SOURCE: The Interface Financial Group (IFG)
BETHESDA, MD--(Marketwire - Jun 25, 2012) - According to the Interface Financial Group (IFG), North America's largest alternative funding source for small to medium-sized enterprises, construction spending during April 2012 was up 1.3 percent since March, and at an estimated seasonally adjusted annual rate of $820.7 billion. During the first four months of this year, construction spending has amounted to $238.5 billion, which is 7.3 percent above the $222.2 billion for the same period in the year 2011.
Additionally, research from Industrial Info Resources said that industrial construction work has been booming so far in 2012 for the United States.
"This is a good indicator for the economic future -- and although the economic recovery is slower than anticipated, as construction spending improves, general contractors can leverage The Interface Financial Group construction factoring services for added stability and growth," said IFG Chairman and Chief Executive Officer George Shapiro.
Factoring enables sub-contractors to be paid quickly for their invoices, thus speeding up cash flow and improving a builder's ability to start immediately on the next phase of construction. First time applicants can receive cash in less than 24 to 48 hours; previously approved clients can receive cash in less than six hours. Construction factoring services are quite flexible as there are no minimums or maximums; no long-term contracts; and no requirement to factor an entire receivables portfolio. There are no upfront application fees, and no due diligence or credit line fees, since factoring is not a loan.
The Interface Financial Group's factoring services provide small to medium-sized contactors with an innovative cash flow solution that complements the sector as it continues to recover economically. Invoice factoring is the funding choice for many small business seeking growth and expansion financing.
In addition to being one of the only factoring companies in the industry to offer Construction Factoring, IFG's other private label solutions include: Export Factoring, providing services for companies who export from the United States and Canada; P.O. Funding to finance purchase orders when a company receives a purchase order and needs to purchase supplies to fulfill the order; and Inventory Financing, a solution promoting a company's growth by funding them when they must expand and purchase inventory.
IFG does not expect to buy 100 percent of a company's receivables and professional rates are competitive. In addition to Spot Factoring, or single invoice financing, IFG allows choices of invoices to be factored, enabling customers to retain most of their money, to spend the minimum fees, plus guarantee adequate cash flow.
About The Interface Financial Group (www.ifgnetwork.com)
The Interface Financial Group (IFG) is North America's largest alternative funding source for small business, providing short-term financial resources, including invoice factoring services (invoice discounting). The company serves clients in more than 30 industries in the United States, Canada, Singapore, Australia, New Zealand, UK and Ireland, and offers cross-border transaction facilities. With more than 140 offices across North America and over 39 years of experience, IFG provides innovative accounts receivable factoring services and solutions by offering short-term working capital to growing businesses. Single invoice factoring, or spot factoring, is an extremely fast way to turn receivables into cash.
IFG was founded in 1972 to provide short-term working capital to help small to medium-sized businesses grow. The IFG organization operates on a local level, providing clients with local knowledge and experience and business expertise in numerous diverse areas in addition to accounts receivable factoring, including accounting, finance, law, marketing and banking.