One of the key markers of a healthy and thriving business is its available cash. Having insufficient funds can restrict your business operations, prevent growth, and it can cause your business to default on its financial obligations.
The most common approach to financing a business is applying for business loans from banks and other traditional lenders. The downside of this would be the time it takes to process an application and the stringent requirements, which means it’s not always available for, say, some contractors and service professionals.
Additionally, they’re more risk-averse and their loan approval process is vulnerable to economic forces and policy changes. Case in point is the ongoing COVID 19 pandemic. Shelter-in-place policies have left businesses with considerably reduced revenues but with no reprieve from many of their major expenses, such as rent, payroll, and utilities. Banks and other lenders have all but put a pause to their lending, leaving struggling businesses with one less lifeline.
Payment Pilot is a merchant services provider and lender. We work specifically with contractors and business owners and we made it our business to understand and address their specific financing needs. We understand the importance of having access to cash during times of uncertainty and we’re ready and able to get you the funding that you need.
Payment Pilot has secured $250 million in private equity funding and a considerable part of that is earmarked for funding our merchants with loans and lines of credit. Let us help you identify which one of these financing options is right for you.
Business Loan
A straightforward business loan will provide you with a specific amount or a lump sum. This comes with a set interest rate and is payable throughout a specific period, typically a year or more, which is great for businesses with fairly consistent month on month profits. Loans are best for specific expenses, such as purchasing big-ticket items.
Line of Credit
A line of credit works exactly like a credit card. A lender will assign a credit limit and you can dip into it when the need arises, as long as you haven’t gone over the limit. Your payments are based on the amount you use plus interest. This is a great option for covering operating and emergency expenses, as well as for businesses that are prone to time gaps between service rendered and customer payments.
Payment Pilot will not only help you get the funding you need for your business, but we’ll also help you determine the appropriate financing route based on your business needs. We won’t waste your time, our application process takes less than 48 hours. Click the link below and schedule a consultation with one of our sales representatives so you can get started.
