If a bank loan is not coming your way think about invoice factoring, an alternative to traditional financing. This billion dollar industry offers loans to small and new businesses that need access to cash flow quickly and conveniently. The history of Invoice Factoring began some 4000 years ago during the time of King Hammurabi and it still continues to play an important role in business finance.
Over the years it has experienced tremendous growth and in 2011 the factoring volume reached a mammoth $88.3 billion. By any stretch of the imagination this is a huge number and illustrates the growing importance of the Invoice Factoring Industry.
This Infographic takes you through the history of Invoice Factoring, the growth of the US invoice factoring market, the benefits it brings to the table for small businesses and also tells you why it stands the test of time. The popularity of invoice factoring in recent times can be traced back to the time when lending to small businesses by banks saw perceptible decline.
There is absolutely no doubt that with more and more banks making it increasingly difficult for smaller and newer businesses to get loans, invoice factoring is emerging as the proverbial knight in shining armor.