BETHESDA, MD--(Marketwire - April 1, 2010) - IFG Network LLC, the operational company of The Interface Financial Group (IFG), has launched operations in New Zealand through its new subsidiary IFG Network New Zealand to facilitate and expand business in that market. IFG is North America's largest alternative funding source for small business, providing short-term financial resources including factoring. IFG provides short-term financial resources including single invoice factoring to companies in the United States, Canada, Singapore, Australia, and New Zealand.
"With this new initiative we are looking to boost the business of present and future IFG offices in New Zealand through our syndication activities," said Chairman of IFG and Chief Executive Officer of IFG Network George Shapiro. "New Zealand has strengths in key industries including food and dairy products, wood and paper products, wool, tourism, and there is no restriction on the amount of foreign currency that can be brought in or taken out of New Zealand."
Accounts receivable factoring benefits businesses that do not get paid for 30 to 60 or 90 days by advancing up to 90 percent against invoices. A bank loan involves two parties, whereas invoice factoring involves three parties, and while banks base their decisions on a company's credit worthiness, factoring is based on the value of the receivables. Factoring is not a loan -- it is the purchase of financial assets, or a company's receivables.
Factoring starts with due diligence that typically takes one to two business days, and after this has been completed the client is at liberty to offer invoices to IFG for purchase. IFG does not expect to buy 100 percent of a company's receivables, and there are no minimum or maximum sales volume requirements. Upon receipt of invoices, IFG checks the credit of the debtor named on the invoice and makes sure that the sale represented has been satisfactorily completed. Once this is done the debtor is advised of the purchase by IFG and the client receives their funding.
IFG's popular private label factoring solutions include Export Factoring, providing factoring services for companies who export from the United States and Canada; P.O. Funding to finance purchase orders when a company receives a purchase order and needs to purchase supplies to fulfill the order; and Inventory Financing, a solution promoting a company's growth by funding them when they must expand and purchase inventory. Invoice factoring has been around for more than 4,000 years, while today IFG is finding that single invoice factoring is a popular new tactic allowing companies to factor one invoice at a time.
The company's professional rates are competitive because each client's circumstances vary, which may have an impact on the fees charged. The program allows choices of invoices to be factored, enabling customers to retain most of their money, while spending the minimum fees to guarantee adequate cash flow.
About IFG Network LLC
The operational company of The Interface Financial Group (IFG), IFG Network LLC offers invoice factoring services to small and medium-sized businesses, providing funding for working capital by purchasing the client's invoices. The United States-based company is headquartered in Bethesda, Maryland. (www.ifgnetwork.com)
About The Interface Financial Group (www.ifgnetwork.com)
The Interface Financial Group (IFG) is North America's largest alternative funding source for small business, providing short-term financial resources, including invoice factoring (invoice discounting). The company serves clients in more than 30 industries in the United States, Canada, Singapore, Australia, and New Zealand, and offers cross-border transaction facilities between the U.S. and Canada. With more than 140 offices across North America and over 35 years of experience, IFG provides innovative invoice factoring solutions by offering short-term working capital to growing businesses. Single invoice factoring, or spot factoring, is an extremely fast way to turn receivables into cash.
IFG was founded in 1972 to provide short-term working capital to help small to medium-sized businesses grow. The IFG organization operates on a local level, providing clients with local knowledge and experience and business expertise in numerous diverse areas in addition to accounts receivable factoring, including accounting, finance, law, marketing and banking.
Contact Information:
Media Contacts:
Kristin Gabriel, MarCom New Media
T: 323.650.2838;
E:
Headquarters: The Interface Financial Group, Inc.
7910 Woodmont Avenue, Suite 1430
Bethesda, MD 20154
T: Toll Free: USA -- 877.210.9748;
T: Toll Free: Canada -- 877.340.6893