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IFG Hopes to Obtain CIT Customers for Invoice Factoring Services
Link: http://www.ifgnetwork.com
On November 1, the CIT Group, Inc. announced a prepackaged reorganization, which will leave many of their CIT is a provideer of business loans, financial services and financing solutions worldwide - and in fact, one of the largest sources for providing working capital to small business. The company is also one of the largest factoring companies.
Retail analysts have predicted that customers of CIT, small retailers and suppliers, could have a difficult time obtaining financing after the holidays. According to the SCORE association (www.score.org) there are an estimated 29.6 million small businesses in the United States that employ more than half of the country’s private sector workforce.
Invoice factoring is not a loan, rather it is the purchase of financial assets, or receivables, from a factoring company. Factoring differs from traditional bank loans in that bank loans involve two parties, while factoring involves three parties. Banks base their decisions on a company’s credit worthiness, whereas factoring is based on the value of the receivables. With invoice factoring, there are no minimums, no maximums, no long-term commitments and no lengthy application process.
visit the IFG website at www.ifgnetowrk.com
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