Virginia - Factoring and PO Financing
Is your company waiting up to 80 days to get its invoices paid? Is this affecting your ability to pay suppliers and other expenses? This is a common problem for small business owners that work with larger clients who often demand payment terms. You can solve this problem and improve your cash flow by using factoring financing. We offer factoring financing to companies in Virginia and can offer competitive terms.
Factoring rates as low as 1.5%. Advances as high as 90%.
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(subject to monthly volume and industry).
Program for companies in the service,distribution, oil field services, janitorial, and manufacturing sectors.
Program for freight companies and brokerages that are located in Virginia.
Program for product resellers and importers in various industries. Covers the cost of paying suppliers by letter of credit.
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 and related trades.
Financing for companies that supply services and products to Virginia state agencies and to the federal government.
Program for companies that provide guards for commercial, industrial and government sites.
Financing solution for staffing and employment companies in the business and medical fields.
Factoring for new businesses, small office/home office (SOHO), independent professionals or any business with less than $250,000 in revenues.
How does it work?
Factoring financing allows companies to finance their accounts receivable by selling them to a factoring company. The factoring company advances a percentage of your invoices to your company, which can be used to cover important expenses. The transaction is settled once your end customer pays the invoice in full. Invoice factoring allows companies to optimize the use of their most liquid collateral - invoices from credit worthy customers.
Our funding program is easy to use and is implemented as follows:
- You deliver your product or service to your client
- You generate an invoice and sent it to your client (with a copy to the factoring company)
- You get an immediate funding 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 funding fee
One important advantage of working with a factoring company is that they are used to working with companies that have cash flow problems due to slow paying customers. Most factoring plans are easy to qualify for and can be setup in a week or so - allowing you to solve the problem quickly.
One of the most important benefits of a factoring line is that it will increase and adapt to growing revenues. This feature is seldom found in other business financing products. This makes factoring an ideal solution for companies who can't get bank financing and need funding due slow paying customers.
The approval criteria for factoring is simpler than the criteria for most common financing solutions. In general, your company should:
- Have commercial customers with great credit
- Have good gross profit margins
- Have receivables that are free of liens or encumbrances
- Be free of major legal/tax problems
Looking for more information to make a decision?
Are you looking to learn more about our solutions? Here are some additional resources that will help you make an informed decision.
- What is accounts receivable factoring?
- Choosing a factoring company
- Business financing for government contractors
- Advantages of invoice factoring
- Business financing for directional drilling (directional boring) companies using factoring
- Business financing for logistics companies
- Are your commercial customers worthy of net 30 payment terms?
- How to get the best factoring rates
Questions? Call (866) 730 1922. Toll free in Virginia.