Factoring receivables company, Universal Funding, announced today that it closed a $500,000 line of credit for an IT Consulting firm in Atlanta, Georgia.
Universal Funding, no stranger to factoring invoices for high tech companies around the country, is very pleased to bring on this new client. According to Henry Wozow, Universal Funding’s Founder, said, “We work with many kinds of companies, but this is our first IT consulting company in the Atlanta metro area.”
There’s no surprise that more and more companies in the Atlanta area are looking at their receivables assets as means to acquire cash. But the big question is why?
As it turns out Atlanta is going through a mini-recovery. In fact, local economists are predicting that Georgia, and Atlanta in particular, will outperform the US economy as a whole in 2013.
What that means is that companies like this IT consulting firm are looking for capital for expansion. Manufacturing companies look for new machinery, travel companies look for new vehicles of transportation, medical companies look for new testing machines, and service companies, like this IT consulting firm, often are looking for the capital to hire new employees and purchase marketing services.
Through its factoring services, Universal Funding is a very attractive alternative to bank loans. In this case, the client company’s invoices can be advanced against. With low fees and fast turnaround, often in a matter of days, more and more businesses are turning to this attractive financing alternative.
In the past, other Atlanta metro area companies have used Universal Funding for their factoring services. They have funded:
- An $80k account limit for a tutoring agency in Atlanta.
- A $150k account limit for a software developer in Marietta.
- A $150k account limit for a healthcare technology firm in Canton.
Factoring is not new to the business world, but what makes Universal Funding unique is its roots of family ownership and its customized customer care. Universal Funding takes the time and energy necessary to get to know each of its customers and then creates a customized package deal that’s unique to that customer and their needs.
Not all businesses are the same, nor are their financial needs. That is why any factoring receivables agreement should be highly tailored to the specific needs of the business. Universal Funding provided this Atlanta based IT firm a personalized solution and hopes to do so for more companies in Georgia in 2013.