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More than 100 restaurateurs and franchisees from around the U.S. turned to Merchant Solutions Group to secure more than $7,000,000 in cash advances in 2013. This type of alternative loan option is increasing in popularity, and CEO Billy Morrissey expects that his company will provide more than $14 million in the year to come.
“Business men and women are turning to Merchant Solutions Group for many reasons, including the simplicity and accessibility of the procedure,” Morrissey says. “We have a very speedy turn around, which can fund merchants in 24 to 48 hours. This alleviates much of the stress and anxiety that comes when requesting money and allows the businesses to utilize funds quickly.”
A variety of service industry vendors, including a franchisee at the ice cream chain Dairy Queen and the owner of the New York fine dining establishment Remi Restaurant, have turned to Merchants Solutions Group to provide cash advances throughout the year. With some traditional financial institutions and banks turning down loan applications, there are many businesses looking for alternative cash advances to grow and expand their businesses during a difficult economic environment.
Merchants Solutions Group offers affordable funding, from less than $5,000 to more than $225,000.
To keep up with the increasing demand for merchant cash advances, Morrissey has a full time staff of 40 junior brokers, brokers, and administrative employees, which is due to double by January 2014 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.