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Sources For Getting A Loan

How To Borrow If You Have A Business

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If you have a business and you have receivables, consider using the receivables as collateral for a loan (known as “factoring.”) Factors advance between 50 and 90% of the value of your receivables. The factor collects the debt from your creditors. When the full amount if collected, the factor gives you the remaining 10 to 50%., less a fee for the factor. Fees range from 1 – 5% of the amount financed and according to volume of receivables. To find a factor: look at the Commercial Finance Association site at www.cfa.com/Need_a_Business_Loan/need_a_loan.asp offsite link and/or type “Factoring companies” in your favorite search engine.


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