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SOURCE Merchant Solutions Group
Supporting America's "Main Street" Businesses With Needed Working Capital
NEW YORK, Sept. 17, 2013 /PRNewswire/ -- Merchant Solutions Group, one of the nation's leading provider of Merchant Cash Advances for small and mid-sized businesses, today announced that it has provided more than $150 million in working capital to small and mid-sized businesses (SMBs). Founded in 1997, reaching the milestone took less than 6 years and the company is expected to reach the $200 million mark within the next two years.
This accelerated growth is a result of several strategic initiatives, including the continued investment made in the underlying Daily Remittance Platform™ (DRP) of Merchant Solutions Group. The result: increased visibility into the portfolio, decreased risk and the ability to say "Yes" more often and for larger amounts.
Banks want to lend, but they appear to be hindered by their reliance on the same tools to score applications and service portfolios that have been used for decades. According to Merchant Solutions Group, many small and mid-sized businesses still look to their banks first for working capital, but only 34 percent have actually obtained a collateral-based bank loan. As a result, more than one out of 10 SMBs seek more innovative options, including Merchant Cash Advances non-traditional loan providers, and peer to peer lenders and factors, many of whom now offer Daily Remittance products.
Additionally, other investments, including the development of national sales partnerships and alliances, "2008, 2009 and 2010 were not easy for U.S. merchants," said Billy Morrissey, founder and CEO of Merchant Solutions Group. "Our ability to provide one hundred and fifty million dollars of working capital to our merchants during those difficult years speaks to our confidence in the entrepreneurial spirit of U.S. small business owners," Morrissey continued. "It is small businesses and the jobs they create that will bring us to full economic recovery, and we stand ready, willing and able to service them as they do."
Additional resources can be found on Merchant Solutions Groups website www.merchantsolutionsgroup.com
About Merchant Solutions Group
Merchant Solutions Group is one of the nation's leading provider of Merchant Cash Advances to small and mid-sized businesses. Since 1997, Merchant Solutions Group has made over 4,000 fundings, providing almost 3,000 businesses in all 50 states with $150 million in working capital. Owners use Merchant Solutions Groups capital to renovate, purchase new equipment and supplies, fund advertising, manage unexpected expenses and seasonal downturns and free themselves from second mortgage liens and personal guarantees associated with loans. For more information about Merchant Solutions Groups innovative working capital solution, call 212-374-0129 or visit www.merchantsolutionsgroup.com
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