In this fifth part of a video series about factoring that Gibraltar Business Capital created to educate small and mid-market businesses, Gibraltar President Scott Winicour explains the initial funding and closing processes. Gibraltar prides itself on its transparency and its quick turnaround on getting the needed funding to businesses.
How long does it take? That depends, of course, on how complex the deal is. “It can take as little as three or four days or as long as three to four weeks,” Winicour says. “The average is probably one to two weeks, depending upon how motivated you are in wanting to close the transaction.”
“Verifying Accounts Receivable balances is usually the longest step in the process because you’re relying on your customers to actually confirm that the balances that you are reporting to the factoring company are accurate,” Winicour says.
Want to see how the process works for your business? Click here to watch the 13-part video series and get answers to the top questions related to factoring including how factoring works, how Gibraltar evaluates risk, and Gibraltar’s unique approach to factoring.
When you’re ready to find a partner who will stick with you through challenging situations, click here to contact us today and request a factoring quote.