At Interstate Business Capital, we make the approval process for an accounts receivable financing or factoring facility as quick and straightforward as possible. Whether you're considering factoring as a solution for your business's cash flow needs or are simply exploring the option, we’ve designed our process to be fast, efficient, and transparent. Here’s a breakdown of what you can expect when applying for a factoring facility with us.
Step-by-Step Overview of the Approval Process
- Initial Discussion & Need Assessment
Before anything else, we’ll have a conversation with you to determine if IBC is right for your business. This is where we assess your business’s unique needs and goals. If it looks like factoring could be beneficial, we’ll extend an invitation to apply. - Online Application Submission
The application process is designed to be seamless and entirely online. You’ll be able to submit your application and any other required documents through our secure, easy-to-use online portal. This eliminates the hassle of paperwork and ensures that everything is processed quickly. - Proposal Issuance
Once we receive your completed application, we will review it and, based on the provided information, may issue a proposal document within one business day. This proposal outlines the terms and structure of the factoring facility tailored to your business, not a commitment to fund. - Underwriting
After you sign the proposal, we move on to the underwriting stage. This is a quick process that typically takes no more than three business days. We will carefully assess the details of your business to ensure that the facility is a good fit. - Approval of the Factoring Facility
Once underwriting is complete, we typically approve the factoring facility within three business days. This is where we our approval of chief credit officer and/or Executive credit committee officially confirm that your business is eligible for funding, and we begin preparing for the next steps. - Document Preparation & Signing
Following approval, we move into the final stages of preparation, where all necessary documents are drawn up for signing. This process is streamlined, and typically, you will sign the relevant documents within two days. These may be sent in electronically or in person. - Closing & Funding
For buy-out situations, funding may take place as part of the closing process. In cases where funding is required immediately, it can typically occur within one business day of receiving the first funding schedule.
Key Benefits of Our Process
We believe in keeping the process simple and transparent for you. Here are some important aspects of our process that make it even easier to work with us:
- No Application Fees or Closing Costs: Unlike some traditional financing options, there are no application or closing costs when you apply with us.
- No Personal Assets as Collateral: We understand that securing financing can be stressful, which is why, as a personal guarantee, we don’t require personal assets to be pledged as collateral. This minimizes your personal financial risk.
- No Depository Relationship Required: You don’t need to have an existing account or depository relationship with us to qualify. This means your business can access funding without being tied to other banking products.
Why Choose Interstate Business Capital?
At Interstate Business Capital, we are committed to providing businesses with the financial support they need to thrive. With our streamlined, efficient, and transparent approval process, we make it easier than ever to secure cash flow that works for your business. Whether you're new to factoring or have experience with accounts receivable financing, we are here to guide you through each step of the process.
If you think IBC could be a good fit for your business, don’t hesitate to reach out to us. We’re here to help, and we look forward to helping your business grow and succeed.
