Borrowing Directly From the Wealthy Can Be a Lifeline for Some
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George Haviland Jr., director of the New Jersey Junior Titans, said he started the process to build an additional skating center last year but spent over six months trying to get bank financing for it.CreditBen Solomon for The New York Times
John Blosser bought a medical device company, changed its products and increased sales to $5 million last year from $300,000 in 2013. It was great that sales went up so quickly, he said. But it became increasingly challenging to manage the time delay between when an order was filled and when it was paid, 60 to 90 days later.
John-Anthony Gargiulo had a different cash problem. He had entered an agreement to buy a building for a brewery in Beacon, N.Y., and found experienced brewmasters to run it. He secured a $500,000 development grant from New York State. But the project stalled as he tried to get a loan to close on the building, renovate it and buy the brewing equipment…
Borrowing Directly From the Wealthy Can Be a Lifeline for Some
