Working Capital Solutions To Cover Hiring Costs
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Working Capital Solutions To Cover Hiring Costs

After your business expands, there comes a moment when you realize that the small team you started with is no longer enough. Team morale and productivity can take a big hit when your business is short-staffed. Despite needing more employees, many small business owners become hesitant or outright ignore that need.

Don’t get us wrong, hiring new employees can be difficult, especially for small businesses with tight budgets. Productivity tends to drop during training because your existing staff has to show the new person the ropes, and it also takes time for the new hire to get up to speed. However, the main reason business owners avoid the hiring process like the plague is the cost. According to Joe Hadzima of the Boston Business Journal and lecturer at MIT’s Sloan School of Management, the salary plus benefits usually comes to 1.25 to 1.4 times base salary range. Salary and benefits are the obvious expenses that need to be considered, however, recruiting can also be a costly process. Advertising your vacancy online and in print, attending career fairs, background checks, and time spent interviewing candidates are all things to be factored in.

Bringing on new staff can be a daunting task. While the cost of hiring can be hefty, it is not something that should stop you. Excel Capital Management can provide your business with working capital that can help fund your hiring process. Here’s a little info about some of the services we offer:

Merchant Cash Advance: Short-term financing transactions that are collected through a set percentage of your visa and mastercard sales  that are accepted at your place of business. Probably the most common term used in the industry. These do not have a set repayment schedule and are based on the volume of your businesses credit card processing sales. These are usually only guaranteed by the future sales of your business.

Business Lines of Credit: A rotating loan that gives business owners access to a fixed amount of money, which they can use day-to-day according to their need for cash. Interest is only paid on the amount of the advance actually used.

Asset Based Loans: A business loan secured by collateral.

SBA LOANs 504 Loans: The US Small Business Administration 504 Loan or Certified Development Company program is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings and machinery, at below market rates.

Term Loans: A loan that is backed by a bank for an exact amount that has a specified repayment timetable and  interest rate that are adjusted accordingly. Terms mature between 1 and 10 years.

Visit our Solutions page to learn more about Excel Capital Management and the alternative funding options we provide. You can also call us at (877)880-8086 to speak directly to one of our funding specialists.

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