Kramer Portraits

In an era of selfies, Kramer Portraits has carved out a well-defined traditional role in the world of photography.

And that gradual growth has prompted the company to use MultiFunding’s services twice in recent years – once to refinance its debt and once to line up funding to buy a location it was renting.

Kramer Portraits avoids the bread-and-butter of most photographers – things such as weddings, bar and bat mitzvahs and other celebrations.

“We do classic studio-style portraits,” owner Steve Kramer said. “There’s a niche for it. As casual as people are, they still like to get dressed up.”

On its website, the company touts portraits it has created for former presidents Ronald Reagan, George H. W. Bush, Bill Clinton and George W. Bush; athletes Gary Player, Joe Torre and Paul O’Neill; and musical artists Don Henley, Patti LaBelle and Fernando Varela, among other celebrities.

Although the pandemic basically shut down the company for three months, it was operational again by late June and close to 100% by August.

Kramer started the business out of his house in 1998, establishing a commercial location in Red Bank, New Jersey, two years later. In the years since, Kramer Portraits has gradually expanded, opening in Hillsborough, New Jersey, in 2005; New York City in 2010; Greenwich, Connecticut, in 2014; Philadelphia in 2015; and Washington, D.C., in 2019. About 15 employees now work for the company.

The expansion required a significant amount of capital, so Kramer first worked with MultiFunding’s Senior Director of Business Financing, Joe McAleer, on debt consolidation options. 

McAleer was able to help the company tap into Small Business Administration-back loans that featured lower interest rates and generous repayment terms. The savings allowed Kramer Portraits to buy equipment and other materials needed to keep the company growing.

“It’s nice having an advocate on your side,” he said, describing how McAleer helped the company navigate the SBA framework and massive amounts of paperwork. “It’s like having a rectal exam for three months. You can’t imagine what the banks ask of him.”

A year later, Kramer again sought out MultiFunding, as the loan savings enabled the company to think about buying its Red Bank location.

“It’s a long-term investment,” Kramer said, noting that he already owned one of the other six locations. “It’s building equity in something that’s an asset.”

With the company’s finances in good shape, Kramer Portraits isn’t looking to expand to other locations for now, instead hoping to improve penetration in its existing markets.

But if financial help is needed at some point in the future, it’s likely Kramer will turn again to MultiFunding.

“As a small business owner, they do a wonderful job of helping you navigate the complexities of the SBA,” Kramer said. “Joe did an exceptional job. He just goes above and beyond. You’re dealing with people who care about your business.”