We’re a new business and needed cash flow to fund new opportunities. Can we afford to grow.., Can we afford not to grow!

Visit www.factor.bid to get immediate cash for your open accounts receivable invoices!

factor finance,construction factoring,invoice finance,accounts receivable finance,factor bid,factor app,receivables finance,finance,asset based lendingAre you like us; have you ever been in the situation where your business needs money to cover day to day expenses, pay employees, buy supplies and/or compete for new business contracts?

In 1998, Ron and I decided to start our own business, R & J Construction.  We borrowed money from the bank to build our office and purchase supplies and equipment.  Although I would like to say our business was thriving, healthy, and self sustaining overnight, that was far from the truth.  We had smaller clients here and there, but not enough consistent workflow to allow Ron to quit his full-time job.  With the additional business expenses stacking on top of our personal ones, we spent our days living paycheck to paycheck and working 80 hours a week just to meet our minimum bills.

At the time, our kids were not old enough to be in school.  While I was at home with the children, I began to make phone calls in order to reach new customers.  When Ron came home from work, he visited client sites and worked on proposals and took jobs that could be completed on the weekends or through subcontractors.

Within a year, Ron was able to quit his 9 to 5 job and devote all his time and energy into making R & J Construction a success.  One of the challenges we faced was growth that we could not financially handle.  Our business was too young to have any real established credit, but old enough to begin handling some pretty big money projects.  Two big questions had to be answered:

  • Can we afford to grow?
  • Can we afford not to?

Obviously growth was in our best interest, we just weren’t getting our best “interest” from the bank!  We had tons of jobs but only received 20% down, enough to cover some of the material costs involved but definitely not the labor or other necessary business expenses. With quite a few outstanding accounts receivable invoices piling up each month, we had plenty of trips to make but no gas to get there.

Around this time, I had an acquaintance tell me that all those invoices we were waiting to receive payment for could be leveraged for immediate cash.  This was not a loan.  This was good news to us as we had already tapped out our bank.  I began doing some research and discovered that the factor finance companies were less interested in our credit, and more interested in the credit and financial stability of businesses who owed us money.

I spent a considerable amount of time doing my homework, asking the right questions, and finding a factor that was a good match for what we needed.  However, once I partnered with them, I significantly decreased the amount of time spent on processing all those accounts receivable invoices and calling late paying customers.

With Factor Bid, I can now get a few competitive offers from factors who specifically finance invoices within my industry.  It’s fast, easy, and provides the information and leverage necessary to make a quality decision and get the best deal when factor financing our accounts receivable invoices.

Not all factors are alike. Some only factor in niche industries and not all of them deal with smaller businesses like ours. Factor bid is great. All you have to do is submit an invoice using your Smartphone or computer and within minutes you’ll get competitive offers from factors that are eager to buy your accounts receivable invoices for immediate cash!

We love it! Try factor.bid -you’ll be glad you did!

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