June 8, 2017 (Indianapolis, Ind.) – Oak Street Funding® (www.oakstreetfunding.com), a First Financial Bank company, continues to grow by extending its cash flow lending business to the CPA industry.
With the majority of tax season 2017 behind them, it’s time for CPAs to focus on something in addition to their clients’ needs: growing their own businesses. Now is the perfect time for CPAs to evaluate their businesses and identify accomplishments they’d like to achieve this year and beyond.
As a CPA himself, Rick Dennen, President and CEO of Oak Street Funding recognized the gap in the market, and the resulting lack of opportunity for CPAs to make huge leaps in their businesses without a commercial loan. “Because the most valuable asset for CPAs is the relationship with their clients, there hasn’t been substantial collateral for CPAs to leverage loans through traditional lending. I knew that Oak Street Funding’s success in the insurance industry could translate well to the accounting industry,” said Dennen.
With a solid history of non-SBA lending, Oak Street Funding launched its CPA financing business line in late 2016, and has already helped CPA firms across the country expand their businesses in a variety of capacities. Funds can be used to hire an additional partner or fund a partner buyout, initiate a succession plan, consolidate debt, develop specialized services, enter new markets, invest in a marketing strategy, or upgrade technology, among others.
According to the 2016 AICPA PCPS/CPA.COM National MAP Survey, one in eight of all CPA firms had acquired another firm in the past year, a phenomenon of consolidation. They go on to identify the five most influential factors: baby boomer owners looking to ensure retirement niche practices growing through acquisition, firms adding qualified staff, firms expanding geographical footprint, and firms expanding general services.
Oak Street Funding is an expert in specialty financing. Oak Street partners with insurance businesses, registered financial advisors (RIAs), certified public accountants (CPAs) and restaurant franchisees under the First Franchise Capital brand, as well as third-party servicing for commercial, specialty financing portfolios. Since 2003, Oak Street Funding has been successful nationwide in fulfilling the unique capital needs for these cash flow-based industries while providing extraordinary service to their borrowers.
About Oak Street Funding
Indianapolis-based Oak Street Funding (www.oakstreetfunding.com), a First Financial Bank company, provides commercial financing for financial service businesses, restaurant franchises through the First Franchise Capital (firstfranchisecapital.com) brand and third-party loan servicing for financial institutions. Oak Street Funding and First Franchise Capital utilize industry knowledge, proprietary technology and passion to deliver top-quality service and capital products to finance services professionals and franchise owners nationwide.