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<font color="#058063"><b>Financing Challenge:</b></font><br>
<img style="margin: 0px 5px 5px -10px;" src="foreign-owned-PPP.gif" width="164" height="129" hspace="0" vspace="0" border="0" align="left" alt="12-store-retail">A recruitment and resourcing solutions company, focused on financial, accounting, technology and transformation roles ran into trouble when attempting to apply for a PPP loan. The company is foreign-owned, and though that is explicitly allowed, it does present a degree of complication that was enough for two banks to reject the company's application previously. </p>  

<p class="tombstones">Frustrated, the company was referred to Asset Enhancement Solutions, LLC by another client.

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<p class="tombstones"><font color="#058063"><b>Financing Solution:</b></font><br>
As stated, a primary issue was the foreign ownership of the company, but other problems arose as well, such as the bank's unwillingness to include employer-paid benefits in calculating the loan amount, though that is allowed by the Small Business Administration (SBA). Because auditing that information was deemed too labor-intensive by the bank, AES opted to utilize pure payroll for calculations instead. </p>  
<p class="tombstones">Ultimately, AES and the client worked together to reach a resolution. AES provided a sample application to the client, who followed it to a tee. The sample application included documents and templates for guidance. After a couple of Zoom calls, the client was able to submit their PPP loan application.  </p>  



<p class="tombstones">This credit facility provided the Company with ample funds to both refinance its existing bank debt and enough excess working capital to fund its growth strategy of opening additional stores.</p>  





<p><font color="#058063"><b>Contact</b></font><br>Neil Seiden, 516-767-0100<br><a href="mailto:[email protected]">[email protected]</a>
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