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Porter Capital Announces Additional Funding Products for Businesses with PPP Loans

January 12, 2021, 08:22 AM
Filed Under: Industry News

Porter Capital announced it will provide additional funding to businesses in need of more than their current PPP loan offers.

"With the new COVID-19 stimulus package signing, many small business owners can apply for another round of Paycheck Protection Program loans. In some cases, businesses will find the PPP loan amount isn't enough, or they no longer qualify. Obtaining additional loans through traditional banks can lead to a lengthy approval process and may not get approved at the end of the process," said SVP, National Sales Manager, John Cox Miller.

With Accounts Receivable Financing and Asset-Based Lending, Porter Capital can provide additional financing solutions for those businesses in need of extra working capital. AR Financing turns unpaid invoices into immediate cash and is beneficial for those operating in the B2B space with clear repayment terms. The process does not lead a business to incur additional debt, and through Porter Capital, a company can apply for and receive funds in as little as one business day.

With Porter's Asset-Based Lending product, a line of credit is secured with assets acting as collateral. Inventory, accounts receivables, equipment, or other property owned by the business all qualify as collateral with Porter Capital. The credit line can help cover additional expenses not covered by PPP loan forgiveness, especially when there is a delay in payment on invoices. To be approved, a business must show enough cash flow or assets to cover the loan.

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