Financing for Your Small Business

The most time in our factoring setup is spent discussing the tailor-made program designed to ensure factoring is right for you. The process involves simply filling out the application, completing factoring documents, and getting final approval.

The approval process may take 1-7 business days until first funding. After approval, funding usually occurs within 24 hours.

If you are a new business faced with a large customer concentration demand, factoring may be perfect for you. In some cases, it may be the competitive edge you need! By factoring, you have the cash available to pay operational costs and supply the customer continuously.

This is a common concern heard by Great Plains. Great Plains becomes an extension of your company and treats your customers as such. As you know, it is of the utmost importance to treat customers with courtesy and respect. Please feel free to contact our client references to answer this question or for additional information.

We provide factoring services, something a bank does not typically provide. We provide a product that compliments a bank’s lending services. We become partners whose common goal is helping our mutual clients.

Each business is unique and different requirements may arise. The factoring process puts more emphasis on your customer’s ability to pay. Factoring requirements are reviewed on a case by case basis.

The bank may not be able to help when faced with a financial loss. That’s where we come in. Great Plains looks at your business processes and the customer’s ability to pay.

Typically, you will find that factoring is more expensive than traditional funding sources. But as factoring demand increases, the cost of factoring is decreasing. The additional services Great Plains provides, such as accounts receivable credit and collections management, reduce the cost of extra employees and time.

In the strictest sense of the word, it is not. You do not incur additional debt. You actually make use of an asset — accounts receivable.

Felony convictions, federal tax liens, active bankruptcies, SBA loans, and numerous company shareholders are topics to be discussed prior to the application process.

The factoring industry is a “business to business” industry servicing only invoices billing other businesses.