With bank financing difficult to obtain, small business are relying heavily on Ontario factoring companies for their cash flow needs. Ontario is the largest economy in Canada, with a GDP nearly twice that of Quebec, which is Canada's second largest economy. Located between Toronto and Waterloo is the world's second largest innovation center, second only to California's Silicon Valley. The area employs nearly 300,000 tech workers and represents over 60% of Canada's high tech industry.
Invoice factoring is an attractive financing option for small businesses in Ontario. Instead of waiting weeks or months for a bank loan approval, your business can get invoice factoring in a matter of days. Initial funding is usually available within 5 to 10 days. Factoring companies buy your invoices and send you payment within 24 to 48 hours. You no longer have to wait 30 to 90 days to collect receivables from your customers. Factoring companies also handle all your collections and receivables management.
Accounts receivable factoring benefits include
- Quick and easy approval, often within a day or two.
- Initial funding within 5 to 10 business days.
- No hassle with debt or loan repayments.
- Outsource your accounts receivable management.
Businesses looking for accounts receivable factoring should research Ontario factoring companies. Factoring Club is the best source of information to find the right factoring company.