Consulting Company was Looking for an Emergency Business Loan
MORE BUSINESS WOULD MEAN AN EMERGENCY BUSINESS LOAN
A $3 million consulting company knew when it got back from their year-end conference that things were going to be good. MS Sharepoint had just announced an upgrade in its software and in the past, that meant a lot of additional business. While at the conference, its customers kept giving them details about work that was going to be needed now and the consulting company owner knew that he was going to need an emergency business loan to add additional staff to his team for all the work coming down.
WORRIED BECAUSE PAST EXPERIENCES WITH BANKS DIDN’T WORK OUT
The owner of the consulting company came back super excited but worried. He had seen this before in his 12 years of his business but he also knew that last time this happened, he missed out on business because he didn’t have enough people on his staff to handle the work load and that the local banks just never seemed to be able to provide fast business loan nor a line of credit to his business.
This time around, he had MS Sharepoint consultants ready to come on board but he knew he needed a small business loan to get these people on board now. The owner had gone the bank loan route before but it never was really needed except 1 or 2 times in the 12 year history of the business. This was one of those times when a quick business loan would be needed and more than likely, the money would start coming from the client in the next 60 days allowing the loan to be paid off. A bank loan would be too costly and would take too long.
SPOT FACTORING WAS THE ANSWER
The owner turned to Financing Solutions for $20,000 that would help him bring on 3 new people for his staff. The spot factoring was approved in 24 hours based using the accounts receivable as collateral. The consulting company decided to pay the financing back over a 2 month period of time. Let the hiring begin!
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.