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Construction Companies
Can Get Financing
For companies like roofers, construction companies, and trucking lines, having capital for necessary advance purchases can be difficult. Because full payment can't usually be collected until once work is completed, and supplies must be purchased in order to begin a job, working capital can easily become depleted before a big job even gets underway. One solution to this problem is account factoring. By advancing funds to a business that has outstanding invoices or contracts, many finance companies are able to help bridge this financial gap.
By taking advantage of factoring programs, businesses can be more competitive by improving cash flows, and increasing the business' credit rating. Unlike traditional bank financing, factoring relies on the financial strength and credit worthiness of a business' customers, not the business itself. Common advance rates range from 80% to 97% of gross invoice amounts. |
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