Small Business Financing for LaunchHouse Members
Cleveland business owners are known for their grit and determination. However, when clients don’t pay on-time, it can be difficult to keep business running as smoothly as it should. Factor Finders, LLC is here to help Cleveland small businesses and members of LaunchHouse obtain the financing they need to ensure consistent working capital. From start-ups to established entities, we work with B2B companies of all shapes and sizes. If you have had difficulty finding other means of financing, we can help. Never heard of invoice factoring? That’s okay! Let us explain:
Invoice Factoring 101
Invoice factoring is the simple process of treating your outstanding invoices as sellable assets in order to get a cash advance. Here’s how it works:
- First, provide goods and/or services to your customers as usual.
- Then, submit your invoices for said goods and/or completed work to your invoice factoring company as well as your client. Your invoice factoring company will verify the invoice, and advance you up to 95% of the total amount within 24 hours.
- Once your customer pays the invoice, your factoring company will release the remaining amount, minus a small factoring service fee
- Continue this process as often and with as many (or few!) clients as you wish!
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Benefits of Invoice Factoring for Small Business
Slow-paying clients can truly hinder business growth. With invoice factoring, your business will have access to steady cash-flow to help cover any business expenses. Other advantages include:
- Cover payroll
- Accept larger contracts or orders
- Build credit
- Expand operations or locations
- Easier to obtain than a bank loan and unlimited funding potential
- No monthly or minimum requirements: factor as much or as little as you want
- No long-term contracts
- Approval is fast: usually within 3-5 business days!
- No debt to repay
- Approval regardless of credit score: factoring companies are concerned with the credit of your debtors, not yours!
Cleveland Supports Cleveland
LaunchHouse is a community of entrepreneurs that supports other entrepreneurs. Factor Finders fits right in: headquartered in Cleveland as well, we know what it means to be from Cleveland, from celebrating a Cavs championship, to enjoying our great lake. Factor Finders want to help other local businesses find the financing they need to get their feet off the ground. We’d love to have a conversation about your business and how we can get you the funding you need.Let's Talk