Lender Tip of the Week #1: Know Your Customers
This is the first in an ongoing series where alternative lenders share smart advice for prospective borrowers.
When it comes to helping companies get small businesses loans, Fundera wants to make the process as easy and transparent as possible for borrowers. Not only do we cut down on the amount of paperwork, but we also find new ways to inform and inspire small business owners.
So we’ve asked trusted lenders to share tips that will help your small business succeed in getting a loan. This week, we hear from one of the most well-known factoring companies: Advance Business Capital.
Skylar Lane, Vice President of Business Development for Advance Business Capital, thinks one of the biggest things borrowers forget to do before applying for receivables factoring is to prepare customer profiles.
“You need to know your customers well and be prepared to talk about them,”Lane tells us. “Although your business will be the one we provide daily and monthly funding to, it’s your customers’ credit and payment trends we review to assess credit risk.”
This means that when applying for receivables factoring, your business needs to be ready to share your current accounts receivable aging reports as well as full client lists, complete with billing addresses. This will expedite the approval process and get you closer to growing your business faster.
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