John Palmer describes himself as a “natural protector.” The eldest of 4 siblings, he was challenged everywhere he lived. So when this disabled veteran left the Army, starting a security business seemed the natural thing to do.
Three years after launching Servexo, John needed capital to take a bold leap into a new municipal contract. However, because of extended credit, he had difficulty in securing traditional financing. After meeting with his local Small Business Development Center, he was referred to CDC Small Business Finance, an SBA microlender with locations in California and Arizona.
CDC Small Business Finance provided John with a $30,000 microloan in January of 2016 to provide the cash flow necessary to staff the new contract and cover the purchase of new employee uniforms. He also received post-loan technical assistance related to financial literacy, including help with profit and loss. In addition, the CDC Small Business Finance staff recommended that he began billing weekly on some of his contracts, rather than biweekly, which greatly improved his cash-flow.