Businesses looking for a New York unsecured line of credit will find great solutions offered by Advance Funds Network located in New York City. The company works hard to provide businesses, like your own, with the necessary funding needed from unsecured lines of credit to a merchant cash advance. One of the methods some businesses can benefit from is accounts receivable factoring. It may be your lowest unsecured line of credit option available and it can help to extend your business’s cash flow so you can meet your demands.
Within a growing business, it is quite possible that your limited cash flow has caught up to you. If you are feeling tied down from growth because of limited capital, a New York unsecured line of credit may be the option for you. Factoring is a unique tool for any size of business. The solution allows the business to stretch and speed up cash flow by selling their receivables. The factoring provider is then able to draw an advance prior to the customer actually making payment to you.
Why Factoring Works for Your Unsecured Line of Credit
How can you use this type of cash flow option? If you need a New York unsecured line of credit, you need funds quickly and you may not want to base those funds off of the money you have been putting in the bank, but rather the money you are expecting to be paid in the future. Here are a couple things to keep in mind:
- You focus on running your business, and making decisions often depends on the money you’re expecting to come in. It is a common worry that the funds won’t be paid or they’ll be paid late. With factoring, you can get those funds faster, and then use them for your business operations faster.
- You can also keep your overhead low with this type of borrowing through a New York unsecured line of credit. You do not have to worry about paying out more just to have access to credit, or paying the high fees associated with credit.
For many businesses, the best route to loosening cash flow is to utilize accounts receivables to get money now, which is what factoring allows you to do. You can get your hands on the cash faster, rather than 30 to 60 days out. As a business line of credit, this method is less expensive, more readily available and keeps you from adding more overhead to your business’s bottom line. It works for growing businesses ideally. To learn more about this type of NY unsecured line of credit, contact Advance Funds Network. They will work with you to help you to achieve your financial goals. If factoring turns out not to be the best option for you, the team at Advance Funds will help fit you with the right solution, even if you have bad credit or no credit.