Staffing Business Loans

Get access to revolving funds when you need it most

Serine Alejandro

October 25, 2021

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Staffing Business loan

Staffing Business Loans for Your Staffing Business

Staffing businesses capitalize on current trends in the business world. In today’s market, many businesses favor outsourcing employees rather than hiring themselves, which makes the staffing business industry highly profitable.

But, like any other industry, starting and operating a staffing business takes a lot of time – and a lot of money. You must have a sufficient amount of working capital, which can be a problem for many business owners.

The only way to expand your business is to have cash on hand to pay for the expenses. Obviously, the bigger your contracts or the bigger your jobs, the bigger the cash reserve you’ll need.

For staffing agencies, one of the biggest expenses is often payroll. Employees need to be paid regularly, and on time – there is no alternative. If not, they will find somewhere else to work.

Without enough working capital, you can’t run your business effectively. If your business isn’t running effectively, you can’t take on new clients. Without new clients, your business will suffer.

SMB Compass supports the growth and expansion of staffing businesses in the United States. Our dedicated lending professionals will provide you with a financing solution that satisfies all your goals.

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use of Staffing Business Loan

4 Ways to Make Use of a Staffing Business Loan

When managing a staffing business, you need working capital to get you through slower seasons. By partnering with a reliable financing source like SMB Compass, you’ll have access to working capital right when you need it. Here are four ways to improve your business with a staffing loan:

Plan Ahead

Your initial business plan might not always work later down the road. Because market conditions are always evolving, a successful business owner must review and update their business plans regularly. An improved business needs improved strategies. A staffing business loan can help you plan for future expansion.

Aquire New Tools and Technology

Having the right tools and technology is essential to help staffing companies streamline communications, generate job candidates and clients, and improve overall productivity. Paper resumes are a thing of the past! Successful staffing companies use customer relationship management (CRM) systems.

CRM systems are proven to help improve communication between clients and candidates, which strengthens business relationships and ultimately, increases sales. A staffing business loan can help you obtain the tools and technology you need to succeed.

Manage Cashflow and Payroll

Every business owner knows about cash flow issues. Despite problems in cash flow, you always are going to have to pay your employees. The right funding partner will help you through all of your cash flow difficulties, so you can always be ready to take advantage of growth opportunities that might come your way.

Adapt to Change

It is easy to be content and resist change by ignoring new trends. Constantly updating your equipment or changing your operating procedures can be costly. But, being content can threaten the growth and success of your business.

It never hurts to revisit your business plan. By assessing current market conditions, you can update your strategies to adapt to current trends and environments. Should you renegotiate your contracts? Update technology? Expand your team? Or maybe improve your marketing and advertising efforts? All of these changes require working capital – a staffing business loan can cover those costs.

Best Types of Loan Programs for Staffing Business Loans

Whether you need to refinance existing debt, pay for operational expenses, or expand your business, SMB Compass has a staffing business loan tailored to your unique needs. Here are some of the business loans we offer for staffing businesses:
Staffing Business Loans

SBA 7(a) Loans

SBA 7(a) loans designed by the Small Business Administration makes it easier for small businesses to secure funding. SBA loans are usually two or five-year terms. The SBA guarantees about 85% of each SBA loan to the lenders, which means your business has a higher chance of approval.

Business Line of Credit

With a business line of credit, lenders set credit limits and interest rates, and you can withdraw funds from the line of credit whenever you need it. The line of credit is revolving, much like a credit card, so when you pay back the amount you owe, your line of credit will also go back up.

Bridge Loan

Do you need short term funding for your business? Bridge loans are intended to bridge the gap between an acquisition of a new property or other areas your business may need.

Invoice Factoring

Invoice factoring refers to the process of selling accounts receivables, or invoices, to a third party. The third party is a factoring company, or a private lender, who will pay you immediate cash for your invoices, for a fee. After you sell the invoice, your clients pay their remaining balance to the factoring company.
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