I had the opportunity to sit down with John Munro of Terra Nova Ventures Ltd headquartered in Edmonton, Alberta, the other day to get his unbiased take on what it’s like to work with Capital Now. Here’s what he had to say.
Katie: John, how long have you been a client of Capital Now?
John: Off and on for about 10 years.
Katie: In a word, how would you describe your experience with Capital Now?
Katie: Did you have any hesitations before partnering with Capital Now?
John: Yeah, I had some concerns. It’s a situation that when you look at it at first, it looks really expensive and scary because you’re signing over your invoices for the money. But at the end of the day, it is a fast solution for a short-term problem. It [accounts receivable financing] gets it done. If the immediate need is to make payroll, or a fuel bill, or expansion, or a piece of equipment; cash is king. There are a hundred different reasons why I, as a business owner, need cash now.
Katie: What was the turning point that got you to take action?
John: Um, I guess, the turning point was, I don’t know… I needed to have the money and the resources. There’s no bank that’ll react fast enough. You get the money the next day or same day, and you move on.
Katie: And then what happened?
John: I used Capital Now as a tool to grow my business. Now I know I’ve got the cash to make my commitments no matter what.
Katie: Has your business changed as a result of your partnership with Capital Now?
John: Yeah, it’s changed. We’ve been able to grow aggressively because of our work with Capital Now.
Katie: What, if anything, would you change about your experience with Capital Now?
John: They do a good job. I don’t know what I would change. It would be great if it was cheaper (laughs) but I don’t think that’s something we can change. I can’t think of anything in particular. I really like that they change with the times, like, making things paperless. I can receive money or sign off on an invoice from anywhere in the world!
Katie: What would you say to prospective clients of Capital Now?
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