Masters & Associates Electrical Contractors of California
Weathering Cash Flow Currents
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Needs:
- Access to capital to even out cash flow between client payments
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Custom Lending Package:
- $250,000 line of credit at 14.99% APR
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Results:
- Fast, direct access to capital
- Easy to manage monthly payments
- Ability to draw against credit line as needed
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Owner:
Ron Harvell
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Location:
Huntington Beach, CA
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Industry:
Contractor
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Year in Business:
2008
Masters & Associates Electrical Contractors of California (MAECC) has been providing first-rate electrical services for commercial and industrial clients since 2008. President Ron Harvell currently leads a staff ranging between 50 and 70 at any given time, to handle high-profile projects, primarily in the downtown LA area and in Northern California.
During a recent period of aggressive growth, the company found itself with restricted cash flow and according to Harvell, increased stress.
“Our clients have long payment terms but we issue payroll every week and though we were growing quickly, all of a sudden we found ourselves sideways,” said Harvell. “Traditional banks were very restrictive but we needed help quickly. It was about that time that we came across Dealstruck, and suddenly found the right loan for us with a Dealstruck line of credit.”
The Dealstruck asset-based line of credit meets the working capital needs of growing small businesses. This is a fully amortized, revolving line of credit that lets a business pay down its credit line at any time throughout the month as it collects payments from its customers. These repayments are immediately applied against the line, resulting in increased availability.
“The Dealstruck team is very friendly and responsive. I imagine they’re unlike other loan providers, as with Dealstruck you don’t feel you’re dealing with a ‘buy-here-pay-here’ high-interest place that requires you to make daily payments. We had other options but they were short-term, so Dealstruck gave us the perfection solution.”
Harvell also likes that his loan terms are simple with no hidden fees and that he gets a high level of service from the Dealstruck team.
“Everything is out in the open with Dealstruck. You get competitive interest rates and their service fees are acceptable. You get a lot of help with Dealstruck too. I can call anyone and ask a question. If we do have an issue with a slow paying client, we can lean on Dealstruck to help with collections. In a way it’s like they are an extension of our own team.”
Harvell is relieved to have found a solution for the cash flow ups and downs that used to plague MAECC at the beginning or end of a client project. These were especially hard for the company when it experienced a rush of client projects either starting or ending simultaneously. Now that he has a source of cash to meet expectations between his outlay of capital and when his clients pay their invoices, the stress is off Harvell’s shoulders.
“We can take on as much business as we want now,” said Harvell. “I’m thrilled to have found a solution and would highly recommend Dealstruck to anyone.”
Describing a very smooth day-to-day process, Harvell says working with Dealstruck is simple.
