Whether a business is in the startup phase or has already accomplished a variety of growth phases, cash flow is an important issue. When your business needs funding, you need to focus on finding solutions no matter where your company history sits on the development timeline. The search can be more complicated if your company is recovering from a period of financial setbacks or has not established a solid credit standing. Factoring invoice amounts can get your business cash for your open receivables no matter what your company history or credit rating. As long as you have unpaid invoices sitting in your A/R, your company is eligible for accounts receivable funding.
Factoring Invoices for New or Recovering Businesses
Factoring works for companies that often run into roadblocks when looking for conventional business loan solutions. Startup businesses and those recovering from damaged credit frequently complete the weeks of waiting for bank approval only to find they have not qualified. Factoring companies handle approval differently:
- The application is simple, taking hours instead of days.
- The factoring company examines the open invoices your company intends to sell.
- Approval can happen as quickly as within two business days instead of the weeks or months often involved in the business loan process.
Since payments are submitted directly to Universal when your customers pay the open invoices, your company’s finances and credit are not as much of a deciding factor in approval as the likelihood your customers will make their payments and their credit. This opens a new pathway to generate cash for businesses in any stage of development or financial stability.
Factoring With Universal Funding
Universal Funding has years of experience helping businesses in all stages solve problems related to low cash flow. Your business can qualify for factoring regardless of your company history or current credit standing. To learn more about factoring and how it can provide your business with an influx of cash even if you do not qualify for a bank loan, contact Universal Funding today. Simply fill out our online rate form to request a no-cost consultation.