BETHESDA, MD--(Marketwire - June 22, 2010) - The Interface Financial Group (IFG), North America's largest alternative funding source for small businesses, announced that the company's alternative financing solutions including invoice factoring can assist small and medium sized firms with 20 to 499 employees. A recent report from the Office of Advocacy, the watchdog of the U.S. Small Business Administration, examines the role and status of small business in the economy today.
According to the report, over the 15 years from 1993 to mid-2008, 31 percent of net job gains came from the opening of new establishments, while the remaining 69 percent were from ongoing and expanding businesses of all sizes. Those companies with fewer than 20 employees began losing jobs as early as the second quarter of 2007. From 2008 to the second quarter of 2009, these smallest firms accounted for 24 percent of the net job losses, while those with 20 to 499 employees accounted for 36 percent; the remaining 40 percent of job losses were in large firms with more than 500 employees. (Source: The Office of Advocacy's analysis of the quarterly Bureau of Labor Statistics data.)
The economic downturn has been very difficult for many business owners, calling for creative solutions to help small and medium sized firms run smoothly. Many new jobs are in new business startups, but an even larger share are in expanding firms of all sizes, especially mid-sized firms with 20 to 499 employees. In order to sustain and grow, businesses need cash to pay employees, bill, and purchase equipment and supplies. When outstanding invoices stack up, single invoice factoring is one new tactic that many companies have discovered can help them get by.
Factoring enables companies to get short-term working capital and improve cash flow and grow their businesses. Since most companies don't get paid immediately for delivered products or services, factoring benefits businesses that do not get paid for 30, 60 or 90 days by advancing up to 90 percent against the company's invoices. A factoring company like The Interface Financial Group (IFG) purchases selected invoices at a discount. Factoring companies first typically look at the creditworthiness of the client's customers, and they do not expect to buy 100 percent of a company's receivables, so there are no minimum or maximum sales volume requirements.
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, New Zealand and the United Kingdom, 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