BusinessCash is funding during the COVID-19 crisis.

Factoring in Rhode Island

Need working capital now? Can’t wait 30 or 60 days for your Accounts Receivable to Pay? We can help…

  • Up to 92% of cash is advanced to you
  • Fast and easy financing in as little as 24 hours
  • Bad credit? No problem. We look at the credit of your client, not yours
  • Tax issues? You can be financed
  • Credit protection with every factoring program

Companies from The Ocean State of Rhode Island have looked to for Business Cash Loans, Accounts Receivable Invoice Factoring and Purchase Order Funding since 1998.

Purchase Order Funding

Much of the economy of the State of Rhode Island and Providence Plantations (Legal Name) is based on services, healthcare, education, and manufacturing. The headquarters of Citizens Financial Group, the 14th largest bank in the United States, is located in Providence. CVS Caremark, Textron, FM Global, GTECH Corporation, Hasbro, American Power Conversion, Nortek and Amica Mutual Insurance are all companies that are based in Rhode Island.

Rhode Island has the 5th most efficient level of energy consumption of any state. Health services are Rhode Island’s largest industry. Second is tourism, the third-largest industry is manufacturing. Its industrial products include costume jewelry, fabricated metal products, electrical equipment, machinery, and boatbuilding. Rhode Island’s agricultural outputs are nursery stock, vegetables, dairy products, and eggs.

What is a Typical cost of Factoring?

Factoring fees are based on length of time for payment from your client. Below is an example chart of how fees work based on timeframe.

Fees vary based on your unique funding situation.

Length of Time for Payment Invoice Factoring Rate
20 days 1.00%
30 days 1.50%
45 days 2.50%
60 days 3.00%

Keep in mind that a good factoring company will work with you based on your customer’s payment history and make sure your terms are favorable to you.

Your customers pay in a particular pattern. If your customers all pay in 37 days, then a fee based on 30-day increments would be slightly more costly. That’s because you will end up paying additional factoring fees based on the extra seven days. Factors can design your fees based on your unique situation – daily, 10-day increments, 60-day flat fee, etc.

Here is a list of just some of the Rhode Island client types we have helped with their Working Capital Needs and the Services we provided:

Ready to get funded? Call us toll-free at (888) 400-5930, complete our secure online funding application or chat with us.

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