Whether your business is located in Detroit, Grand Rapids or Lansing, you'll get the cash flow improvement that only invoice factoring offers. Invoice factoring is an excellent alternative to bank financing for many small businesses. Approval and funding for factoring services is quick and easy. Factoring companies examine the reputation and creditworthiness of your customers and base approval on the strength of those customers. Traditional banks base their loan decisions on the credit history of your business. Many small businesses are denied bank financing due to a lack of credit history, even if the business is very profitable. If your customers pay on time, then you're likely to qualify for invoice factoring.
Just as there is no one size fits all financing, not all factoring companies provide the same services. Some factoring companies offer specialized factoring services to particular industries such as healthcare providers or construction contractors. Other factoring companies provide spot factoring services to businesses interested in a one-time factoring agreement. Regardless of your funding needs, growth in the Michigan economy has created factoring opportunities for businesses in all industries including construction, government, and manufacturing.