If you find yourself in a period of expansion without sufficient funds or if your current lender wants to cut back on your credit line, what should you do? Come to Summa. We'll create a flexible line of credit based on your accounts receivable. As soon as you create new invoices for goods sold or services rendered, you obtain cash immediately. The loan revolves constantly, and you never have to worry about clean-up or repayment dates.
Interest is charged on a daily basis, but it's charged only on the money you actually use. You needn't maintain a deposit balance. And most significantly, you'll never surrender a share of your equity in your business. If you still need additional cash, we can make it available to you through your other assets, such as inventory, equipment, and even real estate.
You can get an advance through this division and secure it by your plant, equipment or buildings. Repayment terms usually range from one to three years. In certain cases, it's been extended to as many as five years.
We don't base our repayment schedule on any fixed formula. We sit down and create a schedule, only after discussing it with you. We'll consider such factors as whether the loan serves a short or long range purpose. We'll also take into consideration whether your business is affected by seasonal fluctuations. In this way, we can adopt a plan that is suited to your exact requirements and ability to repay.
This division purchases installment paper and leases arising from the sale or leasing of income producing machinery and equipment.
The use of the equipment by the purchaser produces the revenue needed to liquidate the obligation. The charge to the seller is usually in the form of a discount. The discount almost never exceeds the charge made by the seller to the buyer. Therefore, the complete financing cost is borne by the purchaser.
Summa can accommodate situations as diverse as the financing of mergers, buyouts and acquisitions. There's a creative Summa plan individually tailored for almost every business need.
With Summa, you can accomplish an acquisition that involves a purchase price for greater than you can afford alone. The funds we advance you are principally repaid through earnings.