Founder-owned businesses now make up more than a third of our credit book. Many of their owners never expected to borrow.
What we look for
Steady cash flow, a clear use of proceeds and an owner who wants to keep control. We spend more time with management than with spreadsheets in the first meetings.
Covenants we no longer use
We have dropped quarterly tests that punished seasonal businesses for being seasonal. We keep the few covenants that protect both sides, and we enforce them.
This article is for information only and is not an offer to sell or a solicitation to buy any security. Past performance is not a guide to future results.
