Where Can I Get a Small Business Loan for My Payroll
For the entrepreneur, everything about your small business can be a big deal, such as getting a small business loan for the huge responsibility of making payroll. Knowing where to go and what options are available can make all the difference.
A small business loan may become a necessity for the survival of your company. It is something you may come to rely on to purchase a big ticket item or expand your business. When you require a business loan to make payroll, most likely you need to know where to go…fast.
Can a Small Business Loan Help Me Make Payroll?
Every small business is different. The restaurant across town does not have the same issues as the dry cleaner down the street. However, if there are employees involved, one thing is common — they all need cash to make payroll.
When you need cash to make payroll, you may think that turning to a bank for a small business loan is the answer. After all, you probably use the bank to deposit funds or pay bills. Nonetheless, trying to use a bank for a small business loan may be a waste of time.
If you need help making payroll, it is a good bet that you have to get the money right away, before your next payday. No bank is going to provide you with a small business loan in less than a week.
The paperwork alone that is required to obtain a small business loan may take at least a week to complete. After that, you must wait for the bank to verify your information and then there is an additional delay while they make a decision for approval or denial.
Are There Any Other Options for Instant Business Funding?
An alternative lender is perhaps the fastest option for immediate business funding to make payroll. It is important to have all the facts before deciding which type of lender is best for your unique circumstances.
Cash advance companies, like Financing Solutions (www.fundmypayroll.com), can approve your application for payroll funding in a few hours and give you the money you need to make payroll in less than two days. The process is quick and painless.
Using the time-honored practice of selling your account receivables, you can receive cash based on a percentage of their value. For example, if you have an account receivable for 100 dollars, you can get approximately 75 dollars in cash for it.
Best of all, by working with a cash advance company, there is no long term commitment. You can simply repay the money when your cash flow improves. A majority of businesses that use cash advance companies are able to pay back the money in a few weeks or months. For businesses that rely on account receivables where you have to wait 30, 60 or 90 days for clients to pay, this is an ideal solution when you need quick business financing to make payroll immediately.
What Are the Dangers of Missing Payroll?
Many a business owner has lost sleep worrying about making payroll, for good reason. Not making payroll can be more dangerous than you may think.
Employees are one of the biggest assets a successful company can have. You rely on them to make and deliver your product, to communicate with customers and help obtain new business. In return, they expect a paycheck.
When workers are not paid well on a regular basis, they may become stressed and unproductive. This can result in an uncertain atmosphere and a depressed company culture and you can believe your customers will notice.
In addition, there are also business, state and federal tax laws surrounding payroll which you must follow, as not doing so can cost you big. The Internal Revenue Service has hefty fines and you may even experience problems with the Department of Labor when you don’t pay your employees or your payroll taxes.
Your wisest option is to not miss payroll in the first place. Financing Solutions can give you the small business funding you need to ensure you make payroll.