ARDMORE, Pa., May 13, 2020 /PRNewswire/ -- As small businesses continue to face tough times due to the coronavirus pandemic, Balanced Bridge Funding, LLC ("Balanced Bridge") wants to remind the government contracting community of their ability to provide financing through their government contract funding product. Balanced Bridge can provide financing to prime and sub-contractors with government contracts as they wait on their expected payments.
The effects on the global economy continue to hit hard due to the virus, and the longer this current state continues, the harder it will be for small businesses and independent contractors with government contracts to bounce back.
Joseph Genovesi, CEO of Balanced Bridge, says, "Our company is specifically designed to offer funding options to those companies and independent contractors on their government contracts with entities at the federal, state, and local governments. In our other lines of business, we have provided financing to plaintiffs' attorneys, real estate agents and brokers, and class action recovery companies on their expected payments."
The coronavirus pandemic has disrupted every facet of life in the United States. The normal way of doing business has changed and continues to change daily. The limitations imposed for the purpose of public safety have introduced several unknowns into the business community. Many are dealing with coronavirus-related issues that impact and continue to impact their ability to do business.
Government contractors can range from construction workers building a road to translators providing their services to government entities. Recently, the law firm Pillsbury, Winthrop, Shaw, Pittman, LLP published an article about different scenarios contractors can face due to coronavirus. Some of their points include contractors not being able to fulfill their contract because of the limitations set by the governments and the work from home directives. Politico also reported on the lack of agency wide guidance for contractors working with the federal government and the confusion that it's causing among them.
Government contractors at the local, state, and federal level play an important role in our economy. A variety of private companies and independent contractors provide goods and services by working with the government. In return, governments don't have to hire employees to fulfill those duties, which saves the taxpayers money. American Public Media's radio program Marketplace reported about the increasing reliance the federal government has had on contractors.
As the economic impact of coronavirus continues to harm the small business community, government contractors are suffering along with the rest of the country. The contracting community is not only based in the United States, they are in foreign countries where the U.S. has military bases, diplomatic missions and embassies, and in active war zones like Iraq and Afghanistan.
Government contracting is a huge source of business for some companies and independent contractors. There are so many departments and agencies throughout the local, state, and federal government that need products and services. In 2018, the U.S. Small Business Administration published an article that stated the federal government spends over $400 billion on goods and services. As a result, the possibility of landing a contract at any level is a huge opportunity. One contract can lead to more, which can be a huge revenue source. However, the process of obtaining a government contract can be long and arduous. It can take months from the initial bid to being awarded the contract, at which point the company must be prepared with the resources needed to fulfill their requirements.
Balanced Bridge is ready to provide funding to companies and independent contractors with government contracts at the local, state, or federal level. Companies that are prime or subcontractors can apply for funding. We can offer government contract advances from as low $10,000 to above $10 million. Our funding process is fast and simple. Funding can be released in a matter of days. Any companies or contractors with local, state or federal government contracts interested in financing can call us at 267-457-4540 or email us at [email protected] for more information. Prospective applicants can apply on our website.