Due to COVID-related closures causing extended negative performance, bank financing was not an option.
The company approached Context Business Lending and a competitor for financing – both issued term sheets. Initially, the competitor was chosen, based on a perceived speed-to-close.
Later, it was revealed that the competitor had “adjusted” their terms from the original term sheet.
CBL was re-engaged for our commitment to our terms, and the flexibility we offered the company.
CBL funded the company in October 2020, being able to stay true to our original terms, providing the certainty that the company needed.