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Government Contract Factoring
Federal contract financing is governed by the Federal Assignment of Claims Act (FACA). FACA is a law for assigning payments under a federal government contract to a financial institution. After filing a Notice of Assignment, the government must execute and return the notice to your factoring company. FACA also requires the government make contract payments directly to your finance company.
Immediate Cash
Government factoring improves your cash flow because you don’t have to wait 30, 45 or 60+ days to collect your receivables. You get the cash quicker so you can pay employees, contractors and suppliers.
Line of Credit
Rather than sinking into debt and making loan payments, invoice factoring is similar to a bank line of credit. You also get to enjoy the many benefits of receivables factoring that banks don’t offer.
Government Invoicing
Government invoice factoring is an excellent financial tool for businesses that have been awarded government contracts. Government agencies often take well over 30 days to pay their invoices.
Quick Approval
Government factoring companies can approve your factoring application within several business days. Often, you can get your first funding within 5 to 10 days, making invoice factoring a quick and easy process.
