bake - May 2012 - 10

management

Cash to Grow
Opening an additional location, upgrading equipment and getting through the lean times all prove to be daunting tasks throughout the life of a bakery. With traditional lenders balking at loans for small businesses — especially foodservice operations — raising the capital you need to grow puts roadblocks in the path of expansion. Swift Capital, a financing company in Wilmington, DE, offers a product that uniquely caters to small businesses. “We’ve financed over 10,000 small businesses over $250 million of financing,” says Andrew Kanzer, executive of sales at Swift Capital. Their executive team is all former executives of large banks, he adds. Traditional lenders most often base their approvals for loans on credit scores and the number of years a business has been established — wanting many years — with no exceptions. Even if your business shows month after month, year after year profits and growth, if your credit score shows any imperfections, you’ll most likely be denied. Swift Capital bases approvals on a small business’ revenues. Swift provides small businesses financing on a short-term basis, usually between four months and one year, with a flexible payment plan that banks simply do not offer. “Our payment is actually based on a percentage of their revenue,” Kanzer says. “This allows the business owner a lot of flexibility.” If for some reason business slows down, Swift’s payment slows down with it, Kanzer says. This beats a traditional bank because no matter what your business is doing, the bank wants its fixed monthly payment. Another way Swift differs from traditional financing comes from their willingness to work with businesses without taking an interest in its assets. “There’s no personal guarantee with us and there’s also no collateral involved so we’re not taking a security interest in their equipment, their real estate or anything. It’s completely unsecured money,” Kanzer says. “In the event that something goes wrong, it’s on us.” Credit unions Another financing option, credit unions are designed to serve a particular group or neighborhood. People who use credit unions for their financial services are members of the credit union, rather than customers. Since credit unions are not-forprofit organizations, the profits incurred by the credit union directly benefit the members after covering overhead costs. In the past, credit unions have offered a limited range of resources, which included only low-interest loans and savings accounts. They have recently begun to expand their services to include checking accounts, IRAs and credit cards. Some have also begun to diversify in the types of loans that they offer. Many credit unions worldwide offer student loans, small business loans and mortgages.

FIND SMALL BUSINESS LOANS
Federal, state and local governments offer a wide range of financing programs to help small businesses start and grow their operations. These programs include low-interest loans, venture capital, and scientific and economic development grants. Use the SBA’s Loans and Grants Search Tool to get a list of financing programs for which you may qualify at www.sba.gov/loans-and-grants.

10 < MAY 2012 | bakemag.com


http://www.sba.gov/loans-and-grants http://www.bakemag.com

bake - May 2012

Table of Contents for the Digital Edition of bake - May 2012

bake - May 2012
Editor's Note - The Merchandising Issue
Table of Contents
News bites - RBA Names President
News bites - Calling All Raisin Bread Formulas
News bites - Dawn Unveils Blog for Bakers
News bites - Galaxy’s Croissants Named Finalist
News bites - Detroit Bakery Wins Cupcake Wars
Management - Cash to Grow
Tax Tips - How to Appeal Disputes
Labor Front - Incentivizing Staff
Legislation - A Simpler Plan for Health Care
Ingredients - All about Cocoa
Retro with a Twist
Making it Personal
Seasonal Transitions
Finish for Profit
Cupcakes 24/7
Decorating Ingenuity
The Baker Movie
Dough Temperature: How to Get It Right
Cafe - Breakfast of Champions
Products
Classifieds
Ad Index
bake - May 2012 - bake - May 2012
bake - May 2012 - 2
bake - May 2012 - Editor's Note - The Merchandising Issue
bake - May 2012 - 4
bake - May 2012 - Table of Contents
bake - May 2012 - 6
bake - May 2012 - 7
bake - May 2012 - News bites - Calling All Raisin Bread Formulas
bake - May 2012 - News bites - Detroit Bakery Wins Cupcake Wars
bake - May 2012 - Management - Cash to Grow
bake - May 2012 - 11
bake - May 2012 - Tax Tips - How to Appeal Disputes
bake - May 2012 - 13
bake - May 2012 - Labor Front - Incentivizing Staff
bake - May 2012 - Legislation - A Simpler Plan for Health Care
bake - May 2012 - 16
bake - May 2012 - 17
bake - May 2012 - Ingredients - All about Cocoa
bake - May 2012 - 19
bake - May 2012 - Retro with a Twist
bake - May 2012 - 21
bake - May 2012 - 22
bake - May 2012 - 23
bake - May 2012 - 24
bake - May 2012 - 25
bake - May 2012 - 26
bake - May 2012 - Making it Personal
bake - May 2012 - 28
bake - May 2012 - 29
bake - May 2012 - 30
bake - May 2012 - Seasonal Transitions
bake - May 2012 - 32
bake - May 2012 - 33
bake - May 2012 - Finish for Profit
bake - May 2012 - 35
bake - May 2012 - 36
bake - May 2012 - 37
bake - May 2012 - Cupcakes 24/7
bake - May 2012 - 39
bake - May 2012 - 40
bake - May 2012 - 41
bake - May 2012 - Decorating Ingenuity
bake - May 2012 - 43
bake - May 2012 - 44
bake - May 2012 - 45
bake - May 2012 - 46
bake - May 2012 - 47
bake - May 2012 - The Baker Movie
bake - May 2012 - 49
bake - May 2012 - 50
bake - May 2012 - 51
bake - May 2012 - Dough Temperature: How to Get It Right
bake - May 2012 - 53
bake - May 2012 - 54
bake - May 2012 - 55
bake - May 2012 - Cafe - Breakfast of Champions
bake - May 2012 - 57
bake - May 2012 - 58
bake - May 2012 - 59
bake - May 2012 - 60
bake - May 2012 - 61
bake - May 2012 - Products
bake - May 2012 - Classifieds
bake - May 2012 - 64
bake - May 2012 - Ad Index
bake - May 2012 - 66
bake - May 2012 - 67
bake - May 2012 - 68
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