Kompass Funding helps to strengthen startup companies by increasing their working capital.
The Situation: A startup company specializing in 5G underground boring, a method of installing underground utilities including pipes, conduits, or cables, was winning numerous new projects and were in high demand; however, they struggled to come up with the capital to purchase new equipment and hire additional employees, two necessary components in order to continue to scale their business. As a startup that opened its doors in early 2022, the company did not attempt to seek out traditional funding such as a bank loan.
Team Spotlight: Ben Hagenkord
For this week’s blog post, we feature a team spotlight on our newest member, Ben Hagenkord! Ben recently graduated from Kansas State University (Go Wildcats!) and joined Kompass Funding as our account executive. In his role, Ben will be focusing on building and managing client relationships across our factoring division, while also assisting with portfolio management and underwriting new opportunities.
Kompass Funding Adds Team Member
Kompass Funding, based in Overland Park KS, recently added Ben Hagenkord to the team. Ben will serve as their lead account executive.
Alternative Funding Options for Small Kansas City Businesses in Growth Mode
Covid-19 changed the landscape for small businesses around the country and especially in Kansas City. “The Payment Protection Program (PPP) was a good band-aid, but now small businesses are really looking for that growth capital and it’s been a challenge for them to find that,” according to John Minnis, CEO of Kompass Funding.
How to Choose the Right Lender
As members of a large industry, we want to help clients find the right financial partner with the right solutions to ultimately help their business grow. With hundreds of different options out there, we are often asked by potential clients “what should I be looking for in a lender?” As a lender ourselves, we want clients to look for 3 key characteristics before entering a relationship: curiosity, mutual benefits, and multiple funding options.
Invoice Funding Made Simple in 4 Easy Steps
Applying for an invoice funding program can seem like a daunting task, especially if you do not know what information and documents you need to apply. From the first interaction all the way to initial funding, we compiled every action and documents required during each step below. Keep in mind, some applications may be different but generally request the same information.
One stop-shop for Logistics and Invoice Funding
In the trucking world, there are lots of moving parts (literally and figuratively). Literally in the sense that goods are being shipped across the country and figuratively because shippers and carriers are constantly being matched to determine optimal routes for shipments.
Another important moving part is cash. For many carriers, sometimes it can take a couple weeks for brokers to pay for their loads. This can cause a buildup in invoices and a gap in cash flow, especially if truckers are hauling every single day.
What is an Aging Report and why does it matter?
A key tool for success for small and mid-sized businesses is an aging report. But what exactly is an aging report and why is it so important?
An aging report is often referred to as account receivables reconciliation, which is essentially a compilation of all your invoices.
One of our “Favorite” Partnerships in Healthcare
At Kompass Funding, we are fortunate to have the opportunity to partner with one of the most tenured and respected medical staffing companies in the country, Favorite Healthcare Staffing.
Get to know our CEO: John Minnis
Some of you may not know who is steering this ship and that is why we wanted to do this week’s team member spotlight on our fearless leader, John! John’s role spans across all aspects of the company including business development, underwriting, relationship management, finance, and marketing.
