As food businesses focus on continued operations and growth, one thing remains certain — cash is king. Regardless of the food product or service provided, your food business relies heavily on cash to meet a higher scale of demand and operations.
Food businesses that purchase food products from suppliers on credit, rely on making sales to their customers in order to pay off outstanding payables. When retail or wholesale food customers do not pay as quickly as required, cash becomes an apparent problem.
Businesses operating in a wide range of food products and services such as frozen foods, fresh produce, food processing, and beverages incur huge overhead and labor costs as well as extensive production expenses. These food businesses require cash and funding to expand and grow.
Many food businesses do not readily have access to the funding needed from traditional banks, and even when they do, the process is usually lengthy and time-consuming. If your business needs to navigate through business growth and expansion, you can explore alternative financing means such as asset-based loans.
How can asset-based loans help your food business?
You can fund food production, services and growth by leveraging existing assets and utilizing asset-based loans. Asset-based loans solve a major concern for food businesses looking to access funding.
A wholesale food business that needs cash to finance inventory or purchase another production facility as a result of expansion can obtain funding using inventory financing or asset-based loans.
You can utilize assets such as accounts receivable, inventory, capital assets etc. to get cash for your business needs through a reputable finance lender such as Accord Financial.
Helping businesses thrive since 1978, Accord Financial has a variety of financing solutions for the food and beverage industry. When traditional forms of financing seem difficult to obtain, Accord Financial aims to simplify your access to capital by committing our time, resources and expertise to fill your financing gap.
Here are a few of the ways Accord Financial steps in to help your food business grow while providing funding through asset-based loans.
Inventory financing: Your food business does not have to turn down new opportunities or struggle in taking up new purchase orders, especially during a period of growth. Partner with Accord Financial and get access to supply chain financing and inventory financing solutions, receive funding to pay off your suppliers, acquire purchases and keep running your food business.
Accounts receivable financing: A cash crunch situation caused by delayed invoice payments and aged accounts receivable can be circumvented through factoring or using accounts receivable balances as collateral for a loan.
This is where Accord Financial comes in; saving you time, lengthy processes and unnecessary hassle, our highly experienced team coupled with top notch technology, effectively provides a funding solution for business growth.
Asset-based lending solutions: Accord considers your existing assets and strategizes on ways to help your business free up cash. Your inventory and capital assets can be leveraged to get access to loans and funding for your food business.
Asset-based loans through Accord Financial provide a funding solution that make a difference for your business. Grow and expand your food business at the pace you require using Accord’s lending services.