Factoring Could Assist Non Creditworthy Companies

The United States Senate is supposed to vote this week on a bill to funnel $30 billion of capital to community banks. Typically these anks cater to customers with small firms. Banks could leverage the sum to make $300 billion in loans that create jobs, according to a Senate summary. So if this goes through, it could more than double the commercial and industrial loans at eligible banks as of the first quarter. (Source: KBW Inc. )

Most bankers say that it’s lack of demand from creditworthy firms in a weak economy, and that the problem isn’t really scarce credit. The result may be more loans given to distressed firms and higher losses.

In reality, invoice factoring would allow a company to grow without having to borrow money, and this “use it as you need it” approach would allow small businesses to get cash quickly and easily – in as little as 24 hours – once the company is setup with IFG’s factoring services.? Requirements for factoring include a copy of the company’s current financial statements as well as a signed application.

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