NEW YORK, April 22, 2014 /PRNewswire/ -- Over 1,500 restaurateurs, franchisees and small business owners from a wide spectrum of industries around the United States turned to Merchant Solutions Group to secure over $200 million in cash advances. This type of alternative loan option is increasing in popularity and CEO Billy Morrissey expects that his company will provide more than $30 million dollars to business owners in 2014 alone.
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. "Business men and women are turning to Merchant Solutions Group for many reasons, including the current economy and the fact that the process to secure a loan, the paperwork and requirements, is far from simple. At Merchant Solutions Group, we are accessible and pride ourselves on the speediness of the procedure," explains Morrissey. "The fact that we have had $200 million distributed to American businesses demonstrates the need for this type of alternative loan. A business can expect to receive funds within 24 to 48 hours of processing, which alleviates much of the stress, anxiety and time lost when waiting for a traditional bank loan."
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 relied on 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 their businesses during a difficult economic environment. To keep up with the increasing demand for merchant cash advances, Morrissey has a staff of 40 junior brokers, brokers and administrative employees, which doubled 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 $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 innovative working capital solution visit www.MerchantSolutionsGroup.com.
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SOURCE Merchant Solutions Group