What is the Right Amount of Capital For My Business?

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Every business, new or existing, is continually attempting to determine what the right mix of ' capital ' is for that particular business. New business owners, unfortunately, are often mis-guided by literature around ' low down payments ', or low owner equity injection. The whole premise around the business dream is quite often pitched as putting the minimum amount down, or into the company, and thereby reaping large rewards on asset and proft appreciation in the firm. The artithmetic is appealing - the less you put in the greater will be your per centage appreciation or return on investment.

Business owners either invest their own funds, or borrow from banks and other related finance firms. New business owners have additional challenges as traditionally the banks have not stepped up to the table to fund the small business environment. They of course prefer external collateral, which in most cases is unavailable, or based around the owners reluctance to pledge personal assets for a business venture.

So the crux of the matter is simple - how much to borrow, how much to put in or invest. Whats the right mix? Commonly this is known as the ' debt' or ' equity ' conundrum.

Bankers and financial personnel have addressed this business owner challenge in a number of ways. One common way is to simply compare the relationship, or ' ratio ' of debt to equity in any firm, either new or existing. If a firm has higher debt levels they are termed highly ' leveraged. Each business owner or corporation eventually determines the right mix of debt or equity. There are always extremes of course. Many large, successful, and well known corporations carry large amounts of debt but are still of course profitable and growing. Interest payments are tax deductible. On the other hand firms with little or no debt simply divide the profits up among the owners of the firm, as debt payments in their case are either non existent or nominal.

What is the right mix of total capital for the business. The answer is simply as follows: there is no right answer. Two companies or business owners can have completely different outlooks and philosophies of how to achieve the final company goals in revenues and profits. Since future results are never known it is incumbent on the business owner or their financial advisor to perform some level of proper analysis arond the right ' operating leverage '., i.e. our main focus in this article: ' What is the right amount of equity and debt for my firm?'

No perfect calculation or debt to equity ratio exists. And lets be realistic, even a firm with no debt can fail if it loses market share or is in a failing industry.

There are however 4 ratios, we have called them ' relationships' calculating optimal leverage regarding debt and equity. They are as follows:

Debt/equity

Debt/total assets

Long term debt/total assets

Current assets/Current liabilities

By using the current actual numbers, and projecting what these ratios might look like in great, good, or bad times will assist any owner or financial manager in determine what the optimal relationship for debt and equity is in their firm.

In summary, any new, existing, or even public firm must continually weight the right amount of debt and equity in the company. More equity means less profits to be shared by more owners; more debt means that future alternatives have limitations and the firm can make less mistakes given its debt load. Careful analysis of the right mix of equity and debt capital is a must for all companies of any size.



7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations .







7 Park Avenue Financial

South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653

Email = sprokop@7parkavenuefinancial.com

' Canadian Business Financing With The Intelligent Use Of Experience '

ABOUT THE AUTHOR
Stan has had a successful career with some of the world’s largest and most successful corporations.
Prior to founding 7 Park Avenue Financial in 2004 his employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) He is an expert in Canadian Business Financing.

Stan has over 40 years of business and finance executive experience. He has been recognized as a credit/financial executive for three of the largest technology companies in the world; Hewlett-Packard, Digital Equipment and Cable & Wireless. Stan has had in depth, hands on experience in assessing and evaluating thousands of companies that are seeking financing and expansion. He has been instrumental in helping many companies progress through every phase of financing, mergers & acquisitions, sales and marketing and human resources. Stan has worked with startups and public corporations and has many times established the financial wherewithal of organizations before approving millions of dollars of financing facilities and instruments on behalf of his employers.

Stan Prokop














Article Source: http://EzineArticles.com/expert/Stan_Prokop/432698


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Canadian Business Financing - Tips on Securing Financing For Your Business

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Business financing is a challenge anytime, from the entrepreneur's dream of a small start up to major corporate needs.

The current economic downturn makes the above noted challenge even more daunting. Whether a firm is established and doing well, or experiencing financial distress or working capital or growth needs - the challenge remains the same.

What is the 'challenge'? Simply speaking it is identifying the proper financing solution , determining whether the solutions is a short term fix or a long term solution , and then, most importantly executing with experience the proper financing solution.

The business owner must be able to properly position the current shortcoming as both an opportunity and risk appropriate.

Proper financing begins with the owners and his advisors ability to identify the current financing challenge. The owner and advisors must provide a compelling reason for the lender to assist in an appropriate financial solution.

Who are these 'advisors'? Typically they are internal financial staff, i.e. CFO/Controller, etc, or alternately third part accountants and experienced financial intermediaries with a track record of success.

Business Financing is complex - However at the end of the day the financing solutions are actually very well defined - They are as follows:

Leases and Term Loans

Working Capital Loans

Asset Based Lines of Credit

Bank credit lines

Non bank credit lines

Receivables purchasing

Inventory Lines of Credit

Purchase Order Financing

Commercial mortgages

Tax Credit financing

The business owner, and their advisor, should have a very clear focus - That focus is as follows: What is the best financing solution on either a short term or an intermediate/long term basis for the business. Does the business owner or executive clearly understand all the financial options available - what are the criteria for these different options - what are the rates/terms and structures for each option.



7 Park Avenue Financial :

http://www.7parkavenuefinancial.com


Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations .







7 Park Avenue Financial

South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653

Email = sprokop@7parkavenuefinancial.com

' Canadian Business Financing With The Intelligent Use Of Experience '

ABOUT THE AUTHOR
Stan has had a successful career with some of the world’s largest and most successful corporations.
Prior to founding 7 Park Avenue Financial in 2004 his employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) He is an expert in Canadian Business Financing.

Stan has over 40 years of business and finance executive experience. He has been recognized as a credit/financial executive for three of the largest technology companies in the world; Hewlett-Packard, Digital Equipment and Cable & Wireless. Stan has had in depth, hands on experience in assessing and evaluating thousands of companies that are seeking financing and expansion. He has been instrumental in helping many companies progress through every phase of financing, mergers & acquisitions, sales and marketing and human resources. Stan has worked with startups and public corporations and has many times established the financial wherewithal of organizations before approving millions of dollars of financing facilities and instruments on behalf of his employers.


Stan Prokop

































Article Source: http://EzineArticles.com/expert/Stan_Prokop/432698


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Invoice Cash – Factoring Invoices in Canada : Right Place Right Time!

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Factoring Receivables In Canada – Behind The Hype

OVERVIEW – Information on factoring finance . The ability to monetize your sales as quickly as possible through strong collection practices or external financing of receivables is key to long term success

Invoice cash is probably best known as factoring or accounts receivable financing here in Canada. Although the business of factoring is hundreds of years old and works widely all over the world it has been a bit slower to catch on here in Canada. Lets examine some of the reasons why that has been the case, and we will also focus on why it is a timely solution for many small and medium sized companies here in Canada. Let'ts dig in .

And by the way, many of Canada's larger and largest corporations use this form of financing also!

Factoring is the selling, or in some cases 'assigning 'your accounts receivable for immediate cash. Immediate is the key word, since you get your funds the same day often, as opposed to waiting 30, 60, or sometimes 90 days for accounts receivable.

How can you possible make money with factoring when it is in effect a financing cost?!! Well, consider this - if you recognize that you have a cost to carry your accounts receivable, let's look at what it costs you, and then determine what things might look like if you were collecting your money the same day that you invoiced your customer for goods or services.

Back to our example - and let's point out that we are talking only about the cost to carry the receivable, not the risk of bad debt, etc. Our example is from one of the leading credit organizations in them U.S. (NACM), but it is of course 100% applicable to Canada.

Interest:
What does it cost to carry past-due accounts? If a 5 percent net profit is realized on sales, for every $100 accepted in credit, $95 is paid for product, expenses, taxes, and so on. Interest alone can erase the $5 profit in a short period of time:
Interest Costs at 12% Per Year:
First month: 12% x $100 = $12.00 divided by 12 months = $1.00)

Consider an example using a yearly sales figure of $12,000,000 or $33,000 per day. If the accounts receivable investment improved and the number of DSO decreased, the following amounts could be released or added to cash flow: by three days - $100,000; by six days - $200,000; by thirty days - $1,000,000. The funds could be used for keeping up with competition (for example, expansion or new product development) or internal improvements (such as salary and overhead increases). Source - NACM

So it is now hopefully abundantly clear that if you can get cash for your receivables on day on, re invest those funds in additional products and services for your customers, and repeat that process all over again you will of course be in effect taking the lead from our title - You are making money with factoring!!

So now your firm is making money with financing - that's a solid concept! How do you get started on this whole process?

When we meet with customers we advise them that in our opinion the Canadian factoring market is very fragmented, and it is very important to work with a trusted and credible and experienced working capital expert to ensure you have the right facility set up.

Have You Heard About Confidential Receivable Financing ?
A book could of course be written on the 'right facility 'for your firm. For the purposes of our information shared here lets simply say that we recommend a very Non - U.S. way of setting up your facility, and that's the favorite one we utilize for our customers. It is called non - notification. The bottom line is that you are in charge of billing, collecting, and factoring your receivables.

Unlike many other factor facilities which are very intrusive your business (the factor company bills and collects your receivables) our method of non notification allows you to seamlessly continue your business on a day to day basis, determine which funds you wish to factor or finance, and most importantly in that whole process the word invoice takes on a whole new meaning: Invoices = Cash!

Speak to an expert and get your non notification facility in place, watch your sales and profits grow!

http://www.7parkavenuefinancial.com

Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations .







7 Park Avenue Financial

South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653

Email = sprokop@7parkavenuefinancial.com

' Canadian Business Financing With The Intelligent Use Of Experience '

ABOUT THE AUTHOR
Stan has had a successful career with some of the world’s largest and most successful corporations.
Prior to founding 7 Park Avenue Financial in 2004 his employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) He is an expert in Canadian Business Financing.

Stan has over 40 years of business and finance executive experience. He has been recognized as a credit/financial executive for three of the largest technology companies in the world; Hewlett-Packard, Digital Equipment and Cable & Wireless. Stan has had in depth, hands on experience in assessing and evaluating thousands of companies that are seeking financing and expansion. He has been instrumental in helping many companies progress through every phase of financing, mergers & acquisitions, sales and marketing and human resources. Stan has worked with startups and public corporations and has many times established the financial wherewithal of organizations before approving millions of dollars of financing facilities and instruments on behalf of his employers.

Stan Prokop

Use Inventory Financing Lenders To Change The Rules On Cash Flow Financing Solutions For Your Company – Here’s How

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What If …. Inventory Financing Lenders Were the Solution to Your Cash Flow Based Financing ?

OVERVIEW – Information on inventory financing lenders and cash flow financing solutions in Canada. The ability for business to properly monetize and finance current assets and orders/contracts is key to business financial success

Just what if your firm had a significant inventory component and you had access to cash flow and working capital against that inventory investment in working capital that your firm has made.

A proper inventory financing facility in Canada is one in which you can draw down on a satisfactory level of your inventory value and repaid it as you replenish capital via account receivable and cash collections. Let's dig in.


Your success in achieving a proper inventory financing component in your overall business financing in effect optimizes your working capital to the extent you need to.

How would your overall financial position change with that additional working capital and cash flow? You would then have the ability to take on additional contracts and purchase orders, your supplier relationships would most probably improve, and faster asset turnover of assets and receivable generates faster profits and return on assets. Those are good things.

The main advantage of an inventory financing or A/R financing component is your ability to accelerate cash flow. Let's be honest, if you were self financing (i.e. no borrowing facilities) and had to wait for inventory to be sold and receivables collected then you are significantly slowing your growth ability.

In the context of the inventory financing we are discussing this financing is not a loan per se - that's important to understand. It becomes a part of your revolving facility and is simply collateralized by receivables and inventory.

Your inventory financing arrangement is reflected in a type of document generally known as borrowing base certificate. We also advise our clients that it is highly preferable to have a strong handle on your inventory reporting, and also you should preferably be using some sort of a perpetual inventory accounting system.

Inventory is a very generic term, we hate to do it but we complicate things further by discussing with clients the fact that inventory can consist of raw materials, work in process, and of course final finished goods inventory . As a result the valuation of what is financed varies by industry and inventory type. Slow moving or highly specialized product is much more difficult, but not impossible, to finance.

Could you be more competitive and profitable if you have inventory financing at 40-50% of your gross inventory value - we are pretty sure you could be!

On larger transactions you should fully expect some sort of initial appraisal and due diligence or valuation on your inventory.

In Canada inventory finance is highly specialized, we can almost call it a niche financing. Speak to a trusted, credible, and experienced business financing advisor to determine if this financing works for you.

Through that process you should be able to develop a clear understand of the differences between bank financing, asset based lending, which incorporates inventory finance, and purchase order financing if that is applicable to your business model .

At this point you are now in a position to ensure that inventory financing advances are a great way to acquire mfr and carry inventory for orders and contracts you receive.



http://www.7parkavenuefinancial.com


Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations .







7 Park Avenue Financial

South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653

Email = sprokop@7parkavenuefinancial.com

' Canadian Business Financing With The Intelligent Use Of Experience '

ABOUT THE AUTHOR
Stan has had a successful career with some of the world’s largest and most successful corporations.
Prior to founding 7 Park Avenue Financial in 2004 his employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) He is an expert in Canadian Business Financing.

Stan has over 40 years of business and finance executive experience. He has been recognized as a credit/financial executive for three of the largest technology companies in the world; Hewlett-Packard, Digital Equipment and Cable & Wireless. Stan has had in depth, hands on experience in assessing and evaluating thousands of companies that are seeking financing and expansion. He has been instrumental in helping many companies progress through every phase of financing, mergers & acquisitions, sales and marketing and human resources. Stan has worked with startups and public corporations and has many times established the financial wherewithal of organizations before approving millions of dollars of financing facilities and instruments on behalf of his employers.

Stan Prokop

How To Decide If SR&ED Financing For Your CRA SRED Is Right For Your Firm

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Would Cash Flowing Your CRA SR&ED Claim Work For You ? We Won’t Bore You With The 4 Billion Details

OVERVIEW – Information on Sr&ed financing bridge loans. The ability to cash flow your CRA Sred receivable provides valuable cash flow today - eliminating the waiting!

SR&ED Financing; We won't bore you with the 4 Billion details. We are of course talking about the CRA Sred program and the billions ( around 3-4 Billion dollars annually ! ) of sred grant funds that are of course non repayable and distributed to Canadian privately owned firms on a yearly basis . Let's dig in.

If you know the program and you know what we are talking about as a Canadian business owner or financial manager then you're ahead of the game already. The real basics are of course that the program is technically called the Scientific Research and Experimental Development Program - aka SR&ED, providing those billions of dollars we talked about back to firms such as yours in the form of non-repayable grants to literally all sectors of Canadian business.

So we are focusing on your decision as a claimant to wait for your refund on your expenditures, or consider the option of financing the claim to accelerate your working capital and cash flow. We're all familiar with the cliché that size isn't important - but in the case of your CRA Sred claim it plays a bit of a role in the overall ability to finance your claim.

We have to backtrack a bit and first of all answer one of our clients typical first questions, which is simply - is a sred financing achievable and who actually finances these claims ? In Canada we are aware of one of the chartered banks that finances sred claims, we have a strong opinion that the overall financing of your claim with a bank is subject to many other bank criteria.

We think you know what we are getting at, so the reality is that sred claims are financed 99% of the time by the private sector via boutique firms. Therefore we encourage readers to seek the services of a trusted and credible and experienced sred financing expert who can guide them thru the process.

So once you have found your sred partner firm in this area we again circle back to size. In general Canadian claims in excess of 250k tend to be financed more efficiently and economically for both the lender and yourself. Claims are financed as a general rule at 70% of the LTV relationship, referring of course to loan to value. So on a 250k claim you would net 70% of your combined federal and provincial claim.

You would consider financing your sr&Ed under the following conditions - as a first time or previous filer you have confidence your claim was prepared by an experienced party. You also should be in need of the cash flow (who isn't) as sred rates are typically higher than traditional financing rates. Timing is everything and typically a sred financing can be achieved in 2-3 weeks, with the usual due diligence around your claim, the collateralizing of the claim, and any related paperwork and applications.

If your company can put the cash flow to use to retire term debt or payables, increase sales, or, dare we say, to start the R&D re investment process all over you are a strong candidate to finance your sr&Ed.



7 Park Avenue Financial :

http://www.7parkavenuefinancial.com

Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations .







7 Park Avenue Financial

South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653

Email = sprokop@7parkavenuefinancial.com

' Canadian Business Financing With The Intelligent Use Of Experience '

ABOUT THE AUTHOR
Stan has had a successful career with some of the world’s largest and most successful corporations.
Prior to founding 7 Park Avenue Financial in 2004 his employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) He is an expert in Canadian Business Financing.

Stan has over 40 years of business and finance executive experience. He has been recognized as a credit/financial executive for three of the largest technology companies in the world; Hewlett-Packard, Digital Equipment and Cable & Wireless. Stan has had in depth, hands on experience in assessing and evaluating thousands of companies that are seeking financing and expansion. He has been instrumental in helping many companies progress through every phase of financing, mergers & acquisitions, sales and marketing and human resources. Stan has worked with startups and public corporations and has many times established the financial wherewithal of organizations before approving millions of dollars of financing facilities and instruments on behalf of his employers.

Stan Prokop

Lease Financing New Assets : Take Charge of Your Business Financing Needs Now!

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Lease Financing Isn't As Exciting As Watching Dog Surfing Videos.. But ...

Information on lease financing solutions in Canada. Understanding asset finance will bring the best rates, terms, and structures that match your asset acquisition needs

Lease Financing
– Canada continues to view this aspect of asset financing as critical to Canadian business success . Lease financing provides a large number of ways in which Canadian business owners can acquire plant equipment, technology, software, and rolling stock. These assets enhance your business and allow you to use precious working capital in other aspects of your business.


Canadian business owners and financial managers more often than not know the key benefits of lease financing – the challenge in Canada simply becomes:


-What lease financing product is best suited to my firms needs?


-Who do I talk to, in an effort to understand how I can achieve my equipment financing goals?


Proper utilization of lease financing allows your firm to access capital that otherwise might be unavailable or difficult to obtain.


Is leasing a simple, basic business transaction? Well yes, kind of – but it requires that you understand what risks comes with structuring a proper lease transaction, and ensuring you maximize the benefits of this ‘smart ‘financing.


No one can be expected to understand all aspects of business financing. Equipment leasing and financing is specialized. We urge clients to ensure they work with a trusted, credible and experience lease advisor – by doing that they will streamline approval times, save you hundreds of many thousands of dollars in rate and structure, and ensure that you get the approval you deserve re final amount approved, a competitive rate, etc.


Want some great advice on getting your lease approved? It’s as simple as:


Presenting your company properly in the correct financial light

Understand what equipment you want to buy and why

Work out what a desirable monthly payment might be for the asset , including your estimate of its useful life



Clients are always happy to hear that 99% of the time lease financing has no restrictive covenants. A proper lease application will ensure that it covers your long term goals re the particular asset you are financing.


Canadian firms lease for the following inherent reasons –


Leasing is an alternative financing option that leaves other sources of capital alone

It is convenient when measured against bank or term loan financing requirements

It allows you to control risk in asset acquisition

It has significant tax advantages


We have focused very clearly on the fact that as a business owner you need to understand the full lease offering, and determine which benefits you wish to maximize, and what risks you wish to control. A benefit might be a simply payment structuring that suits your cash flow seasonality - a ‘ risk’ avoidance might be employing and operating lease structure for a new computer acquisition …– why ? Because you want to use a computer, you definitely don’t want to own it. (Computers depreciate quickly!)


Will lease financing always be the ‘lowest cost ‘method of acquiring assets. Not always, but many times it will – you simply need to know how to analyze those costs by taking into account the right comparison – i.e. lease versus loan, your cost of capital , and having a general knowledge of what market rates are for your firms overall credit quality


In summary, lease financing is a growth stimulator for your firm and in fact the overall economy. Lease financing can be complex only if you don’t understand the offerings, benefits, and some of the associated risk. Work with an experienced and credible advisor in this area to maximize the true benefit of lease financing in Canada.



7 Park Avenue Financial :

http://www.7parkavenuefinancial.com


Business financing for Canadian Firms , specializing in working capital, cash flow, asset based financing , Equipment Leasing , franchise finance and Cdn. Tax Credit Finance . Founded 2004 - Completed in excess of 100 Million $ of financing for Canadian corporations .







7 Park Avenue Financial

South Sheridan Executive Centre
2910 South Sheridan Way
Suite 301
Oakville, Ontario
L6J 7J8

Direct Line = 416 319 5769

Office = 905 829 2653

Email = sprokop@7parkavenuefinancial.com

' Canadian Business Financing With The Intelligent Use Of Experience '

ABOUT THE AUTHOR
Stan has had a successful career with some of the world’s largest and most successful corporations.
Prior to founding 7 Park Avenue Financial in 2004 his employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) He is an expert in Canadian Business Financing.

Stan has over 40 years of business and finance executive experience. He has been recognized as a credit/financial executive for three of the largest technology companies in the world; Hewlett-Packard, Digital Equipment and Cable & Wireless. Stan has had in depth, hands on experience in assessing and evaluating thousands of companies that are seeking financing and expansion. He has been instrumental in helping many companies progress through every phase of financing, mergers & acquisitions, sales and marketing and human resources. Stan has worked with startups and public corporations and has many times established the financial wherewithal of organizations before approving millions of dollars of financing facilities and instruments on behalf of his employers.

Stan Prokop