Guide to Maine Factoring Companies

Use a Maine invoice factoring company to boost your bottom line

By Rose Bricker

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Factoring companies in Maine 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. Maine receivables 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 a Maine factoring company if you want to expand your business. Rather than taking a loan and going into debt, sell your invoices to a ME 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 Maine-based business, consider the following when looking for Maine receivables financing:

1. Check out local Maine factoring companies.

2. Find an online factoring company to handle your Maine receivables factoring.

3. Select a nationwide factoring company that has factoring companies in Maine.

Action Steps
The best contacts and resources to help you get it done

Check local Maine invoice factoring companies to receive the personal touch

Use factoring companies in ME that have offices near where you do business.

I recommend: Boston Financial Corporation, founded in 1978, caters to small and mid-size businesses. They have an office in Portland, Maine. Go to Maine Factors for your small business factoring needs.

Look for reliable online factoring companies that can handle your Maine A/R factoring

When looking at online factoring companies you need to look at the history and the ease of approval by the factoring company. Also, take into consideration the rates the company charges for handling your Maine accounts receivable (A/R or 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 ME factoring to every size business. Capital Plus, founded in 1990, offers Maine receivables factoring to any business. It offers up to 85% advanced rates, helps you build your credit and gives you much needed cash when you need it.

Find a national company that can handle your Maine receivables financing

Even though local Maine business factoring companies are likely to provide more personalized service, there are some excellent national companies that can handle your Maine receivables financing.

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. Rexford Funding is a nationwide company that has account executives who have been in the finance business for more than 30 years. It is committed to bringing Maine A/R financing to small businesses. Platinum Funding Group has representatives in Maine and more than 15 years in the finance business. It offers factoring to all businesses.

Tips & Tactics
Helpful advice for making the most of this Guide

Getting a loan in Maine is difficult for new businesses. Maine factoring companies offer 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 Maine 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 5% of your receivables.

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