Merchant Solutions Group Secures 10 Million Dollars in Borrowing Facilities For 2012

NEW YORK, Dec. 1, 2011 /PRNewswire/ -- Merchant Solutions Group (MSG), a leading provider of merchant cash advances, President and CEO William Morrissey today announced that it has closed new financing arrangements, supporting its ability to serve the increased demand for working capital from small to mid-size businesses has secured $10 million in available borrowing capacity, plus the ability to add an additional $25 million, from several prominent sources.

These facilities provide approximately $50 million in additional funding capacity compared to the company's previous facilities. This increased capacity is the result of a new asset-backed commercial paper facility in addition to a revolving line of credit supporting its Merchant Cash Advance operations through Merchant Solutions Group as well as anticipated product expansion.

What Does This Mean For Small To Mid Size Businesses ?

These new credit facilities will allow Merchant Solutions Group to service significantly more customers during the next 24 months and beyond. William Morrissey mentioned, "This has become a very competitive industry the last 18 months and our goal is to be able to offer every single funding option available for our merchants."

William Morrissey also stated: "The fact that we were able to close such advanced and significant financing arrangements during today's uncertain economic environment, from some of the biggest players in the marketplace, underscores the value the market's belief in our business plan and potential." He continued, "Today's announcement of our new conduit is especially relevant to small businesses given the current credit market and speaks volumes to our company's potential within the financial services industry."

Merchant Solutions Group is currently in a period of substantial growth and today's announcement of the increased borrowing capacity of MSG and its subsidiaries will allow the company to meet the funding and leasing needs of its growing customer bases and provide for future expansion.  

SOURCE Merchant Solutions Group