The Credit Junction is proud to work with great businesses across the country. Hear from Arcangelo Capozzolo, CEO of Buffalo Forklift, to learn about how the company has grown since its inception in 2008, and how The Credit Junction has helped along the way. Click here to hear the full audio of the interview.
ABOUT BUFFALO FORKLIFT
Buffalo Forklift offers reconditioned and wholesale lift equipment to customers across the world.
They specialize in handling used lift trucks, boom lifts, telehandlers and scissor lifts, as well as forklift attachments and accessories. Their team works diligently to ensure that each of their used forklifts goes through a rigorous inspection and refurbishment process.
Learn more at https://www.buffaloforklift.com.
TCJ: Tell us a bit about Buffalo Forklift and the products and services you offer to your clients.
AC: Buffalo Forklift started 10 years ago. Back then, there weren’t a lot of people selling heavy lift equipment on the internet, and I was one of the first guys to pioneer this concept and do a massive marketing campaign across all channels to try to sell the type of equipment that everybody needs - forklifts, boom lifts, telehandlers and scissor lifts. These are the number one rented equipment at all of the rental companies like United Rentals and Sunbelt. What we do, is we purchase this equipment, bring it back to our facility, recondition it and then resell it to people all over the world.
TCJ: What was the business issue that you were looking to solve when we first started speaking?
AC: Well, the previous lender I was working with had the financing set up as a lockbox – all of the money would go to them first, and I would have to request a distribution back to me. This tremendously hurt my cash flow. So, when we met with The Credit Junction team and I explained the issue to them, TCJ immediately saw the issues I was running into and changed the platform into one where all the money would come to me first, I would simply complete my reporting to you guys which you set up very easily online. Just by being able to help with how the funds were being distributed allowed me to continue to build my business in the direction that we are in right now.
TCJ: What did you consider in your decision making process?
AC: One of the things was the way I would access the money, how the process worked. I liked that you guys made it very easy for me to access my line of credit. How much work was required and the type of reporting that was required to do a loan with you guys. That was also very easy.
Along the way, just like any business, you have ups and downs, and we had a couple ups and downs during our dealings with you guys - nothing that you guys did - but we had a bunch of hurricanes that had hit and affected the vendors that we were buying equipment from. We couldn’t get the equipment that we needed, and you guys worked with us during that transition and I can’t say anything more highly than that. You guys were there to work with us because you understand business. You are truly a business lender. You understand how businesses function.
TCJ: What have you found to be helpful about the process and the people you have worked with at The Credit Junction?
AC: Everybody at your office is accessible at any time. If I couldn’t get a hold of one guy, I was always able to get a hold of somebody else to get the answers that I needed. You were very quick to respond via email.
The process was pretty easy. We met with a few people from your team, did a walkthrough of my facility and discussed our business model, which you understood very quickly and easily. That process took about a few hours, and then from that point forward we moved through the process pretty quickly – supplying the documents that were required to finish the due diligence, and then we got funded and took out the previous lender.
TCJ: This was bridge financing for you. Can you talk through how that worked for you?
AC: Your facility helped me get to where I needed to be. It helped me purchase even more inventory and helped boost up my numbers. When I went to finally get the facility that I have now at a lower interest rate, all of that obviously mattered. The good thing about going through your process is that all of the paperwork that you required is basically the same paperwork that my other [new] lender required, so it was a very quick transition for me to supply them that same information.
It was great. It was a perfect transition to get me to where I needed to be today.
TCJ: That’s how we think about our business. What we like to do is help companies finance the growth they need to bridge them to the next facility. We think of ourselves as bridge financing. Would you say that’s what happened for you?
AC: That’s exactly what happened. I was with you guys for just under a year. The timing was perfect and it allowed me to get out of your facility and into another one. Everybody worked together, which is another thing I’d like to add. Usually finance companies that are losing a customer to another lender won’t be very easy going. And obviously, I’ll definitely be referring other people to you guys that have the same needs I had!
TCJ: We pride ourselves on our technology. How would you describe your experience with our technology and portal?
AC: The portal you created is absolutely phenomenal. It keeps track of everything. The required documents that you require every week, whether it be a copy of your bank statement or an updated inventory database, you simply just drag and drop the file into the online portal and then you’re done.
If there’s anything else you needed or if something didn’t go through the way you wanted it to, The Credit Junction would simply just send us a quick email asking to update a file. We did it, and it literally took us minutes to complete the required weekly documents that you needed. Once you do the first couple, everything goes very smooth after that.
TCJ: Were we responsive to your concerns? What could we have done better?
AC: Nothing comes to mind right now that you could have done better. We are all in this as a business – you’re in business to make your rate of return, I’m in business to find the financing I need to grow my business. We both did our jobs and it was great. Dealing with you guys – you were always friendly and helpful, with no negativity. That’s what I really liked. It was great.
TCJ: Would you recommend TCJ to another business owner?
AC: Of course, I’m going to refer people to The Credit Junction. I’m going to tell them the same thing I said before. You are truly a business lender. You understand how businesses function. You understand the ups and downs. Nothing in business in a straight arrow, and you understand that. I know from the broker that had introduced me to you and had done other deals with you, all of his customers have been equally happy. Continue doing what you’re doing, and I wish you the best of luck. It has been great.
TCJ: Any final thoughts?
AC: If someone is looking for bridge financing, especially if you have an inventory based business, The Credit Junction is the way to go. You have everything laid out easily for everybody to submit an application and start the process. Before going to other lenders that try to lock up your money or not let you do what you need to do to grow your business, you should definitely check out The Credit Junction first.
ABOUT THE CEO
Arcangelo Capozzolo founded Buffalo Forklift in 2008. He is an entrepreneur that has created and grown several companies that have reached multi-million dollar gross sales in their first year in business. He has achieved success across a wide variety of industries, including financial services, skin care, and transportation services.
Highly motivated and never satisfied, Arcangelo enjoys all aspects of business and applies his sales experience, marketing skills, and business savvy to any industry. His business philosophy is two-fold: he sells great products and services, and ensures that he provides all customers with a great service experience. In addition, he prides himself on constantly being accessible to his employees & customers.
His favorite quote: “Luck Is What Happens When Preparation Meets Opportunity"
Interview conducted by Mac Trivedi, Head of Financial Partnerships at The Credit Junction.