Factoring B2B: Chicago Factoring Company
Are you a Chicago-area business searching for a factoring company to help you fund your business’s growth and improve your cash flow? Partner with Great Funds Factoring. We specialize in invoice factoring for B2B businesses in the Chicago area.
- Short-term funding to help your business get off the ground and grow
- Full-service back-office billing and accounts receivables management so you can focus on running your business
- Payments within 24 to 48 hours
- Fast credit approval
Chicago Businesses Benefit From B2B Factoring
The windy city of Chicago, nested on the shore of Lake Michigan, is the third-largest city in the United States and boasts a large diversified economy full of various industries. It’s home to thousands of small businesses and medium-sized businesses each with unique operations and cash flow issues.
The city of Chicago thrives on its many hardworking businesses—and those small businesses need access to reliable cash flow and working capital to succeed. Traditional bank loans are often too slow to keep fast-paced businesses afloat.
Chicago businesses need Chicago factoring companies to help them grow and access working capital to succeed.
How Invoice Factoring Helps Fund Chicago Businesses
Most B2B businesses rely on their client’s invoices to cover their operational expenses—
- Operation Costs
- Equipment Rental or Purchasing New Equipment
- Maintenance and Repair Costs
The trouble arises when unpaid invoices pile up . Depending on the industry, some clients wait the full 30-to-90-day invoice pay period before they get around to paying you for your goods or services. Outstanding invoices prevent the average small business from having enough working capital to cover operating costs.
Your business can’t run off of IOUs and can’t depend on slow paying customers—you need access to cash now.
Introducing accounts receivable financing programs from Great Funds Factoring, an excellent alternative to traditional business financing. Invoice factoring helps your business instantly improve cash flow and gets you paid immediately—not 30 to 90 days later.
Great Funds Factoring will purchase your invoices at a slight discount, called the factoring fee, and ACH transfers the cash directly to your business account.
Then, we work alongside you to help manage your account receipts and ensure your clients pay their invoices on time. All you need to do to see improved cash flow is fill out a credit application for your business and your client(s).
Why Choose A/R Factoring Over Other Financing Options?
Traditional bank loans have longer approval times and are much more stringent when granting loan approval. It could take weeks or months for the funds to disperse. Plus, your business owes the money back with interest. Business factoring is a great way to avoid debt.
With A/R Factoring, once you and your clients are approved, and we’ve determined an appropriate discount fee, we’ll send the money right away. It takes about 24-48 hours to get approved, and once approved, we can send your funds immediately.
Also, invoice factoring is not a traditional bank loan. You avoid debt and don’t owe interest on the fund. Your Chicago business is only responsible for paying the invoice factoring company back if your client fails to pay their outstanding invoice.
How Great Funds Factoring Helps Finance Hotshot Trucking and Freight Companies
Any B2B business in Chicago, Illinois that depends on customer invoices as its primary revenue source can benefit from B2B factoring. We serve many industries in the Chicago area, including
How Great Funds Factoring Funds Your Business
Our B2B Invoice Factoring Process
During the discovery process, we aim to get a better understanding of your business needs, gain your trust, and determine if open account receivable factoring is a fit for you.
Learn more about Great Funds Factoring’s process below—
At Great Funds Factoring, we understand that there are many financial challenges that even the most successful businesses face.
We believe that good communication is key to developing a strong working relationship with our clients and will strive to be personally available to answer questions about receivable factoring.
During the discovery process, we aim to understand your business needs better, gain your trust, and determine if open account receivable factoring fits you.
After submitting your credit application, Great Funds Factoring, LLC will review your credit application and other required documents, such as bank statements, master customer lists, and financial statements.
When due diligence is completed, Great Funds Factoring works on the approval process. Usually, the entire process, both underwriting and approval review, takes one to two business days.
Once approved, we will send you the proposal and all documents needed to set up your account.
As you send invoices to your customers, we verify them and advance your funds immediately to your account while holding a small amount in reserve until your customer pays their invoice.
Why Recourse Factoring is Better than Non-Recourse Factoring
We offer recourse factoring at Great Funds Factoring. With recourse factoring, you are responsible for paying invoices your clients fail to pay. With non-recourse factoring, you wouldn’t be responsible for paying the factoring company back.
Non-recourse factoring is more expensive and requires much higher creditworthiness for you and your clients. By offering recourse factoring, we can get you your funds faster and take less of a discount off of the invoice total.
Let us help move your business forward
Great Funds Factoring LLC
Partner With Chicago’s Great Funds Factoring to Fund Your Business
Great Funds Factoring helps small and medium-sized businesses manage their accounts receivable and improve cash flows through invoice factoring services. Our receivables factoring services help your Chicago firms take the advantage, avoid debt and grow.
Our factoring company takes your company to the next level. Ready to grow? Start your credit application today!