Anderman Launches Commercial Finance Company
by October 27, 2014 12:00 am 308 views
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Turning Point Capital, a specialized commercial finance company that provides no-fee, no-obligation consultations to business owners, entrepreneurs and real estate investors, announced its formation Oct. 10.
The new venture, with offices in Rogers and Chicago, is led by CEO Geoff Anderman, the chief financial officer at headwear and apparel company Infinity Product Group of Rogers. Anderman said he will continue in that role with IPG, where he has held an executive leadership position since August 2010.
Anderman, 34, explained the Turning Point venture will serve both the Northwest Arkansas and Chicago markets because he is based in Chicago. Anderman, his wife and their newborn relocated there in 2013 for family reasons, and he said he spends about 10 days a month in Northwest Arkansas.
Anderman said he launched Turning Point to help bridge the funding gap often encountered by growing small to mid-size businesses.
Through a variety of financing options, Anderman hopes the venture can carve out a niche in Northwest Arkansas’ robust startup community. Typically, he said, startups with no established revenue can receive $25,000 to $100,000 if the owner or partner has good personal credit. No collateral is necessary.
“There’s a huge amount of entrepreneurial activity in Northwest Arkansas, but few financing sources on the ground other than traditional banks,” Anderman said. “The local banks do a great job but there are often good deals that they can’t do, for a variety of reasons, or what they can offer may not be optimal for the business.
“We want to help business owners, entrepreneurs, developers and investors who can’t get what they need from traditional lenders and don’t know what to do next.”
Anderman, a St. Louis native who earned a law degree from the University of Southern California, joined IPG four years ago, and has built an extensive network of alternative lenders over the last decade.
Before joining IPG, he spent nearly three years as a senior associate for Wind Point Partners, a middle-market private equity fund in Chicago. He also spent time representing private equity funds as an associate at Kirkland & Ellis in Chicago.
Anderman said his initial equity investment in Turning Point was minimal.
“It’s really me serving as a correspondent to a bunch of lenders that I have built relationships with over my career,” he said. “The initial investment on my end was really very small.”