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Q: How do I go about paying my staff wages during a cash flow crisis? I cannot open my shop because I have no water and no electricity. Is there a short term solution?

Aug 14 2007

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Answered by: Mark Endersby Ask a question

Over and above traditional overdraft borrowing you may wish to consider an invoice finance facility that will release the cash tied up in your debtor book. This is suitable for businesses that sell or provide services to other businesses on credit terms.

Alternatively there are facilities that can advance up to 9 weeks wages (including PAYE) to a business. This type of finance is a relatively new type of business finance.

There are lenders who can move quickly when required and arrange suitable facilities in a matter of days.

If you have any questions please contact us at finance@fundingsolutionsuk.co.uk

Comments [1]

Comment by robbie burrge

Tuesday 14th August 2007

If your staff have recently been unemployed the chances are the Jobcentre will help them; although they may not be very impressed when you suggest it, at least they will get some money.

May I suggest that in the future you control your spending by using legitimate businesses to help you; for instance, www.123-Admin.com offer a secretarial service that you can use 'ad-hoc' to decrease the time you spend on your business admin. Hope this helps.

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