Veear Projects Inc. is a company based in Pleasanton, California with offices on the east coast as well as in India. As a rapidly growing IT outsourcing firm, we work with Fortune 100 companies to provide staffing solutions and engineering services.
Did Veear Projects face any business challenges in 2020 and 2021 (especially due to COVID)? What was the impact?
In the beginning, when nobody knew what had hit us, it was a very tough time with loss of business and cash flow challenges. There were also difficulties accessing capital and this all combined to create a perfect storm. Many of our customers stopped hiring as they were having a hard time.
What other challenges have you faced?
Cash flow is always a challenge. Our typical contracts warrant net-30 terms but these are seldom met — with some extending to 60 or even 90 days before payment. This makes things very difficult for a small business like us.
Acquisition of capital is very tiring, too. The documentation requirement is enormous and the delays are too long for us to feel good about it or, sometimes, even to take advantage at all. This has been one of the limiting factors for our growth.
How will the Facebook Receivables program help Veear Projects?
It has served as a godsend for my business. It will help spur growth beyond what we’ve seen previously. Up to this point, we’ve traded around $1m but access to capital means we are expecting to go higher, all the way up to $3m or $4m. We survived and now we are thriving.
What’s it like working with the Crowdz receivables platform?
Working with Crowdz has been great. The entire experience is seamless and the customer service is amazing. It means we can get funded within a matter of a few days. I will be very excited to see how we do in the next 12 to 24 months with this support structure.