Executive Summary
This case study examines how altbanq’s strategic financing enabled The Solar Company to transform economic challenges into growth opportunities during a critical market downturn.
Company Background
Founded just under a decade ago, The Solar Company rapidly scaled from startup to industry leader, with annual revenue growing to $70 million in recent years. The company distinguished itself through in-house lead generation, an internal call center, and comprehensive roofing services, earning a prestigious installer certification.
The Challenge
The 2024 market downturn created severe operational pressures. With significant weekly payroll and heavy reliance on financing partners for cash flow, The Solar Company faced a crisis when its primary financial partner nearly collapsed. Traditional banks were unwilling to lend to solar construction companies, leaving the business without crucial working capital.
The altbanq Solution
altbanq emerged as a critical partner, providing a $1.25 million loan after careful analysis of the company’s financials and cash flows. Chief Risk Officer Sam Twersky worked closely with the company to structure appropriate financing terms based on metrics and modeling. “That was partnership behavior, and that is another thing about working with altbanq that resonated with me,” the CEO noted, highlighting altbanq’s transparent, methodical approach to lending.
Transformation Through Partnership
With altbanq’s financing, The Solar Company successfully pivoted from a lead generation and loan-heavy structure to a third-party ownership model with direct sales. The company expanded beyond its primary Mid-Atlantic markets into new markets in the Northeast. When additional market changes created new opportunities, altbanq provided supplemental financing to support cash flow and operational needs.
Growth and Future Impact
The partnership demonstrated altbanq’s commitment to responsible lending practices. While other solar companies faced bankruptcy during the market downturn, The Solar Company maintained operations and continued expansion.
Key Learnings
The Solar Company’s experience illustrates how alternative financing can provide crucial support when traditional banking relationships fail. altbanq’s approach balanced business growth needs with responsible lending practices, creating a true partnership during challenging market conditions.
Note: The company name has been changed for privacy.
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