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Invoice factoring is a form of financing that businesses can use to improve their cash flow. When businesses factor invoices, they sell them to a factoring company at a discount in exchange for immediate payment. This allows businesses to get access the money they're owed right away, rather than waiting for their customers to pay.
Accord Financial Corp., one of the U.S. and Canada’s leading independent commercial finance companies ("Accord") (TSX: ACD) announced the hiring of Ryan Ray, an experienced asset-based lending (ABL) and equipment professional to the Accord Financial team.
Most growing companies should have a revolving facility in place because it enables additional growth in operations and limits the potential issue of growing faster than liquid capital. This was certainly true for Accord’s newest client, a well-established contractor in Western Canada.
Accord Financial Corp. (“Accord” or the “Company”) (TSX – ACD) today released its financial results for the third quarter ended September 30, 2023. The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards.
Asset-based lending refers to a specific type of secured loan that leverages company assets as collateral. An asset-based loan can help established companies grow by using their assets as collateral for business financing.
Accord Financial announces the closing of a $40MM equipment lease line to a leading pet supply manufacturer and distributor. This financing has enabled the company to purchase new mission-critical equipment for its primary manufacturing plant as it expands its production capacity and sales.
The outbreak of the global pandemic had drastic effects on the economy, leading to job losses and business closures. In order to support those who had lost their jobs and businesses, the federal governments of Canada and the United States injected a significant amount of money into the economy in the form of subsidy packages and loans.
With over two decades in small business lending, I've had the privilege of witnessing the ebbs and flows, triumphs, and challenges of countless businesses. These experiences have cemented my understanding of the integral role financing plays in the success of every small enterprise.