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The good news is, despite the rigorous credit environment, But there are many non-bank financing options available to companies that need a cash top-up, either to increase working capital or facilitate growth.
However, the bad news is that business owners tend to avoid non-bank financing because they don’t understand it. Most owners rely on a banker for financial information and a large number of bankers. (Not surprisingly) had a limited experience with options beyond what the bank offers.
To help ease the fear that owners often have financing options, here is a description of the most common types of non-bank financing. Today, there are many struggling businesses that can benefit from these alternative financing options:
Full-Service Factoring: If a business is facing a financial challenge, then Full-Service Factoring is the ideal solution. Business continually sells outstanding receivables to commercial finance companies. Factoring companies (also known as factoring companies) with discounts typically range between 2-4 percent, then the factoring companies handle receivables until payment is made. It’s a good choice when a traditional credit line can’t be used. The program has a number of variables, including full recourse, no recourse, alert, and no warning.
Spot Factoring: Here, businesses can sell just one invoice to a factoring company without being tied down to any minimum quantity or condition. But should be used sparingly In general, spot factorization is more expensive than full-service. (In the 5-8 percent discount) and usually require comprehensive controls. In most cases, the lack of working capital cannot be solved.
Accounts Receivable (A / R) Financing: A / R financing is a good solution for companies that are still unable to bank. But have a good financial budget and need more money than traditional lenders provide. Businesses must submit all invoices to A / R finance company and pay approximately 1-2 percent of the collateral management fee for professional management. The borrowing base is calculated every day, and when funding is requested, Prime rates plus 1 to 5 points are applied.If and when the company becomes a bank, the switch to a traditional credit limit is relatively easy.
Asset-Based Lending (ABL): This is a facility that is guaranteed by all of the company’s assets, including A / R, equipment, real estate, and inventory. It’s a good choice for a company with a wide range of assets and needs at least $ 1 million.Businesses continue to manage and collect their own receivables. Instead, an aging report will be sent to ABL each month, which will review and check the report periodically. Fees and interest make this product more expensive than traditional bank financing, but in many cases it provides greater access to capital. In the right circumstances, this can be a very fair trade.
Purchase Order Financing (PO): This is ideal for businesses with purchase orders. But there is no supplier credit required to top up. The business must be able to show a successful order history and the receivables on the ordered account must be financially strong. In most cases, the PO finance company is required to engage a factor or asset-based lender in a transaction. PO financing is a high-risk financing, so the costs are often very high and require substantial due diligence.
The message I am trying to convey is that financially challenged business owners should not be afraid to consider non-bank financing options. It’s pretty easy to learn what they are, how much they cost, and how they work. Alternative financing is a better option than just facing the challenges of growth or recovery. It is well known that most business failures are due to a lack of working capital. But it doesn’t have to be.