31 Jul How a school bridged the gap with a payroll line of credit
Stony Brook Academy, a special needs school in CA, was late with their billing this March due to COVID-19 staffing problems, they were faced with empty bank accounts and a big problem. They were short $118,000 for upcoming payroll, and they’d only get the funds needed in a month.
Pressure was mounting.
They were faced with a dilemma. With the business world in a pandemic crisis, they couldn’t afford to lose staff goodwill and create panic by delaying paychecks. But where could they lay their hands on quick cash until the bills went out and monthly remittances came in?
In desperation, they reached out to their payroll service bureau for help, who in turn introduced them to PAYRO Finance.
They were relieved to hear about Payro Finance’s same-day, low-interest payroll financing for situations like these.
The underwriter got in touch with their CFO, gathered the required documents and was able to secure a line of credit for the client the same day, Before 5 pm that day, $118,000 was sitting in their payroll account. The check cleared, and employees were paid on time.
Occasional difficulty making payroll because of thin cash flow is a problem that faces 67% of healthy businesses even in normal times. Of those 32% actually don’t make payroll on time occasionally according to study by QuickBooks. And it creates tremendous emotional and economic stress on the business, it disrupts work flow, lowers productivity and increases staff turnover.
When a business needs to run payroll they don’t have the time for a dragged out loan application process with a bank, all they need is a quick short term infusion of money.
Launched in 2019, Payro Finance offers payroll financing to a host of small businesses across various industries. Payro Finance’s mission is to ensure that payroll can be processed free of stress. Payro Finance sets itself apart through its unique on-demand financing solution. Our team’s passion for small businesses and experience allow us to help help our clients avoid interruptions in their operations.
Learn more about Payro Finance at https://payrofinance.com/.