A $1 million loan helped a Chicago IT firm grow past a $2 million revenue plateau. Owners who feel stuck may want to look at how the money is structured.
A Chicago IT company stuck at about $2 million in revenue says the right loan helped it break through. OnShore Technology Group took a $1 million loan from Founders First Capital Partners. Inc. reports that the firm later grew to $7 million and landed on the Inc. 5000 list three years in a row.
OnShore Technology Group is an IT firm based in Chicago. Its founder hit what the story calls a revenue wall at $2 million. That means growth stalled and was hard to push past. Inc. describes the loan as unconventional.
The Inc. 5000 is a list of fast-growing private companies. Making it once is notable. Making it three years in a row suggests the growth held up.
Many small business owners hit a point where sales stop climbing. More money is often seen as the fix. This story points to a narrower idea: the kind of funding may matter as much as the amount.
The full article was not available for this summary. These details are not confirmed:
Owners considering similar funding should ask lenders for those details up front. One company's result does not promise the same outcome for another.
If growth has stalled, look at what kind of funding fits your business, not only how much you can get.
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