Let's hear what John Beaman from Merchant Masters has to say in regards to receiving financial assistance during this time for your business:
SBA loans are an excellent source of cash during trying times like these and with the stimulus package that the federal government recently passed, there is plenty of cash available to help businesses survive this short-term cash flow problem. Although there is plenty of cash available, one of the consistent problems that we have been asked about is the timing of the funding; it usually takes 4-6 weeks for the funds to hit the business’s bank. While some businesses will be able to survive that time period, we know for a fact that there are other businesses that cannot wait that long. But, there is a solution.
A business can actually use the SBA loan as collateral to get cash within a matter of days. For example, if a business gets an SBA loan for $100,000 but it needs $15,000 by next week, there are financing companies that will purchase $15,000 of the loan and fund the business with cash in 1-3 days. This is called bridge financing and it provides a reliable platform to get cash quickly in less than ideal situations. These financial transactions are fast, amazingly simple, and very effective. There are many different companies that provide this service and we would be more than happy to make an introduction if this is something that you or someone you know may need.
If there is anything we can do to support you during these times, please let us know – whether it is connecting you to an SBA lender, a CPA, a bridge financier, or something else entirely, know that we are here to help and provide assistance whenever we can. Together we will survive these times and emerge stronger than ever before. Continue to use social distancing, stay safe, and God bless you!
John M. Beaman
John M. Beaman, MBA
Mobile: (262) 339-5470
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