DENVER, Aug. 25, 2020 /PRNewswire/ — During the 2008 financial crisis, Mattscash.com President Matt Willer almost lost a great business because the banks called in his loans, and he understands the stress a lot of owners are facing today.
Now he’s helping all U.S. based small business that generate between $200,000 and $3 million in annual revenues with quick short-term loans to help them through the pandemic.
«Just because you’re having difficulties today, doesn’t mean you won’t be a success tomorrow when they find a vaccine for COVID,» said Willer. «I was running a great business in the mid-2000s then the financial crisis hit and the bank gave me 30 days to pay-off my loan.»
At the 29th day, he literally found a private investor and ended up making it through the financial crisis. Despite the bank’s assessment, he continued to grow his successful business after the financial crisis ended and ultimately sold it to a larger Company.
«Because I’ve been through it, I understand the situation businesses are in from both sides of the table. The challenges and stresses that a lot of businesses are going through right now are very real, and businesses need help.
«We aren’t relying on algorithms and don’t have to report to a credit committee like the banks do, so we can make our own decisions, and make them quickly,» said Willer.
The capital at www.MattsCash.com is readily available today. Since Matt’s Cash isn’t bound by strict bank lending standards, they’re more flexible. A lot of time they can say yes, when the banks say no because the client didn’t meet strict banking underwriting standards.
Matt’s Cash can also issue a loan quicker than banks, which is especially important to a lot of struggling business owners. At Matt’s Cash, they don’t care if you’re a restaurant, auto shop or manufacturing owner, they can help fund any small business in a legal industry.
«We can issue a term-sheet typically within 24 hours provided clients give us all the materials we need. Usually it’s a bank statements from the last few months, an application and an interview. If the business accepts the term-sheet, we can provide funding in a matter of days,» said Willer.
The loan is a short-term solution from three to 24 months, with flexible payment options depending on the client’s cash flow. Matt’s Cash can provide loans from $10,000 to $500,000 in all 50 states.
«The cost of the loan is generally higher than the banks, but these people have often been turned down by multiple sources and they need help quickly. Going bankrupt would be much costlier,» said Willer.
Banks often use collateral for their business loans. It might be a building or pizza oven. If for some reason you can’t service the debt, the bank may foreclose on those assets and you’ll be forced to close. That’s what almost happened to Willer during the financial crisis.
The loan criteria at www.MattsCash.com is different from banks and is based on future cash flow. There are also no hidden fees that banks may charge. Willer thought of the idea for developing MattsCash.com with an industry partner earlier this year to help struggling small businesses.
«Through our interactions with small business owners, we started to see a rapid increase in the need for flexible, alternative capital. We used to just refer them to other lenders but then decided to launch MattsCash.com. We wanted to make sure clients received prompt, fair, and flexible offers since in most cases, time is of the essence,» said Willer.
Matt’s Cash clients typically have some challenges, whether it’s the owner’s existing debt, reduced revenue at no fault of their own because of the pandemic, or other hiccups which wouldn’t be acceptable at regular banks, so they come to him.
Business owners run into situations where they wait until the last minute and need something quickly. In this environment people have been met with unprecedented challenges. Today, many businesses could be bankrupt within 30 days.
It’s also impossible to run a profitable business at 25 percent capacity, due to COVID restrictions. Many business owners don’t have the luxury of time anymore.
«We’re not going to make you go through 30 days of document production torture that the bank puts you through, just to tell you no. Talk to us today. You’ll probably get funded in days, and we quickly provide term sheets that clients can review with no strings attached,» said Willer.
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