New Leasing Company Finds Niche Helping Small Businesses Innovate in Pacific Northwest and Beyond
Seattle, WA – September, 15 , 2005 – Radiance Capital, a premier equipment financing company soon to be headquartered in downtown Tacoma, today announced its public debut. The Company provides financing solutions to a wide-range of small businesses that have a need for new or used equipment.
“We understand the need of small businesses to finance their essential-use equipment,” said Tim Cavanaugh, Radiance Chief Executive Officer. “These leases often get rejected or are poorly serviced by larger leasing companies as they are generally under $50,000. That's where Radiance Capital comes in. Radiance is a flexible organization without the significant overhead of a large corporation. We value integrity and can respond efficiently to small business needs.
Cavanaugh, a small business owner himself, built Radiance Capital to move ideas forward. With more than 18 years of senior management experience, Cavanaugh has spent the last six years focusing primarily on the creation and development of small companies within the financial industry. Cavanaugh has been actively involved in the establishment of a venture capital firm, Sunshine Capital, LLC, which solicits and funds forward-thinking individuals and organizations in the Pacific Northwest.
“Radiance has the internal lines of credit to fund these leases and help the businesses not only survive, but thrive,” said Cavanaugh. “When you are an independent organization, you need your equipment, you need funding and you need it fast.” Radiance Capital works with a network of well established brokers that have the ability to underwrite a wide array of transactions. Radiance provides a flexible payment structure where the lease or loan can be customized to best fit the borrower's needs.
“Many small, independent companies have a sound business plan, a high level of experience, a clean line of credit but not the asset base that would qualify them for a lower interest lease” said Meryl Newman, Radiance Chief Operations and Financial Officer. “While Radiance is taking on more risk, we are buying into the financial credibility of an experienced person. Our goal is to facilitate the lending process so qualified individuals can avoid the hard money rate that could keep them out of business.”
About Radiance Capital:
Radiance Capital LLC is a privately held “B Credit” finance company currently based in Seattle, Washington with plans to relocate to Tacoma in October 2005. Radiance provides equipment financing through a broker channel for transactions ranging from $5,000 to $50,000 for companies based in Washington, Oregon, Idaho, California, Alaska, Arizona and Colorado. Radiance's management team has over 80 years combined experience in commercial leasing with an emphasis on underwriting and servicing a wide range of credits. For more information on Radiance Capital, visit the company's website at http://www.radiance-capital.com .
Media Contact: Meryl Newman, Chief Financial and Operations Officer, 206.443.8455
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