Banks do not always give new businesses the money they need to grow and succeed. Bankers want to see collateral, capital, and a financial track record. Merchant Advance is a great alternative to get the advance that new businesses need, when they need it. Bluedog Guitars was one such company that had problems finding an advance.
Read what Bluedog Guitars had to say about our services below:
What was it that first prompted you to seek out our services?
As a new business, banks wouldn’t give us the time of day. We needed an advance to grow our business, and our accountant suggested Merchant Advance as an alternative that was more flexible than a bank traditionally would be.
How have you used our funds to grow your operation?
We’ve been able to increase our assets (and thereby our sales) much faster than if we didn’t have access to capital. Our growth has been phenomenal; three years in, Bluedog Guitars has been recognized twice as a Top 100 Musical Instrument Dealer (and Rookie of the Year) by the NAMM organization – huge accomplishments for us!! Merchant Advance has allowed us to grow our business much faster than we would have been able to on our own.
We’ve worked together since 2012 and you’re on your 10th advance with us. How has the relationship developed and how has our partnership worked for your business?
Merchant Advance has always seemed genuinely interested in Bluedog Guitars: the first person we met, C.E.O. David Gens, is a musician – so he was passionate about our business and what we do here at the shop! Alex and the rest of the team have always been quick to respond to our requests and have been super helpful and prompt every time.
Has the program been helpful in the growth and success of your business?
Merchant Advance has been really essential for the growth of Bluedog Guitars: we buy and sell high-end instruments, and our sales don’t often coincide with our purchases. It takes time to establish your reputation and sell an expensive guitar and Merchant Advance allows us that time. Sometimes opportunities to purchase special instruments have arisen suddenly, and we have needed to act quickly: Merchant Advance has always been there to help us capitalize on the opportunity at hand. They understand our business and can accommodate our hasty requests.
Without our services, what challenges would you have faced?
We just wouldn’t have been able to grow – and quite likely would not have survived.
How important to you is customer service?
Has the program been flexible for you?
It works great for our business as we only pay back our advance when we make a sale: we don’t have to worry about making a payment when we’ve had no sales. And we re-pay faster when we have lots of sales – it’s perfect for a business model like ours.
What is your long-term business goal?
Ultimately, we will continue to establish the business and grow it to even greater heights. Then we’ll be able to sell the business and go play some really nice guitars for the rest of our lives!
Thanks to Merchant Advance’s advance, Bluedog Guitars was able to increase their assets and grow their business. Had they not been able to receive an advance, Bluedog Guitars might not have been able to survive the growing demand in the market. We are pleased at their success and wish them good luck in the future.