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United Capital Source can facilitate accounts receivable factoring for senior centers looking to stay current on bills, upgrade facilities, and increase staff.
With this type of working capital loan, the business lender purchases unpaid receivables for a discount price. You can do this immediately after an insurance payment is not received by its expected date. So, instead of waiting an unknown amount of time for the payment to come in, the business lender pays you just a few business days after your application is approved. It is also now up to the business lender to collect from the insurance provider.
When this payment is finally collected, you get paid whatever was missing from the first payment, minus a percentage. You lose a small portion of income but this is nowhere near as harmful as the many dangers of waiting too long for payments. Profits will not shrink, bills will not go unpaid, and you will actually have the means to make improvements the moment they become necessary. This is vital for senior centers because just a slight delay with one such improvement can jeopardize the health of multiple residents or prevent them from becoming residents altogether. Outdated living spaces cannot be used, sufficient staff is needed at all times, and supplies must be delivered on a cyclical, timely basis.
Your to-do list is about to get a lot smaller
Accounts receivable factoring is also just one of several business funding programs that could make sense for your senior center’s financial circumstances. Other options, like a standard, short-term working capital loan, are capable of giving you most of the aforementioned benefits. Some UCS clients take out working capital loans solely to pay their suppliers upfront or well ahead of due dates. This keeps inventory stocked all throughout the year and makes them eligible for discounts.
Another attractive option for short-term investments is a business line of credit. A senior center could use the funds to increase staff, upgrade furniture, or cover a recurring expense and then pay off the balance with insurance payments or revenue from new residents. Apply now to see how much you qualify for!