Utah has a diverse economy with industries like manufacturing, information technology, finance, and oil and gas production. Oil production is a major industry in eastern Utah and petroleum refining is done by a number of oil companies near Salt Lake City. Oilfield service companies depend on oil and gas factoring for cash flow. Construction, mining and trucking are also a few of the industries that keep small businesses depending on accounts receivable factoring for healthy cash flow and smooth operations.
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. Accounts receivable factoring is an ideal solution if you can’t qualify for traditional financing. Your business gets rock-solid financing without the hassles of debt and you don’t have to wait months for a bank loan approval.
Many 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.
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