Invoice financing in Minnesota
Does your company have working capital issues because customers take up to 70 days to pay their invoices? This situation is very common and affects a large number of companies. The usual way to address this challenge is to use business funding to cover expenses while waiting for customer payments. One financing solution that has been gaining traction in recent years is factoring invoices. We offer factoring financing in Minnesota and can provide competitively priced solutions.
Factoring rates as low as 1.5%. Advances as high as 85%
Get an instant quote!
Questions? (866) 7301922. Toll free in Minnesota.
Please select the most appropriate product:
Financing for businesses in the service, wholesale, oilfield services, janitorial, and manufacturing sectors that are located in Minnesota.
Financing product for trucking carriers and freight brokerages.
This product provides the necessary funds to pay your suppliers and deliver on your orders.
Funding for small and medium sized trade companies that sell goods and services to customers outside the US and Canada.
Financing for subcontractors in the construction industry.
Funding for businesses that supply services and products to Minnesota state agencies and to the federal government.
Funding for companies that provide guards for commercial, industrial and government sites.
Funding solution for staffing and employment services 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 factoring?
Factoring financing is a solution that enables companies to sell their receivables to a factoring company in exchange for an immediate payment. Instead of waiting to get paid by your customers, you get an advance from a factoring company that can be used to cover expenses such as suppliers and rent. Invoice factoring enables growing businesses to leverage their strongest asset - their invoices form credit worthy clients.
The plan is simple to use and integrates well into most businesses:
- You deliver your product or service
- You create an invoice and sent it to the factoring company and to your client
- You get an immediate advance of 70% to 90% of your invoice
- The factoring company gets paid by your client 30 to 90 days later
- You get a second installment (the remaining 10% to 30%), less a small fee
Accounts receivable factoring has a number of benefits over other business financing solutions, such as a business loan. It is easy to qualify for and can be setup relatively quickly. Also, most factoring companies do not impose set limits on their funding lines. The size of your line is based solely on the amount and quality of your receivables (and customers). As opposed to other programs, it can adapt to growing revenues easily. This makes it an ideal option for growing companies.
Questions? Call (866) 730 1922. Toll free in Minnesota.