Minority Owned Business Financing
In 2023, the percentage of businesses that are minority-owned can vary depending on the country and the definition of minority. In the United States, for instance, the Minority Business Development Agency (MBDA) reported that minority-owned businesses accounted for about 34% of all U.S. businesses.
Traditional financing (like a bank line of credit) is not always easy to obtain. Almost every bank will require you to have two years of business bank statements before you can even be considered for a loan. In today’s market, families have taken on thousands of dollars of additional debt, this drives down credit scores making your rate for a loan, if you qualify, at over 8%.
The good news is that you now have options. Alliance One is premier invoice financing company. We have been providing cash flow to thousands of businesses (newly formed and well established) since 1996. If you are a new business, existing business, growing business and you need working capital, invoice financing might be right for you.
The business owner sells their accounts receivable to the factoring company for immediate cash. The factoring company will advance up to 90% (the other 10% is held in a reserve account) of the face value of the face invoice amount. The factoring company pays your company and your customers will pay us directly. After we are paid by your customer, we release your reserve money, less our factoring fee.
Factoring is not a loan, all you are doing is selling your invoices at a discounted rate for immediate cash. If you want to solve your cash-flow issues once and for all, complete our factoring application now. Let us show you how quickly we can get you funded.