Finding the right commercial finance firm can alleviate the burdens facing small business owners without taking on heavy debt or losing ownership in their company. Using alternative financing solutions like factoring enables companies to access and manage critical working capital by receiving advance payments for invoices rather than waiting up to 90 days for payment from the customer. A business owner can receive up to 90% of the total sales amount even before their customer receives an invoice.
Not all commercial finance firms are created equally so business owners should look for a firm that offers additional benefits that a traditional bank or online lender can’t provide. BFS offers valuable back-office services like accounting, payment processing and collections as part of the funding solution. The advantage is when a factoring company oversees each incoming invoice, attentive firms are able to alert clients to potential risks in a timely manner. Instead of tracking down overdue invoices or checking the credit history of their customers, business owners are able to spend more time focusing on the strategic expansion and development of their company.
Bibby Financial Services is a commercial finance firm that makes decisions on more than a business’ bottom line by taking into account how the company does business and the strength of their customers, not just the cash and assets they have on hand at any given time. Female entrepreneurs would find it worthwhile to seek out the kind of firm that takes a customer-centric approach and has the industry experience to support their business. There are firms where commercial finance executives live and breathe the operations of their small business clients from day one, tailoring their services to suit each company’s needs. Additionally, business owners should search for a firm that is capable of servicing international expansion plans and proactively raises concerns about a customer's credit. There are a number of situations that a business may encounter, so pairing with a commercial finance firm that can remain connected with your business through all stages is indispensible.
Ultimately it comes down to the dedicated, personal relationships that firms like BFS build with small business owners, which helps us a the funding partner understand the business and grow together with it over time. Factoring can help a flourishing company pay down debts and increase cash flow so business owners have access to working capital as soon as they need it. It’s a surprise more women business owners aren’t utilizing factoring and other alternatives given the natural fit between those commercial finance firms that truly specialize in offering entrepreneurs a personalized approach with a client driven strategy that aligns to the way most business owners tackle the different lifecycles of their business.
The gender gap in financing is real, but its effect doesn’t have to be crippling. As more female entrepreneurs set out on their own in hopes of fulfilling their dreams, they can’t afford to wait for traditional lenders and banks to gradually catch up with the times. Looking beyond these options and finding a good commercial finance firm that is well-equipped to provide the support and quick funding these entrepreneurs seek can prove to be a viable long-term solution for quick business loans. While a bank or online lender may be top of mind for small business owners, it is important to consider all funding options that are available to a growing business as well as the benefits of each. The very solution you may not have heard of before could be the one that works best for your business financing needs.
Need help securing financing for your business? BFS specializes in funding small and medium-sized business. With more than 10 years of operational experience in commercial finance in the US. Contact us at (877) 882-4229 or email us at firstname.lastname@example.org now for working capital to help your business.