Invoice Factoring Company Expands Market To Fund Growing Oilfield Service Companies

MetroCorp blames $5 million charge-off on factoring fracas

“Due to the rapidly expanding growth in oilfield work in The Permian Basin, oilfield service companies are facing cash flow challenges,” said Keith Mabe, Vice President of Charter Capital. “Charter Capital has positioned itself to make funds readily available to qualified small businesses selling products and services in this industry.” Invoice Factoring is an often overlooked choice for growing companies. This form of financing (also known as Accounts Receivable Financing) is a financial tool that allows businesses to capitalize on the power of their outstanding invoices. Factoring can be a valuable mechanism to turn a business’ invoices into immediate cash, enabling them to fund business operations. Small businesses that need an immediate cash stimulus can turn to Charter Capital for an accounts receivable factoring line that fits their needs. Charter Capital is a direct source of funds and does not involve any third-party lenders.
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Invoice Factoring Company Re-Launches Staffing Factoring Program

The local bank holding company, operator of 15 MetroBank locations in Houston and Dallas, last Thursday said it is investigating the matter. After biting the bullet, MetroCorp says the $5.3 million charge-off will slash 50 cents per share from second-quarter earnings. Before the negative news, earnings for the quarter were projected to be 29 cents per link share, according to First Call. Now MetroCorp, toting assets of nearly $700 million, faces a second quarter in the red. So even as various bank stocks kicked off June with a rally, investors jettisoned MetroCorp stock. It slid to $6.25 last Friday — an all-time low. Advantage Finance Corp., a MetroBank subsidiary, suffered at the hands of a longtime customer, MetroCorp says. The banking company contends Advantage Finance purchased accounts receivable that “were fabricated or inflated” by the customer, according to a June 1 MetroCorp filing with the Securities and Exchange Commission.
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For example: The staffing company would provide services as usual, obtain time sheets and create invoices The invoices are sold to the factoring company, who provides immediate funding The factoring company waits for payment instead of the staffing company, and the invoices are closed once the payment is received. Invoice factoring is not a loan and creates no additional debt for a growing business. Invoice factoring is also fairly easy to obtain and can be set up in as little as 4 to 5 business days. The most important qualification is that the staffing company’s clients are credit worthy. The staffing company factoring program is also available to security companies under the security guard factoring program. About Charter Capital Charter Capital is recognized as one of the hardest working independent providers of accounts receivable financing / invoice factoring and cash flow management solutions for small to mid-sized businesses. They offer a complete line of asset based funding and related financial services. In today’s “credit crunch” economy, Charter Capital can be your alternative source for business financing.
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