Getting a bank loan or line of credit isn’t easy to do at the best of times but the economic crisis that unfolded in 2020 has made this even harder. Before, if you had been in business for a while, were showing good levels of profitability and growing revenues you stood a good chance of getting some level of financing. Then it all changed. Pretty much overnight. What options are now open to you, particularly if sales have fallen and your once profitable business is now showing trading losses?
If your business needs more money, and you’re not sure where you can get it from, look at how much you have in open accounts receivable, or in plain English, unpaid invoices. If you sell to other businesses on credit terms, chances are you already have a way to get more financing right now using Invoice Factoring.
As a factoring company, Eagle Business Credit will look at what you do and who you sell to over your business’s past performance or your personal credit score. At the end of the day, it’s your customer that pays for the goods they’ve bought and not you, so your business financing approval should not be so heavily based on profits from three years ago or balance sheet ratios.
Eagle Business Credit knows the best way to get businesses the money they need to survive and grow. Our experienced team have helped thousands of companies over many years. We speak to our clients to fully understand their specific funding requirements to provide them with the right funding facility. Our goal is always to find a solution to our clients’ specific working capital financing needs.