Finding Financing With Less Than Perfect Credit
Small business loans through traditional banks tend to demand high credit ratings from companies before they can secure funding. The problem is, many companies that are doing very well have less-than-perfect credit due to cash flow issues that are common to small businesses and completely outside of their control. That is where invoice financing can be useful. Invoice financing bases your access to cash on the work you have been contracted to do, giving you the opportunity to get access to cash you need to start working, manage cash flow, and take care of other business concerns.
Using Invoice Financing
When you work with Lucida Funding Corp, invoice financing starts with a review of your customers’ payment histories and your outstanding work orders and invoices. Our associates work with you to determine an advance percentage based on the estimated time it will take your clients to pay, and then those funds are made available.
We take over payment collection and after deducting the amount of your advance and our service fees, we send the rest on to you. It’s that easy.
Benefits to Invoice Financing
- Access to financing with less-than-perfect credit
- Manage your cash flow easily
- Get the cash you need to start work on new orders
- Meet payment obligations with funds to get your credit on track
When you work with our associates on a long-term invoice financing process, you gain the ability to finance new orders as they come in. With predictable service fees, in time it becomes easy to build the costs of financing into the invoice itself, reducing the impact his financial resource has on your bottom line.
The best part is, your improved cash flow and ability to take on more work means it will be easier to expand your business. That creates a virtuous circle of improvement in your company’s finances while helping you have the cash you need to meet your obligations and build your credit rating.
Contact us today to start an application.