With many banks turning down loans for landscaper and snow removal contractors you might be wondering what options are available for you to get access to much-needed working capital. Invoice factoring, also known as account receivable factoring, could be the solution for you as it works for any business that invoices their credit-worthy commercial clients.
Without a loan from a bank, many landscaper and snow removal contractors have to continually find the funds to make payroll, purchase supplies and pay vendors. Since your capital is tied up waiting 30, 60 or 90+ days to collect on invoices it can be very challenging and limit your ability to take on other jobs and grow your business. Invoice factoring can provide you with immediate access to cash, eliminating the long wait and giving you the funds you need and removing the burden from your shoulders.
For landscapers and snow removal contractors who choose to work with a factoring company, the process is quite easy and much faster than working with a traditional bank. There is typically a short application process, which can take only a few days or weeks depending on how quickly the needed documents are submitted. Once the application process is complete, each time you submit an invoice for an approved client, you get the funds within hours. All you have to do is submit a copy of your invoice to the factoring company when you submit the original invoice to your client.
Landscapers and snow removal contractors no longer have to worry about how they are going to get access to much-needed working capital to meet their financial obligations and grow their businesses. All they need to do is partner with a factoring company that understands their needs and can be the valuable partner they were missing.
To find out if factoring is right for your construction business, give us a call at 865-670-2345 or schedule a call-back.Back to blog