Illinois is home to many of the United States’ largest companies, including Boeing, McDonald’s, and United Airlines. The Chicago area economy headquarters a large number of financial institutions and is home to the largest futures exchange in the world. Many small businesses in Illinois rely on invoice factoring for working capital needs.
An Illinois factoring company buys your invoices for immediate cash, then performs the collection of those invoices. The factoring company pays you up front which frees you from the 30, 60, or 90-day terms on your invoices. You can use the quick cash flow to pay your vendors, suppliers or employees without having to wait until your customers pay you.
Accounts receivable factoring is an ideal alternative for small businesses that need financing but aren’t ready for bank financing. Rather than sinking into debt and making loan payments, invoice factoring provides a constant flow of working capital.
Commercial businesses that provide goods or services to other businesses (B2B) can benefit from invoice factoring. Industries that benefit particularly well are staffing agencies, service businesses, and manufacturers.
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.
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