There was a time when obtaining business financing in Canada was very hard. But this is changing as small business financing companies are moving into an area previously dominated by large banking institutions.
As most business owners know, qualifying for a business loan or a line of credit is very hard. Bank lending criteria is so strict that few companies ever manage to get any financing. But that is changing.
If you own a company that sells goods or services to other businesses (or the government), then there are two financing options that are available to you. They are invoice factoring and purchase order financing.
Are your clients taking up to 60 days to pay their invoices? Consider invoice factoring.
Selling to mid size and large companies is great, as they can provide you with reliable and steady business. However, their payment terms are always challenging. They usually demand the right to pay in up to 60 days. In the meantime, you must cover paying rent, salaries and suppliers. This can easily be fixed by factoring financing. Factoring can eliminate the 60-day wait and get your invoice paid in 2 days. The process is simple, you...
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