Landing a contract with a municipality, condo development, or a commercial property owner to maintain their grounds is exciting. However, imagine you learn that receiving payment on that contract could take 30-90 days. You might now be wondering how you are going to pay your staff, make sure you have the equipment you need for the job, or meet your other financial obligations. Spot factoring may help you solve that problem by increasing working capital for landscapers quickly.
Using Purchase Orders and Invoices
Once you have landed a large contract for landscaping work or you issue your first invoice, waiting up to 90 days for an infusion of cash may seem untenable. After all, you have to pay the people you hire to meet the terms of the contract. And you may need to purchase additional equipment to ensure you can meet the required deadlines. Your purchase order or your invoice will convert to cash within 48 hours of submitting in some cases.
At Capstone, we take pride in offering contractors of all sizes options to meet their cash flow needs. We handle spot factoring of invoices, and we can also fund against a purchase order. Keep in mind that we understand your operation may be small, and you may be just starting out. The good news is we base our funding on the security of the company or municipality with whom you are doing business.
Growing Your Business with the Right Financing Options
One of the best reasons to do business with Capstone is that we offer fantastic turn-around times. We understand a bank loan can seem elusive. Once you have submitted all of the paperwork they require, it could take six to eight weeks or more for approval, and several more weeks before funding. Most banks do not want to deal with small contractors. This can hamper your ability to grow your business and take on new contracts. The funds provided through the programs we offer enable you to bid on more significant contracts. You can proceed feeling confident you will have the necessary capital to complete the job.
For more information on Capstone products, please email us at [email protected] or call us at (212) 755-3636 to speak with a financing representative today. Let us find a customized solution to help you meet your contractual obligations and help grow your business.