What To Do When You Need a Small Business Loan to Make Payroll
click here to see video of how Financing Solution’s Managing Partner Stephen Halasnik would have used Payroll Financing when he owned another company that really needed a small business loan to make payroll.
Staffing company needed a small business loan quickly to make payroll
Mr. Halasnik owned a staffing company that was on the Inc 500 fastest growing list and because of its huge growth, used all of his small business loan in 8 months. He was going to miss payroll when his team went out and sold enough business to quadruple sales and only by luck was he able to find a supplier who loaned him the money until the bank could increase his line.
Payroll Financing works as spot funding or sometimes called spot factoring
Mr. Halasnik says, ” if a company Payroll Financing Solutions had been around then, it would have been a life saver for me and my company because getting a small business loan when you need it fast, is next to impossible. I had a great business and we were very profitable but because our sales kept going up, the bank couldn’t respond fast enough”.
“We already had a small business loan of $600,000 so when my sales team went out and sold an additional $150,000 in sales in one month I knew that we were going to be short of payroll and missing payroll when you are in the temporary business is a death sentence.”
Financing Solutions (www.payrollfinancingsolutions.com) provides fast business funding of $5,000-$100,000 to good small businesses with sales of $500,000-$7 million that can be used for working capital or to make payroll. Payroll Financing is spot funding or spot factoring which allows your business to pledge your receivables as collateral in exchange for upfront money from Financing Solutions. Your business then pays a small daily payment directly to Financing Solutions.