Fairfax Funding, LLC, an Orlando-based alternative financing brokerage, is again making waves in the small business arena, when the company recently announced a new $25 million loan program called Power Up! This program will provide women and minority-owned businesses and startups with easier access to business capital. The announcement comes on the heels of their recent $150 million program for funding various businesses, primarily in Florida and the Southeast U.S., and is also open to the rest of the continental U.S. as well. The company says that the Power Up! program will go a long way in helping these business owners and entrepreneurs to gain immediate access to capital, while virtually eliminating the usual qualification hassles and complex paperwork that most lenders usually require. “What we have here now, is definitely a game changer, especially for that segment of business owners that, traditionally, has had the greatest difficulty in gaining access to the capital market”, says Courtney Smith, Fairfax Funding’s President.
One key element of the Power Up! program, is the provision for funding startup entrepreneurs. This segment of business owners is the most difficult to acquire funding for, according to Smith. “Startup entrepreneurs who do not have friends and relatives that they can turn to for funding, are basically, dead in the water. Their goals and dreams die on the vine for the lack of much needed capital, which could only be a relatively small amount, but it’s like a mountain when you do not have it”, Smith continues. Of course, some other options exist for such entrepreneurs, such as venture capitalists, angel investors, and some government programs. “Each of these options have good and bad elements to them”, Smith explains. “In the case of venture capital, if you are fortunate enough to get it, you will have to give up a major slice of equity in your business, which is not the case with us. Our partners do not require any equity as a condition of extending funding. We should also mention that the amount of paperwork and other documentation that is required for even the smallest government-aided loan, makes it too difficult and frustrating a process for most borrowers”, he said. Funding levels in the Power Up! program range from $5,000 – $600,000 for existing businesses, and up to $250,000 for startups.
For more information on the Power Up! program, from Fairfax Funding, LLC, visit https://fairfaxfunding.com.