It’s been a challenging last few months for small businesses and independent contractors, to say the least. A recent study found that over 100,000 small businesses have shuttered permanently and more are expected to follow in the coming months. With no income coming in and with limited resources to fall back on, it’s been an uphill struggle. 

Even if all lockdown measures and social distancing restrictions are lifted tomorrow, there’s just no telling when the economy will bounce back and when consumers will feel secure enough to resume their routines and usual spending habits. This climate of uncertainty has everyone holding on to their cash.  

Lamentably, that’s also what small businesses need most right now: cash. Access to financing has been difficult since traditional lenders are understandably wary. It’s their job to ascertain if the business is fully capable of repaying a loan. But since the pandemic put small businesses in a precarious position, their chances of being approved for a loan is slim. Businesses need funding now to survive, but they can’t get funding because they may not survive. It’s a vicious and frustrating cycle.  

The CARES Act passed the Congress allocates $350 billion for SBA loans. Realistically speaking, with so many small businesses applying, it won’t be enough. Plus, SBA loans take a notoriously long time to process.  

Where can small businesses turn to for cash when traditional lenders are proving to be a long shot?

Enter Payment Pilot. We are a merchant services provider and lender and we work specifically with contractors and business owners. We are committed to supporting their financing needs in these uncertain times. Payment Pilot has secured $250 million in private equity funding and a considerable part of that is earmarked for small business loans and lines of credit. 

So while banks and other traditional lenders have all but put a pause to their small business financing, Payment Pilot is still partnering with small businesses and independent contractors to support their financing needs. 

Business office or store shop is closed/bankrupt business due to the effect of novel Coronavirus (COVID-19) pandemic. Unidentified person wearing mask hanging closed sign in background on front door.

No one wants to see small businesses close up shop. Aside from the economic costs, losing small businesses is devastating for the morale of the community. Reach out to us at Payment Pilot and let us know how we can support your business during these trying times.