Most businesses these days will have a great of difficulty being approved by a traditional lender like a bank for a small business loan. This is where alternative lenders can step in to help provide the capital you need for day-to-day operations and for business growth.
One of the best ways to generate needed capital is through Accounts Receivable financing, because it’s available to virtually any business which generates invoices for customer payments.
Advantages of Accounts Receivable financing
The first great thing about Accounts Receivable financing is that you’ll get needed cash without going into debt like you would with a bank loan. There aren’t really any credit limits, since the amount you receive as a lump sum would be based upon the value of your invoices. There are also no long-term contracts you have to be concerned with, so you can end the process virtually whenever you feel it’s appropriate. Your usage of the funds which you receive is not constrained in any way, and literally can be used for any business purpose.
Another great thing about Accounts Receivable financing is that you can sell as many or as few invoices as you want to a factoring company. Your company need not have a strong credit history, because it’s really the payment history of your customers which matters most. Accounts Receivable financing is also available to almost any business, even a startup. Perhaps best of all, you can receive a lump sum of cash and do anything you want with it in a very short period of time. Unlike applying for a bank loan, Accounts Receivable financing does not take months to process, but instead can be arranged in just a couple days.
Accounts Receivable factoring with Durham Commercial Capital
If your company is interested in accounts receivable factoring, we may be able to provide the capital you’re seeking at Durham Commercial Capital. Contact us at your convenience to discuss some options for factoring which will be very beneficial for your company.