Larchmont, NY (PRWEB) February 14, 2005
Shortly after landing Hudson Energy Services, LLC as a new client, Deane Advisors, LLC, a commercial finance firm based in Larchmont, NY, secured a major financing deal to ease HudsonÂs winter cash crunch.
This past fall, Ridgewood, NJ-based Hudson Energy Services retained Deane Advisors to obtain a more user-friendly and economical financing package with an increased credit line. Deane Advisors negotiated a credit facility for the company that requires just 30 minutes of the ownerÂs time every month, versus two full days. The deal also reduces the companyÂs borrowing costs by 28% and provides ample credit availability for the winter heating season.
ÂThis is a significant package because it saves the owner not just money, but something just as valuable: time,Â said Larry Reinharz, Founder and President of Deane Advisors.
Hudson Energy Services is a two year-old company that sells electricity and natural gas to businesses and homeowners in New York and natural gas in New Jersey. The companyÂs borrowing needs peak in the winter to help finance spikes in accounts receivable arising from natural gas sales.
Hudson obtained its initial financing in November 2003, though the lender required the companyÂs management to submit paperwork on a daily basis that outlined accounts receivable. The lender also required monthly reports reconciling the prior monthÂs activity.
The arrangement is not unusual for many firms less than three years-old, but the paperwork burdened HudsonÂs owner, Abe Grohman. At older firms, this reporting is often completed by a Controller or CFO, but like many early-stage companies, Hudson had no full-time financial executive, so the owner ended up doing the work, which consumed two full days every month.
The company closed on the financing on December 28, 2004.
ÂBusiness owners need to understand what their time is worth,Â said Reinharz. ÂCreative and flexible financing packages can free busy executives from time-consuming paperwork to satisfy lenders and let them to focus on the big picture.Â
For more information, contact Larry Reinharz at (914) 630-4557, firstname.lastname@example.org or visit their website at http://www.deaneadvisors.com.
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