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Receivables factoring in Tennessee
Tennessee is home to major corporations throughout the state in Knoxville, Memphis, Nashville and Chattanooga. Several major car manufacturers have set up operations in Tennessee and automotive-related production accounts for one in three Tennessee manufacturing jobs.
Businesses find invoice factoring an attractive option to bank financing. A factoring company will help your small business improve its cash flow. You also get receivables management, credit services and a business partner to help you through the tough times.
Invoice financing improves your cash flow because you don’t have to wait 30, 45 or 60+ days to collect your receivables. Factoring companies buy your invoices and send you immediate payment. Invoice factoring is similar to a bank line of credit except you don’t take on debt and make loan payments. You also get to enjoy the many benefits of receivables factoring that banks don’t offer.
Rather than waiting weeks or months for a bank loan approval, you can obtain invoice factoring in a matter of days. Often, you can get your first funding within 5 to 10 days, making invoice factoring quick and easy.