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Receivables factoring in North Carolina
North Carolina is the country’s third largest banking center with Bank of America having its headquarters here and Wells Fargo a significant employer. Charlotte has become a hotbed for fintech startups and software companies. Other major industries include advanced manufacturing, logistics and healthcare.
Charlotte was named the #1 technology town for IT workers to live and work. Raleigh was ranked #2 with the Durham-Chapel Hill metropolitan area ranking #15. Charlotte, NC is a large banking center due to Bank of America and is home to fintech startups including Red Ventures and AvidXchange. Charlotte is also home to customer intelligence software maker Tresata.
The Research Triangle, commonly referred to as The Triangle, is a region in the Piedmont of North Carolina, anchored by the three major research universities of North Carolina and the surrounding cities of Raleigh, Chapel Hill and Durham.
This vibrant economic climate in North Carolina has created a need for small business factoring services. Invoice factoring gives your company upfront cash advances for invoices, improving your cash flow because you don’t have to wait 30 to 60+ days to collect your receivables. You get the cash quicker so you can pay your vendors and suppliers, meet regular payroll costs and other pay other operating expenses.
Bank loans are very difficult to get when you’re a small business. The list of requirements include stellar owner credit, several years of profitability and excellent reporting and accounting practices. However, invoice factoring is similar to a bank line of credit and much easier than qualifying for bank financing. You also get the extra benefits of receivables factoring that banks don’t offer such as receivables management and collections.
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. Small business financing is only a phone call away!