Forget about It: Get Fast Financing with Invoice Factoring in New Jersey
Most small businesses need outside funding from time to time in order to prosper. Yet business loans take too long and many early stage businesses just don’t qualify for them. For those in government contracting, telecom, cable installation, transportation and freight, getting financing can be even more challenging because banks often won’t lend to slow paying or high risk sectors. That’s why government contract factoring, telecom factoring and transportation factoring can be a better way for these businesses to get the cash they need to grow and thrive.
Gain Access to New Jersey Accounts Receivable Financing
Though often overshadowed by New York City, New Jersey is a wealthy state with a large economy and a solid gross product ranking. Though its transportation sector has lagged in recent years and business growth has remained steady, the state is poised for future growth.
One area that is experiencing growth is telecom systems and cable installation. Investments in telecom are starting to pay off and there’s a lot of money to be made for small businesses by both installing fiber optic cables and wires and removing old copper wiring. Such operations typically require large telecom companies to partner with small firms to get the job done.
Despite their focus on high speed internet, telecom businesses are notoriously slow paying. So while it may be great to secure a telecom as a customer, collecting on that payment can cause headaches. Similarly to landing a government contract, small businesses are initially thrilled to have the government as a client until they hear it can take 45- or 60-days to receive payment.
Skip the Waiting and Collect Payment with New Jersey Factoring Companies
This is where a telecom accounts receivable factoring or a government contract factoring company in New Jersey can help. Because both clients are established and creditworthy, your business will undoubtedly quality for financing.
Accounts receivable financing enables you to collect payment in a matter of days. By doing so, your business will get the cash it needs to maintain its working capital and take on new opportunities. Please note that not all New Jersey invoice factoring companies offer government contract factoring as it is somewhat specialized.
Make Headway in Freight and Transportation Financing
Freight bill factoring and transportation are also areas of major investment right now. As these areas have fallen behind, small businesses are answering the call to support and improve freight and transportation infrastructure. Transportation and freight bill factoring in New Jersey can be a better way for small businesses to collect payment and stay on top of their cash flow as payment from clients in this industry can be unpredictable.
So overlook New Jersey at your own risk; the state is looking toward positive growth thanks to investments in its infrastructures. Those businesses serving these areas can enhance their own working capital by making use of government contract factoring, cable installation factoring and freight and transportation factoring.
100 Metroplex Drive, Suite 202 E, Edison, New Jersey, 08817
One CIT Drive, Livingston, New Jersey, 07039
60 Crescent Bend, Allendale, New Jersey, 07401
50 Harrison St. Suite #310-G Hoboken, NJ 07030
3635 Quakerbridge Road Suite #4 Mercerville, NJ 08619