NEW YORK, March 1, 2013 /PRNewswire/ -- More small businesses nationwide seeking an alternative solution to getting additional capital are turning to Palm National Partners. Palm's asset sale-leaseback program allows small businesses to use the cash equity of their existing assets to fund their businesses' growth and expansion – there is no lending or interest. Originally available in eight states, Palm is now servicing 25 states.
Under the program, Palm purchases an asset or assets from a small business for an up-front payment in amounts ranging from $10,000 to $400,000. The company then leases the single or multiple assets back to the business on a rent-to-own basis. During that time, the business maintains possession and has full use of the assets. At the end of the lease, ownership of the assets transfers back to the business. The program provides small businesses with short-term capital of up to a year.
"The true solution to our national debt is a faster rate of growth for our economy and small businesses play a critical role in economic growth. Access to capital and credit remains one of the most significant issues facing small businesses today," said Alex Gemici, Managing Director of Palm National Partners. "These days, when it's challenging to secure financing, our program allows small businesses to tap into the inherent cash value of their assets. We provide funding rapidly with a minimum amount of paperwork, and we don't consider the business owner's credit score."
Palm does not require tax returns, business plans or financial statements. To qualify, all business owners need to provide is information on the single or multiple assets, and business bank statements from the past year. Instead of credit scores Palm bases its decisions primarily on the cash flow of the business. When a lease is approved, the company provides the full amount of capital via wire transfer. Lease payments are deducted automatically each weekday from the business' bank account.
"We are not a lender or a finance company. Our program is not a loan nor do we charge interest," Gemici said. "Our client's business is the focal point for our funding decisions. Instead of concentrating on the business owner's credit score, we look at the history and financial performance of the business."
Palm's asset sale-leaseback program is ideal for retailers. Owners of grocery stores, dry cleaners, gas stations, electronics stores, bakeries, delis and fast food stores have all benefited from its services. Palm also works with a variety of service companies including Web developers, accounting and legal practices, medical offices, private schools, auto repair shops and information technology providers.
About Palm National Partners
Based in New York, Palm National Partners (www.palmnational.com) serves the small business community. Palm was founded by a group of successful international entrepreneurs with extensive experience and background in financial markets. Palm's asset sale-leaseback program provides working capital for small business. The company was founded to satisfy the growing need for small business capital and to help underserved small business owners.
SOURCE Palm National Partners