Joe Laforte helps launch Par Fundings new invoice factoring product geared toward hospitality businesses which allows borrowers to pick their own repayment days each week. More information is available on www.parfunding.com/.
Business financing company, Par Funding has recently announced the launch of its “Pick Your Pay” financing solution for restaurants and other businesses in the hospitality industry. This unique short-term funding solution designed by small business finance specialist Joseph Laforte aims to make business financing smoother and more convenient for small and mid-sized lenders in the hospitality industry. Under “Pick Your Pay”, restaurants can attain credit based on their future receivables and then pick their own repayment days each week.
Why “Pick Your Pay” Works
“Pick Your Pay” works because it is designed especially for restaurants and other hospitality businesses. Not only does it give them the convenience of availing short-term financing without all the red tape of traditional lenders, but it also provides them with the flexibility of repaying the funding on their own terms. This is a tremendous advantage offered by Par Funding for small and mid-sized businesses, since their cash flows vary from day to day.
Factoring their receivables to get short-term financing under “Pick Your Pay” can prove to be the fuel that hospitality businesses need for growth and expansion. Businesses can use the funding for a multitude of reasons. For example, a restaurant may invest in bringing more entertainment options or renovating the location as part of a rebranding attempt. Cash advances can be used to fix equipment, make payroll or even launch a new promotion to drive traffic and sales. The cherry on top is that business owners can repay the funding on their strong receivable days when cash flows are good.
“Restaurants and other businesses in the hospitality industry can now make use of our unique and specialized short-term financing product, called ‘Pick Your Pay’,” states Par Funding’s Joe Laforte. “This one-of-a-kind factoring solution works great for businesses who would like to expand or improve on their existing facility without putting too much burden on their cash flows. You get fast and easy financing and have the flexibility to pick your own repayment days. With ‘Pick Your Pay’ you get complete peace of mind to focus on the growth of your restaurant.”
About the Company
Par Funding is a New York-based business financing company that aims to make it easy for small and mid-sized businesses to attain funding for growth and expansion. With more than $500 million given out as funding, Par Funding has helped over 5,000 small businesses grow. Their fast, easy, and convenient funding options have earned them a reputation as the number one non-conventional lender for small business. More information on Par Funding is available on www.parfunding.com/.