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Receivables factoring in Colorado
Colorado is not only home to some of the most beautiful mountain areas in the world, but it also hosts several large corporations in the Denver metropolitan area. Arrow Electronics, Frontier Airlines and Level 3 Communications are just a few of the companies based in Denver. It has a large telecommunications presence with companies like EchoStar, Quest and Comcast having operations there.
Because Colorado is evenly located between the eastern and western portions of the country, it’s a major warehousing and distribution center. Colorado’s top industries such as aerospace, trucking and information technology utilize the services of Colorado factoring companies when traditional bank financing is not an option.
Bank financing is difficult for small businesses because they don’t have 2 to 3 years of financials or a solid credit history. Factoring companies focus more on your customers’ credit. Accounts receivable financing speeds-up your cash flow because you don’t have to wait 30, 45 or 60+ days to collect your receivables, so you can pay your suppliers, employees and other expenses.
When you partner with a Colorado factoring company, you help your small business improve its cash flow without incurring debt or loan payments. You also get accounts receivable management and credit services.
Factoring companies provide quick and easy application approval, often within 1 or 2 days. Initial cash funding occurs within 5 to 10 business days, while bank financing is several months.