Tanya of Infinity Medic Services Limited sat down with me over virtual coffee the other day and shared with me her experiences working with Capital Now Inc.
Katie: How long have you been a client of Capital Now Inc?
Tanya: Since October 2016.
Katie: In 1 word, how would you describe your experience with Capital Now Inc?
Tanya: In 1 word? That’s a hard one. There’s so many words! It’s been, hm, I’d like to say professional but that doesn’t really sum it up. It’s changed the way we do business so for us it’s been life altering but on the other side it’s all, everyone is so easy to deal with there!
Katie: Did you have any hesitations before partnering with Capital Now Inc?
Tanya: Yes, I did. Because, well, I have a background in economics and finance as a mortgage broker. I’ve experienced my clients unwilling to work with lenders that aren’t major banks.
Accounts receivable financing is not mainstream financing so there’s always that kind of unknown. Because of that, I initially had some reservations. In fact, I had a short stint previously with another factoring company that wasn’t quite as easy to work with and they often didn’t have funds available. It was a complicated process and it was really quite expensive.
Katie: What was the turning point that got you to take action?
Tanya: The company was less than 2 years old, it was major oil economy downturn. Traditional financing wasn’t looking very good but we had an opportunity to grow and we needed the capital. Oil companies aren’t quick to pay and it’s expensive in our situation to carry the services so without access to capital on a timely basis we wouldn’t have been able to increase our fleet the way we did.
Katie: And then what happened?
Tanya: Well, everything just got easier! We were able to control our cash flow as we required it as opposed to when vendors paid it and the biggest result of that was that we grew 600% in the first 4 months! It made it possible for us to control the timing. When work came up it gave us the ability to bid.
Katie: Has your business changed as a result of your partnership with CNI?
Tanya: The biggest change we’ve experiences is the ability to grow. I would also say that another big change was that [accounts receivable financing] kind of takes the peaks and valleys out of your income stream and it allows you to level off. You finally know what you’re making! The worst part of the oil industry is not knowing when you’re going to get paid. It [accounts receivable financing] really has changed everything!
Katie: Tell me about a situation where Capital Now Inc. went out of their way to help?
Tanya: OMG! So many! So many situations but the very first one I was going through the process of getting set up and we hand not really actually followed through with getting vendors set up and everything else but we needed funds on an invoice that hadn’t been submitted and Natalie totally made that happen! That was a definitive moment for me because they put a lot of trust in me and that got rid of any hesitation I had in doing business with them.
At that time, we had an opportunity to buy some equipment for an unheard of price and Capital Now Inc. made it happen!
Katie: Can you think of a situation where CNI was difficult to deal with?
Tanya: Difficult to deal with? No. Not really.
Katie: What, if anything, would you change about your experience with Capital Now Inc.?
Tanya: I would have started using them sooner! It truly is an affordable option for small businesses and new businesses to gain access to the capital that you know would help them grow.
In Canada, we’re not accustomed to alternative financing and aren’t a trusting bunch. We want to sit across from the banker that wants to put us in debt for the rest of our lives because it’s familiar. In a downturn, there’s not a lot of money coming in the door. It’s [accounts receivable financing] is a legitimate option people should consider.
Katie: What would you say to prospective clients of Capital Now Inc.?
Tanya: Just try them! I wouldn’t hesitate to use Capital Now Inc.
Katie: What can we do to surprise you? What can we do, not to make this better, but to make you tell everyone about it?
Tanya: I already do tell everyone about it! You know I think it goes back to the good old days, that personal touch. You aren’t just a number at Capital Now Inc. It really is all about personal touches like the thank you cards I get in the mail. Capital Now Inc. does the little things like that to remind us that we’re people and that they see us as people. I don’t feel like a number with Capital Now Inc.
So, I DO tell everybody!
Katie: Do you have any additional feedback or suggestions for Capital Now Inc.?
Tanya: Do you guys have a mass data base of service companies and people? Maybe coordinate a little networking event.
Other than that, no, nothing, I think they’re doing everything right. And they do it well!
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