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Payroll Financing

in Other Business Finance

I have a client looking for payroll financing specifically. Any lenders out there that do payroll financing?

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STEVE BENJAMIN

Jun 11, 2023

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Nope....you can't say payroll when sending in app....immediate decline.

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Jun 12, 2023

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So is this not a type of financing? Does an MCA cover this typically, Steve?

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STEVE BENJAMIN

Jun 12, 2023

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Lender's are not allowed to finance payroll as per their guidelines. If you mention that's the use of funds, the file will be declined. If you can't meet payroll how are you going to pay a lender back. You will have to find another way for funding - like hard money property, personal loan, etc.

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Jun 12, 2023

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Makes perfect sense

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