Looking for Small Business Financing is not getting any easier for sure. Some of us remember the days when you went in to speak to your local bank manager to get a loan from your bank and they based their approval on you and your dealings with them. This is just not the way it happens any more. This is a major reason why Discount Factoring is becoming so popular today.
And face it, with the economy what it has been over the last few years, fewer and few companies will fit into the banks idea of what a good customer for them is. If you happened to get in to any problems with the CRA or IRS, you need not apply
Recently a business in New Mexico USA ran into a situation very similar to this where they needed a Discount Factoring facility to cover some tax arrears. The bank would not even return their call once they found out about the tax lien. The company had been having problems with their commercial customers not paying their invoices that were due in 30 day until day 75 on average. They needed financing to fix the payment gap.
When the IRS or CRA get involved in the process, the deal does become more complicated for sure. The time for funding does get stretched out, but it can be done.
To satisfy the government, a proposal must be done to the agency you are dealing with along with a plan to pay off the arrears as well as keep current with future payments. Discount Factoring is very similar to what the Auto Industry is doing for their bailout financing where the government is covering many of the debts of the automakers to the Auto Suppliers in Detroit.
Next question then becomes who will handle the process to the government? If you have a Commercial Finance Broker, they will handle it. And since they will have been down this road many times, the process will go smoother. The Professional Commercial Finance Broker will handle the negotiations with the IRS or CRA on your behalf and assemble all the required documents for the process.
So if your company needs additional Cashflow with Discount Factoring, and whether you are having issues with the IRS or CRA or not, speak to your Commercial Factoring Broker about your options.
And face it, with the economy what it has been over the last few years, fewer and few companies will fit into the banks idea of what a good customer for them is. If you happened to get in to any problems with the CRA or IRS, you need not apply
Recently a business in New Mexico USA ran into a situation very similar to this where they needed a Discount Factoring facility to cover some tax arrears. The bank would not even return their call once they found out about the tax lien. The company had been having problems with their commercial customers not paying their invoices that were due in 30 day until day 75 on average. They needed financing to fix the payment gap.
When the IRS or CRA get involved in the process, the deal does become more complicated for sure. The time for funding does get stretched out, but it can be done.
To satisfy the government, a proposal must be done to the agency you are dealing with along with a plan to pay off the arrears as well as keep current with future payments. Discount Factoring is very similar to what the Auto Industry is doing for their bailout financing where the government is covering many of the debts of the automakers to the Auto Suppliers in Detroit.
Next question then becomes who will handle the process to the government? If you have a Commercial Finance Broker, they will handle it. And since they will have been down this road many times, the process will go smoother. The Professional Commercial Finance Broker will handle the negotiations with the IRS or CRA on your behalf and assemble all the required documents for the process.
So if your company needs additional Cashflow with Discount Factoring, and whether you are having issues with the IRS or CRA or not, speak to your Commercial Factoring Broker about your options.
About the Author:
Wade Henderson - very Professional - 15 yrs in the Business Finance Field - Gets the deal done. IMMFinancial.com Accounts Receivable Factoring Accounts Receivable Financing You are welcome to reprint this article - but get your own unique content version here.
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