Is Payroll Financing Good for Women or Minority Owned Businesses?
They say that what’s good for the goose is good for the gander, but you might be wondering if payroll financing is good for women or minority owned businesses. The simple answer is yes.
There are more than seven million women owned businesses and approximately three million minority owned businesses in America. The industries range from retail to mining, but they all have one thing in common; the need for access to fast cash now. Payroll financing may help in this area.
Ways That Payroll Financing Can Help Women and Minority Owned Businesses
For women and minority owned businesses, there can be an uneven playing field. You may feel uncomfortable just walking into a bank to ask for a small business loan.
However, just like every other business, you sometimes need a quick business loan to help you expand or take advantage of a profitable opportunity, but you may find that the bank is not always on your side. In fact, 70 percent of all businesses are turning to alternative funding sources instead of banks.
Companies like Financing Solutions (www.fundmypayroll.com) are available to help you get the immediate business financing you need to grow and thrive. Financing Solutions is a cash advance company that is accustomed to working with minority and women owned businesses because they recognize, more than banks, that these are good clients to have.
They can provide you with instant business financing in as little as 48 hours. The funds can be used for any business expense, such as making payroll, purchasing equipment, or building a working capital fund.
The process is easy. You simply sell some or all of your account receivables and receive cash based on a percentage of their value. Most importantly, with a cash advance company there is no long term commitment or penalty for early repayment. You can pay the money back as soon as your cash flow situation improves, typically in a few weeks or months. This is the best option for short term business financing.
More Statistics on Women and Minority Owned Businesses
As a woman or minority business owner, you have probably been working hard for many years to get your business off the ground and keep it profitable. Often, you may have done things all by yourself. Nonetheless, it might help to know that you are not alone in the struggle.
- Women owned businesses account for more than one trillion dollars in revenue.
- More than 80 percent of women owned businesses are non-employer companies.
- Minority owned businesses contribute almost 600 million dollars to our economy.
- Ninety nine percent of minority owned businesses are classified as small businesses.
Opportunities Available for Minority and Women Owned Businesses
Many states have created initiatives to help women and minority owned businesses compete for government contracts, which can provide a significant boost to your bottom line. It is worth investigating to find out if your state has joined this trend.
In addition, you may also discover several government agencies and centers with programs to help minority and women owned businesses grow and stay competitive. If you are also a veteran, there are numerous special programs designed to help you succeed.
Another resource for minority and women business owners is Financing Solutions. They are accustomed to handling the unique issues of minority and women owned businesses and can be a good tool to have in your immediate business financing arsenal.