When Pete Hodge was eighteen years old, he opened an auto body shop called Pete’s Economy Muffler in Spencer, Indiana. He learned the trade from his older brother and has since owned and operated his business for 34 years.
Need for Capital
Throughout the years, Pete financed everything for the business himself—either by saving up money or buying and fixing old cars to sell. He was never interested in traditional bank loans, as they can be difficult to apply for and often come with inflexible terms.
As the automotive industry evolved, Pete adapted and grew alongside it. His operation expanded from two employees to five, and he soon found himself with a fortunate problem: too much business and not enough capacity. With demand increasing, he decided to explore alternative funding options to expand his shop and keep up with customer needs.
Why Capital Funds
Pete’s brother, who owns a shop a few towns away, introduced him to revenue-based financing. After conducting further research, Pete decided that Capital Funds was the best fit for him and his business. He appreciated the quick and simple funding process, as well as the flexibility that came with the option for payment relief if needed.
With the capital he received from Capital Funds, Pete was able to purchase new tire changers, two new car lifts, and add two additional service bays to his shop. Since making these improvements, his revenue has increased by 25%.
Pete is excited to continue his relationship with Capital Funds, allowing his business to keep growing alongside the ever-increasing demand for his services.
Interested in learning more about how Capital Funds can help your business? Check out our product or submit your application today. Still have questions? Give us a call at 888-244-9099 or email us at info@capitalfunds.com. Our team is available Monday through Friday from 9 AM to 6 PM EST.