Quick Business Loan From a Bank? Payroll Financing Saved This Company
The waiting game for a quick business loan
It’s Monday morning at 11am and the bookkeeper anxiously waits for the mail to be delivered. She knew that the owner of the business was worried. In the 4 years that the business had been around, the business had never missed payroll but this time it was going to be close. They were waiting for a large check from one of their best clients which would help them make payroll on Wednesday. The mail came in and the check wasn’t there. They needed a quick business loan and they needed it fast.
Past decisions to get a bank loan
The business owner knew he had a good profitable business. The business continued to grow month over month for the last 12 months. Getting a quick business loan from a bank was something the owner always thought about doing but he always put it off. The paperwork, the expense, the meetings, the personal liability all added up to a lot of time spent away from the business and the money always seemed to come on time. Plus, he wasn’t even sure he would be approved for the business bank loan and he was positive it would not be a quick business loan decision.
The owner had also looked into accounts receivable factoring a few months ago but didn’t like the idea that the Factor would be calling his client to verify his invoices. He felt it would show his company to be very small and it could cost him future business if his clients thought that he had financial problems.
The owner moved into action to make payroll
The owner quickly went to google and searched for “Quick business loan” and listed third on the page was Financing Solutions (www.payrollfinancingsolutions.com) . The ad said Financing Solutions provides lending from $5,000-$100,000 with an answer in 4 hours with 90% approval. The owner clicked on the google ad and filled out a simple 10 question application. It took all of a couple minutes and 15 minutes later, a Financing Solutions Managing Partner called to introduced himself and asked a handful of question. 15 minutes later the owner had his answer. Payroll Financing Approved the funding for $30,000 and an offer letter had just been e-mail describing every detail. When the owner reviewed the document, he found that everything was spelled out so that the owner knew the terms.
The owner signed the offer letter and after sending some backup required documentation like a driver license, bank statements and a few other documents, the money was wired into his account the next day. Total time to fund, 24 hours, and the owner made his payroll with 1 day to spare.
Missing payroll was not an option, so a quick business loan was the right solution
On the day after payroll was due, the owner received his check from his client that he had been looking for. One day in a business can be an eternity however the owner knew that his decision to get quick business funding from Payroll Financing was the right one. The cost to the owner for not missing payroll was pennies compared to what missing payroll would signal to his employees and how it would have affected moral.
The business owner knew from that point forward, instead of sweating out missing payroll, that he could always get funding from Financing Solutions
The above scenario was a very typical example of how Financing Solutions is able to help many companies. Both owners of Financing Solutions have built several small businesses themselves and completely understand, much more then banks, what a small business is like. If you are looking for quick business funding please visit www.payrollfinancingsolutions.com
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.