Ali Habib Mayar began his career in corporate security, but he was soon inspired to become an entrepreneur and launch Platinum Rapid Funding Group. Today, he combines a passion for helping small business owners succeed with a strong grasp of the financial industry. His intent has always been to help his clients realize their dreams when other sources of capital say no.
We recently had the chance to sit down with Mayar and discuss what differentiates him and his business from other options on the market.
Let’s Discuss Platinum Rapid Funding Group
Sure! Platinum Rapid Funding Group is an alternative lender based in Long Island, New York. We help entrepreneurs access the money they need to thrive when funding becomes tight or they need to launch a new project with ease. We purchase a small percentage of a company’s credit card-based receivables and provide those funds up front. That way it allows small businesses to use tomorrow’s revenues to grow today.
We pride ourselves on establishing an open and transparent relationship with every client. I take it seriously because I really want to understand what they need and why they need it. This helps us be flexible with repayment options, and approve entrepreneurs who are eager to make change happen for their business.
Why Should Entrepreneurs Choose Alternative Funding Options?
There are several reasons. Sometimes we can say yes when others say no. For example, banks consider an entrepreneur’s personal credit score when mulling a business loan over even though it has nothing to do with the business. But we only look at the business’s financials. If their financial history is strong, we can approve and fund a loan within 48 hours regardless of the applicant’s personal credit score.
The merchant cash advances (or MCAs) we provide also help entrepreneurs manage their cash flow. For instance, banks demand a certain amount every month regardless of whether someone is able to afford it.
By contrast, our repayment structure is attached to a company’s receivables as they come in. So no matter what type of month they had, we try to adjust payment according to what works best for them. We want companies to grow and find success after all, so this part is incredibly crucial.
What Piece Of Advice Do You Always Find Helpful To Give To Others?
Entrepreneurs might think that starting their own business means that the process is done once everything is in place. But the truth is that they’re just getting started. Your company’s culture always starts at the top, so the example you set will decide the fate of your enterprise.
What’s Something You’re Excited For Regarding The Future Of Your Business?
I love working with passionate entrepreneurs everyday, so I hope to expand Platinum Rapid Funding to more industries in the future. That way, I’ll get to hear even more interesting perspectives on business.
Do You Have Any Book, Podcast, Or TV Shows That Inspire You? What Are They?
I really enjoy reading business books, and the one that I repeatedly go back to is How Google Works by Eric Schmidt and Jonathan Rosenberg. It’s great to read stories of success from one of the world’s largest corporations. And it’s interesting to see how they cultivated their brand, talent and influence in the industry.
What’s The Biggest Risk You’ve Taken?
It’s probably quitting my job in corporate security to start my own business. I had a solid, steady income, but I gave it up for the unknown. It all worked out though, and I’ve never regretted the decision. I was thankful I had some knowledge of alternative financing though, so that really helped me when I made the leap.
What Is The Single Most Important Takeaway Someone Should Have When Faced With Criticism?
Criticism does not mean “no” or is definitive of how your work will always be. It’s a set of conditions to get to “yes.” Entrepreneurs will always face criticism and even rejection, but that just means it can be used as a learning experience. It’s difficult, but take criticism with your chin up. Someone critiquing you just means they think you have more to give in your work and that’s a good thing.
If You Were Left On A Deserted Island, What 3 Things Would Be With You and Why?
Well, honestly I carry many of the same things with me every time I travel. It’s like when you’re that person who never leaves home without a cell phone or your sunglasses (even on a cloudy day). I’m the same way so I would have my laptop, planner and MiFi hotspot. I guess I could try to see if I’d get any signal but the chances would be very slim I suppose!