In spring of 2016, Glenview, Illinois-based Ulta-Lit Tree Company was entering into its busiest time of the year when owner John DeCosmo learned that the company’s purchase order line of credit was not going to be renewed. But when DeCosmo tapped into his longstanding relationships with First American Bank in Elk Grove Village, Illinois, he learned of a valuable opportunity: the SBA’s Seasonal CAPLines Program. Within a few weeks, the company had closed on a SBA-guaranteed loan from First American Bank worth $1.5 million. “I don’t know where we’d be without that loan,” DeCosmo said.
The SBA’s CAPLines program provides loans up to $5 million to help small businesses meet their short-term and cyclical working capital needs. The Seasonal Line of Credit Program, one of four distinct loan programs under the CAPLines umbrella, supports the buildup of inventory, accounts receivable or labor and materials above normal usage for seasonal inventory.
Ulta-Lit was well suited for... Read More