Background:
A new industrial cleaning service business that provides grease trap maintenance and waste removal has an owner with twenty years of industry experience. Increased cash flow was needed for the start-up company. Having previously worked at a company funded by CFI, she recalled the positive experience and was now considering factoring.
Financing Solution: Factoring
Initial Amount: $100,000
Location: Southeast
Industry: Industrial Cleaning Company
Problem:
As a startup company, securing working capital proved challenging. The company faced obstacles in receiving timely payment from customers, which in turn, made it difficult to meet payroll obligations, and hindered the time available for the company owner to build the business and obtain new contracts.
Considering these circumstances and the owner’s previous experience with factoring, she wanted a factoring company that could assist with cash flow needs and provide funding quickly.
Solution:
The owner reached out to Commercial Funding Inc. and within two business days, CFI swiftly assessed the situation and promptly provided a financing solution. CFI extended a factoring line of $100,000, which could be utilized for various essential business expenses. The rapid response provided much-needed relief and support to the business and ensured operational stability during the critical startup phase.
Results:
The business is currently exploring avenues to expand their fleet by acquiring additional equipment which will help them meet the growing demand from clients more effectively.
