Receivables factoring in New York
The State of New York has an economy with a gross domestic product of $1.5 trillion, ranking third in size behind California and Texas. New York has a large manufacturing sector with some factories concentrated in cities such as Albany, Buffalo, Rochester and Syracuse.
NY factoring services
New York has an abundance of factoring companies to serve businesses in NY and across the country. Factoring companies in New York provide cash flow, receivables management and credit services to many industries including healthcare providers, government contractors, international trade and trucking.
Factoring companies provide immediate cash flow for small businesses that need financing. Factoring companies buy your invoices and send you cash within 24 to 48 hours. You improve cash flow without taking on debt.
Bank loans require several years of profitability and excellent credit. These requirements are often difficult for small businesses. Fortunately, invoice factoring is based on the credit-worthiness of your customers, not yours.
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.