BLUE BELL, Pa., July 22, 2013 /PRNewswire-iReach/ -- 44 Business Capital recently closed on a $3.9MM SBA loan to Dr. Steven Siepser, MD of Siepser Eyecare in Wayne, PA. Dr. Siepser is the first FDA approved VISX Laser Eye Surgeon in the Delaware Valley. With over 30 years of experience, he is recognized internationally as an innovator and leader in advanced eye care. Siepser Eyecare has Pennsylvania locations in Wayne, Plymouth Meeting, Exton, and Conshohocken and specializes in corrective laser surgery, cataract and glaucoma treatments.
44 Business Capital, headquartered in Blue Bell, Pennsylvania is the top SBA lender in the Philadelphia District, leveraging the U.S. Small Business Administration's 7a loan program. Recent loans range from $500,000 to $5,000,000, providing financing for debt restructuring, real estate and business acquisitions.
Greg Poehlmann, 44 Business Capital President, said, "Dr. Siepser had always paid his creditors as agreed. However, his bank was under regulatory action and could not provide any additional commercial financing. "Revenues, which had been impacted by the recession, were recovering when financial consultant Mike Breeze of New Direction Capital referred Dr. Siepser to us." "Financial consultants like New Direction Capital, along with attorneys and CPAs, often refer their clients to 44 Business Capital, especially when the client is turned down by banks," Poehlmann added. "Mike Breeze has been a successful financial consultant for years and knew that 44 Business Capital would look beyond the surface to get comfortable with the deal. 44 Business Capital was able to consolidate all of Dr. Siepser's debt, including his medical office loan, and save the practice over $18,000 a month in cash flow," Poehlmann said.
"If you were in the growth and acquisition mode from 2005-2007 then the very banks that were freely lending money to you were the very ones that got in serious trouble." said Dr. Siepser. "On one side, the federal government was trying to close our bank. On the other side, the Small Business Administration was looking to grow businesses to help counter the Great Recession." said Dr. Siepser.
"44 Business Capital was able to clearly show the health and vitality of our business." said Dr. Siepser. "The banks wanted to liquidate the very assets that made this business a successful entity to satisfy the federal regulators who don't look further than getting a bank's books balanced." said Dr. Siepser. "This would have put 22 people out of work and would have been the end of Siepser Eyecare." said Dr. Siepser. "44 Business Capital assured our ability to function. Getting us the funds we needed to re-capitalize at favorable rates and terms."
44 Business Capital is a preferred SBA direct lender serving Philadelphia, Pennsylvania, New Jersey, Delaware, Baltimore MD, Northern VA, Washington DC, and Florida. For further information, please contact 44 Business Capital at 215.985.4400 or online at 44businesscapital.com. The main office is located in Montgomery County at 1787 Sentry Parkway West, Suite 210 Building 16, Blue Bell, PA 19422.
Contact: Greg Poehlmann, President 44 Business Capital LLC 215.985.4400 ext. 229 #
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SOURCE 44 Business Capital