$100M Now Available in Invoice Factoring to Fund Rebuilding Efforts after Hurricane Sandy
Hurricane Sandy caused a tremendous amount of economic damage in the greater New York City and New Jersey coastal regions impacting homes, properties, infrastructures, buildings and businesses. Experts predict the economic toll could well be in the $30 to $50 billion range in total when considering lost wages, business closures, and power outages among a variety of other factors.
Thanks to the dedication of businesses, government agencies and everyday citizens, a bare-bones normalcy has returned to most of the region with some businesses up and running again. To help further the recovery efforts and get businesses back on track, Business Factors, Inc. is setting aside $100 million for funding of businesses & businesses in recovery related services. Construction Factoring, Transportation Factoring, and Freight Factoring are a few of the main areas Business Factors, Inc. plans to support through funding in the coming months.
Invoice Factoring: Because Rebuilding Efforts Can’t Wait
These industries are in the business of rebuilding, and their help is needed as fast as they can legitimately go. When responding to a major disaster, time is of the essence. This is the primary reason business owners choose invoice factoring as a cash flow solution. Though emergency business loans, insurance claims and other sources of funding are available, none of them will get you the money you need as fast as accounts receivable factoring services.
During emergency funding situations, insurance companies and government agencies are responding to high demands for their services & additional paperwork requirements, which slow down response time. Also, they must prioritize who gets what first; if you are a small business, chances are you may have to wait.
With invoice factoring, the business model is based around expediency so you will get approved for funding within 24 hours or less. Though Construction Factoring, Transportation Factoring, and Freight Factoring will cost you about 1-4% of your total cost, this is tiny when you consider you can have the money you need to hire more workers, rent equipment, or expand your territories in days instead of waiting several weeks to months.
Construction Factoring, Transportation Factoring or Freight Factoring
With so many rebuilding efforts going on in the region, there are numerous jobs to bid on. With Construction Factoring, you can get the money for the supplies, manpower and equipment needed to bid on these various jobs.
Similarly Transportation Factoring and Freight Factoring can help those who need industry services now and they recognize they may need to pay a premium to get them. Various goods and supplies need to be shipped to the East Coast to replace what has been ruined by the storm and to assist with the cleanup, rebuilding and debris removal efforts. Not to mention those who are simply just in need of some extra cash flow to reopen their businesses.
Accounts Receivable Factoring is a fast, hassle-free way to secure financing in this post-Sandy recovery period. What could be more important than getting cities, businesses and homes up and running again?