Our Second Client Defrauded Us; How it Changed the Way We Do Business and How it Separates Us From Our Competitors
Any entrepreneur can tell you their struggles of growing their business. 25 years ago, Prairie Business Credit's second client defrauded them for $35,000. Trevor Morgan knew the deal had red flags but was too worried about turning the deal down. He needed the income since he was only in his third month in business. Most young entrepreneurs can relate to this because they feel pressure to take the sale to grow their business.
This mistake was a huge turning point for Prairie Business Credit because Morgan realized he spent more time trying to collect on the bad deal instead of turning it down and looking for a better deal. Prairie Business Credit began to differentiate themselves from other factorers by educating and training their client on best credit practices so these mistakes do not happen.
Don't get caught selling to a company without the means to repay you. Prairie Business Credit will help you determine who is credit worthy and who is not.
What Others Are Saying About Us
"We were helping to finance an acquisition for my customer. My customer needed a quick turnaround so our bank called Prairie Business Credit to provide the working capital. This was critical to the acquisition so the customer could hit the ground running, keeping suppliers paid and raw materials readily available. If we didn't have Prairie Business Credit, my customer would have needed to raise a lot more capital. Prairie Business Credit was very responsive and moved quickly to get the deal done.
Our bank has had a long-term relationship with Prairie Business Credit for over 20 years. They are a trusted and known resource to our bank because they are very bright, responsive and they have the ability to move quickly to fund a deal."
- Vice President Business Banking
25 Years Has Taught Us...
After being in business for 25 years, financing over 500 companies, graduating 70% of them to be bankable clients, we have learned a few things along the way.
Prairie's advice to new entrepreneurs, is to find a mentor for advice. This person should be an entrepreneur who you respect, has had both success and failings. They should be someone you can trust that will always give their honest opinion, even when it isn't what you want to hear. It is critical that this mentor be willing to hold you to account, because as a new entrepreneur, you need to be held accountable if you hope to achieve your goals.