Stellar Payment Systems has announced an expansion of its services for small business owners who require fresh capital to support their ongoing operations amid a challenging environment.
Stellar Payment Systems (SPS), a Miami, Florida-based financial services provider, has expanded its range of services for business owners looking for a convenient solution to support their operations. The company now provides business loans to entrepreneurs across all 50 states that can be used to address various needs.
More information is available at https://stellarpay.com
With the updated service, SPS seeks to help those businesses grappling with the impact of the pandemic on their operations. The company aims to support businesses through financial programs with flexible repayment terms to weather the economic hurdles quickly and easily. The company’s goal is to streamline the funding process for small business owners and address the increasing demand for working capital by troubled entities.
According to recent statistics, up to 66% of small businesses in the US experienced financial obstacles the previous year, with the failure to address operating expenses emerging as the most common problem. Asked what action they would take in the event of a two-month revenue loss, nearly half of the affected business owners said they would rely on their personal funds, and 17% admitted they would close.
Although the share of firms that applied for funding in 2020 and 2021 has remained unchanged since 2018, almost 50% of respondents said they would consider securing additional financing in the future.
Those who decide to take advantage of SPS’s updated service will benefit from a fast approval procedure even if they have a bad credit history. The company’s average funding time is 48 hours but same day is possible, allowing businesses to access vital capital when they need it most.
The company’s services aim to help small businesses that are often rejected critical funding by traditional lenders. Additionally, SPS aims to prevent clients from being required to meet multiple requirements to become eligible for a loan and waiting weeks or even months to obtain the financing.
The company usually approves funding for qualifying applicants who have at least $4,000 in monthly deposits into a business checking account, zero credit qualifications, are not in an open bankruptcy, and haven’t been flagged for too many negative daily balances in their account.
Loans from SPS can be utilized for different purposes. Businesses can draw funding to address unanticipated issues such as broken equipment, pay off bills and taxes, cover payroll costs, back an advertising campaign, or simply replenish general cash flow.
Interested parties can check whether they qualify for a loan from SPS by filling out a pre-approval form available on their website.
Release ID: 89057947