Illinois Invoice Factoring Companies
Are you ready to take your business to the next level, but lack the cash flow to grow effectively? Or are you recovering from a rough financial period and need working capital to revitalize your business? Regardless of your company’s situation, if you need cash to cover your operating costs and close the gap created by slow-paying customers, a factoring company in Illinois is the solution you’ve been waiting for.
Can an Illinois Factoring Company Help My Business Grow?
Nearly any Illinois business will benefit from invoice factoring, no matter how big or how new. Even startups can factor their invoices and are encouraged to apply! Factoring provides a much-needed cash flow boost for the following situations:
- Recent start-ups
- Rapid growth periods
- Seasonal slow-downs
- Expansion and marketing
- Offering extended payment terms for clients
- Credit recovery
Why Choose an Illinois Factoring Company?
Factoring in Illinois is one of the most business-friendly options to obtain working capital without creating new debt on your balance sheet. Instead of pledging collateral to borrow a limited sum, an Illinois factoring company will purchase your unpaid invoices and advance you cash against them.
Other reasons to consider Illinois factoring:
Simple application process
A streamlined underwriting process allows you to qualify for invoice factoring with far fewer documents than a traditional loan or other funding arrangement. To get started, submit a current customer list, invoices you wish to factor, and your company’s Articles of Incorporation with a short factoring application.
Initial approval takes only 3 to 5 business days
Don’t wait weeks or longer for a bank to approve your account and disburse funds. When you apply to work with an Illinois factoring company, they can close the deal and get you funded in as little as 3 to 5 business days.
Cash in your account within 24 hours
You can factor as many invoices as you need, as often as necessary to maintain the cash flow your company requires. Following your initial funding, your factor will initiate cash advances within 24 hours of invoice verification.
No credit check for your business
Factoring success depends on your customers’ ability to repay their invoices within a specified time frame rather than your company’s credit history. Therefore, your Illinois factoring company will verify your customers’ creditworthiness before funding rather than yours.
Lowest rates in the industry
Factor Finders’ Illinois factoring partners offer industry-low rates in a wide variety of industries, as low as 1.59% for every 30 days an invoice is open. The specific rates your company receives depend on your sales volume and customer history.
No loan to repay
Did we mention that factoring is not a loan? Rather than creating another liability that you will have to repay regardless of your sales, factor your invoices and turn an asset you already own into fast cash!
Factor Finders boasts decades of experience in Illinois invoice factoring services. We work with a vast network of factoring companies that specialize in nearly any industry- including trucking company factoring, janitorial company factoring and staffing agency factoring. Our goal is to connect you with the Illinois factoring company that will best meet your needs.