Today we’d like to introduce you to Frank Tomasino.
Frank, can you briefly walk us through your story – how you started and how you got to where you are today.
From 1987 to 1999, I owned a company called Generic Brands, a spice and food trading company that imported and traded containers of food products from countries such as Canada, India, Turkey, Germany, Poland, France, Australia and Latin America. Some of the customers included McCormick, Flowers Industries, ADM, Safeway, Publix and many other distributors and importers. As a business owner and operator for over ten years, I developed a deep knowledge of global product sourcing and wholesale distribution. I understand first-hand the challenge entrepreneurs have in obtaining a bank loan or working capital and managing a business. I was one of the first importers to use credit insurance back in order to obtain bank credit line, which was a new concept for banks in the United States back in 1990.
In 1995, I began creating a revolutionary website and developed a new form of software known as FoodTrader. Foodtrader.com was an online business-to-business marketplace that provided eProcurement solutions for the food and agriculture industry. The website was the first of its kind and offered the global food industry a comprehensive menu of services including a marketplace exchange, value deals and core logistical services. FoodTrader was even recognized by Forbes Magazine and other accredited industry publications. The Company raised $25 million in venture capital and was eventually sold before the .com bubble crashed.
In 2007/2008, when the housing market collapsed and banks began to withdraw from lending I founded AmRock Financial in order to help small and midsize businesses obtain the capital they need to succeed. To date, AmRock Financial has provided more than $1 billion dollars in funding to over 300 international and domestic businesses. I have been featured in several industry magazines for my contribution to the financial industry including America Economia, a Dow Jones magazine, and has been quoted in several industry journals, including Grocery Headquarters, Prepared Foods and The Packer. I also been invited to speak on several panels around the United States and Europe to speak on success of helping hundreds of businesses get the funding they need.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
In 2007, when we began we had no lenders, no relationships and the economy was deteriorating and eventually it collapsed in 2008, banks collapsed and most were bailed out by the government, the economy descended into an abyss but we knew eventually new lenders would need to start lending.
In 2008, we got lucky and financed our first deal. A company out of Texas that repairs oil and gas pipelines signed a $400 million contract with the Mexican oil company Pemex. Pemex was asking the USA company for 180 day open terms which means they wanted to pay their invoices 180 days after the company performed their services. We assisted the Company and got them an $80 million revolving line of credit against their accounts receivable. With the new credit line, the company was able to perform, pay its employees and manage cashflow.
Please tell us about AmRock Financial.
There are 23 million small businesses in America and they account for 54% of all U.S. sales according to the SBA. Most small and midsize businesses do not have detailed financial statements and lack the necessary financial reporting and lack sufficient equity and that makes it harder for them to obtain bank loans but we are now in a position to help this company.
We specialize in helping small and midsize businesses in America get the financing they need to succeed. We match borrowers with lenders. We make dreams come true.
Borrowers normally apply for a loan at their local bank and if they are turned down then search google but finding a reputable lender in google could be difficult.
We consider our selves the Match.com or eHarmony of lending.
Contact Info:
- Address: 801 Brickell Ave Suite 900, Miami, FL 33131
- Website: https://amrockfinancial.com
- Phone: 305-440-8480,
- Email: Tomasino@amrockfinancial.com
Image Credit:
Vivien Aruwa – AmRock Financial
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