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Receivables factoring in Michigan
Michigan ranks third or fourth in overall research and development, especially in the automotive industry. Detroit is known as the automobile capital of the world with the domestic auto industry primarily headquartered in Detroit. Virtually every major global automaker has a presence in the area including technology and design centers. Other industries include food products, information technology, aerospace, and military equipment.
Small businesses in Detroit, Grand Rapids or Lansing, rely on the cash flow improvement that invoice factoring provides. Invoice financing improves your cash flow because you don’t have to wait 30, 45 or 60+ days to collect your receivables. Michigan factoring companies buy your invoices and send you cash within 24 hours.
For many small businesses, invoice factoring is a good alternative to bank financing. Approval and funding for factoring services is quick and easy and you enjoy invoice factoring services that banks don’t offer.
Factoring companies give your small business a steady flow of working capital. Not only do you improve cash flow, but you benefit from accounts receivables management, credit services and a business partner. Banks base their loan decisions on the credit history of your business, but Michigan factoring companies focus on the creditworthiness of your customers. It only takes 3 to 5 business days to approve your application.