Whether you have only been in business a short time, or you have been successful for decades on end, the time comes for many owners to start considering the feasibility of expanding their operations. This could involve:
- Transferring to a larger building
- Renovating and enlarging an existing workplace
- Hiring on more staff
- Adding to or expanding to your collection of tools and equipment
- Expand inventory
- Produce larger orders
- Much, much more
Naturally, with nearly any expansion you choose to undertake, there are going to be substantial costs involved. Your first thought might be to head to your bank to apply for a loan; unfortunately, the process involved is rarely a simple one. Many banks often put restrictions on exactly how the loan proceeds are to be spent. If your expansion is going to be a large one, many banks may be hesitant to loan to you at all. This is particularly true if your credit rating is less than stellar. The solution: factoring your receivables with one of the country’s best factoring companies.
How Does This Work?
If your company allows your customers to have an extended repayment period, it can be frustrating to have to wait for weeks or months on end to be repaid while you watch your business bank accounts dwindle. Utilizing a receivables factoring company like Universal Funding Corporation, you can stop waiting around for your clients to pay you. Simply sell off your unpaid receivables to the factoring company and get paid in hours or days, rather than months. The application process is fast and easy, and unlike a bank loan that will require scrutiny of your credit and financial situation, the focus shifts to the creditworthiness of your customers.
To learn more about how to factor your receivables and move your company prosperously forward into the future, get in touch with Universal Funding Corporation. We can be reached via telephone at (800) 405-6035, or fill out our handy online form for a speedy response from a member of our team.