Canada Factoring Companies
Looking for a factoring company in Canada?
Canada has a thriving business economy. The transportation industry, in particular, is flourishing thanks to Canada’s robust demand on moving products. Other significant sectors in the country include mining, maintenance, healthcare, staffing, retail, food, manufacturing, and the oil and gas industries.
No matter your industry, you’ll need funding to get your business off the ground. It can, however, be difficult for start-ups or small businesses to obtain the funding they need to succeed from traditional financial institutions.
Here’s where invoice factoring comes in. Invoice factoring provides a banking alternative for industries seeking quick and easy access to capital.
Invoice Factoring Services in Canada
Canadian factoring companies can solve many of your cash flow issues. Invoice factoring provides you with a cash advance on all of your invoices while you wait for customers to pay you. The funding you receive can help you pay for equipment, pay your staff, or take your business to the next level. With invoice factoring, the factoring company gets paid when they collect your payment from your customers, giving you one less thing to worry about!
Accounts Receivable Financing in Canada
Canadian factoring companies offer additional financing services and invoice factoring. Accounts receivable financing is a financial solution that is similar to a secured loan. Unlike invoice factoring, your account receivables will be used as collateral rather than sold. You’ll receive funding from the factoring company, but you’ll still have to collect payment from the customer as normal.
Other finance options available include equipment financing, payroll factoring, freight factoring, equipment leasing, and financing, fuel advances, and fuel discount cards.
Small Business Loans in Canada
Thinking of choosing a banking institution or factoring company for a small loan? There are strict requirements to get approval for a loan in Canada. Your credit score and your corporate history and annual revenue will be reviewed. It can be difficult if you are still a startup or don’t have a solid monthly sales history.
Most invoice factoring companies in Canada do not do a credit check or require you to earn a certain amount to sell your invoices to them. It’s the quickest way to get the funding you need for your Canadian business.
Canada’s Business Economy
The Canadian economy is booming. Unemployment remains low, and exports and trade in the country are set to increase, despite the political climate. It is predicted that the GDP will continue to grow up. The best time to start or expand your business is today!
Browse the Canadian Factoring Guide to find the right factoring company for your business!
Factoring Companies in Canada:
Browse the Factoring Guide to learn more about invoice factoring and how to find the ideal factoring partner in Canada.
