Private credit
Waltuc writes credit facilities for small and mid-sized companies operating in the United States, and holds them through the term. The person who reads your file is the person who answers for it.
$450,000
Unsecured
Wholesale and distribution
Illustrative$1,200,000
Secured
Construction and trades
Illustrative$3,000,000 revolving
Asset-based
Staffing and personnel
Illustrative examples prepared to show how each product works. Not completed transactions, and not descriptions of any specific borrower.
Featured
Latest insight
Revenue is an accounting outcome. Deposits are what actually arrives in the account, in the order it arrives. Only one of those tells you whether a business can carry a payment.
Read the piecePerspective
Small businesses carry a large share of the economy and a persistent shortfall in the credit available to run them. Every figure below is published, sourced and dated.
42%
of small business applicants received the full amount of financing they sought. Thirty-six percent received some or most of it, and 22% received none.
Federal Reserve Banks, Small Business Credit Survey — 2026 Report on Employer Firms, 2025 survey56%
of firms that sought financing did so to meet operating expenses — the most common reason given. Pursuing an expansion or a new opportunity followed at 46%.
Federal Reserve Banks, Small Business Credit Survey — 2026 Report on Employer Firms, 2025 survey60%
of firms that borrowed from online lenders reported that their actual borrowing costs came in higher than expected. Four percent found them lower.
Federal Reserve Banks, Small Business Credit Survey — 2026 Report on Employer Firms, 2025 survey17% → 29%
the share of applicants seeking financing at online lenders, from the 2020 survey to the 2025 survey. More businesses are going outside the banking system every year.
Federal Reserve Banks, Small Business Credit Survey — 2026 Report on Employer Firms, 2025 survey36.2M
small businesses operate in the United States. They employ 45.9% of private sector workers and account for 43.5% of GDP.
U.S. Small Business Administration, Office of Advocacy — Frequently Asked Questions About Small Business, 2026The firm
Waltuc originates unsecured, secured, asset-based and structured facilities for businesses in the operating economy — distribution, construction, logistics, manufacturing, staffing, healthcare and professional services.
We take submissions from owners directly and from independent sales organisations. Both reach the same desk. Because the facility stays on our book, the structure has to work for the life of the paper rather than for the moment of closing.
01
Every request is worked by a person who goes through the financials, the deposit behaviour, the debt stack and the collateral. No scorecard stands between the business and the answer.
02
Facilities stay on our own book. We are not originating to sell, so the structure has to make sense for the life of the paper rather than for the moment of closing.
03
Amount, term, payment, security and every fee are set out in a term sheet before anything is signed. Nothing is discovered at closing.
04
A file that falls outside our parameters gets a decline and the reason for it. A slow no is worse than a fast one.
Products
Which one fits depends on what the business owns, what sits ahead of us, and what the money is for.
Who we fund
Time in business
12 months or more
We need enough operating history to read the revenue across a full cycle, not a snapshot. Younger businesses are considered where the file is strong elsewhere.
Annual revenue
$3,000,000 or more
Revenue has to carry the facility alongside everything already sitting in front of us. The deposit history tells us more than the stated figure.
Geography
United States
We lend to businesses operating in the United States. The entity has to be domestic and the operating accounts have to be domestic.
Industries we read
Use of proceeds
What the money is for changes the structure and the term. We would rather match the facility to the use than fit every request to one product.
Payroll, rent, insurance and the ordinary cost of staying open through a slow stretch or a long payment cycle.
Buying ahead of a season, taking a volume discount, or holding stock a large customer expects you to carry.
Machines, vehicles and fit-out — bought outright rather than financed at the dealer, where the term rarely matches the use.
The distance between delivering the work and being paid for it, which widens exactly when volume grows.
A second location, a new line, a larger contract — capital deployed before the revenue it produces arrives.
Replacing several short obligations with one facility on a term that matches what the money was used for.
Buying a competitor, a book of business, or a partner out, where the cash flow of the combined business services the paper.
Capital now, against a bank line or an SBA loan that is real but not yet closed.
How it works
Every fee that applies to a facility appears in the term sheet before you commit to anything.
01
Send the business, the request, the financials, the existing obligations and — where the request is secured — the collateral detail. Owners and brokers use the same desk.
02
A person reads the statements, the deposit behaviour, the debt stack and the assets available to secure a position. There is no scorecard between the business and the decision.
03
If it fits, you get the structure in writing: amount, term, payment, security, and every fee that applies. All of it before you commit to anything. If it does not fit, you get the reason.
04
Documents are executed, conditions are cleared, and the facility funds. We hold the paper afterwards, so the relationship continues with the people who wrote it.
Illustrative structures
Worked examples — situation, structure, outcome. These are illustrative examples, not completed transactions.
$450,000
$1,200,000
$3,000,000 revolving
$2,400,000
For ISOs and brokers
Files reach the credit team rather than a queue. We work the file with the submitting party, not around them.
For ISOs and brokers
Capital partners
We speak with institutions and family offices interested in participating alongside Waltuc in the credit we originate. Conversations begin with an introduction.
For capital partnersInsights
27 September 2026
UnderwritingWorking capitalRevenue is an accounting outcome. Deposits are what actually arrives in the account, in the order it arrives. Only one of those tells you whether a business can carry a payment.
27 September 2026
UnderwritingDebtMost declines are not about the business. They are about what is already sitting in front of the request — and about how little of it is visible from a single credit report.
27 September 2026
ProcessSubmissionsA thin submission does not get a fast no. It gets a slow one, because every gap becomes a question and every question becomes a week.
Offices
Where to find us
Newsletter
Notes on underwriting, structure and the credit market for small and mid-sized businesses. No volume, no selling.
A complete package gets an answer either way, with the reason attached. Owners and brokers use the same desk.
