“July proved to be our busiest and highest producing month with nine first time funding accounts,” says President Kyle Bergstedt. “This was a great start to the third quarter and we anticipate Q3 to outpace the previous two quarters in terms of opening new accounts.”
The combined factoring limit for the new accounts opened in July totals $3.9 million dollars. Universal Funding Corporation has provided a debt-free cash flow solution that the companies can use to grow their businesses.
These factoring lines include:
- A $1,000,000 factoring facility for a vineyard in Napa Valley
- A $600,000 factoring facility for a fire alarm and monitoring company in Texas
- A $700,000 factoring facility for a furniture manufacturer in the Midwest and
- A $1,000,000 factoring facility for a plastics recycler in Ohio
These four accounts represent the largest new accounts in July; however Universal Funding also provided factoring lines ranging between $40,000 and $250,000 for five other businesses. Big corporations have been using accounts receivable factoring to their advantage for generations, but nowadays it’s common for companies of all sizes to work with factoring companies. As the U.S. economy works its way through the current recovery phase, more and more businesses are factoring receivables
as a way to gain access to working capital. It’s a financial tool that provides access to instant cash flow without creating debt.
Additionally, these 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.