altLINE is a Factoring Company for Businesses in South Carolina
Do your customers take 30+ days to pay? Are you struggling to meet payroll? Turning down jobs because you lack working capital?
The Southern Bank helps businesses in South Carolina with accounts receivable financing and invoice factoring. We purchase your unpaid invoices and give you the cash you need.
Recent Factoring Deals
In business since the 1990s, this manufacturer has utilized factoring since its inception. Unfortunately, their current factoring company was experiencing significant turnover and causing a negative impact on their relationship.
In addition to offering a stable, bank-operated home, The Southern Bank analyzed the manufacturing company’s receivables and current factoring fee schedule and was able to identify significant savings opportunities.
With a new factoring company in place, the relationship between the manufacturer and their customers greatly improved. In addition, the manufacturer was able to save well in excess of 30% on their previous factoring costs.
Engineering Consulting Company
The Southern Bank’s altLINE team was contacted by an engineer interested in launching his own technical consulting business. Unfortunately, the business had no operating history and insufficient working capital to fund employee payroll.
By underwriting the credit quality of the client’s customer rather than the client, The Southern Bank had no problem putting in a sufficient factoring line that allowed the entrepreneur to get back to doing what he does best – growing his business.
In 8 months the company has grown from $30,000 per month in sales to over $200,000 a month. Additionally, he has done so without raising any outside equity and maintains 100% control of his business.
Founded more than 20 years ago, this textile manufacturing company had lost a major client and began tripping covenants in their bank line of credit. They needed a new home and fast.
The Southern Bank was referred by the current bank and was able to structure a factoring facility that operated much like their current asset based revolver.
By moving to a bank-owned factor instead of a more expensive independent factoring company, the textile manufacturer was able to control financing costs and redeploy those savings back into improving his business.
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