A new asset-based lender is calling Ponte Vedra Beach its home.
Sawgrass Finance LLC is a lender that will provide lines of credit of up to $3 million to small and medium-size businesses by leveraging their assets, such as accounts receivable, inventory, machinery and equipment.
Each credit line is custom-tailored to meet the needs of each individual company, while taking into account trade cycles, seasonality, customer base and more.
Asset-based lending is ideal when businesses are not able to obtain traditional bank financing, experience rapid growth, require seasonal accommodations, seek flexible capital or need to increase their current financing facility.
Sawgrass Finance, while a national lender, is focused on helping local businesses learn about and use this type of financing.
According to co-founder and President Marius Dobren, his company understands that the current pandemic has reduced local financing options.
“Every business has been affected by COVID-19, more so the small and medium-size companies,” he said. “We are here to provide solutions for those businesses and give them a chance to succeed.”
Dobren said plans for Sawgrass Finance were in the works before the pandemic happened but pointed out the value of such a company at such a time.
“It is a fantastic product in the normal course of business, but it’s an excellent product during a crisis like this,” he said.
Sawgrass Finance co-founder and Chief Credit Officer Vadim Toyberman explained why.
“Asset-based lending (ABL) is always in demand, but especially when there are uncertainties like we are experiencing now with the pandemic,” he said. “In times like this, banks tighten their credit criteria, which makes it almost impossible for a small business to get a loan. In addition, stricter credit criteria push a lot of existing bank borrowers out because they no longer fit the box. These small businesses are attracted to asset-based lenders mainly because ABL is a relationship lending, and we will never remove an umbrella from over clients’ head when it’s raining.”
The company has a special emphasis on businesses with a B2B form of transaction, meaning they sell to other businesses. Examples might be manufacturers, distributors, importers, wholesalers, service providers, tech and health care.
Sawgrass Finance is a local boutique and hands-on lending company that brings fresh financing ideas and solutions to small and medium-size businesses.
The company provides access to capital with a primary focus in the financing of long-term growth. Sawgrass Finance’s upper management team has more than 30 years of combined asset-based lending experience.
Sawgrass Finance has been open for business since June. A nationwide lender, the company’s headquarters are at 822 A1A N., Suite 310, Ponte Vedra Beach. The business phone number is 904-834-1076.