Government contract factoring for your business
Government contracting can be a catch-22 for many small to medium-sized businesses. On one hand, government contracts can be quite profitable and last for several years. Landing the government as a customer can put your government in the black and enable it to grow steadily year after year. Yet having the government has a notable downside as well. The government is notorious for extremely slow paying timelines. Do you think you’ll get paid in 30 days as with other customers? Unlikely. Sixty-day and even ninety-day payments are not uncommon for the government.
Can’t wait months to get paid? Then choose government financing
Most small businesses can’t afford to wait that long to collect on payment, especially when they’ve just spent a large amount of their working capital manufacturing the product or developing the service for their customer, the government. If your working capital dries up, it can be hard or nearly impossible to take on other business.
Many small businesses that land a government contract are so excited by the prospect of having the federal government as a customer that they overlook how slow the government is in issuing payments. Lack of planning, in this manner, can be detrimental to a growing business.
Government contract financing covers your cash flow gap
Government contract factoring is a way to cover this sizable hole in payment. By selling your invoices to the government factoring company, you can collect on your payment right away (a few days) rather than waiting months for payment. Moreover, factoring government receivables can be an excellent option for small businesses because the government is without a doubt a client in good standing. The government doesn’t run out of money and always pays its bills – though on its own schedule.
Government factoring companies handle their bureaucratic processes
Best of all, a dependable and knowledgeable government contract financing company will be familiar with the nuances of collecting from the government such as filling out the proper forms and filing the correct documents. Failure to do so could make it even longer to collect payment. Some companies may even choose the option of factoring government receivables because it is much less work to off-shore this laborious process to the factoring company rather than taking it on in-house. The factoring company will act as your collections department & you get the money you need right away.
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