I read online the other day that Circuit City, which had closed a good portion of its stores after it announced that it was filing for bankruptcy, will now be liquidating the remainder of their stores. This time last year, I was drooling over their laptop deals online, dreaming of the day that I'd get a new job and be able to purchase one of their laptops. I just assumed that Circuit City would always be there, like Walmart or Publix. Obviously, I assumed wrong, as it now it looks like the store's employees will be joining me in the job search.These times are scary for businesses. If the big guys can't stay open, what does that mean for the little guys? My mom works for a company that does other companies' payrolls, in addition to running their own staffing agency. As far as the payroll aspect of the business goes, the company spends a lot of time wining and dining potential clients. It depends more on its sales people's legwork and word-of-mouth advertising than TV or radio spots to expand its business. Staffing agency-wise, it's constantly looking for similar, smaller agencies it can buy out and bring under its own umbrella.
Both kinds of expansion require capital. In order for the company to spend money, it has to be making it as well. The problem is that the company's payroll clients aren't always paying their bills on time. Often the company pays out several hundred thousand dollars in payroll, only to have to wait several months to be reimbursed by the client. I keep telling my mom that sooner or later, one of these in-the-red companies is going to file bankruptcy and leave her company in dire straights with a six-figure, unpaid debt on the books.
If that situation happens, the company that she works for may very well have to take out a Business Loan until everything is worked out in the bankruptcy court, just to cover its own ongoing costs. A site like OnlineCheck.com might be able to help them get that loan. The requirements for obtaining a business loan from OnlineCheck.com aren't as strict as those implemented by banks. In fact, approximately 90 percent of its loan applications are approved. OnlineCheck.com's loans also tend to be approved a lot faster, in some cases as soon as 48 hours, and the funds can be deposited in the applicant's checking account within five to seven business days. There are also no application fees or closing costs associated with the loan, which is a great benefit in today's economy. After all, a dollar here and a dollar there adds up. Onlinecheck.com further offers businesses the ability to process credit cards. A company like the one my mom works for could benefit from this ability, as their clients, who may not have the cash available to pay their bills, could very well have the credit.
I just hope today's inauguration of President Obama marks the beginning of an upturn in the economy. I hate to see months more of businesses, large and small alike, closing their doors because they can't afford to keep them open, even with a loan. If the latter happens, the unemployment line is just going to keep on growing, and it's hard enough to find a job as is. Take it from someone who has been trying for more months than she cares to admit.
