“Steve Clark has made a career, and a very nice living, out of getting cash into people’s hands when they need it most.
For 30 years, one of the founders of Money Mart and Cashline ABM, has been finding new ways of dispensing cash.
Now the 60-year-old Clark has turned his attention to getting money to small businesses.
Clark, who sold Money Mart in 1996 and Cashline in 2010, has established Company Capital, which provides a new mode of funding for small businesses in order to fuel inventory purchases or renovations, or pay bills.
“It’s hard when you are a small business to get any kind of bank financing,” Clark said. He added that with credit tightening following the meltdown of 2008 and the continued economic uncertainty, loans are hard to come by for small business owners.
“You look at these young entrepreneurs and see your own struggle from 30 or 40 years ago,” Clark said. “I remember getting cash advances on one credit card to pay the minimum balance on another. I wasn’t able to go to a bank.”
Clark said most startup companies can’t produce profitable financials, and even after a few years in business often have trouble showing profits, making them a risky bet for traditional lenders.”
Missed Company Capital’s write up in the Times Colonist? Click Here to read Andrew Duffy’s full article!!