A Line of Credit... Just in Case

Quick Line of Credit Quote

  • Thousands of organizations are already PRE-APPROVED!
    Are you?

A New Type of Funding, Payroll Financing, Helps Small Business Owners

You own a small business that has been really been doing well and you  just found out that your sales team landed a huge deal that will add $500,000 in sales, but you will have to get a $50,000 fund to deliver on those new sales. Another owner of a small business is trying to figure out how he is going to get $25,000 immediately to cover an unexpected expense for his liability issuance policy that was just increased. Another small business owner just found out from his best client that they are going to force him to accept 90 day terms, from his normal 30 day terms, causing the company to be short on cash for payroll.

These are all real life examples of companies that are using a new way to obtain short term  funds by borrowing money from lenders that provide what is now called “payroll financing”

Payroll financing lenders (i.e. www.fundmypayroll.com) fund money to business owners for payroll purposes of between $5,000-$100,000. The businesses are usually very established businesses,  have been around for more than three years, sales are greater than $500,000, and the companies are usually profitable. The fund is often intended to help a company thru a short period of time where a quick answer is of the utmost importance.

In the past, the only way to get a quick short term fund for a business was thru credit cards, friends/family or a home equity fund. Not many business owners have a friend who can give them a $75,000 fund, have enough credit cards ready to be able to take a large cash advance or have personal equity that isn’t already committed.

Payroll financing was designed because there was a need in the marketplace for micro funds without having  to wait a long time to get an answer nor having to have a lot of collateral to back up the fund. Although the fund can be used for almost anything, the term payroll financing was first established to qualify that the money wasn’t being used for a start up business.

A payroll financing lender might work closely with the small businesses payroll processing company, a professional employee leasing company, or a daily ACH ( automatic money withdraw) to ensure that the fund is paid back but for the first time, there is an option for a small business that needs an emergency short term fund.

Financing Solutions (www.payrollfinancingsolutions.com) provides fast business fund of $5,000-$100,000 to good small businesses with sales of $500,000-$7 million that can be used for working capital.

 

Tags: , , ,

Related posts

Quick Line of Credit Quote