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You can also use a New York invoice factoring company if you want to expand your business. Rather than taking a loan and going into debt, sell your invoices to New York factoring companies to help your business grow. You can use the cash you receive to buy more inventory, hire more people or upgrade your equipment.
If you run a New York-based business, consider the following when looking for factoring companies in NY:
1. Check out local New York factoring companies and pick NYC factoring companies if your business is located there.
2. Find an online factoring company to handle your New York finance factoring.
3. Select a nationwide factoring company that has factoring companies in NY.
Action Steps
The best contacts and resources to help you get it done
Check local factoring companies in NY to receive the personal touch
Use local factoring companies. New York based companies will provide more personalized service than national companies. Working with New York City (NYC) factoring companies can give a boost to the city's economy, which can be especially helpful if you are located in NYC.
I recommend: Alliance One is a New York-based factoring company that has been in business for more than 30 years. It specializes in factoring to small and mid-size businesses. Platinum Finding Group is a New York invoice factoring company that is located in Manhattan.
Look for reliable online factoring companies that can handle your factoring New York business
When looking at online factoring companies you need to look at their history and the ease of approval by the factoring company. Also, take into consideration the rates the company charges for handling your New York accounts receivable (A/R) financing.
I recommend: Rexford Funding has account executives who have been in the finance business for more than 30 years. It is committed to bringing factoring to small businesses. Crestmark Commercial Capital Lending, LLC has been in business since 1991 and provides factoring to every size business.
Find a national company that can handle your New York invoice factoring
Even though local factoring companies in New York are likely to provide more personalized service, there are some excellent national companies that can handle factoring New York businesses.
I recommend: ONAN Commercial Lending is a division of ONAN Capital Holdings, Inc and provides financing to small and medium sized businesses nationwide. Ciena Capital, formerly BMX, is a nationwide, New York based financing expert specializing in commercial real estate, with factoring capabilities to serve your needs.
Tips & Tactics
Helpful advice for making the most of this Guide
- • Getting a loan in New York is difficult for new businesses. Factoring companies in New York offer you an alternative since factoring is not a loan, and your customers' ability to pay is the basis of your approval.
- • Make sure you understand the terms of the New York factoring company that you decide to engage. The amount of the advance on your accounts receivable can vary from 70% to 97%, and the fees vary from 1% to 3% of your receivables.
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