You may well have a good, long-term relationship with a financial institution. And perhaps this relationship has given you a good line of credit to drive your business growth for several years. However, there may still come a time when you might outgrow your current credit facility. When that happens, you could seek out another one. Or, you could try invoice factoring. Factoring is more versatile and scalable than most loan options. Factoring can help your company’s growth and liquidity at any stage of its development.
How can your business outgrow your bank?
How invoice factoring can help
If you choose invoice factoring instead of a conventional bank loan, these obstacles are no longer an issue. Since factoring depends on your accounts receivable, not a bank’s loan criteria, you can scale it in line with your needs and resources. You do not have to worry about any limitations on the lender’s product offering or policies. You simply sell your receivable invoices and receive the cash you need. Also, factoring is not curtailed in any way by the ins and outs of a particular industry. However, most factoring companies deal with a number of specific industries, and they develop a strong understanding of each of them. Your factoring company would therefore be able to offer specialized advice to help you on your growth path.
Kore Capital Corporation is a business financing company that specializes in offering lines of credit, particularly through factoring, to firms in several different industries. For more information on invoice factoring, contact us.