Service Companies: Financing Challenges and Solutions

Posted by NCF On March 26,2020

Service companies play a very necessary but unique role in our economy. Service companies can be found in every industry, but they do not provide tangible goods, like traditional product-based businesses. The services these companies provide are invaluable, but finding adequate financing to maintain and grow their operations can be challenging.

Financing Challenges

Securing traditional loans can be difficult for any small business. Lenders set requirements for credit ratings and collateral to qualify for loans, but since service companies do not have physical goods, real estate, or other large assets, they might not meet the requirements for most loan programs. Even non-traditional lending, such as a merchant advance, requires a point-of-sale system to repay the balance. Alternative lending places the majority of the risk on the applicant, so there are usually additional fees and high interest rates, as well. Sin



Posted by NCF On March 23,2020

March 23, 2020

To our Valued Clients,

As a follow-up to our first update from last week, sent on March 13, 2020, we want to let you know that New Century Financial has been conducting business with 100% of our staff working remote for a complete week and in prior rotations since February 28, 2020. We have serviced 100% of our clients while conducting business as usual during this COVID-19 changed environment.

In our line of business, completing a funding transaction for you is our utmost priority since we understand cash flow time sensitivity. Our team will continue to provide ongoing updates to you as more information is provided by the CDC and other credible sources. Please consult with your Account Manager if you have any specific questions on our preparation for business co


Running Your Small Business without Breaking the Bank

Posted by NCF On March 19,2020

Businesses of all sizes have expenses. Payroll, supplies, equipment, bills, and more can really eat into a budget before any revenue gets to the bank account. For smaller businesses trying to manage finances, there are ways to run and grow operations without decimating your budget or taking on a ton of debt.

1. Purchasing equipment isn’t necessary

While every business uses equipment, the large cash outlay to purchase machinery, vehicles, and tools can deplete capital reserves or force business owners to take out loans. If you run a small business, or simply want to reduce expenses, try leasing equipment instead. Leasing agreements are flexible and the payments are manageable, so businesses can get the exact equipment they need. Leasing companies also handle maintenance and repairs, which also eliminates extra expenses for your small business.

2. Use Contractors or Staffing Agencies Read More



Posted by NCF On March 13,2020

To our Valued Clients,

New Century Financial has been closely monitoring the evolving situation related to COVID-19. Banks around the globe have also been working diligently to ensure they can keep “critical operations” open through a potential pandemic.

As more cases across the nation have been reported, we have worked on a Contingency Plan to keep our employees safe and ensure business continuity while we keep making the necessary adjustments to our work and operations. Just as we did in Hurricane Harvey, our staff is able to work remotely and continue operations as usual throughout any crisis that may arise with COVID-19.

Our team will continue to provide ongoing updates to you as more information is provided by the CDC and other credible sources. Please consult with your Account Mana


Business Registration: When Is It Necessary?

Posted by NCF On March 12,2020

You have picked out your business structure and have filed for your company’s EIN, but do you need any other registration documents? Many entrepreneurs think that once a Tax ID is issued, they can start making sales and generating revenue. However, there are a few situations in which further business registration is required.

Protecting Intellectual Property

The federal government only requires a tax ID for a business to become a legal entity. Yet if your company delivers proprietary products and services, and you want to protect your brand from competitors, extra steps are necessary. The United States Patent and Trademark Offices have forms for everything from products to processes, brands, logos, and names so your business can protect its intellectual property and reduce messy legal entanglements further down the road.

Business Registration with State Offices

Read More

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