What to do when the credit is pulled from you?

Throughout the years we have been in this business, we have found there are several reasons why people look to The Interface Financial Group for invoice factoring.  Historically, the number one reason has always been that the small business could not get a loan due to two reasons, credit and/or time in business.  Historically, banks could provide loans to companies if the owner of the company had good credit, and had been in business for at least two or three years.  Anything that fell below those requirements were usually kicked out of the bank and referred to a factoring company (if the company had accounts receivables).

Today, we are hearing from more business owners that had lines of credit or credit cards, but recently received a phone call from their banker telling them that their credit limits have been reduced or the loans will be eliminated in a few weeks.  This is occuring all over the country, as this article from an Oregon newspaper explains.

The Interface Financial Group is ready to service these clients, as our credit requirements haven’t changed despite the current economic situation.  Furthermore, we finance companies using a criteria that is far different from the traditional lending criteria most banks use.  This allows IFG to assist companies that have recently seen their ability to borrow reduced during the last few months.

This entry was posted on 3. August 2009 at 20:38 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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