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Business Factoring Myth 1

by Deirdre Cavener on 07-02-2015 in B2B

Myth #1: Business Factoring is only used by businesses that are in extremely “bad” financial condition, i.e. the “lender of last resort” myth.

Fact: Factoring can be and is used by businesses of all sizes; not only in the United States, but internationally. According to Factors Chain International, total factoring volume globally for the year ended 2013 exceeded $3 Trillion. In the United States alone, over $85 Billion of factoring volume occurred for the year ended December 31, 2103. This represents about 1.5% of the total GDP or gross domestic product of the United States Annually. So factoring is a widely accepted, global funding tool used by businesses or all size and financial condition; not just ones that have suffered an economic tailspin or losses.

While it is true that factoring used to be exclusively by large businesses, more small businesses than ever globally are factoring today. Almost any business, including start-up enterprises can receive funding through factoring. Factoring is also not just for companies experiencing cash shortages. Most astute business managers use it in long-term planning and in conjunction with other revenue generation methods.

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