Funding for an Uncertain Future
Although the ripple effects of COVID-19 are still prevalent today, we want to take this moment and recognize people’s adaptability and resilience over this last year. Many of us turned bedrooms into offices, living rooms into gyms, and kitchens into personal 5-star restaurants. We were obsessed with shows involving tigers and murders and reliving the run of 1990’s Chicago Bulls in The Last Dance. Many things served as a distraction to what was happening outside our homes, but it is no secret many businesses were forced to close their doors for good.
Understanding the quandary businesses still find themselves in is precisely where we want to help. As banks have tightened underwriting regulation, many companies are looking to alternative funding solutions to strengthen their cash flow.
Invoice funding, commonly referred to as factoring, can be that solution. Invoice funding is the act of purchasing accounts receivable for a discount in exchange for instant funding. On the other hand, if a company has suppliers requesting to be paid faster, we offer a Supplier QuickPay program.
What do you need to qualify for invoice funding or suppler quickpay? Most lenders require basic business information, an initial credit check, and most recent aging report. Typically, the paperwork is the most tedious part. Lenders will need to review documents such as articles of organization, sample open invoices with related purchase orders, and current financial statements. Once those are sent, approval and account setup can occur in a few days and the client can begin submitting invoices.
Why does it work? Because invoice funding and supplier quickpay provides an element of predictability during uncertain times. Feel free to check our online application to speak with one of our advisors today.