Illinois - Factoring and PO Financing
Slow paying commercial and government customers can wreak havoc with your cash flow - especially if your company is small, growing or not well capitalized. Most larger customers will often demand payments terms, which puts you in a bind. You either give them terms - or lose the sale.
One way to solve this problem is to use invoice factoring. Invoice factoring allows you to turn your invoices into cash by financing them through a factoring company. This provides your company with the funding it needs to cover ongoing expenses - and - to take on new customers. We offer invoice factoring services to companies in Illinois and can provide you with a competitive business financing quote.
Factoring rates as low as 1.5%. Advances as high as 85%
Get an online factoring quote!
Questions? (866) 7301922. Toll free in Hawaii.
Please select the most appropriate product:
Financing for small and medium sized companies in the service, wholesale, oilfield services, janitorial, and manufacturing sectors that are located in Hawaii.
Funding for transportation carriers and freight brokerages.
This product provides the necessary funds to pay your suppliers and deliver on your orders. Purchase order financing is ideal for resellers, distributors or companies that need a letter of credit to pay suppliers
Funding for small and medium sized trade companies that sell goods and services to customers outside the US and Canada.
Financing for subcontractors of every type in the building trade.
Financing for businesses that supply services and products to Hawaii state agencies and to the federal government.
Financing for companies that provide guards for commercial, industrial and government sites.
Financing for staffing employment in the business and medical fields.
Factoring for new businesses, small office/home office (SOHO), consultants, independent professionals or any business with less than $250,000 in revenues.
Specialized program for healthcare practitioners and medical providers that bill private insurance companies, Medicare and Medicaid.
What is receivables factoring?
Factoring financing is a tool that allows companies to sell their invoices to a financial intermediary (factoring companies) in exchange for immediate funds. This provides you with immediate funds that you can use to pay employees, suppliers and rent. Factoring invoices enables growing businesses to leverage their strongest asset - their invoices form strong credit worthy clients.
The transaction is structured as follows:
- You deliver your product or service and invoice your client
- You send your invoices to the factoring company
- The finance company advances you the first installment - between 70% to 90% of your invoice
- The factoring company gets paid by your client 30 to 90 days later
- You get the second installment (the 10% to 30% reserve), less a small fee.
Accounts receivable factoring has a great advantage over other business financing products, such as business loans. It is relatively easy to qualify for and can be setup in a matter of days. The biggest advantage is that, it has no set limits. The size of the line is determined by the size and quality of your invoices - and will increase with your revenues.
If your company is growing and you canít afford to wait up to 60 days to get paid by your clients, then factoring your invoices may be the right solution for you.
For more information, try reading these articles about factoring and business financing.
- What is factoring?
- How to select a factoring company
- Invoice factoring financing for freight brokers
- Factoring financing for self employed individuals
- Invoice factoring for financial services staffing companies
Questions? Call (866) 730 1922. Toll free in Illinois and in the USA/Canada. Note that we also offer Factoring in Canada.