Looking to Hire? A Cash Advance May Be What You Need
Sometimes a small business cash advance can mean the difference between being able to hire much-needed help or having to let employees go. According to recent data from Paychex and IHS, this is something businesses across the country are learning for themselves.
The Paychex IHS Small Business Jobs Index posted a score of 100.99 during August. This represented a decline of 0.11 percent from the previous month, as well as the third decrease over the past four months.
The index is meant to provide a current snapshot of small business employment across the country, and with declines being felt, it’s clear that some enterprises are being forced to cut back on hiring.
“Although the Paychex IHS Small Business Jobs Index continues to show positive year-over-year growth, the short-term trend has declined 0.16 percent in the past three months,” said IHS Chief Regional Economist James Diffley in a statement. “As most other employment indicators accelerated over the summer, it appears that small businesses may have been on the front end of that trend, in the spring, with the index reaching its peak level in April 2014.”
For businesses where cash flow is tight at the moment yet a traditional small business loan isn’t an option, merchant cash advances are one avenue to consider.
Cash advances vs loans
A merchant cash advance is not the same as a business loan, although both can give your business the boost it needs to succeed.
The right cash advance can provide you with hundreds of thousands of dollars without requiring long approval wait-times, collateral or hidden fees.
One option is a cash advance that allows you to receive cash in exchange for a fixed dollar amount of your future credit card sales. Over the course of the repayment period, an automated process will take a small fixed percentage of these sales until your advance is paid off.
In this way, you only pay back the cash advance when you’re getting paid, making it easier to stay on top of business expenses while also seeing to your other financial obligations.
Paychex and IHS reported small business account for 95 percent of all employers in the U.S. That makes them the foundation of the nation’s economic success.
However, sometimes keeping things running smoothly, whether that means hiring on more employees or purchasing equipment, means needing a little help.
With that in mind, explore your cash advance options when seeking a flexible solution for your business.