How a $5M Business Uses UpCrunch to Keep Growing Successfully
KSD Custom Wood Products needed working capital to buy raw materials for upcoming projects. But when ordinary small business loans couldn't deliver in time, they got everything they needed from UpCrunch.
Sometimes, being too successful in business can actually mean big trouble. Unexpected increases in materials or labor costs can quickly put any business in a financial crunch.
That was the problem facing Kim Doubleday, founder of KSD Custom Wood Products. For more than 30 years, his company has designed and built high quality, handcrafted wood doors and windows for prestigious clients like Harvard University.
"Our raw materials cost, in lumber and glass, can be up to $800,000 depending on the job. I'm trying to pay the bills and also buy materials for these upcoming projects. If I can secure the materials, I can possibly get a discount by paying early."
The Hard Way to Find Funding
Despite good credit, trying to find a reliable source of working capital was like pulling a rusty nail. The inconvenience and trouble involved were discouraging. Doubleday wasn't happy with the service, either.
"I've done a couple of loans where I've gone to my local bank, and it just takes up a huge amount of my time," Doubleday says.
He also tried using Small Business Administration loans for working capital. But he quickly found that there's too much paperwork involved, and it takes too long to get access to his funds.
"It's exhausting to work through the SBA. I've had two of their loans over the history of the company, both half a million each. They just make it very painful. Complicated forms. And they don't want to talk to my office manager. They only want to talk to me."
That makes SBA loans almost impossible to use, since he's got his hands full running a multimillion dollar business with two dozen skilled craftsmen and projects going on all around the country.
To make matters worse, with SBA loans, he found that it was nearly impossible to get the funds in time.
"The other problem with the SBA is it can take weeks. I don't know many businesses that can wait that long for a transaction if they need funding for a project," Doubleday says.
He needed a quick, immediate way to get more working capital to keep growing his business.
The Faster and Easier Way with UpCrunch
When Doubleday first started working with UpCrunch, he was pleasantly surprised to find that they were able to arrange the loans he needed. They did everything they promised. And they did it on time, every time, without any hassle.
No more complicated forms, no more lengthy paperwork, no more trouble. He says that the difference between working with UpCrunch and any other lender is like night and day.
"I can just pass the ball to my office manager and she'll get together any information needed. All I have to do is sign the documents with DocuSign. It really doesn't take much time," Doubleday says. "It makes it so much easier to do business."
Expert Advice When You Need It Most
Being able to arrange loans is one thing, but in-depth financial knowledge is priceless. Working with UpCrunch means that straight-shooting loan advice is just a phone call away.
"I get advice, and it's always good advice. Nobody's pushing me to do the loan. It's always my call. It's always about the client. It's a partnership," Doubleday says. "Nobody wastes my time, which I think is very valuable. And I can get funded quickly, the very next day. But only if it's a good fit."
In Doubleday's experience, UpCrunch watches out for him by looking at the long-term implications of any loan. They consider every available funding option in order to find the best possible deal, he says, and he's particularly impressed by the no-surprises transparency of the whole process.
"In the years that I've worked with Anton at UpCrunch, he's never once lied to me. No surprises. He's the only one that I feel like I can trust. All of the other lending people out there, they were sharks. I wasn't interested. I had to block them on my email because they wouldn't take no for an answer. I'm the type of guy that you need to earn my trust,"
"My loyalty is not easily gotten from anybody," he says. "They have to work for it, and he definitely has earned my trust. I tell him all the time that he's one of the good guys. There aren't many people like that. He really does care."
What Sets UpCrunch Apart
Today, the funding he gets from UpCrunch helps him secure any materials he needs for upcoming projects, while still meeting payroll and covering all of his overhead expenses.
"I think a lot of brokers today, they really work in their own best interest, for themselves. I really feel that UpCrunch works for me, the customer. That is very refreshing, to know that I have someone in my corner that I can trust,"
A Navy veteran, Doubleday speaks with the hard-earned experience of an entrepreneur who started in his garage and today owns a multimillion-dollar business.
"These other lenders would ask me, what are you going to use this money toward? It's like, oh, I'm buying a house in the Bahamas," Doubleday says with a laugh. "No. Look, I've been in business for 30 years, and obviously I'm doing something right to still be in business. My payroll runs about a million dollars, and I've got my overhead, too. I've never defaulted on a loan and I won't ever. So I'm a good client. I'm maybe a little demanding at times, but UpCrunch has never fallen short in my eyes."
When asked what sort of advice he would offer other business owners about borrowing, he wholeheartedly recommends UpCrunch.
"I'd tell them: Go to UpCrunch, end of story. If you're going to do something financial, you don't want to trust just anybody. I've had really good dealings with UpCrunch. If I need anything, they find a way to make it happen. At a decent rate, too," Doubleday says.