Ali Mayar began his professional life in finance before moving on to his current role today. His work in the finance industry showed him how difficult it can be for business owners to secure the funds they need to grow their business, so he left his job to in order to launch a brand-new business venture: Platinum Rapid Funding Group (PRFG).
Platinum Rapid Funding provides access to working capital and is based on Long Island, New York. Platinum Rapid Funding provides funding to other business owners, generally in the form of a Merchant Cash Advance (or MCA).
As Founder and CEO, Mayar is responsible for motivating his entire team to meet the diverse needs of his clients every day.
We recently had the chance to sit down with Ali Mayar and discuss his business.
- What Led You to the Finance Industry?
I’ve always been passionate about business, so I wanted to do something that made it easier for business owners to reach their goals. When I saw how challenging it can be to secure capital for a small business from a traditional bank, I identified a need in the market and launched PRFG to meet it.
- What Types of Companies Can Benefit from Doing Business with Platinum Rapid Funding?
The short answer: any business if there’s a need. If you sell your product or service directly to consumers and process credit or debit card transactions, we can help you.
A lot of the companies we’ve worked with in the past are in the retail, wholesale, restaurant, and hospitality industries, but we’re also willing to take on a new challenge.
If you’re not sure if your company is a fit for our funding solutions, the best thing to do is to call us to see if we can work something out.
- What Is One Thing You Look For When Deciding to Work With A Company?
I believe that enthusiasm is absolutely essential to the success of any business. If somebody comes to us for funding and they seem disinterested in their own company, we will turn them down without hesitation.
The opposite is also true. If a prospective client is truly passionate about what they are trying to accomplish, we may fund their business even if our internal metrics aren’t sure it’s a great idea… within reason, of course!
- Can You Fund Startups?
Unfortunately, no. Our entire business model is predicated on using a company’s receivables to determine how much money we can give them. Startups don’t have a track record of receivables yet, making it virtually impossible to translate our model to their needs.
That said, we can work with companies that used to be startups and have since gained a track record. If you’ve been in business for a year or two, I encourage you to give us a call the next time you need capital.
- What Is One of Your Business Goals for 2019?
We recently expanded by taking over some empty space in the office building we work out of, and I would love to keep that positive momentum going in 2019. As a company dedicated to helping businesses grow, it seems logical for us to expand our own operations.
- Where Do You See Your Company in Five Years?
Ooh, that’s a tough one! (Laughs) I would love for us to be bigger, but still small enough to build a personal relationship with each client.
I truly believe that our willingness to listen to each company we work with is what differentiates us from traditional banks and other firms in the alternative finance industry.
Connect With Ali Mayar and Platinum Rapid Funding Group
If you’re interested in more business insights from Ali Mayar and the team at Platinum Rapid Funding, you can follow them on social media platforms such as Twitter and Facebook. Mayar also has a personal blog on AliMayar.com where he posts his latest thoughts on an ever-changing industry.