Dealstruck Finances Home Care Business
Dealstruck provided growth capital to one of the top 20 ComForcare home care franchise owners in the U.S. Dealstruck’s term loan and line of credit, designed for growing, profitable small businesses, will increase cash-flow for the growing business, based in Lower Bucks County, PA, as it continues its rapid expansion.
“Our aggressive growth happened so quickly, we began to feel cash-flow restriction,” said Dan Surkin, ComForcare franchise owner. “The need to hire additional staff and make payroll on-time while waiting for our customers to process our invoices was difficult for us financially. Dealstruck granted us both a term loan and a line of credit, which allowed us continue our day-to-day operations while managing our growth, keeping our business strong and healthy.”
An entrepreneur with more than 31 years’ expertise in IT consulting, Surkin decided to buy a ComForcare franchise in 2011. He had cared for his mother through several illnesses and surgeries and realized he wanted to spend his time in a business that helped others. Only three years after launching his franchise, the business has been listed as #19 out of 180 ComForcare franchises in the country.
Surkin’s early success led to a need for a business loan soon after his launch. Initially, he found only high-interest loan options with 50% interest rates, plus fees. This impacted the profit of Surkin’s ComForcare franchise and he feared he would not be able to continue his business.
Dealstruck, however, was able to provide Surkin with a two-year term loan and an asset-based line of credit at less than half the cost of his other options. The term loan had manageable, fixed monthly payments, and the line of credit let his business access cash immediately and pay down the balance after he collected payments from his customers. This growth capital let Surkin continue his expansion by helping the company make payroll and cover its insurance expenses. Surkin has continued to quickly increase his revenue.
“Dealstruck provides franchise owners with healthy loan options that enable them to manage quick growth for continued success,” said Candace Klein, Dealstruck’s chief strategy officer. “Franchises comprise many of the profitable small businesses in need of growth capital. We’re honored to support Dan and his team through sustained growth as they move along on the path to becoming bankable.”
Dealstruck was the first online lender to offer businesses the opportunity to access multiple credit products, which were designed for growing, profitable small businesses looking for fast, fair and transparent financing.