Issue

After growing steadily for 8 years, Novo made the move to a much larger facility in 2015. As a result of the incremental costs and business disruption during the move, their bank began to restrict their access to working capital which negatively impacted their ability to grow the business. Jason approached three different lenders for assistance, but he was unable to find a bank willing to help Novo with a long-term financing solution. Jason knew he was on the cusp of making the business great again, but was wondering if it was all worth it given the pressures/struggles he was having with his bank.

Solution

Novo had a legacy loan on the balance sheet from when Jason bought out his business partner. We worked with Jason to put together a full banking proposal, outlining what he was looking for and, more importantly, told his story in a way the banks could understand, and ultimately be comfortable with. We received multiple competing offers and were able to find the right partner that provided the long-term financing solution Novo needed to help the business grow. Novo has been with their new bank for over 12 months now and the business is now flourishing.

Here’s what Jason had to say about working with Ashdown:

“Brad Kiendl not only helped coordinate a completely new and better banking partnership, helping to set Novo on a stable path to greater success, but he also has subsequently become one of our most trusted advisors. Brad and his team at Ashdown bring a wealth of knowledge in Commercial finance that I believe would be an asset to any entrepreneur.” – Jason Zanatta, CEO | President, Novo Textiles

Services Used

  • operating line of credit
  • equipment loan
  • corporate credit cards

 


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