Business owners in Illinois have a few different options when they are seeking working capital to fund their operating costs and grow their companies One of the most popular options for companies that may not be ready to borrow from a bank is working with a factoring company. Invoice factoring companies that offer services to clients in Illinois can help you speed up your cash flow and set aside funds for expansion.
Today’s online platforms and electronic payment processes make it easy for you to submit invoices and receive advances on those invoices right away. You can use the funds sitting in your accounts receivable immediately rather than wait 30, 60, or even 90 days to get paid.
Working with a Factoring Company
Qualifying for factoring services is a much easier process than qualifying for a loan from a bank. Factoring companies generally focus on the creditworthiness of your customers rather than your company’s credit history or collateral. Approval at a top-tier independent factoring company such as Interstate Capital is fast; clients can expect their first funding within a couple business days after they submit their paperwork. Interstate Capital’s factoring professionals can make decisions fast without outside interference.
When you sign up with Interstate Capital, you can expect same-day funding upon submission of your invoices, personal attention from an experience account manager who is dedicated to your success, professional credit checks and collection services, and more. You will not be borrowing money or incurring debt; factoring is not a loan.
Illinois Industries Suitable for Factoring
Business owners in a variety of industries in Illinois partner with a factoring company to stabilize their cash flow. Cash flow can be a problem when you need to pay your employees, suppliers and leases on time, but have to wait long periods for your clients to pay their accounts. The factoring company bridges the gap between completing a service or delivering a product and getting paid for it. Invoice factoring is a tried-and-true alternative funding method to consider if your company sells products or services to other businesses.
Founded in 1993, Interstate Capital is a leading invoice factoring company that provides customized factoring services to businesses in Illinois. Interstate Capital has clients in a wide range of industries in the state and is ready to work with motor carriers, trucking and freight brokers, wholesale distributors, manufacturers, oilfield services providers, printers, agricultural product and food service companies, staffing agencies, technology companies, machine shops, maintenance companies, import/export firms and security guard companies, among other fields.
Contact us today for more information about factoring agreements and rates.