Forums: Discussions for entrepreneurs and small business.

Hello,  I am trying to help out a friend with locating some fast money loans for an established business.  Does anyone have any insight on companies that can get money for businesses in 1-2 days.  There are invoices that can be factored, but the cash is needed quick. 

 

Thanks, this business is a great business, he just ran into some unexpected finance problems.

If the money is needed in a few days,  then factoring may be the best bet - provided that the invoices are from solid companies.

 

I can give you contact info on a couple if he doesn`t know any.

Does his business take credit cards? If so, and he has previously done a minimum of $2,500 a month in visa/mcard transactions, I can get an application to him that will take him 3 minutes to fill out and he can fax it along with copies of his C/C statements. If things look ok, it is possible to get a cash advance to him wired in about 7 days-if that is soon enough for him. This is a cash advance system that allows quick funds to be provided, similar to factoring as the previous poster mentioned, and it is paid back over 6 to 8 months by keeping a small portion of his future credit card sales (based upon his average CC taking history-He gets to keep about 85% of the future credit card sales until paid off in full and the fee is covered) 

 

You can him him send me an e-mail if he wants to look into it further to: jcampbell@advancefundinginc.com

 

I can then also direct him to our website for a thorough understanding. Cheers 

I can provide your friend with help in factoring his invoices but wanting the money in 1-2 days is completely unrealistic.   There isn`t a factor anywhere who could do it in that amount of time.  

 

Generally I tell businesses it will take 7-9 days to complete the process before they can be funded.   That`s why it`s a good idea to anticipate your cash needs in advance of the time you`ll need the cash. 

 

The other point I should make about factoring is that it isn`t good for short-term cash needs.   The factor is looking for a longer relationship, not a one shot deal.   The borrower can decide which invoices and what amounts to factor but there is an ongoing charge to keep the account active.  

 

Once a factoring account is set up then you can usually receive funds within 2 days after an invoice is presented to the factor for payment.  If that`s what your friend is seeking then I can help him.   Tell him to contact me by email or the number below. 

GetAGrip,

 

I`ve got a factoring source that can provide a proposal in 24 hours and close within a week subject to receipt and satisfactory review of all the appropriate due diligence materials.  After the initial funding, further fundings can typically be closed same day if the debtors are already approved.

 

Like in any factoring deal, the higher the monthly volume, the lower the interest rate.  This factoring source will not charge any fees for keeping the line open, but will expect a one year minimum contract.

 

Marshall Lebovits