UCS Secures Large SBA Loan for Engineering Firm to Expand

United Capital Source facilitates almost $7 million in expansion capital to NJ engineering firm.

GARDEN CITY, N.Y., Oct. 18, 2022 /PRNewswire-PRWeb/ -- A New Jersey-based engineering firm recently secured combination financing totaling $6.9 million through United Capital Source, Inc. UCS aided the firm in receiving a $4.8 million SBA 7(a) loan combined with a $2.1 million term loan. It took 12 weeks to complete the lending process. The funds enable the engineering firm to acquire a new business to expand its established patent.

The company's patented technology was already producing revenue as a healthcare industry solution. After identifying a target acquisition to complement its current company, the engineering firm adjusted its patent to reflect its application in the air and transportation industry.

The firm developed a business plan for the expansion but needed to access capital to make the dream a reality. Connecting with UCS CEO Jared Weitz moved the process along:

"After searching for two months on their own and working directly with SBA Lenders, the owner and I were introduced, and it was off to the races. We analyzed the scenario and broke down the cash flows of the current business and the one they were acquiring. We brought this scenario to a non-bank SBA Lender we knew would entertain this complicated transaction." – Jared Weitz.

United Capital Source took point on securing the financing the company needed to expand. Jared Weitz relied on his team to see the process through to completion:

"One of our best at UCS, Lorenzo McFarlane, ensured a smooth process and assisted all the way through until close. This scenario checked all the boxes in terms of complexity and the number of moving parts needed to get this done. At the closing, the owners hugged us and thanked us for making their dreams come true." – Jared Weitz.

The complex financing agreement represents the unique and personalized funding packages UCS provides to its customers. The engineering firm can now expand with a new venture that will significantly benefit the healthcare and transportation industries, bringing more help to more people.

Established in 2011, United Capital Source, Inc. is an alternative lending marketplace geared towards driving small business growth. Visit the UCS website to learn more about their SBA financing and business term loan options.

Media Contact

UCS Public Relations, United Capital Source, 1 6464481722, [email protected]

SOURCE United Capital Source