You pay for your costs of goods sold every week in the form of payroll, taxes, etc. If your staffing company’s invoices are payable in the range of net-30 to net-90 days, you will get tight on working capital especially if you are growing. This issue becomes even more severe when payments are delayed and invoices become outstanding. You need enough working capital to cover weekly payroll and other expenses on time. Applying for a bank loan can take a long time and not provide you with all the funding you need. A better idea is to use payroll funding from Madison Resources.
Find out why securing funding from Madison Resources is better option than through a bank.
Funding with Madison Resources offers much more flexibility than with a bank. Funding with us is based on the creditworthiness of you and your customers. You provide us your invoices andwe provide 100% of the invoice amounts to cover payroll or other business expenses. This allows us to fund your staffing company when it’s in the startup phase, growth mode, or at any other time without rigid reporting requirements. In contrast, a bank typically examines your staffing company and its personal guarantors in depth. This most likely requires three years of financial statements, a cash flow analysis, and on-going collateral appraisals. The process can take weeks or months to finish. If you’re lucky enough to obtain a line of credit, it’s typically for a fixed amount. This finite borrowing ability can limit your company’s growth.
Funding with Madison Resources can ensure proper cash flow for your staffing company more than funding with a bank can. This is especially helpful when your business if overloaded with outstanding invoices. We provide 100% of your invoice amounts to make sure you have the necessary cash flow to keep your agency running. Conversely, if you’re extended credit from a bank, it may not be enough to cover payroll and other expenses when needed.
Funding with Madison Resources ensures your payroll is covered more than bank funding does. Since funding with us is a fast process, you have the capital to cover payroll when you need it. Because your invoices are used as collateral, there’s a fast approval period. This may not happen with a bank, which can take days to distribute funds to your account. Because payroll needs to be covered on time each week, lack of funding increases the potential for major problems.
Secure Funding Through Madison Resources
Secure funding for your staffing company from Madison Resources. We understand your need for fast access to capital to keep your staffing company running. Get started with us today.