Financing your Machine Shop
If you own a machine shop, seeing new orders come in is a sign that you’re headed for growth. Taking on these new opportunities, orders and clients is essential to continue succeeding in the manufacturing industry. However, sometimes it can be a challenge to meet the demands because of an insufficient cash flow.
You’ll have the money (plus more) to finance the man hours, equipment and supplies after the order is filled, but you need the money to actually complete it. So, what are you financing options?
Six Steps to Factoring for Machine Shops
Factoring for manufacturing companies like machine shops is a perfect financing solution for situations of rapid growth or other cash flow changes. The invoice factoring process can be broken down into these simple steps:
- Find the best factoring company for your business. Deciding which factor is best can be difficult, so this what Factor Finders does for you.
- Submit your invoices to the factoring company.
- The factoring company will verify your invoices.
- You will be advanced the set percentage of your invoice, typically within 24 hours, and the rest will be held in reserve.
- Your customer will pay the factoring company.
- The factor will release the reserve, minus the factoring fee.
Get a Quote for your Machine Shop
Why Use Factoring for Machine Shops
There are many benefits to invoice factoring, which is why it’s a popular form of financing for machine shop companies.
You receive funds quickly, approval is easy, it’s flexible and it doesn’t create any debt like traditional forms of financing.
The funds you obtain from factoring your invoices can be used for:
Purchasing new equipment
Marketing efforts to get new customers
Expand into new markets by taking new orders
Once you receive the funds from the machine shop factoring company, you’re free to use them for whatever business need your company is facing.
How to Start Financing your Machine Shop
The first step is finding a factor. With our wide network of factors and industry experience, Factor Finders works to get your machine shop company funded. We listen to what you want and need in a factoring program and get you matched with the best factoring company for you.
Since we have connections with many types of factoring companies, we can get you the most competitive rates in the industry and we work quickly to connect you to that match. The best part? Our services are free for you to use.