Loan declined by banks

I’ve Been Turned Down by the Bank Now What?

Having enough cash on hand to operate and grow a business has always been challenging.  This year has made the search for additional money even more difficult.  Earlier this year banks were entirely consumed with PPP loans.  With the uncertain economy banks have become more cautious. A recent survey showed that more companies have been turned down from their bank.  If your loan request was declined, hopefully your loan officer spent time explaining why your request was not approved and what steps you can take to eventually receive a bank loan.  Many companies have turned to factoring to finance their business.

Factoring, or invoice factoring, is when a business sells their invoices to a factor.  The factor typically pays 85% to 95% of the invoice amount immediately.  This gives the business owner enough cash to meet payroll and operational expenses.  The factor then waits for the customer to pay the invoice and refunds the reserve to the client, keeping a small fee.  Factoring is accessible, requiring only a short application and minimum documentation.  Factoring is fast, funding happens in one day or less.  Factoring keeps you in control, you decide which invoices to sell to your factor. 

American Receivable has helped companies survive the toughest economies for 43 years.  We specialize in helping companies cash flow and prosper.  We have helped over 8,000 companies nationwide and funded over $2 billon in invoices.  We have an A+ rating by the Better Business Bureau, and see our Google reviews.  Apply today at www.americanreceivable.com or call Jack Stieber or Brad Gurney at 1-800-297-6652.

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