Five years ago, Billy Morrissey, president of Merchant Solutions Group, recognized that the bottom was falling out of the mortgage industry, so he took his years of experience and connections in lending to launch a brokerage house dedicated to helping merchants secure the loans or cash advances they need in order to survive and thrive.
"There are times when we are helping merchants build their dreams, and there are times when we are helping them get out of a rut," Morrissey said. He added that most merchants are looking for that extra push to help them expand, renovate, develop new product and service offerings, or open additional locations.
"Since the economy changed and banks have pulled lines of credit, we are getting a much better quality of merchant coming to us. They feel they need that financial cushion to comfortably run their business," Morrissey added, explaining that the average credit score for business owners seeking financial assistance has actually risen nearly 100 points since the recession began.
Merchant Solutions Group also helps business owners during times of crisis, like a Gulf Coast restaurant owner suddenly at risk of losing his normally successful restaurant following the 2010 Gulf of Mexico oil spill. "He had invested all his money in his business for ten years, and if we didn't help him out, he would've closed down," Morrissey explained.
Because Merchant Solutions Group helped him keep his doors open, he was still in business when BP needed to contract meals for the 40,000 people cleaning up the spill. "In one month, he went from thinking his business was going to close because of the catastrophe, to winding up with a $2 million contract."
Morrissey endeavors to truly help business owners, unlike many competitors who take advantage of distressed merchants by adding extra up-front fees and closing costs. "I've never done that, and it's one of the reasons why I'm at a 95 percent retention rate for keeping merchants."
Merchant Solutions Group has grown steadily in its five-year history. By networking with top-tier lending executives, Morrissey stays at the forefront of industry changes so he can continue helping small businesses secure the capital they need. Soon, Morrissey will also be doing a bit of expanding himself when he launches Liberty Merchant Group to offer in-house lending.
For more information, please visit: www.merchantsolutionsgroup.com
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