Factoring service providers in Connecticut buy your accounts receivable and advance you a percentage of the money. You receive the balance when the customer pays the invoice minus a fee. If your business has grown so much that your accounts receivable are much larger than your cash on hand, now’s the time to look for factoring companies. Connecticut factoring companies will buy your receivables and you’ll pocket much needed cash that you can then reinvest in your business.
You can also use factoring in Connecticut if you want to expand your business. Rather than taking a loan and going into debt, sell your invoices to a Connecticut factoring company to help your business grow. You can use the cash you receive to buy more inventory, hire more people or upgrade your equipment.
If you run a Connecticut-based business, consider the following when looking for Connecticut finance factoring companies:
1. Check out local Connecticut factoring companies.
2. Find an online factoring company to handle your Connecticut invoice factoring.
3. Select a nationwide factoring company that does factoring in Connecticut.
Action Steps
The best contacts and resources to help you get it done
Check local Connecticut business factoring companies to receive the personal touch
Use local factoring companies. Connecticut based companies will provide more personalized service for your Connecticut factoring business than national companies.
I recommend: Rexford Funding has account executives who have been in the finance business for more than 30 years. It is committed to bringing factoring to small businesses and they have an office in Westport, CT.
Porter Capital Corporation provides working capital overnight for growing businesses. They are located in Ridgefield, CT and have been in business since 1991.
Look for reliable online factoring companies that can handle your Connecticut AR factoring
When looking at online factoring companies you need to look at its history and the ease of approval by the factoring company. Also, take into consideration the rates the company charges for handling your Connecticut accounts receivable (AR) financing.
I recommend: Alliance One has account executives who have been in the finance business for more than 30 years. It specializes in factoring to small and mid-size businesses.
Crestmark Commercial Capital Lending, LLC has been in business since 1991 and provides factoring to every size business.
Find a national company that can handle your Connecticut receivables factoring
Even though local Connecticut invoice factoring companies may provide more personalized service, there are some excellent national companies that can handle your factoring services in CT.
I recommend: Commercial Capital LLC has representatives in every state and offers factoring to small and mid-size businesses. It has rates as low as 1.5% and advances as high as 90%.
ONAN Commercial Lending is a division of ONAN Capital Holdings, Inc and provides financing to small and medium sized businesses nationwide.
Tips & Tactics
Helpful advice for making the most of this Guide
- Getting a loan in Connecticut is difficult for new businesses. Factoring in Connecticut offers you an alternative since factoring is not a loan, and your customers' ability to pay is the basis of your approval.
- Make sure you understand the terms of the factoring company in Connecticut that you decide to engage. The amount of the advance on your accounts receivable can vary from 65% to 97%, and the fees vary from 1% to 3% of your receivables.
The official source of Connecticut Factoring Companies is
the Connecticut Factoring Companies page at Business.com
Featured Vendors
Invoice Factoring - International - Free ConsultationWe don’t ask for personal guarantees. We don’t look at balance sheets. We can fund quickly. Our minimum is $150K monthly.
www.platinumfundinggroup.com
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www.ProposalPortal.com/Factoring
Connecticut Factoring CompaniesWe provide funding solutions to improve your cash flow, including factoring and purchase order financing. No long term contracts. Fast, Free proposal.
www.trinityrealsolutions.com
Invoice FactoringA factoring company specializing in invoice factoring and commercial account receivable factoring. Fast turnaround time, low fees, flexible terms.
www.BridgeportCapital.com
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