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Ohio is commonly referred to as the Nation’s Industrial Capital. Invoice factoring offers Cleveland and Columbus businesses an alternative to traditional bank loans and has many advantages for small businesses including cash flow, financial flexibility, as well as greater opportunity for expansion and growth. Several factoring companies in the Cleveland and Columbus areas provide factoring services for staffing agencies, trucking and freight companies, construction contractors and manufacturers.
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.
Rather than sinking into debt and making loan payments, invoice factoring is similar to a bank line of credit. You also get to enjoy the many benefits of receivables factoring that banks don’t offer. Most 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.