The Wall Street Journal today said the Lehman Brothers Bankruptcy filing, Merrill Lynch being bought and the overall market conditions will lead to tighter credit and tougher borrowing standards.  The article quotes Scott Shane, an entreneurship professor at Case Western Reserve University, "Some businesses with solid credit histories and long track records will probably be only slightly affected, but many start-ups with no financial track record and those with less-than-stellar credit histories will have trouble borrowing money to run and expand their operations."

Labels: accounts receivable financing, factoring, nonbank funding options

Brad Bernstein, President of Anchor Funding Services, was quoted in a recent Smart Answers question about "Landing a Business Loan After A Bankruptcy" Smart Answers for Entrepeneurs covers entrepeneurship and small-business issues that gets specific advice from experts in a twice weekly column.

The question raised was how to does a small business get funding after its been turned from several banks because of a personal bankruptcy. The author mentions that banks have been tightening lending standards and that there are other options including bootstrapping, strategic investors, but the majority of the column is about factoring.

If your company has business-to-business commercial invoices, factoring is an option, Brad Bernstein was quoted, "Unlike a bank where a small business goes to get a loan, we don't care whether the client has poor personal credit, is profitable, is new, or is growing fast."

Anchor Funding Services finances product and services companies in many industries, including IT, staffing, manufacturing, security and transportation. If your business could potentially be a candidate for factoring, get a no obligation quote, or call one of our Account Executives at 866-950-6669.

Labels: anchor funding services, brad bernstein, small business factoring

According to the AP, The Federal Reserve said Monday that a majority of the banks surveyed reported tigtening their lending standards and terms on all major categories of consumer and business loans over the last 3 mos. The tightening of standards means that less and less small and medium sized businesses are unable to get a loan from the bank to expand or continue operations. According to additional results of the survey, according to Forbes, the trend will continue, "as on loans to businesses, 55% of domestic respondents, ... said they expected to tighten standards in the second half of 2008."

This means there will be little relief for small and medium sized businesses through the rest of the year. These businesses will have to turn to alternative financing methods to increase their cash flow. Factoring, or accounts receivable financing, is one alternative to quickly and easily increase cash flow.

Anchor Funding Services, a factoring company, offers low rates, flexible programs, Free Credit Checks, and a free ho hassle application. Visit our website to get a no obligation quote or us call toll-free at 866-950-6669.

Labels: factoring, tightening business loans

In the New York Times today, there was another article on how many banks are curtailing loans to businesses. The article quotes Federal Reserve data that commercial and industrial loans from banks and short term commercial paper dropped almost 3% over the last year. The Times article says the housing and mortgage losses that banks are experiencing is affecting other areas of the business world. Profitable businesses with solid credit are even having a difficult time getting loans, or if they do the rates are high and the wait times are longer.

If your business has been turned down for a loan from a bank or you would like to consider alternative financing methods, factoring your accounts receivable is often a viable option. When factoring, a business sells their accounts receivable to a factoring company for cash. The credit worthiness of a business or the principals of the business are not important to a factor, what is important the credit worthiness of your suppliers and how likely they are to pay their bills.

To get a free factoring quote, visit our website, or call our toll-free number 866-950-MONY (6669).

Labels: alternative to bank loan, factoring your accounts receivable

Many small and medium sized business owners are not familiar with factoring and do not know that through AR funding, they can get cash for their Accounts Receivables. The cash can then be used to expand their business, pay suppliers or meet payroll.

In the brief video below, Anchor Funding Services explains factoring and shows how easy it can be to get cash for your receivables using Joe Biz, a small business owner as an example. Anchor Funding buys Joe's accounts receivable and gives Joe cash for those receivables. Anchor then collects the funds from Joe's suppliers, gets a small fee and wires the rest of the money to Joe's business. Anchor Funding Services also provided credit checks free of charge on all of Joe's clients and prospects, so Joe can feel confident with who he does business with.

If you think your business would benefit from Anchor Funding Services accounts receivable factoring services, please do not hesitate to call 866-950-MONY (6669) to talk to one of our friendly Account Managers, or you can get a quick quote here.

Labels: accounts receivable funding, anchor funding services, factoring, Joe Biz video

Welcome to the Anchor Funding Services Factoring Blog-

Anchor Funding Services is a factoring company based in Charlotte, NC with a sales office in Boca Raton, FL and a satellite office in the Odessa/Midland area of Texas to serve the unique needs of small and medium sized businesses in the Oil and Gas Industries. This blog will keep you up to date on the latest news and trends in factoring, tips and tools for small businesses, as well as financial news that potentially could effect you, our partners and our clients.

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Labels: anchor funding services, factoring