Businesses often need more cash than they have on hand. Covington Funding Group's lending partners can provide immediate assistance by turning your outstanding invoices into cash. Accounts Receivable Factoring allows you to focus on what you do best: service your customers and generate new business. With proper financing today, you can get where you want to be tomorrow.
With accounts receivable factoring, otherwise known as invoice factoring, our lending partners consider your customer’s ability to pay, not yours. The biggest attraction to accounts receivable factoring is not being held captive by slow-paying customers.
Factoring lets you turn your invoices into cash that can immediately be used to meet payroll and other expenses.
Potential funding $250,000 and up with no cap. Funding is determined by the strength of receivables.
The business must have 100,000 open receivables, company must be in business for at least one year, with an annual gross income of $1 million.
Terms:
Accounts receivable window of 30 days to 60 days nothing past 60 days is accepted.
Line of credit ranges from 70% to 95% of face value of receivables, solely based upon the quality of the accounts receivable invoice submitted. We're able to assess this through your open invoice report. Remember the line of credit is based on the credibility of the issuer of the invoice and the quality of their company.
Rates: 8.25% plus 2% for a total of 10.25%.
From application to funding in 4 to 7 banking days
Preferred Industries:
Staffing
Manufacturing
Wholesale distribution
Energy (major energy contractors)
Tech companies
Requirements to get the ball rolling;
Contact us directly for these details: info@covingtonfundinggroupllc.com
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