Syndicated Lines of Credit
Google's Definition of “Syndication” is “The Syndication of Loans to Investors”
Google’s Definition of ‘Lines of Credit” is ‘An Amount of Credit extended to a borrower”
SLOC is a unique funding program Torro created to provide funding solutions to unfundable " start-ups " and eventually expand to existing businesses.
Torro helps our start-up clients secure 3-5 personal and/or business credit cards through banks that generally have a 0% interest introductory period for 9-21 months. Every client is unique and their specific funding plan, whether personal or business cards (or both), is tailored to each credit profile.
Torro has relationships with banks and business relationship managers, through which existing businesses with revenue can secure business credit cards with limits upwards of $70k with no documents and upwards of $250k with the appropriate documentation.
Startups are more challenging, and approvals are driven by the owner's personal credit. With good credit, our approach to helping startups get off the ground is to educate our clients on using their personal credit as a tool to secure 3-5 new personal and/or business credit cards.
Whether our client has a start-up business or is already up and running, Torro’s white glove approach either completes the applications or holds your hand throughout the application and approval process.
SLOC is not a funding-based product or loan where capital is deposited into the client's account but a service-based program. For this service, Torro charges 10% of the total new credit card lines secured. Clients can pay through credit card or wire transfer.
FAQ
Why do we charge for our services? We have been a leader in alternative finance for nearly a decade. Over that time, we have developed our underwriting approval estimations based on thousands of clients' credit card approvals (both personal and business cards). We educate our clients on how to make their credit reports look more favorable to banks. We have also built relationships with banks and business relationship managers to give our non-start-up clients access to business bankers, which allows them to apply and request higher than typical business credit card limits without having to have a bank account or prior relationship with them. From our first call with a client to underwriting, estimated approval review and explanation, verification/compliance calls, working with the banks, to finally receiving cards, it generally takes 10-30 days for our team to work hand in hand with a client to ensure the best results possible.
Why Credit Cards vs Traditional LOC or Bank Financing? Most clients looking to apply for start up capital have heard of business loans, business lines of credit, SBA, and credit cards. When small business owners are looking to start a business or are looking for capital to expand their business they can sometimes be caught in a catch 22. Meaning most traditional bank programs (SBA, LOCs, loans, etc.) usually require one or more of the following: Time in Business, Revenue, Tax Returns, Financial statements, Experience in the field, money down, and many others. But in order to have those things they need the capital to start or grow their company first. The most accessible form of capital to someone with good credit is credit cards. The benefit of credit cards is that many of them come with a 0% APR introductory period, low monthly payments, and flexibility to use it as needed so you are only paying for what you spend. Credit cards can allow a business owner to get capital without having to provide the traditional documents needed for a traditional business loan, loc, or SBA. Ultimately, credit cards are not designed to be a long term solution but more a starting point to get the business off the ground or expand operations until traditional financing is an option or makes sense.