EXCLUSIVE: Southern Lending Solutions is the One-Stop Source

Editor's note: In our continuing look at Atlanta area businesses, today's Friday Finances piece looks at Southern Lending Solutions LLC.

Southern Lending Solutions is a one-stop source for all business lending needs including: Equipment Leasing, Commercial Loans, and other Non-Traditional Financing. They offer a consultative approach with all of their clients. The company's philosophy is based upon matching each individual business with the lending program that best suits them.

GOATLANTA spoke with Stu Lustman, vice president of business development, for Southern Lending Solutions.

GOATLANTA: Talk a little bit about Southern Lending Solutions, what it offers,
how long in Atlanta, etc.

STU LUSTMAN: Southern Lending Solutions is a leader in the equipment leasing/financing industry. Equipment to us is anything considered mission critical or essential use to the client being able to do their business. We offer programs for vendors to offer to their clients as well as working with startups, established businesses, credit challenged companies, those who cannot obtain conventional financing and those that understand the benefits of leasing their equipment and technology. We have been in business for 3 years and one of our biggest markets happens to be Technology (Computer Hardware, Software, Networking gear and the like). Our clients' favorite program is Application Only, where most businesses with a need of $75-100k or less of equipment can qualify just on an application, credit check and purchase order from the vendor of their choice describing the type and amount of equipment involved. No financials necessary.

GA: Given the current economy, how is Southern Lending Solutions meeting these challenges?

SL: In the last six months, we have seen many companies in my field go out of business entirely. Everyone else has tightened up their standards, which is to be expected. However, there are still alot of deals being done. We are continuing or increasing our networking activities as well as always interviewing new resources to fund the leases we write. We currently have 21 companies that fund our leases. Also, we are doing alot of more work with companies who have a little better financial positions who know they will get on the other side of this recession and are preparing for what happens next.

GA: What advice do you have for small business owners in Atlanta right now who are looking for loans, etc. to either keep their businesses afloat or open a new business? In relation to that, is now a good time to open a small business in the Atlanta area?

SL: My number one piece of advice is have more money saved (or more revenue/income) than you think you need as this environment means deals take longer to do and more savings are required. The last thing a business owner wants is to have a great idea, good execution, and run out of money. It's the most common small business mistake I see. Next, get to know your banker. Most banks aren't making many business loans but get to know them anyway. As your accounts age with them, they can be an invaluable resource to the growing business. Alot of people think its smart to work with different banks for different things. However, a community banker (the best kind) isn't going to work with a business they don't have a deposit relationship with. Now is a great time to start a business if you feel like you have something valuable to offer to the marketplace and have money set aside in case what was supposed to take six months takes 12 months.

GA: What advice do you have for individuals looking for non-business loans, lines of credit, etc. right now in these tough times?

SL: I'd say try to work on your personal credit score to try to improve it. Every small closely held company we work with gets their personal credit run and its used as a factor in the approval and pricing processes. Do what you can to shore up your personal credit and you will have many more financial options available for your business. Get know your community banker for credit lines. The most credit worthy are those that have access to credit but use it responsibly so everyone looks at the revolving credit available. That is a percentage amount on your credit report that says how much of your revolving credit (CC, credit lines, trade lines, .is available to use. The higher this number, the better risk you are to any lender.

GA: Where do you see Southern Lending Solutions a year from now?

SL: A year from now we will be continuing to do our small ticket and middle market leases and we will be holding some of those leases ourselves in our own portfolio. That's the goal especially for firms with good cash flow but have credit issues, which are many companies these days.

For further information, visit www.southernlendingsolutions.com. The company is located at 2484 Briarcliff Rd. NE, Ste. 22322 in Atlanta.