By Jeff Louderback
Across four decades of creating and growing businesses in an array of fields, Peter J. Burns III has learned a multitude of facts and lessons about entrepreneurship. Chief among them is that access to cold, hard cash is the essential ingredient to every successful venture. That “gas in the tank” is what propels entrepreneurs past the starting line and onto the figurative track. This understanding fueled an idea that has rapidly evolved over two years and has allowed the innovative Burn$ Funding (www.burnsfunding.com) to help aspiring entrepreneurs and existing businesses to flourish with a capital injection strategy that other funding sources have ignored.
“Money is necessary for starting a business, yet for years, it was a challenge for entrepreneurs to get that money,” Burns said. “Banks are utterly useless to the start-up entrepreneur. Finding an angel investor for a start-up is possible, but it’s highly unlikely for the fledgling entrepreneur. Burn$ Funding was created to provide start-up entrepreneurs and existing small business owners alike with money at attractive rates.”
Burns debuted Burn$ Funding motivated by the mission of spearheading the growth of America’s small and medium-sized businesses. Countless entrepreneurs are watching their business languish, he explained, because they have exhausted traditional funding sources and have no idea where else to turn.
Burn$ Funding is a financial service aggregating company that secures attractive financing on behalf of individuals. One option it offers is revolving primary credit lines, from 6 months to 5 years old, of up to $20,000. The company also provides business owners with three additional innovative programs:
- A bridge loan process that, when paired with the work of reputable credit repair companies, can generate hundreds of thousands of dollars in low-interest funding based on one’s personal credit.
- A partnership with an aggregator of shelf corporations, which are entities that are no longer being used because their assets have been sold, usually through acquisition. When purchased at a cost generally ranging from $2,000 to $4,000, these corporations are viable because they have exemplary credit records. This means the new owner of the corporation can easily secure lines of credit.
- A cost segregation study that is IRS compliant and identifies aspects of property that can be placed on accelerated depreciation life cycles, potentially resulting in huge tax savings for eligible property owners. Cost segregation studies help business owners obtain growth capital by giving people (like friends and family members) access to money to invest they otherwise would not have without the tax benefits.
Burns has started and built more than 150 enterprises over his professional career that began when he started the first moped rental business in America on Nantucket Island when he was a teen-age college student at the University of Virginia’s esteemed McIntire School of Commerce. Among the ventures that followed include the nation’s first college for entrepreneurship at Grand Canyon University in Arizona and a travel company that spawned a partnership with the nation of Vietnam, yielding him a share on revenue of every travel dollar spent and every VISA issued to tourists.
“My experience as an entrepreneur inspired me to build Burn$ Funding,” Burns said. “Over the years, countless people have reached out to tell me about a great business idea they have, but they can’t get the funding. Most of the time, it’s because they don’t have the personal funds and no means to get those funds.
“What we have done at Burns Funding is institutionalized the bridge funding process. We have brought in companies that are willing to make the kind of loans necessary to get substantial relief from the credit problems; or if they are an entrepreneur, meaningful funding for their business,” Burns added. “We have also partnered with some of the country’s most reputable credit repair companies, which gives these lending companies even more piece of mind.”
The roots of Burn$ Funding are traced to Entrepreneur’s Credit Card (www.entcreditcard.com), which Burns introduced in 2016 with business partner Bruce Blechman, the New York Times best-selling author of Guerrilla Financing and Founder of Entrepreneurs Capital Corporation (EEC), a financing advisory firm. They established a concept to provided flexible start-up funding for entrepreneurs through a pre-approved credit card product, allowing applicants with FICO score of 700+ to get $100,000 in unsecured credit for their new business.
Not long after launching the Entrepreneurs Credit Card, Burns discovered that 90 percent of the applicants were turned down because of credit issues. That prompted the founding of Entrepreneur Credit Repair to help individuals who do not qualify make the necessary improvements to their financial situation so they can gain access to capital.
The Entrepreneur’s Credit Card is now one of the array of tools offered by Burn$ Funding. Through the company’s credit repair partners, people in need can take the steps to improve their finances and qualify. Response to Burns Funding has further escalated Burns’ commitment to “doing well by doing good” through his own ventures that deliver a positive impact on society and by helping others accomplish their goal of financial freedom as a business owner. As far as Burns knows, he is the only entrepreneur who provides funding for entrepreneurs.
“I’m not fond of traditional banks. They weren’t supportive when I was a fledgling entrepreneur,” Burns said. “Every other funding company of which I’m aware is staffed by people with a financial background without experience in starting and operating a business.
“I take JFK’s proclamation ‘Of which much is given, much is expected’ to heart. Helping empower people to become independent financially through my mentorship, connections, and resources is my mission of giving back,” Burns said. “This (Burn$ Funding) is the first company to offer a vertical integration approach of repairing credit and providing fresh new debt capital at rates and terms that benefit everyone involved.”