When David Becker needed additional working capital to support his growing electrical fixture supply company, he turned to Gateway Commercial Finance for a fast solution. "I started this business after nearly 15 years working for a larger distributor that failed when the housing market crashed. I had maintained all of my relationships with customers and our primary suppliers so it was a natural progression that I start my own business. Many of my suppliers offered me limited credit terms to help me out, but as we grew, these credit lines did not support my total sales."
David's bank had partnered with Gateway Commercial Finance on several occasions and felt this would be an ideal vehicle to support David's growth needs. "In no time, Gateway had provided us with the additional working capital we needed to support our sales growth it was almost like a flick of a switch!"
The electrical fixture supply industry moves up and down with the housing market. While there are plenty of opportunities with residential remodeling projects, the real money is in new builds. Then there are the opportunities that come from commercial remodeling and new build projects. When a hotel decides to remodel, there are a lot of lighting fixtures involved in the budget.
A new lighting fixtures company that finds itself in the middle of an economic upswing will see its fortunes change for the better in a hurry. Everyone dreams of success, but that success comes at a price that can become too steep for new suppliers that do not have a comprehensive financial plan.
What Do You Do When Your Success Outpaces Your Resources?
A new company usually gets limited credit limits from its suppliers and tends to rely mostly on cash to pay the bills. That is all well and good, until the demands of new customers start to outpace the cash flow. What is a new product supply company supposed to do when the success it has dreamed of starts to slowly bring about its demise? At these moments in a new company's history, it is time to start making financial plans which leverage that success to help pay for the future.
Product Supplier Factoring Takes Care Of Overwhelming Financial Needs
We have financial experts who know exactly what your new lighting fixture business needs to succeed. Instead of dreading the arrival of new invoices from new customers, we can put a plan in place that will make those invoices look like gold on your desk. Our product supplier factoring program will turn your invoices into the cash you need to pay your bills and keep the materials coming.
Your Vendors Will Respond In A Positive Manner
In business, there is always a positive domino effect that follows the prompt payment of supplier invoices. When you pay your invoices on time, your company's credit rating improves and your current vendors have no problem approving higher credit limits. You can also use your improved credit to find new suppliers that will offer you better payment terms and better pricing. This is the kind of domino effect that keeps building and it becomes a wave that you can ride to your success.
Our product supplier factoring experts are ready to discuss your financial needs right now. We have years of experience in the lighting fixture supply field that we can put to good use for your company's needs. An invoice factoring program is seamless and requires no maintenance on your end. You submit approved invoices and then get paid. Instead of waiting months to get the cash you need to run your business, you can get it right now.