ASAP Moulding, a Canoga Park distributor of American made, hardwood picture frame moulding
The Hollywood BusinessSource Center helped the owner of ASAP Moulding refinance several high interest rate loans and obtain a $750,000 Small Business Administration (SBA) loan that will allow the business to retain 13 employees and hire five additional employees.

Neal Bartlett, owner the Canoga Park-based ASAP Moulding, was referred to a Hollywood BusinessSource consultant about refinancing several high interest loans into one SBA guaranteed loan.

After meeting with a Hollywood BusinessSource consultant, it was determined that high interest rates combined with high monthly payments were limiting the ability of the business to grow. Neal worked closely with a Hollywood BusinessSource consultant for several months as part of the refinancing effort.

In September 2017, consultants developed a loan package to refinance most of ASAP Moulding’s debt into one SBA guaranteed loan at a lower rate. The $750,000 loan was approved on November 13, 2017. The refinance will bring the business’ combined loan payments to $14,500 per month, down from $35,000, freeing up $246,000 in available capital that would otherwise be going to loan payments.

This increase in available capital will help the business retain 13 jobs and hire 5 new employees.

This story is part of the EWDD UPDATES Newsletter from the week of 11/13/2017. Read this issue and more.