I started a small software testing firm last November and currently have a staff of 4 fulltime employees on a contract with a major insurance firm in Boston. I am also adding anoth employee to the project this next week.
I started on my own money and have been able to get a fairly good payment terms of invoice every two weeks, net 30. The company has also been very good at paying invoices on time. I currently bill an average of $55,000.00 a month and have a gross payroll to employees of an average of $28,400.00 a month. This does not include Empoyer taxes. With the new employee that will jump to $32,960.00 bi-weekly or $65,000.00 a month.
My problem, I am looking to get into a position of having a private investor back a months worth of payroll, so that I can add more staff to this and one other project I am working on, a total of 6 to 8 additional employees. The loan would always be secured as I always have two invoices outstanding, average amount of $32,000.00 each, with the new employee starting and these would provide these lender with security.
Looking for one of two options;
1. Revolving line of $50,000.00 which is paid down each month, or
2. Fixed loan with monthly payments of $5,000.00 plus interest, also secured by outstanding invoices in the full amount.
The credit line will be used only for payroll, which is directly billable to the client on bi-weekly basis. I will have submitted and gotten the invoice approved, prior to the payroll due date.
My need does not require that I borrow more than the monthly outstanding invoices.
If interested or can point me in the right direction, drop me a line.
SQA_Mike
I started on my own money and have been able to get a fairly good payment terms of invoice every two weeks, net 30. The company has also been very good at paying invoices on time. I currently bill an average of $55,000.00 a month and have a gross payroll to employees of an average of $28,400.00 a month. This does not include Empoyer taxes. With the new employee that will jump to $32,960.00 bi-weekly or $65,000.00 a month.
My problem, I am looking to get into a position of having a private investor back a months worth of payroll, so that I can add more staff to this and one other project I am working on, a total of 6 to 8 additional employees. The loan would always be secured as I always have two invoices outstanding, average amount of $32,000.00 each, with the new employee starting and these would provide these lender with security.
Looking for one of two options;
1. Revolving line of $50,000.00 which is paid down each month, or
2. Fixed loan with monthly payments of $5,000.00 plus interest, also secured by outstanding invoices in the full amount.
The credit line will be used only for payroll, which is directly billable to the client on bi-weekly basis. I will have submitted and gotten the invoice approved, prior to the payroll due date.
My need does not require that I borrow more than the monthly outstanding invoices.
If interested or can point me in the right direction, drop me a line.
SQA_Mike
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