Get answers to some of your top growth financing questions! If you have a question that is not covered here, feel free to call one of our representatives at +1 (205) 607-0811.
How do businesses fund growth?
Businesses finance growth through a variety of methods, including business and SBA loans, self-funding, bank lines of credit, and alternative financing options, like invoice factoring. The best funding option for your business depends on several factors, such as the reason for financing, the size of your business, and the industry you operate in.
How can altLINE help my business grow?
altLINE offers invoice factoring, which is a scalable financing solution for small, medium, and large businesses. Invoice factoring differs from traditional financing options because it is more accessible for new companies that have not established business credit, and it is not a loan, meaning the borrower does not need to take on debt to factor their invoices. To learn more about how altLINE can help your company reach its business expansion goals, give us a call at +1 (205) 607-0811.
Do I need collateral or a personal guarantee to finance through altLINE?
With invoice factoring, the invoices you sell to the factoring company act as your collateral, so you will not need to provide any collateral besides the invoices you plan on factoring.
You will likely need to sign a personal guarantee if factoring with altLINE. We typically require operating owners with at least 10% ownership that reside in the United States to sign a personal guarantee. You can speak with a factoring representative to learn more about the requirements to factor with altLINE.
How do I decide which financing option is right for growing my business?
The financing option that is best for your business will depend on a variety of factors. Traditional financing options like business loans and bank lines of credit tend to be better suited for established businesses that have strong business credit and need spending flexibility. Invoice factoring and other alternative financing options are excellent for new businesses and those with poor credit history that are looking for a boost in working capital and a financing solution that will grow with their business.
My business is new. Will altLINE still work with me?
Yes! altLINE works with new businesses, even if they do not have established credit history. With invoice factoring, your approval largely hinges on your customers’ creditworthiness, rather than your own. Because of this, we are able to work with a wider variety of clientele than traditional lenders.
How can I use the business funding that I get from altLINE?
The financing you receive from factoring your invoices with altLINE can be used to cover a variety of expenses. You can use the working capital you receive to purchase new inventory or raw materials, pay your vendors, hire more staff, cover payroll, fund new contracts, bolster your marketing efforts, and scale your operations.