Non-Recourse AR Factoring can be a vital source of funding for businesses which need quick cash or do not qualify for traditional bank financing.
Small businesses beginning a search for financing, commonly will find there are few lenders willing for advance them cash. Frustratingly, most banks are not interested in working with businesses which need to borrow less than $1 Million dollars. And no bank is willing to lend to a business that doesn’t have strong financial performance. Significantly, they want to see least two years of tax returns. In addition, the bank will also want to see that the owners of the company have a strong personal financial statement. It must reflect lots of liquid assets and a high personal credit score.
All of that is fine for some business, but what about all of those that are still building to success? All those businesses where the owners have put all the financial resources they have into the business to the detriment of their personal financial statements and FICO scores.
Instead, consider non-recourse AR factoring. Often with factoring, the only important feature of your business is the quality of your customer base. Factors focus on the quality of your accounts receivable.
Consequently, factoring is the right choice for your business if you have strong customers and cannot meet traditional bank lending standards.
Factoring can meet the working capital needs of a a wide variety of small businesses. Great fits for factoring include manufacturers, distributors and a wide range of service businesses such as staffing, trucking or medical practices.
Obtain funding against your accounts receivable as quickly as a week from application.
Interested? To learn more about non-recourse accounts receivable factoring, visiting the International Factoring Association.
Is Spot Factoring is the right fit for your business?
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