Payroll Financing Saved Me
My family has owned a high tech manufacturing company for 54 years and during that time we have lived thru recessions, overseas competition, floods, family fights, and other business struggles. I thought I had seen and lived through it all. I consider myself a well prepared business man but due to the recession our bank continued to reduce our business capital line of credit that we used for our working capital fund. We still had a good profitable business but our clients just wouldn’t budge on paying us in less than 90 days so a lot of our money was tied up in accounts recievables. So I was elated when we landed a huge order from one of our best clients who was going to pay us in 30 days once we delivered. It was going to make our year!
With only 7 days left to when the order was do, I learned that our most important piece of expensive equipment had broken down and although it could be fixed in 2 days, the cost to fix the equipment was expensive and there was no way I was going to be able to line up financing through an accounts receivable factor, a bank, or any other resources in time. With 45 people on payroll I was going to miss payroll if I paid for the equipment to be fixed and missing payroll in the past proved to be a nightmare with many of my employees walking out the door.
I still made my calls to receivable factors but they all said the same thing, it would take the accounts receivable factors weeks to respond. I needed another bank fund for working capital but it just wasn’t going to happen in time.
I found Financing Solutions on the internet and it looked like a perfect match since they provided short term funds to companies so that one could make payroll. The money that would have funded payroll then allowed me to utilize it for paying the vendor to fix my equipment.
Financing Solutions saved my butt and my company. My people got paid, we got the broken equipment fixed, we delivered the product to my client on time, and got paid in 30 days, and we paid the fund of to Payroll Financing Solutions in 45 days.
Financing Solutions (www.payrollfinancingsolutions.com) provides fast business funds of $5,000-$100,000 to good small businesses with sales of $500,000-$7 million that can be used for working capital.