I recently had an opportunity to sit down with Gerry Wawzonek, CEO of Capital Now, a Calgary FinTech that specializes in accounts receivable financing, to get the inside track on their company story.
Katie: Gerry, tell me a little more about how you have helped your clients?
Gerry: We help our clients by providing financing to businesses that don’t otherwise qualify.
Katie: Really? What specific services did they utilize?
Gerry: They sold us their invoices for immediate cash. Our very first client went from being a 3 man trucking company to the largest in the province!
And then we had another company that went from being just one person (a private ambulance service serving the drilling industry) to being bought out in 18 months! He was under bankruptcy and 18 months later he had a multi-million buyer!
Katie: Wow. That’s a huge turnaround. What contributed to that?
Gerry: In this instance, the client knew how to sell and deliver his product and all that was missing was the money. And what he needed was a line of credit that could grow as fast as he could grow.
So, if it had been a normal bank line they would have given him a year line of credit and then reviewed it annually and that cadence doesn’t work when a business is growing rapidly. The traditional bank pace definitely doesn’t keep up with companies that are in growth mode.
Katie: Do you work with many clients in this “growth mode”?
Gerry: Yes, “Growth mode” and “seasonal” would describe the majority of our clients. Currently, like all downturns, we see companies that are losing their bank financing. These companies are stable or growing at a more predictable rate with good financials but the banks are simply stepping aside and waiting for ‘sunny days.’
Katie: And how long has Capital Now been providing this service?
Gerry: Capital Now has been providing this service since 2008 we have been in the business of Accounts Receivable Finance business since 2001. During that time period, we have helped hundreds of companies in Western Canada.
Katie: Is there anything that you’d like to say to prospective clients reading this?
Gerry: The biggest mistake business owners make is not calling to see if there is something that we can do to help. I know that many companies we could have helped are no longer around simply because they did not know we were available, let alone had a solution that could have saved their business.
Katie: There you have it, folks! Call now for more info 403-617-2075.
We’ve been able to grow aggressively because of our work with capitalNOW. They do an excellent job! To prospective clients of capitalNOW I would say, DO IT! Do it now so that you can grow your business. John Munro, Terra Nova Ventures Ltd
Working with capitalNOW has made my daily operations easier and more comfortable. For example, we always have cash flow on hand now! And also, capitalNOW takes care of all of the work of trying to track down the payments from all of the accounts payable departments! I highly recommend them! Rob Shaw, Topline Oilfield Hauling Ltd.
If you enjoyed reading, please subscribe to my weekly email blast! One subscriber wins a free Kindle book every single month…