In the course of a normal week, Payroll Financing Solutions (www.payrollfinancingsolutions.com) usually gets about 50-100 short term financing requests from many types of business owners who are going to miss payroll due to an unforeseen event. However, since the government shutdown, Payroll Financing Solutions Managing Partner, Stephen Halasnik says that the numbers of requests from small business owners doing business with the government are now in the hundreds per day. “Small businesses that do business with the government sometimes need short term financing to make payroll usually because invoices were coded wrong, there was a computer billing change or an end of the year funding delay. However, what we are seeing now is that every day the government shutdown continues, the requests have been escalating to where we are seeing double or triple the requests daily from business owners who are saying the same thing, I can’t pay my employees because the government isn’t paying my bill and I don’t want to let my people go”.
Mr. Halasnik continued, “Unlike a big business or even the government, small business owners care a lot about their employees. A small business owner usually knows what is going on in each of their employee’s lives and how much his/her employees count on their paychecks. Most small businesses are financed through current business cash flow so the margin of error to make payroll is usually tight. By the time a business owner gets to us, he/she has tried getting a quick business loan from a bank and found out that either one, it will take 6-8 weeks for an answer or two, the owner just doesn’t have enough assets to back up the bank loan. The rejection from a bank isn’t a reflection of how good the business is because banks want to see their loan backed up by assets and sometimes, those assets are hard to come by. Plus, bank lending is really hard to come by nowadays. ”
Payroll Financing Solutions is run by two serial Entrepreneurs who over the last 20 years, have built 7 successful businesses and started Payroll Financing Solutions knowing that a business owner can have a great business but unforeseen events can lead to a missed payroll. Payroll Financing Solutions was designed to take into account many other factors that Banks don’t consider and to turn around the financing request same day if it is needed to make payroll.
If you are a business with yearly sales over $350,000-$7 million and seeking short term emergency financing of $5,000 to $100,000 so you can make payroll, visit www.payrollfinancingsolutions.com today and fill out a simple 10 question application for funding.
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