No one likes to wait for anything, especially in the realm of business. Customers want their goods and services delivered promptly. Businesses expect to receive payments from their clients. Yet when it comes to business financing approvals, the wait can seem like an eternity.
Traditional Financing Approvals
Traditional business financing approvals can be an ordeal from start to finish. First, there are a number of requirements from lenders, which can include a business plan, a preferred credit score, a minimum amount of collateral, and more. Then the loan application goes up the chain of command, bouncing from department to department while an in-depth credit history check is performed. Finally, if all the boxes are checked, the financing still needs an approval from the lender’s loan board, after which there is an additional processing period before funds are made available. From start to finish, the loan process can take weeks, during which time businesses can miss out on opportunities or come under financial duress because of the financing they need.
Cash Advance Approvals
Cash advances do not take as long as traditional loans. Funds can be made available over the course of one or two business weeks. While the requirements are lower for cash advances than traditional loans, the amount of financing and how quickly it’s processed depends on financial records. Cash advances are structured around your company’s sales history, so uneven cycles or long periods of low sales can raise questions. To lower the risk placed on the lender, a cash advance comes with high interest rates and fees which businesses must pay for the term of the agreement.
Invoice Factoring Approvals
Invoice factoring has the fastest business financing approvals across the board. Financing is structured around unpaid receivables which are converted to cash, and funds are made available within 24 hours. Applying for invoice factoring takes only a few minutes and there are no hidden fees or interest payments. Factoring is simple and transparent with no red tape and no strings attached.
New Century Financial provides the best invoice factoring solutions so businesses can get the fastest approvals and quick access to the capital they need for everything from smoothing over uneven revenue cycles to taking advantage of time-sensitive opportunities, building up reserves for growth, and much more. Contact our offices today to get started.