Small businesses 'factoring' cash needs

J. Michael Stanley, left, managing director of factoring

advertisement | advertise on newsday

J. Michael Stanley, left, managing director of factoring company Rosenthal & Rosenthal, with a client, Evan Cagner, president of BCNY International, at Cagner's office in Hicksville. (July 17, 2012) (Credit: Heather Walsh)

With bank lending tight, small businesses on Long Island are exploring factoring, a financing method that used to be considered a last resort.

Factoring is not a loan, although it does provide cash to companies that don't want to wait to receive payment from their customers. In factoring, a company sells its receivables, or invoices, to a specialized financing firm, called a factor, which...

Continue Reading

Already a Newsday or Optimum customer ?

Get unlimited digital access $1 for 4 Weeks

$0.99/Week Thereafter

Get the Biz Briefing newsletter!

The latest LI business news in your inbox daily.

Sign up

By clicking Sign up, you agree to our privacy policy.

Comments now uses Facebook for our comment boards. Please read our guidelines and connect your Facebook account to comment.

By using this site, you agree to our Privacy policy.