As we recently reported, the Bureau of Labor Statistics is predicting a dramatic increase in the demand for security guards. This is encouraging news if you own or manage a security business; but, if your business is new, then you’ll probably face challenges in getting the funding you need to grow your business.
Fortunately, we have the business funding solution that you’ve been looking for: accounts receivable factoring.
Here are 3 reasons why accounts receivable factoring is the best business funding solution for your newer security business.
- Because your business is new, you may not have many tangible assets – but that’s okay. Factoring is not based on your property or equipment. The only collateral that you need is your receivables assets.
- Because your business is new, you won’t have the 2 to 3 years of business financials required by most banks. With invoice factoring, you won’t need to. Factoring is based upon outstanding receivables, not the amount of time that you’ve been in business.
- Because your business is new, you may only have 2 or 3 solid customers and bankers may say that your business has too high of a concentration. With invoice factoring, it’s the creditworthiness of your customers that matter, not how many you have.