Factoring Company in St Paul Offering Accounts Receivable Financing
As one of the leading factoring companies in St Paul, MN we offer a variety of local factoring services.
Accounts Receivable financing, also known as factoring, is a type of asset financing in which a business’ receivables (the money owed to the company from clients and customers) is used as collateral for the loan. Generally, the funding received is equal to a reduced amount of the receivable assets.
Our St Paul factoring specialists are here to answer your questions, help with quick approval, and offer low rates.
Saint Paul Factoring Services
In the local Saint Paul factoring market the amount of funding on an accounts receivable loan is based on the value and age of the receivables. Funds can be used for all aspects of daily operations, including employee wages, utility bills, and inventory. Because there is no need for further collateral, this loan is highly attainable for businesses who have been denied a traditional loan.
Accounts Receivable Financing in St Paul with Low Fees
Once an applicant is approved for a loan, the financing company will typically charge a factor fee. This fee is dependent on how long it will take until the invoices are paid. Usually factor fees are calculated on a weekly basis. Our St Paul factoring team focuses on keeping these fees as low as possible.
Purchase Order Financing in Minnesota
Throughout Minnesota purchase order financing is perfect for businesses that need cash to fulfill customer orders. Rather than asking for collateral the lender evaluates the credit rating of the customer, not the company. When customers have a reliable history of prompt payments purchase order funding is attainable no matter the business credit score. The funding gives businesses an opportunity to get back on track and can typically only be used for the payment of a purchase order. Our purchase order loans provide funding up to 95% of the total purchase order.
Merchant Cash Advance Options
A merchant cash advance eliminates the need for businesses to wait for funds from credit card sales to be available. The amount of the loan is based on a fixed amount of your future credit card sales. This means they usually do not require a credit check and are easily obtainable for both small businesses and larger companies. Lenders are paid directly a percentage of these future transactions until the loan is paid in full.
Our merchant cash advance loans provide funding to be used in most daily operations. The Funds may not be used for the purpose of purchasing something or holding for future interest value.
Non-Recourse Factoring St Paul
Non recourse factoring in St Paul is secured for only a portion of the amount financed, while full-recourse factoring requires the borrower to “buy back” accounts receivable which are not repaid by customers. This means that with limited recourse or non-recourse factoring the lender assumes much of the risk. If the factored invoices are not paid then the factoring company will take the loss rather than the borrower.
Funding from this type of factoring may be used in all aspects of the daily business, including employee wages, construction projects, and for purchasing inventory. Limited recourse factoring typically carries lower interest rates than non-recourse factoring.
Contract Financing in Saint Paul
Whether a business is monetizing on a contract they are currently in negotiations with or have already secured, a contract financing loan provides funding for daily business operations. Rather than waiting to collect on contracts these lending options allow businesses to start projects faster and eliminate the wait involved in repayment from clients. In addition, contract financing can play a critical role in the fulfillment of the contract by smoothing over cash flow issues.
This financing provides companies with the funds it needs to deliver on project requirements and fulfill the contracts. Funding is typically 80% of the total contract and does not require a credit check, making this an accessible funding option for most businesses.
As one of the leading factoring companies in St Paul, MN, Insight Commercial Capital is dedicated to helping you understand your options, getting fast approval, and securing the lowest rates for accounts receivable financing, purchase order financing, and contract financing.
Understand your options.
The starting place is to become informed. Once you understand your options, available rates, and timelines you can make good decisions. Our St. Paul MN business loan specialists are here for you - reach out today!