According to Angelo, institutional credit is still behind the curve in lending money to emerging businesses, regardless of the market demand for products and services. “The recent regulations for business lending criteria have made it extremely difficult for small businesses to acquire funds for business expansion” says Mr. Sferrazza. “I believe that there is an important need for someone to advocate for the small businesses in the State of Ohio and beyond”.
Almost all politicians agree that small businesses are the mainstay of the economy. This being said, shouldn’t it be easier for business to find funding to ensure success in the communities around the county and further improve economic development? “This is why the ‘Bridge Lending Programs” were developed,” says Angelo, “to supply ‘short-term’ financing for those businesses who need more timing funding”. A recent survey of past and current clients who benefited from the IL Bridge Fund gave credence to this belief. With funding from the Fund, 22 businesses were able to have a median impact on 320 individuals in JOB CREATION or family and community economical benefit. These results are directly in line with the ‘Jobs Ohio’ initiative.
These individuals ranged from the employer and employees to the industries and suppliers. Clients questions addressed the need for timelier funding programs and flexibility on the criteria used in the decision making process. Almost all agreed that seeking funds in today’s climate is both frustrating and difficult or non-existent.
The IL Bridge Fund was created by Angelo Sferrazza in 2009. The IL Bridge Fund, an Ohio Limited Liability Company, is the funding source for Mid-market Emerging and Existing Companies and Real Estate Investors that have valuable marketable assets that can be used to secure an initial bridge loan (short-term). This approach to funding provides the time needed for companies to secure more permanent funding from an institution, or investment organization. The IL Bridge Fund has funded millions of dollars in transactions to date.
http://www.ilbridgefund.com
Source:
http://www.1888pressrelease.com/angelo-sferrazza-president-of-the-il-bridge-fund-continues-pr-258052.html
