dollar in your account is worth two in the bank.

6. In today’s “startup-driven” landscape, there’s a difference between financing and funding. Do you help clients with both? How do you help them differentiate their approach to either of these?

Yes, while equity-based VC and angel funding provides much-needed seed capital for launching a startup, taking on a line of credit or debt is the best way to grow your business without diluting ownership.

Cash flow and operations work quite similarly for startups or small businesses or SMEs—whatever you choose to call them. And we’ve got some very smart financing solutions for startups, based on the nature of their business, that can help boost growth at critical junctures of their journey.

Loans don’t come easily to small businesses and startups.
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7. How do you ensure you‘re truly serving your clients’ best interests, even when it might mean less revenue for your company?

This is a great question, and we pride ourselves on the simple fact that we establish long-term value into the relationship with our clients.

One of my favorite quotes that we train our team on is “You’ll never go wrong by doing what’s best for your client!”

This strategy is 100% sustainable for every business out there. We’ve retained clients over several years by doing what’s best for them at all times. This is the business model that has been working very, very well for us and keeps our clients coming back to us over and over again.

8. What advice would you give to a business owner who’s hesitant about taking on debt to grow their business?

One of the most fundamental things I’ve learned being in business my entire life is that it takes money to make money.

If you’re fortunate enough to have a good business and/or a good product, and have an opportunity to grow, the lack of capital should never be the reason to hold you back.

The most successful and the wealthiest business owners in the world are the ones who learn how to use other people’s money to make more money for themselves. You can too, so why not?

Our practical approach is reflected in our tagline — BORROW. BUILD. BELIEVE.

That’s a wrap. Hope you’ve got a better idea of how to think about and plan for your next round of business financing.

If you’d like some more insightful wisdom cookies from Eddie, please follow him on LinkedIn and feel free to strike up a conversation!