Quick, short term bank loans are a life saver for small businesses

BOONTON, N.J., May 3, 2013 /PRNewswire-iReach/ -- A business owner walks in the door on Thursday and finds out that the $80,000 check they were expecting to come in last week still hasn't come in …and payroll is due the next day!

Another business owner has a huge $500,000 job that is being worked on in the shop when one of their most important machines breaks down. Expensive new parts will be needed costing $50,000 and the order is due in 3 days.

Another business owner landed a huge deal but needs to staff up so she can deliver here commitment in 2 weeks. This is a $1 million deal that will double the company's sales and profits.

These are just some of the real life examples of why small businesses with sales under $7 million look to alternative funding companies like Payroll Financing Solutions (www.fundmypayroll.com) instead of banks. Notoriously, small businesses are often financed through the owners own funds and through the cash flow of the business. When there are hiccups in cash flow a business owner has a hard time getting through it. Traditional financing companies, a business bank loan, are just not set up for quick turnaround,  nor are banks set up to allow a onetime loan that may not be needed again for years.

If the owner has time, a bank line of credit is helpful, but each year the bank will ask for expensive financials prepared for by an accountant and for additional fees for the bank line to be kept open. When a business is 10, 15 years or older with limited growth, a line of credit sometimes doesn't make sense.

There are also other considerations, like the business owners credit rating. 66% of the public have credit rating so low that a bank would not approve a line of credit and because business owners often have large amounts of balances on their credit card, even if they pay it of regularly, their ratings are greatly impacted.

Payroll Financing Solutions often hears thanks from its small business clients because of the problems that the quick loan solves. The loans are often issued in 48 hours or less, require very little paperwork for the owner to fill out, are paid off in small increments, and can be paid back at any time with no penalty with 7 days' notice.  In relations to the problem the loan solves, rarely does the business owner express concern over the cost.

If you are a profitable small business with sales from $500,000 to $7 million and you are looking for a quick loan of $5,000-$1000,000, please visit www.fundmypayroll.com and fill out a quick 10 question application or call 862-207-4118 x501. We would love to learn more about your business.

Media Contact:

Stephen Halasnik, Payroll Financing Solutions, 8622074118, [email protected]

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SOURCE Payroll Financing Solutions