Have you heard about the America’s Recovery Capital program offered by the Small Business Administration? To date 6,340 businesses plus were receiving the SBA ARC loan nationwide. This program was created as part of year’s stimulus package. The ARC loan offers to assist small businesses hurt by the recession, and it will run through September 2010, or sooner – until all the funds have been depleted.
Interestingly, invoice factoring has been helping businesses for thousands of years. Factoring dates back 4,000 years to King Hammurabi ([1795-1750 BC]), the king of the ancient culture of Mesopotamia who established the world’s first metropolis also known as Babylon.
The Mesopotamians eventually became an extinct civilization, but factoring remained popular, and history tells us that every civilization with commerce has practiced some form of factoring, and that includes the Roman culture who were the first to sell what was known as discounted promissory notes.
Initially documented in the American colonies some time before the revolution, factoring took place at a time when raw materials and goods were shipped from the colonies to America by merchant bankers in Europe who advanced funds to the American colonists for materials. Banks did not exist back then. This enabled the colonists to continue to harvest their new land and they were not under any obligation to wait to be paid.
It was during the Industrial Revolution when factoring became more focused on credit, as factors guaranteed payment for approved customers. Before 1930 in the United States, factoring occurred primarily for the textile and garment industries, and then after the war years, factoring expanded to other types of business.
Factors that were private factors became popular when interest rates rose during the 1960′s and 70′s, intensifying in the 80′s due to the increasing impact of interest rates and changes in the banking industry. It was at this time when small businesses were forced to find other sources of financing for growth.
Nowadays during the economic recovery, businesses will continue to use accounts receivable factoring for growth, profit, and security.
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