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Ontario Factoring Services

Factoring is a type of business financing in which a factoring company purchases accounts receivable in exchange for an immediate payment. This payment provides liquidity to the business.  In the Ontario factoring market. the amount of funding on an accounts receivable loan is based on the value and age of the receivables. Funds can be used for all aspects of daily operations, including employee wages, utility bills and inventory. Because there is no need for further collateral, this loan is highly attainable for businesses who have been denied a traditional loan.

Accounts Receivable Financing in Ontario with Low Fees

Once an applicant is approved for a loan, the financing company will typically charge a factor fee. This fee is dependent on how long it will take until the invoices are paid. Usually, factor fees are calculated on a weekly basis.  Our Ontario based factoring team focuses on keeping these fees as low as possible.

Purchase Order Financing in Ontario

Throughout Ontario purchase order financing is perfect for businesses that need cash to fulfill customer orders. Rather than asking for collateral, the lender evaluates the credit rating of the customer, not the company. When customers have a reliable history of prompt payments, purchase order funding is attainable no matter the business credit score. The funding gives businesses an opportunity to get back on track and can typically only be used for the payment of a purchase order. Our purchase order loans provide funding up to 95% of the total purchase order.

Merchant Cash Advance Options

A merchant cash advance eliminates the need for businesses to wait for funds from credit card sales to be available. The amount of the loan is based on a fixed amount of your future credit card sales. This means they usually do not require a credit check and are easily obtainable for both small businesses and larger companies. Lenders are paid directly a percentage of these future transactions until the loan is paid in full.

Our merchant cash advance loans provide funding to be used in most daily operations. The Funds may not be used for the purpose of purchasing something or holding for future interest value.

Non-Recourse Factoring Ontario

 Non recourse factoring in Ontario is secured for only a portion of the amount financed, while full-recourse factoring requires the borrower to “buy back” accounts receivable which are not repaid by customers. This means that with limited recourse or non-recourse factoring the lender assumes much of the risk.  If the factored invoices are not paid then the factoring company will take the loss rather than the borrower.

Funding from this type of factoring may be used in all aspects of the daily business, including employee wages, construction projects, and for purchasing inventory. Limited recourse factoring typically carries lower interest rates than non-recourse factoring.

Contract Financing in Ontario

Whether a business is monetizing on a contract they are currently in negotiations with or have already secured, a contract financing loan provides funding for daily business operations. Rather than waiting to collect on contracts, these lending options allow businesses to start projects faster and eliminate the wait involved in repayment from clients. In addition, contract financing can play a critical role in the fulfillment of the contract by smoothing over cash flow issues.

This financing provides companies with the funds it needed to deliver on project requirements and fulfill the contracts. Funding is typically 80% of the total contract and does not require a credit check, making this an accessible funding option for most businesses.

As one of the leading factoring companies in Ontario, Dominion Lending Centres Expert Financial is dedicated to helping you understand your options, get fast approval, and securing the lowest rates for accounts receivable financing, purchase order financing, and contract financing.

Understand your options.

The starting place is to become informed. Once you understand your options, available rates, and timelines you can make good decisions.  Our Ontario business loan specialists are here for you – reach out today!