It can be argued that Michael Weinberg and those in his line of work are as important to the nation’s economy as any entrepreneur with a great idea or elected official setting policy.
Weinberg is the founder and CEO of NTIB Finance & Consulting, a company he formed about 10 years ago to help businesses access capital to expand, purchase new equipment, acquire a building or maintain their cash flow for a short period of time to pay their bills.
During the past decade as banks have increasingly tightened the reins on lending, it is Weinberg who comes up with creative solutions to help many small- and medium-sized business owners get the money they need to succeed.
“That’s why so many businesses fail, they lack the capital to continue going,” said Weinberg who works out of an office in his Chappaqua home. “Sometimes you need short-term money.”
Having a large database of lenders at his disposal, Weinberg finds the right lender for a particular client’s needs and structures the loan in the most affordable way.
Typically, banks require good credit, good collateral, strong cash flow and good character before they’ll approve a loan, Weinberg said. His clients are required to have just one of the first three criteria along with good character in order to qualify for a loan.
“That’s the most important thing that we do,” he said. “We come up with the most creative solutions to fit them into the right place, the right loan to best suit their needs, and I think that’s what makes me a little different than the rest.”
Most of his clients have no more than 20 to 25 employees in a wide range of industries. They may be looking for loans ranging from $100,000 to $5 million. While many of the loans that Weinberg helps his clients secure have higher interest rates than banks, that’s not the deal breaker some might think it could be.
Weinberg said he encourages borrowers to get loans as inexpensively as possible, but if the alternative is failing to acquire the capital so a great business idea never gets off the ground or a company can’t make needed improvements to remain viable, then the point about rates is moot.
“You can’t focus just on the rate,” Weinberg said. “If you have a product that you can sell and you’re very confident you can sell it and you can make a 100 percent markup on that product, you can make it for $100,000 and sell it for $200,000, that’s $100,000, but if you can borrow that money and it costs you $25,000 for three months, it’s an astronomical rate when you look at the rate, but if you spent $25,000 to get that money and you make a $100,000 profit, I’ll take that deal every day.”
Weinberg, 58, a Yonkers native who moved to Chappaqua nine years ago, had strong preparation when he launched NTIB Finance & Consulting in 2006. He graduated from the University of Minnesota with a biology degree, then earned an MBA from George Washington University. He entered his father’s insurance business and stayed there for about 25 years.
He wasn’t enamored with the insurance industry but began branching out to consulting and gained experience in mergers and acquisitions for retail and insurance operations.
Weinberg said having varied business experience has helped him gain a greater grasp of the lending industry, as opposed to many competitors who focus on one type of lending.
“I never really loved the (insurance) industry but I love helping people with their businesses, so I did some business consulting,” said Weinberg who has two children, one in college and a senior at Horace Greeley High School. “I still do insurance consulting. If you have a question about your insurance coverage I can help you, but I don’t sell insurance anymore.”
For more information about Michael Weinberg and NTIB Finance & Consulting, visit www.ntibfin.com.