Business & Finance

Your Business – When the Banks Say No

Kenn Scaggs of B2B Lending Partners
Navesink Business Group semi-monthly meeting at the West Side Eatery in the Galleria
Sam Perez of B2B Lending Partners

RED BANK, NJ - The Navesink Business Group, a networking group held it’s semi-monthly meeting at the West Side Eatery (formerly The Danish Café) located in Red Bank’s Galleria.

Presenting at this months meeting was Ken Scaggs and Sam Perez of B2B Lending Partners with an office in Red Bank. 

B2B Business Lending is a business funding company with clients in the Manufacturing, Healthcare, Wholesale Distributors, Construction, Restaurants, Auto repair, Real-Estate and other sectors.

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Ken said that they sent out twelve thousand surveys asking what their business needed help with.  4,000 surveys were returned and the “The number one issue was access to working capital.”  He related how small business would go out to banks, made to jump through hoops, and even though they had an excellent credit rating and good cash flow, they were ultimately denied a loan because of various reasons.  “We all know that banks are lending to people who don’t need the money.  There’s a lot of money out there from people who want to lend, to people who are seen as not worthy to the banks.  Our mission is to keep clients, we’re not a one and done company” said Ken.

He partnered with Sam and opened up B2B Business Lending and they have about one hundred lenders such as hedge funds and wealthy individuals.

B2B takes the time to look and analyze each particular business that are deemed “unbankable”.  “We had a company that had losses for three years in a row but was still very viable.  They had a balloon mortgage coming due and we got them a loan based on the value of their equipment which they leveraged as working capital. Their business is doing very well” said Sam.

For any business that is looking for capital, credit repair and long term strategic planning, B2B Lending Partners are the ones to call.

For those interested in growing their business through networking, contact Rob Lowe at the Navesink Business Group.

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