If you are looking for a factoring company in New Haven, contact Business Factors & Finance today. With offices throughout the U.S. and Canada, Business Factors is a full-service, turn-key financial services company established in 1999. We cater to small and medium-sized enterprises (SMEs) with $50,000 to $50 million in annual revenue and provide services 24/7.
Factoring is the sale of pending invoices (accounts receivable) at a discount to a factoring company like Business Factors. It allows businesses to obtain working capital to finance their day-to-day operations and relies on the creditworthiness not of the business but that of the business’s clients. Business Factors can help you monetize the invoices in as little as 24 to 48 hours.
With an office close to New Haven, Business Factors offers the following cash flow solutions:
- Invoice, small business, non-recourse, spot factoring and start up financing. In non-recourse factoring, if the invoice is ultimately not collected, Business Factors absorbs the loss. This is the opposite of recourse factoring, where the business that sold the invoice must replace the invoice or repay the purchase price if its client does not pay within a specified period of time. Spot factoring is a convenient way for a business to try out factoring by selling one or two invoices to a factor (as opposed to the business’s whole book).
- Asset-based lending and accounts receivable financing. Asset-based lending uses a company’s assets — such as its accounts receivable and inventory — as collateral. These loans are subject to a borrowing base, which is the maximum amount the business can borrow based on the value of its assets. To be eligible for asset-based financing, businesses should be operating for at least six months and have at least $1 million in annual revenue.
- Small Business Administration (SBA) loans. These loans may require a lot of paperwork and can be hard to qualify for, especially if you don’t have help. Contact one of our experts today for help in preparing a winning application.
- Import and export financing. Import and export financing is a series of solutions designed to help importers and exporters finance their businesses. Options include purchase-order financing and factoring. Contact our office today to find the best solution for your business.
- Cash-flow and revenue-based lending, as well as working capital loans. To find the best working capital solution for your business, contact our office today.
- Purchase order (PO) financing. This type of financing is extended to businesses that supply resellers so they can fulfill orders placed by end customers. PO financing is initiated by resellers and allows them to take on orders they would otherwise be unable to fulfill. This in turn helps them build stronger relationships with their clients.
The advantages of working with Business Factors are:
- Non-recourse factoring of up to 96% of the invoice amount.
- Simple credit qualifications and no upfront fees. To learn what documents are needed to get started, contact us (or visit our Frequently Asked Questions page.)
- Complimentary credit checks on your clients. We use sophisticated software that tracks payment trends and alerts credit executives in real time in the case of a billing delinquency.
- Fast, 24- to 48-hour turnaround, even on the most challenging commercial credits. To get started, contact us or request a quote.
Our office caters to a wide variety of industries and businesses, including:
- Information technology, including SaaS
- Government contracting
- Telecom, wi-fi and cable
- Seafood factoring
- Oil and gas
- Freight, trucking and transportation