ERTC: A Lifeline for Struggling Businesses
One of Mission Financial Resources’ clients, a small retail store, had been hit hard by the COVID-19 pandemic. With many of their customers staying home and their revenue declining, the store was struggling to keep its doors open. The owners heard about the Employee Retention Tax Credit (ERTC) and decided to apply.
After a quick and easy application process, the store was approved for a credit of $5,000 for the 2020 tax year. This provided much-needed relief and helped the owners retain their employees, who were crucial to the store’s success.
Another client, a restaurant, had to close its doors for several months due to government mandates. When they reopened, they were still struggling to make ends meet. They learned about the ERTC and applied for the expanded credit in 2021. They were able to claim up to $7,000 per employee for each quarter of the year, which amounted to significant savings for the business.
Thanks to the ERTC, both of these businesses were able to overcome financial obstacles and continue operating. Mission Financial Resources helped them navigate the application process and maximize their credits, providing a lifeline during a challenging time.
Unlocking Working Capital with Asset-Based Lending
One of Mission Financial Resources’ clients, a manufacturing company, was experiencing rapid growth but had limited cash flow to fund its expansion. Traditional lending options were not feasible due to their lack of collateral and short operating history. That’s when they turned to Mission Financial Resources for help.
Mission Financial Resources recommended asset-based lending (ABL), a type of financing that uses the company’s assets, such as accounts receivable and inventory, as collateral. This allowed the manufacturing company to access a revolving line of credit, providing them with the working capital they needed to invest in new equipment and expand their operations.
The ABL process was streamlined and tailored to fit the manufacturing company’s unique needs. The team at Mission Financial Resources worked closely with them to evaluate their assets and determine the appropriate credit line. As the company grew, the credit line increased, giving them even more flexibility to finance their growth.
Thanks to asset-based lending, the manufacturing company was able to unlock the working capital it needed to achieve its business goals. Mission Financial Resources’ expertise and personalized approach made the process seamless and stress-free, enabling the company to focus on what they do best – manufacturing high-quality products.
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