Joseph LaForte, of short-term capital provider Par Funding, said this week that his company will be providing a new product to help small- to medium-sized businesses (SMBs) with cash flow issues, according to a press release.
The product will ensure that SMBs are able to get access to working capital “in the shortest possible time and in the most convenient way,” the release states.
Under Par Funding’s program, titled No Document, SMBs won’t have to go through time-consuming processes, such as collecting documents or undergoing rigorous credit checks. According to Par Funding, the program will deliver funds as quickly as within one business day.
SMBs often face problems, such as cash flow hurdles, even in a strong economy, the release states. That issue becomes even more dire for SMBs that already struggle with resources. Par Funding’s aim is to reduce obstacles to funding, such as slow or impeded access to cash flow.
In addition to the quickness of delivery, Par Funding’s No Document service saves companies time from going through inspections that don’t do much aside from taking up time that could otherwise be used on work. The No Document product will ensure that red tape and bureaucracy are cut out as much as possible, the release states.
No Document is limited to short-term deals and is based on estimated cash flows. The product is open to SMBs that have other factors on their books.
Bringing payments and payroll operations into the modern age has proved a challenge for businesses in the past, particularly when a business’s operation involves multiple moving parts in order to get money out to recipients. The challenges come because of the number of people involved: senders, receivers, banks and payment rail networks.