Capital Opportunities for Small Businesses - sbtdc

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C A P I T A L O P P O R T U N I T I E S F O R SMA L L B U S I N E S S E S Factor Members of the Carolinas Chapter of the Commercial Finance Association Accord Financial, Inc. POB 6704 Greenville, SC 29606.6704 864.271.4384 or 800.231.2757 accord@accordfinancialus.com www.accordfinancialus.com BB&T Commercial Loan 200 S College St, 2nd Floor Charlotte, NC 28202-2005 704-954-1000 www.bbt.com/bbt/business/products/commerci alfinance/factoring.html Bay View Funding 523 Pawley Dr. Charlotte, NC 28214 704.820.0098 or 704.820.0539 gwatts@bayviewfunding.com www.bayviewfunding.com CIT Group 2 Wachovia Center / 301 South Tryon St. Charlotte, NC 28202 704-339-2200 www.cit.com Capital Factors (Capital Business Credit LLC) One Brixham Green 15800 John J. Delaney Dr., Suite 300 Charlotte, NC 28277 704.248.5714 www.capitalfactors.com GE - Capital Solutions Business Financing Solutions 44 Old Ridgebury Rd. Danbury, CT 06810 203.796.1000 Riviera Finance 8307 University Executive Park Dr., Suite 228 Charlotte, NC 28262 704.510.0112 or 800.693.7157 www.rivierafinance.com Leasing Companies A typical lease involves three parties: the seller of equipment (vendor), the one who will use the equipment (lessee), and the leasing company (lessor). The leasing company buys the equipment from the vendor and leases it for a specified period of time to the business owner. Leases are best used by businesses that cannot afford the initial capital cost to buy the equipment. Usually nearly 100 percent of the cost of the equipment can be financed; therefore no down payment is required. There are also certain tax benefits to leasing that are dependent on the structure of the lease. There are two types of leasing arrangements: capital and operating. In a capital lease, the lessee (person taking possession of the property) assumes the obligation to purchase the equipment under the lease. This is generally regarded as a form of medium-term debt financing. Both the value of the asset and the related debt are recorded on the lessee’s financial statements. Under an operating lease, the lessee pays a fixed monthly payment for a specified period of time, after which there exists no further 28
C A P I T A L O P P O R T U N I T I E S F O R SMA L L B U S I N E S S E S obligation, and the lessor retains ownership of the equipment. Neither the asset nor the debt is recorded on the lessee’s financials. Usually the leasing company will require small business owners to personally guarantee the lease. Typically a leasing company requires that a business be in existence for two years and have a strong cash flow history. There are leasing companies that work with new businesses if the owner has strong personal resources and good personal credit. Terms range from short-term to long-term depending on the underlying asset. For more information please refer to the Equipment Leasing and Finance Association’s (ELFA) website at www.ELFAonline.org. NC Members of ELFA Dealing in Small Market Transactions BB&T Leasing Corporation POB 31273 Charlotte, NC 28231 704.954.1774 or 800.532.0354 www.bbandt.com/leasing/ Bank of America Leasing and Capital Group 121 West Trade St. / NC1-005-15-01 Charlotte, NC 28255 704.388.1999 www.bankofamerica.com/small_business/busi ness_financing ePlus, Inc. 13595 Dulles Technical Dr. Herndon, VA 20171 703.984.8400 800.677.5677 www.eplus.com/web/BaseRenderer.aspxid=1 First Citizens Bank and Trust Commercial Leasing 3127 Smoketree Ct. Raleigh, NC 27604 Mailing: POB 29519, Raleigh, NC 27626 888.323.4732 www.firstcitizens.com Specialty: Commercial Vehicles & Equipment RBC Bank 3400 Croasdaile Dr., Suite 304 Durham, NC 27705 919.687.3750 www.rbcbankusa.com Salem Group 209 Mercantile Dr. Winston-Salem, NC 27105 336.744.5999 www.salemgroup.com Springs Leasing Corporation POB 667817 Charlotte, NC 28266-7817 704.357.3020 or 800.622.1633 www.springsleasing.com Vendor Capital Group 4191 Fayetteville Rd. Raleigh, NC 27603 800.765.8644 www.vendorcap.com Volvo Financial Services - North America POB 26131 Greensboro, NC 27402-6131 336.931.4000 or 877.865.8623 www.volvo.com/commercialfinance/na/en-us/ Specialty: Truck Construction Equipment & Buses Wachovia Leasing Corp. 101 North Cherry St. Winston-Salem, NC 27102 336.735.6058 29
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