Ali Habib Mayar is the founder and CEO of Platinum Rapid Funding Group, a Long Island-based Merchant Cash Advance company that helps small business owners access much-needed capital.
As one of the leaders of the alternative finance industry, Ali Habib Mayar found a way to combine his passion for helping small businesses grow with his vast knowledge of the sphere of loans. He recently took the time to talk to us about his work in the cash advance business.
Q: The first things first: for those who may not know it, what is a cash advance?
A: This is an excellent question. It's almost like an accelerated loan. It bypasses the long approval process and helps companies that really need financial help in the blink of an eye. When a finance group like mine establishes that a company has the means to handle repayment, usually by reviewing transactions or credit card payments, a cash advance is deposited almost immediately.
Q: And what types of businesses would benefit from such a model?
A: Most companies in the service industry or in a customer-oriented industry. Many restaurants and retail stores often rely on cash advances to start up, replenish locations and upgrade equipment. Cash advances from merchants can even help recruit and recruit if needed, because adding someone to payroll can be a really daunting prospect, especially in an area like food service that may have a high turnover. business above average.
Q: What is the best part about operating the Platinum Rapid Funding Group?
A: It's really great to see that an advance we gave to a small business really helps them grow. We have many success stories that we have seen over the years. Also, by consulting someone who really has a great vision and concept, their enthusiasm really grows on you and you really start wanting to see them succeed. So when we have a client who takes him out of the park, we can sit down and say, "Yes, we helped do that".
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Q: What is the most important thing for a startup founder?
A: I have always, always stressed that when you start any type of business, you will win or lose depending on the people with whom you are going surround. And it always starts with you. If you do not set a good example for your team, you will end up working with unmotivated people who will not give it all.
It is not just about owning a business. Even though it's a really exciting step, you should also think of yourself as a leader. Once you have a hardworking team in place, you must continue to inspire and lead them on the road to success.
Q: To add to that, how do you feel about leading your team?
A: This goes back to what I mentioned about the excitement and leadership. I am excited to work every day and this is not just because the Platinum Rapid Funding Group has been created. That's because I work with incredibly talented clients and hard-working workers who inspire me to do my best and push even harder every day. I think my energy and enthusiasm translate really well into my team. I could also say the same thing about them. In the way that I help my team succeed, they help me right away. This is an excellent type of feedback loop that really helped us grow.
Q: Finally, what is the biggest advice you can give to a future business owner?
A: Especially if you are looking for financing, come ready, come with a plan, and most importantly, come with enthusiasm. Many people often look for a quick fix or an easy way to start, but they do not have the passion. Creating a business is incredibly difficult work, with or without financial help, and if you do not have a passion for what you do, you probably will not do it. So start a business that excites you and keep an eye on why you start it. This will make the long hours shorter and the successes richer.