The recent tornado storms in Moore, Oklahoma caused immense damage, destroying homes, properties, buildings, schools and businesses. For this tornado alone, experts estimate the economic cost could be beyond $2 billion when all is said and done. Some reports state that this storm is one of the most costly in history, in terms of both economic and human tolls. The folks of Moore, OK aren’t unfamiliar with tornados and the damage they do; in May 1999, the city was hit hard by a tornado and was successfully rebuilt after several years.
In more Moore, OK or for any of the other areas affected by the 513 tornadoes reported to date in the U.S. this season, getting businesses, schools and government agencies back to normal and running again will require tenacity and perseverance as well as the financial means to do so. That is why Business Factors, Inc., a nationally reaching invoice factoring company since 1999, has set money aside to help businesses in the Plains region rebuild and recuperate after this loss.
Factoring Services Can Finance Natural Disaster Cleanup Efforts
Before businesses, government agencies and community centers that need to rebuild have many financial options to choose from, including invoice factoring also known as account receivables factoring. While the President and FEMA have pledged money to help finance the rebuilding efforts, receiving those funds takes time. According to CNBC.com, home and business owners with insurance will also have to wait to file claims and receive payment. We saw this happen with Hurricane Sandy in 2012, this is how Business Factors became of integral part of the recovery process for some businesses.
Get Two-Day Turnaround Service with Factoring Receivables
For the reason of expediency, factoring invoices can be a great way to get cash fast without having to wait for an insurance claim to come through. With invoice factoring services, businesses can get money within 24-48 hours so the cleanup process can get started quickly. Factoring receivables companies charge about 2% – 8% for this advance, and the financial agreement & rates are set out in terms that are easy to understand.
Construction factoring and transportation factoring can be used to finance debris removal issue as well as repair road and infrastructure damage. After all, a business cannot function properly if people cannot access it due to closed roads. Invoice factoring companies are set up to work with businesses and government agencies of all industries and sizes. So instead of waiting several weeks, months or even years for federal aid to become available or insurance claims to be paid, take a look at invoice factoring to speed up your business rebuilding efforts.