Ledgecrest Lending passes the business funding requests that Richmond, KY and Madison County owners send on to funding partners, who review each one and set the terms of any offer. The sections cover where a small business loan can come from, how nearby lenders compare with a request sent here, the steps a payroll request takes, and the office.
Bank, credit union or funding partners: where a Madison County, KY bookkeeping firm can look for a small business loan
A bookkeeping firm that needs new workstations and a high-volume document scanner has more than one door to knock on. The bank that holds its operating account may lend against the history it already sees, a credit union the owners belong to may have its own small business programs, and a request sent through Ledgecrest Lending reaches funding partners who each review it under their own standards.
- The bank that already holds the firm's deposits
- A credit union the partners of the firm belong to
- The scanner seller's own financing program, if it runs one
- Funding partners, reached through a single request to Ledgecrest Lending
A firm of three or four people is typical of the trade here. County Business Patterns put 32 accounting, tax preparation, bookkeeping and payroll services establishments in Madison County, KY on its 2023 list (NAICS 5412), and 24 of those 32, or 75.0%, had fewer than five employees.
Business loan matching, in the sense this site uses, means one request reaching several funding partners instead of one lender at a time. Workstations and a scanner are equipment, and the equipment financing page explains loans and leases for items of that kind.
Calling banks one by one or sending one request: a Richmond, KY fitness studio pricing rowing machines
A search for funding around Richmond, KY can lead to bank branches, credit unions and lenders that work by phone or online. A studio owner pricing rowing machines and treadmills can call several of them one by one, or send one request through Ledgecrest Lending and see whether any funding partner makes an offer, or do both.
Illustration only, invented figures: six rowers and two treadmills come to $26,480. At an 11.05% annual rate across 48 months, that invented price turns into 48 payments of $685.03, or $32,881.44 in all, and $6,401.44 of that is interest.
Points to line up from a nearby lender and from a partner, before choosing either:
- The total of all payments, not the monthly figure alone
- Any fee taken at signing or added to the balance
- Whether the machines secure the loan, or something more
- What paying the balance off ahead of schedule would cost
- The date the first payment is due
A studio of this kind is one of a short list: County Business Patterns counted 10 fitness and recreational sports centers in Madison County, KY for 2023 (NAICS 713940), and half of those 10 had fewer than five employees.
Business funding one step at a time: payroll at a Madison County, KY plumbing and HVAC contractor waiting on a large invoice
Business funding through Ledgecrest Lending moves in a fixed order, and a payroll gap shows each step plainly. Picture a Madison County, KY plumbing and HVAC contractor that pays its crew every two weeks while a large invoice for a finished job is still unpaid.
Illustration only, invented figures: payroll runs $13,800 per biweekly period, and the invoice is expected in 38 days. Depending on when the first payday lands, 2 or 3 paydays fall inside those 38 days, so the gap in this invented case runs from $27,600 to $41,400.
- The contractor phones (859) 461-8654 or completes the request form.
- On the call, the owner explains the pay dates and the unpaid invoice, which the form has no box for.
- Ledgecrest Lending sends the contractor's request on to its funding partners.
- A partner reviews it and may ask for bank statements, the invoice or a list of open jobs.
- If an offer comes, the partner sets its amount, rate, term and fees.
- The contractor sets the offer against the invoice date and decides whether to sign.
A gap of a few weeks like this one is the kind of cost the working capital loans page works through, with short repayment schedules set against deposits.
Supplier bills and where to get a small business loan for them: the Ledgecrest Lending office in Richmond, KY
A supplier bill that comes due before customers pay is one cost an owner may ask about when wondering where to get a small business loan. For a bill that repeats, the line of credit page follows supplier-house draws that are paid down and drawn again; for one bulk stock order, the inventory financing page works through orders paid down as goods sell.
The office of Ledgecrest Lending sits at 104 S 3rd St, Richmond, KY 40475. The phone line is (859) 461-8654, and owners in Berea, KY and other Madison County communities can call the same number.
The office handles the call and passes the request on. Funding partners set rates, decide on requests and provide any money. The line of credit page and the inventory financing page are the two to read for supplier costs.
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