As part of a new series, we will interview professionals in the alternative and commercial finance spaces to find out more about how they succeed in their business. The experience levels will vary but these are people who work very hard at their craft. They take care of their clients first above all else in order to build a long-lasting business.
Todays Featured Professional is Angelo Standriff of Gateway Commercial Finance
Hi Angelo, tell us a little about you and how you got into the commercial finance industry?
"I come from a family who ran a small business which allowed me to work several odd jobs while growing up. I enjoyed learning about business operations and seeing how owners work to grow their companies.
I started studying finance in college and was looking for some part-time work in the finance industry. I was offered a sales position with an invoice factoring company and have been in the industry ever since. I'm currently with Gateway Commercial Finance."
How can business owners find you?
What type of products do you offer?
"I am a direct lender and service provider for Invoice Factoring, Ledgered Lines of Credit, and PO Financing."
So for the business owners who are reading this, what would you like them to know about you?
"I will spend more time than most in an initial conversation by asking questions about their business. My goal is to ensure Invoice Factoring or a Line of Credit is the best option for them before gathering paperwork.
It’s been my experience when rushing to close a deal, issues come up later in the process and ultimately waste time for everyone involved. If I am not the best solution for a business, the initial conversation will provide me an idea of what lender would be better suited. "
What are some differences between your products and others in the marketplace?
"The biggest difference is Invoice Factoring is not a loan and does not affect the balance sheet. Business owners are free to Factor an invoice at any time they need funding instead of taking a loan using the business’s assets as collateral. Also, my underwriting is focused on the credit-worthiness of my client’s customer. This allows me to work with start-ups, bank turndowns, and even Debtor-In-Possession situations."
What documents are needed and how long does the whole funding process take?
"I can complete underwriting and have a proposal within an hour of receiving an A/R summary, A/P summary, Financials (if available), and a few sample invoices. Application to funding takes anywhere from one to five business days depending on how quickly a business is able to provide the necessary documents."
For those industry peers who may be reading, what tips do you have for growing your business or being better at what you do?
"Being comfortable moving on from a deal that has significant red flags instead of forcing your lending partners to look at it. That can cause fatigue for you, the client, and the lender."
What do you see in the industry that you might say you have to make adjustments?
"I see the credit worthiness of some businesses being a potential issue. Every industry has been affected by COVID-19 and banks/lenders are going to become conservative. We will likely make adjustments to our credit requirements based on specific industries that may have been hit harder than others."
How do you choose brokers to continue working with?
"The brokers who take the time to review a deal before sending it to the place that will make them the most commission immediately are the ones who stand out to me. I find they are more successful long term because they have clients who continue to return to them after providing a quality resource."
What strategies do you use for generating deals?
"I work directly with brokers, bankers, lawyers, and occasionally CPAs. Any person who works with small businesses on a regular basis is a person I try to connect with."
What's the most important thing you work on each day or week?
"Networking drives the success of my business. Therefore, I use downtime each day to connect with at least 5 to 10 people in the industry."
Angelo Standriff and Gateway Commercial Finance have been in the factoring industry for over 20 years. He's a guest contributor to Funder Intel. You can reach out to Angelo at Gateway Commercial Finance here: