How Black Velvet Coffee Got an SBA Loan Thanks to Biz2Credit and Their Accountant

From the beginning, buying an existing business was a complex transaction with a lot of financial paperwork, and it required changes to most of the company’s existing accounts. Billy knew that he needed financing to back his growth ambitions, but with all the complexity of the acquisition, he knew he needed a trusted advisor to help him navigate the process. Billy turned to his accountant for advice on how to proceed. His accountant understood the complexities of Billy’s business and recommended that Billy apply for an SBA 7(a) loan through Biz2Credit’s CPA Business Funding Portal.

"When we applied for an SBA loan, our business situation was very complex: we were buying out the previous business owner, and we had various payroll and bank accounts which had recently changed. That made it hard to prepare one view of our business finances to get the capital we needed."

Billy's accountant worked to understand the business, the health of it, and where it was versus where Billy wanted to take it. His accountant helped him develop a game plan to bridge the gap and attain the goals that the business needed to continue to be successful.

“Because our accountant has known that we wanted to grow this business to a couple more locations ever since we bought it, he's guided us towards a financial path that is making this possible. [Our accountant] knew that we were looking for lending and capital and said to us, let me know if you're interested in applying for an SBA loan and we'll let you know what we can do.....He has guided us towards a financial path that is making this possible. Thanks to the CPA.com-Biz2Credit platform, it was pretty simple and straightforward. So, we leaned on him and took his guidance [and that's how we decided to apply for the loan].”

Thanks to Biz2Credit and the CPA Business Funding Portal, Billy’s accountant was able to secure an SBA loan for Black Velvet Coffee despite the business’s complicated financial situation. Now Billy and his wife are able to plan their expansion with the financial backing of their SBA loan and the trusted advice of their accounting firm.

"Working with our accountant, and thanks to Biz2Credit's platform, we were able to secure an SBA loan through a Biz2Credit lending partner despite all the complexity," said Billy.