Brown Edwards works with large Construction client to Improve financing
A large, Richmond-based contractor had lost a large portion of their bonding capacity and their ability to borrow additional money. Put simply, they had maxed out their credit for bonding and banking. While the company was profitable and had several successful years in a row, they would suffer without additional bonding and access to capital.
Brown Edwards Solution and Guidance
As a new client to Brown Edwards we first took a look at opportunities to restructure their balance sheets, reviewed their transactions, adjusted books for prior years to improve their current year financial position and improved their overall presentations to help their credibility with banks and bonding companies. Additionally, we worked with our bank and surety partners to develop relationships with the owners. Finally, after more review, Brown Edwards was able to make special allowable elections on their tax returns in order to save them money on their current year.
Within several months, the contractor was able to improve their bond capacity by $3,000,000 as well as make relationships with new banking partners. Also, from their tax review Brown Edwards was able to save them from paying over $50,000 in taxes.