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Working Capital Funding for Small Businesses

No matter the size of your business, working capital is the lifeblood of your organization. You use it to pay bills, buy equipment, meet payroll and tax obligations, and expand your business. For working capital funding in Roswell, GA, there are three options. Keep reading and learn more from Eagle Business Credit.

Credit Lines

You probably already looked at taking out a business loan when you started your business. Opening a credit line with the same lender is usually the first thing business owners think of. Unfortunately, opening a line of credit with your lender will add to any existing debt. The approval process can take weeks and if your credit isn’t perfect, or you haven’t been in business long enough, you probably won’t be approved. Thankfully, there are faster, easier options that’ll help you get the capital you need to keep your business running.

Invoice Factoring

Invoice factoring is without a doubt the fastest and easiest way to get immediate capital. Payment plans are a great way to appeal to clients but sometimes you can’t wait for installments. When you have bills to pay, slow and late-paying clients puts a strain on your finances. Instead of waiting for customers to pay on invoices, a factoring firm will step in and buy your invoices from you. In return, you get immediate funds that you can use to pay current expenses or invest in your business. Invoice factoring also takes away the stress of invoice collections and tracking down late-paying clients. The application process usually only takes a few days. Once you are setup, you can decide when and how many invoices you want to sell.

Purchase Order Financing

Will your next order put a strain your resources? Do you have enough working capital to cover your client’s next order? When it comes to meeting your clients’ needs or landing that big job, you’ll need existing capital to cover fulfillment costs. For many small businesses, purchase order financing is a good solution to this particular dilemma. Your factoring firm will fund the supply costs for your order. You then ship the order and invoice your client as normal. When you need fast working capital funding in Roswell, GA, purchase order financing and invoice factoring are viable options that don’t require an extensive credit check and won’t add to your existing debt.