altLINE is a Factoring Company for Businesses in Virginia
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 Virginia with accounts receivable financing and invoice factoring. We purchase your unpaid invoices and give you the cash you need.
Recent Factoring Deals
The landscaping company operates in a low margin industry, but the business’s previous factoring company was charging very high rates leaving little in terms of profitability.
Seeking a lower rate, the commercial landscaper sought out bids from other factoring companies. As a direct bank lender, The Southern Bank was able to greatly reduce their factoring costs leaving more money in the business.
With the same access to capital, but at a reduced rate, the commercial landscaper has grown their business from $3MM to $7MM in 18 months.
Less than two years old, this manufacturer of industrial packaging was unable to secure a traditional line of credit from their local community banks due to a lack of operating history.
Rather than turning to an independent factoring company, the manufacturer chose to work with The Southern Bank which offered him the best of both worlds – significant access to capital at a great rate.
The manufacturer continues to grow and has moved into two new product lines. As their financial performance continues to develop, the company is working with The Southern Bank to secure a more traditional credit facility.
Light Industrial Staffing Company
A startup staffing company faced the tough decision of choosing a factoring company amongst a sea of options. They knew they needed factoring to bridge the gap between payroll and customer payment, but didn’t know where to turn.
Referred by a former colleague, the founders contacted altLINE by The Southern Bank to see what they could do. Unlike many factoring companies, altLINE has factoring programs specifically catering to start up businesses and was able to put a facility in place.
The factoring line that was put in place has given the founders to take on growth at a rapid, yet healthy pace. The company has grown from no revenue to $500,000 month in billings in the span of 6 months.
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