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Factoring Saves Texas Based Trucking Company
Imagine this: You are the Ops Manager at a Trucking company doing about $1.0 million dollars in sales per month, you have kept your receivables under 60days for the most part, you are making your financial obligations and you get a registered letter from your bank calling your Line of Credit.
Trucking Company in Texas USA; Bank recently called their Line of Credit due to tightening restrictions. As a result they had to pay off the bank their 1.0mm LOC within 2 weeks of being notified. An internet based Commercial Finance Broker set up the deal and not only paid off the bank within the time period required but also increased the availability of the Line of Credit up to $1.75mm using Accounts Receivable Factoring.
This is a popular scenario today with the tightening restrictions on lending today. Even with the announcement of Presidents Obamas grand plans, banks are still pulling the plug on companies that are making it, forcing some to close down and put people out of work.
Many businesses are in dire straights in regards to their cash flow and the last thing they need is more debt. Accounts Receivable Factoring is designed just for this situation. It is not debt, the advances you get is your money so you are not increasing your companies debt load by using it.
It really does not matter if you are in Canada or United States; it is the same story all over. Commercial Lenders do vary in regards to the products they carry and the strengths they posses in the various industries. Just because a lender is good in Commercial Equipment Loans does not mean they can handle you Line of Credit in your trucking company. Commercial Finance Brokers have the experience to know who does what the best.
Commercial Finance Brokers specialty is Commercial Lending products. Not Residential Mortgages or Personal InvestmentsCommercial Lending. It is their job to keep up with the new trends and guidelines so they can put your deal with the best funder. The Financial Products most Brokers deal in are Accounts Receivable Factoring, Purchase Order Finance, Export Finance, Commercial Equipment Loans or Commercial Mortgage.
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