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Conventional bank borrowing is generally more difficult to secure and takes much longer to consummate than factoring. Many small to medium sized companies are often turned down by banks due to the regulatory environment of the commercial banking industry. One reason, of course, is that banks must approve loan applicants on the basis of historical financial performance rather than potential for success.
At OCC, we offer a non-competitive alternative to traditional bank loans providing businesses with a reliable source of working capital through accounts receivable factoring.
Qualifying for Factoring is much easier than traditional bank financing. This is because we do not extend credit to our clients directly; we extend credit to our client's customers. This means a company with credit-worthy customers may be eligible to factor even though they do not qualify for a bank loan.
With a minimum of processing time, you are able to discount your trade receivables as an immediate source of cash to meet current operating needs or other capital requirements. OCC's Factoring programs allow businesses to establish a level of funding based on sales activity that is consistent with daily cash flow requirements.
Here are a few examples of businesses OCC can offer immediate assistance:
- Undercapitalized companies
- Startup companies
- Companies experiencing seasonal or rapid growth
- Highly leveraged companies
- Companies with poor credit history or a bankruptcy in their past
OCC has worked closely with the banking community for many years to create a secondary source of funding for promising companies. As an example, realizing that forming a referral relationship with another company would broaden the number of companies it could assist, Suntrust Bank, N.A. Tennessee is now able to service a larger portion of its market using the products that until now, it did not possess. Click here for details...
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