Why Small Business Factoring is the Smart Alternative
Applying for bank loans can take months and there’s no guarantee of approval. The Small Business Administration noted that small business loan approval rates in Q1 2015 were 22% at banks and 43% at credit unions. Business credit card limits often max out well short of $100,000. This can be insufficient to cover your large projects or unexpected expenses.
On the other hand, small business factoring provides instant cash with no restrictions on its use. Factoring is NOT debt, therefore there are no limitations on how you use the funds.