Small Business Loan Alternatives
Many financial institutions have tightened credit and lending to small businesses. This reality makes it harder to expand products and services. As a result, many businesses are looking for alternative financing resources, particularly to hire more employees. One option – invoice factoring – is proving to be a viable resource for many businesses.
Basically, invoice factoring allows you to sell accounts receivable to a financing company. Typically, you will receive a dollar amount that is less than the face value of the invoices. However, this is a good way to receive upfront financing to complete the expansion in workforce necessary to increase profits. This is a debt-free way survive a cash crunch.
The cost of running a successful business can become overwhelming with limited access to resources. Often, you cannot afford not to have certain things in place to remain competitive. Most businesses will experience periods of a new client influx, employees on medical leave or seasonal spurts of growth. Without an adequate workforce level, you might not be able to meet the increased demand. Invoice factoring is an easy way to increase your cash flow to handle the demand.
How to Apply
To get started on the CBAC auction platform where factoring companies bid against each other to get you the best rate, follow the directions below.
- Complete the application located here.
- Login and setup your auction peramaters.
- Companies will bid on your account getting you the best offer.
- Once you have chosen the winning bidder you will be advanced your funds within 24-48 hours.
Completing this process can put you on the right financial track to expand your workforce. Even in a tight economy, you do not want to miss an opportunity to expand your business. Whether you want to expand existing product lines or serve a new niche market, you will need funding.
Expanding a business often requires also expanding your workforce. Hiring skilled employees may also require offering competitive salaries and benefits. Using this service is a way to obtain enough working capital to cover the increased expenses.
By using invoice factoring services to generate cash, you can implement strategic plans that help your business achieve its goals. With invoice factoring, you can grow your company and maintain adequate staffing levels.