New Jersey Factoring Companies

New Jersey’s small businesses are an important component to New Jersey’s economy. In fact, the State ranks 11th in the number of small businesses in the U.S., with over 861,000 enterprises and counting. That’s impressive, considering New Jersey ranks 47th in size!   Businesses here are diverse, hard working, and competitive.  As a result, business owners often turn to New Jersey factoring companies to help grow their business while maintaining their competitive edge.  This is essential for a small business that may be working with large corporations who can be slow to pay.  

Many large corporations are headquartered in New Jersey, including pharmaceutical staples like Johnson & Johnson, Merck, and Becton Dickinson and Company.  Working with these companies may be a wonderful opportunity for a small business.  However, they dictate the terms and their slow payments may put a strain on day to day business expenses.  A New Jersey factoring company is typically familiar with long payment terms from corporations with a presence here.  For instance Anheuser-Busch, with a brewery in Newark, has been known to push payment terms out to 120 days.  Although most factoring companies usually won’t look at invoices beyond 90 days, a New Jersey factoring company can work in this scenario. 

Often small business owners are faced with the challenge of finding financing when their business is growing rapidly. If the owner has credit or bankruptcy issues, a low credit score or if the business is under 2 years old, traditional lending isn’t always an option. There are different forms of alternative financing available, but New Jersey factoring companies are usually the best choice. They can work quickly to give a business the cash flow it needs to grow.  Factoring is essential for a growing business that is unable to qualify for traditional financing.