Payro Finance is launching its payroll financing offering for small and medium-sized business (SMB) owners.
In a press release on Thursday (Nov. 14), Payro, which launched this year, said its payroll funding solution is now available for business owners in need of a solution to finance their payroll needs. Professionals can access funding on a weekly, biweekly or monthly basis, the company said.
In its announcement, Payro pointed to research from Forbes, which found that nearly 43 percent of small business owners struggling with cash flow have risked not paying their employees. Separate data from PNC, also highlighted in the press release, found that more than a quarter of SMBs have postponed a hiring decision because of cash-flow struggles.
Small businesses seeking payroll financing can be pre-approved for up to $20,000 per period, with total financing of up to $500,000 available, the company explained. Borrowers can opt in to receive financing “immediately upon payroll.”
In a statement, Payro Finance President Morris Reichman said, “Sixty percent of the 30 million U.S. small business owners struggle with cash flow at some point. Unlike most obligations, payroll must be met on time, and cannot be delayed, Our unique funding option offers a quick solution for businesses by providing them with the funds they need to cover payroll on time.”
In another statement, the firm’s CFO Isaiah Kenigsburg further explained that Payro will collaborate with payroll service providers to offer payroll financing to their own clients.
“Our support team does a fantastic job of working with our payroll partners to ensure integration and setup [are] painless,” he said. “We can get things up and running in less than 24 hours. The best part is that the funds are available immediately upon processing payroll.”
The company said its services are now live for U.S. customers, with plans to introduce new features in the coming months.