Government Invoice Factoring
We are experts in helping businesses and contractors that provide products and services to the government (Federal, State, Local, Municipal) grow, fund payroll and prosper.
Most businesses that work for the government don’t have a lot of fixed assets, like machinery or inventory. And most lenders don’t understand that one of your largest and most valuable assets is your Accounts Receivables (A/R) or invoices that you have sent to the government or your joint venture partner for the time worked and billed, or the product that you supply the government. We do!
We are experts in dealing with all facets of government work, including, but not limited to, working with your CO, documentation requirements like Notice of Assignment and Assignment of Claim forms. Due to our nearly 15 years of government experience, we are able to do what most banks wouldn’t even consider; use your government invoices as the only collateral for working capital you need to run and grow your business. We can do this even if you are a “start up” an 8(a) contractor, or have had a recent history of a less than profitable performance.
You can use our funding to acquire products that you are selling to the government, make payroll, hire more employees or 1099 workers working for the government, and grow. Applying for our professional services takes only a couple of minutes, and we can usually fund your government business in a few days after we complete our due diligence process Notice of Assignment and Assignment of Claim forms. Unlike most other firms, we NEVER charge any application, set up, documentation or closing fees. Apply online securely for your no-obligation proposal for our professional services today.
Government Contract Invoice Factoring
Are you a government contractor in need of working capital and cash flow? Are you concerned about having the financial resources required to complete the next government contract? Drake Finance is a funding company that can enhance capital for your firm on pending payment of invoices from government contracts. We offer an accounts receivable-based funding solution that provides immediate access to capital.
Companies that benefit from factoring of government receivables may be contractors for federal, state or county contracts. In many cases, MWOB (Minority and Women Owned Businesses) and SBA 8(a) organizations are eligible to factor government receivables.
Drake Finance is experienced, knowledgeable, and flexible when it comes to government receivable funding. We have worked with a variety of agencies including the Department of Defense, the Postal Service, HUD, ATF, CDC, AAFES, and many more. We have also financed government receivables due from an array of state, county, and local municipalities.
As a supplier of goods and services to government entities, you may encounter a variety of issues as it relates to working capital needs including the following:
- You need cash for payroll and taxes
- You are unable to service the terms of your suppliers
- You have outgrown your bank
- You require capital for expansion lines
- You want to accept the next large government contract but you are concerned about the capital required to complete the task. Drake Finance is the solution to these problems.
Drake Finance can work with any almost any business entity selling to the Government. Examples of clients that we have served in the past include:
- Supplier of ammunition, including government defense contracts
- Provider of outsourced suppliers to AAFES and NEXCOM labor
- Supplier of infrared equipment
- Advertising agencies for various government programs.
The Government is a desirable customer but in many cases government contractors wait 30 or 60 days to get paid. Drake Finance has developed a simple, easy, and quick process to get government contractors the capital they are looking for. We can typically fund your invoices to the government within 24 hours of the invoices being approved. Funds are wired directly into your account.
Factoring Benefits government contractors receive:
- No minimum monthly or annual funding requirements; you select the invoices, and amount of funding you need
- Advance rate of 80% of eligible invoices, with no “permanent” reserve
- No monthly service fees, origination fees, renewal fees, termination or penalty fees
- No “deposit” for our due diligence efforts
- No documentation fees
- No personal guarantees required; only validity guarantee
- No financial covenants
- Online access to invoice factoring reports available at no cost; provided on a 24/7 basis
- Professional, back office support on invoice follow-up and collection services. This allows the factoring client to decrease their internal overhead and related costs.
Whether you are a start-up or a twenty million dollar operation, apply today using our no cost, easy application process, and get an answer quickly. In most cases, we can provide funding for government contractors quickly.