Contractor lands larger projects and grows business with a flexible line of credit.
Reason for a loan
Industry
Location
Employees
1-50
I had the recent opportunity to talk with Tim Mahony of Mahony’s Home Improvement. Tim was looking for a way to finance bigger projects so he could expand his business. Here’s what he had to say about his experience with Lendio.
Tell me a little bit about your business.
I own Mahony’s Home Improvement, we are a remodeling company that specializes in bathrooms, kitchens, and flooring. We do it all, but those are our specialties.
Why and when did you start it?
I started the company back in 2012 because I had been working for a contractor that was teaching me the business and I thought I was ready to go out on my own. I was wrong, and the first year was a huge learning experience for me.
How did you get the initial capital to start your business?
The initial capital came from Christmas presents and bidding tools into jobs actually. I would borrow what I needed until I had the money to purchase my own tools. The first year was dedicated to funding the business.
What keeps you going? What’s your passion that drives your business?
My family and my drive for success keep me going every day.
What did you need funding for?
This isn’t my first company, I have failed in the past. This is my longest running company with over 3 years and having a passion for the work itself greatly helps. With the line of credit, I got from Lendio, I have been able to take on bigger projects. Customers don’t like giving a complete stranger thousands of dollars for materials before the job begins so I’ve been limited in the size of the projects I could do, until now. I have 3 jobs going on as we speak that are bigger than any other jobs I’ve ever gotten because I had the line of credit to pay for the materials myself.
How was your experience with Lendio?
I found Lendio on a google search along with multiple other companies. I chose Lendio because of the rep, Tracy Schultz. Unlike the other companies, she continued to call just to check on things. I changed my mind about 20 times on what kind of funding I wanted and what I was going to use it for, and she stayed on top of it, always updating me on the progress. She made me feel like I wasn’t just another sell.
My experience with Lendio was fantastic. They got me more money than I thought I could ever get and I will always use them in the future.
I would definitely recommend Lendio to all of my contractor friends and already have to a few.
What general business advice do you have for other small business owners?
My business advice I give everyone is to just get up every day and go to work. Every day will not be the greatest, you will not make a million each day, and there will be days you want to give up. You just have to go to work, do what you do best, make every customer as happy and as satisfied as you can possibly make them, and at the end of the day, know you did everything you could to make your business successful that day. Continue doing that and everything should work out.
You can find out more about Tim’s remodeling business here. To get started with Lendio, visit www.lendio.com.
About the author
Loan Calculator
*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
More Customer Stories
K9 Lifeline
Meet Heather Beck, Owner and Founder of K9 Lifeline and Heather's Heroes. Like many small business owners, the businesses had to shut down when the global pandemic hit, but Heather knew her community needed her. Watch Heather's story and find out how Lendio helped her small business.
"Having funds from Lendio really helped us be able to push out our dog product line."
K9 Lifeline's Story
Heather Beck first started K9 Lifeline to provide a safe place for dogs to socialize and to help their owners create better relationships with their dogs so fewer dogs end up in shelters.
She came to Lendio looking for funds during the pandemic. Business had slowed dramatically, but she knew her community needed the services she offered.
Heather said the process of getting funding through Lendio was really easy with clear communication every step of the process.
"If I could describe Lendio with one word, it would be supportive.... Having those funds available really impacted how big that company is now," said Heather.
Porters Bar & Grill
Porters Bar & Grill used a loan found through Lendio to solve his business’s cash flow woes and help turn things around.
"I was so happy to be able to do this deal with Lendio; it totally saved my business."
Porters' Story
Located near Boston’s TD Garden, home of the Celtics and Bruins, the 85-seat Porters Bar & Grill fell on hard times in 2017 during the summertime off season.
Scott Nogueira, who opened the pub in 1999 with two business partners, scrambled to come up with the cash to survive, but the business’s debt “hole” continued to grow.
“We’d end up going into debt, and paying it back would take all season, so we couldn’t build up a pile” of savings, Scott says.
Spurned by traditional lenders, including his bank of 17 years, Scott turned to Lendio to solve his cash flow woes and help save his business. After securing financing through Lendio, Porters became positioned to earn over $1 million in annual revenue.
“I was so happy to be able to do this deal with Lendio,” Scott says. “It totally saved my business,”
{{block="/blocks/calculator"}}
Urban Patchwork
Urban Patchwork, which helps schools create spaces that connect kids to nature, faced issues with a different type of green. So its owner sought financing through Lendio.
“Lendio worked with me quickly and allowed us to get funds … and just gave us a buffer through the summer.”
Urban Patchwork's Story
Paige Oliverio started the nonprofit Urban Patchwork in 2009 with the goal of designing and building spaces that incorporate nature. But just like any other business, Paige found she had issues with a different type of green.
“People assume there is a surplus of grant cash just out there waiting to be claimed by nonprofits, but it’s not true,” she says. “It has to be run like a business. And like any business, keeping skilled staff, and the cash on hand to pay them, is hard.”
Paige persisted, eventually starting a for-profit spinoff of Urban Patchwork, working with a number of Austin-area schools to revitalize their campuses. After facing a shortage of working capital, Paige turned to Lendio for financing.
“Lendio worked with me quickly and allowed us to get funds for everything from paying off high-interest debt to hiring a new assistant,” she says, “and just gave us a buffer through the summer.”
{{block="/blocks/calculator"}}
Autism House
Autism House in Texas outgrew its original location, so its owner turned to Lendio’s marketplace for the funds it needed to purchase a larger place to call home.
"[Lendio] kept me in the loop on each step of the process, which is always appreciated!”
Autism House's Story
Jessica Cordova started Autism House in 2011 with a $10,000 loan and a desire to help children with autism and other disabilities.
“When we first began, I borrowed $10,000 from Allegiance Bank and asked friends and family to donate toys and books,” she says. “I shopped garage sales and second-hand stores to stretch our budget. I was able to pay off the loan within the first year.”
Just four years after opening its doors, Cordova found that Autism House’s first location could no longer accommodate its growing community. So she turned to Lendio for a loan that she used to purchase a house on 3.5 acres, where it remains today.
“My passion is really seeing a difference in the children we work with,” Cordova says. “Seeing the progress we can make with them, sometimes in just a few short months, is very rewarding.”
{{block="/blocks/calculator"}}