Accounts receivable factoring company, Universal Funding announces the successful facilitation of eight new factoring lines in the month of September. The September numbers show a strong finish to the third quarter of 2014.
“September proved to be our busiest month in terms of inquiries for our factoring services,” says President Kyle Bergstedt. “This is the time of year where many companies are gearing up for holiday production, inventories and sales which puts a stain on cash flow.”
The combined factoring lines for the new accounts starting in September total $1.6 million dollars. Universal Funding Corporation has provided a debt-free cash flow solution that their new clients will use to grow their businesses during the holiday season.
The factoring lines include:
- A $500,000 factoring facility for a fabrication shop in Oklahoma
- A $300,000 factoring facility for a staffing company in Washington State
- A $225,000 factoring facility for a commercial cleaning operation in Washington State
- A $200,000 factoring facility for a software company in Georgia
These four accounts represent the largest accounts acquired in September; however Universal Funding also provided factoring lines ranging between $60,000 and $150,000 for four other businesses. “What’s interesting about this month is that two new clients are located in Eastern Washington which is where our operations are headquartered,” reflects Bergstedt. “Since we operate on a national level, only 1-2% of our clients are even in the same state as us, let alone in Eastern Washington.”
Additionally, all new clients have access to Universal Funding’s credit screening services, tax assistance and accounts receivable insurance program in addition to the usual receivables financing program provided. These are services that most other factoring companies do not provide for their clients.