New Jersey’s economy relies on service and technology-based industries. The strong service economy in New Jersey serves residents who work in New York City or Philadelphia. Businesses in New Jersey often find it difficult to qualify for traditional bank financing so they turn to the many factoring companies serving the region.
Invoice financing 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 for supplies, payroll and other operating expenses.
Despite profitability, many small businesses don’t meet banking requirements for a traditional loan or line of credit. Invoice factoring is similar to a bank line of credit but without the debt and loan payments. Approval for invoice factoring is based on the creditworthiness of your customers. This is ideal for new businesses and startups, as well as companies with earnings and quality customers.
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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