Invoice Factoring is Now Easier than Ever with New “Light Documentation Program” from GrowCo Factoring & Financial
Published February 2nd, 2010
GrowCo Factoring & Financial, a company that offers creative financing solutions to help growing small businesses meet their cash flow needs, has announced the launch of a new program designed to facilitate the factoring process for new clients. A company accepted under the new “Light Documentation Program” can borrow up to $100,000 monthly against unpaid invoices.
Invoice factoring, receivable factoring and purchase order financing are becoming increasingly popular sources of alternative funding now that the credit market has dried up and business lending has effectively come to a halt.
“Times are tough,” says Roger Snyder, managing director of GrowCo and commercial lending veteran. “Many businesses rely on a credit line from a bank or credit union to cover fundamental operating expenses like payroll, rent, supplies and more. Suddenly, and often without warning, the credit line is capped or pulled altogether.” According to the National Small Business Association, 38% of small businesses reported a decrease in their lines of credit or credit card limits in the first half of 2009.
“Losing credit can be devastating to a small business,” Snyder explains. “You may be turning a profit, landing new deals, and doing everything right. But the bottom line is that banks have scaled back drastically on commercial lending.”
GrowCo’s program is aimed at helping businesses quickly and easily secure financing to make ends meet. Applications can be processed in 24 hours, and funding is typically completed within 3-5 days. Although the program was created to simplify the factoring process for first time applicants, businesses who have engaged in factoring before are also encouraged to apply.
“What makes our program unique,” Snyder asserts, “is how easy it is to get started. Applications can be completed over the phone in a matter of minutes. We only need to ask you a few questions about your business, how it’s structured and who your clients are. Depending on the type of financing you are seeking, we may request copies of your invoices or purchase orders for verification.”
Businesses in virtually every industry are eligible for financing of up to $100,000 monthly under GrowCo’s new program. “We have a solution for everybody,” promises Snyder. “We empathize with today’s business owners and the difficulties they face.”
If your business is experiencing cash flow difficulties and needs a reliable source of working capital, factoring could be your best option. GrowCo’s new “Light Documentation Program” offers a streamlined application process that puts fast, secure financing within reach.
