NEW YORK, Dec. 12, 2013 /PRNewswire/ -- Over 100 restaurateurs and franchisees from around the United States turned to Merchant Solutions Group to secure over $7,000,000 in cash advances in 2013. The private company additionally supplied $13,000,000 in merchant cash advances to small business owners spanning a wide spectrum of industries for a total of $20,000,000 in deals in 2013. This type of alternative loan option is increasing in popularity and CEO Billy Morrissey expects that his company will provide more than $60,000,000 to owners in 2014.
"Businessmen and women are turning to Merchant Solutions Group for many reasons," explains Morrissey, "including the simplicity and accessibility of the procedure. We have a very speedy turn around, which can fund merchants in 24 to 48 hours. This alleviates much of the stress and anxiety that comes when requesting money, and allows the businesses to utilize funds quickly."
A variety of service industry vendors including a franchisee at the iconic ice cream chain Dairy Queen and the owner of NYC fine dining establishment Remi Restaurant, have turned to Merchant Solutions Group to provide cash advances throughout the year. With traditional financial institutions and banks turning down loan applications, there are hundreds of thousands of businesses that are looking for alternative cash advances to grow and expand during a difficult economic environment.
With banks being more conservative when it comes to small business loans, Merchant Solutions Group is able to step in to save the day, offering affordable funding, from under $5,000 to over $500,000.
To keep up with the increasing demand for merchant cash advances, Morrissey has a full time staff of 40 junior brokers, brokers and administrative employees, which is due to double by January 2014 to keep up with demand. For each merchant, members of the team ask a number of questions and can provide an approval if the applicant meets requirements in two days or less.
Merchant Solutions Group is one of the nation's leading providers of merchant cash advances to small and mid-sized businesses. Since 2007, Merchant Solutions Group has provided more than 500 businesses in all 50 states with nearly $200 million in working capital. Owners use Merchant Solutions Group capital to renovate, purchase new equipment and supplies, fund advertising, manage unexpected expenses and seasonal downturns and free themselves from second mortgage liens and personal guarantees associated with loans. For more information about Merchant Solutions Group's innovative working capital solutions, visit www.MerchantSolutionsGroup.com.
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SOURCE Merchant Solutions Group