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Frequently Asked Questions
Please contact us if you cannot find an answer to your question.
Factoring means that a lender will provide you funds against a commercial or government receivable so you have immediate use of those funds and the "Factor" is willing to wait until your customer pays the invoice.
1776 will use a purchase order, issued to you from your customer, to pay your supplier or obtain terms with your supplier so you can complete the order, and turn the PO into an invoice. Sometimes vendors/suppliers do not provide you the credit limits you might need to fulfill the PO. 1776 will work with your vendors/suppliers using a number of different products so that they are willing to provide you the necessary service or goods to complete purchase orders and grow your business.
1776 bases its fees off a number of variables. We do not charge an interest rate, but discount the invoice or PO based on the length of time the funds provided to you or your supplier are outstanding. Fees are determined by the amount of invoices/PO's you will be submitting, how long you will be using 1776 and the monthly volume of funding you plan to use with 1776.
1776 is a collateral lender. We use your invoices and purchase orders as our collateral. If your customers are credit worthy, most of the time we are able to provide you with working capital to succeed.
1776 can work with new or establish companies. The key criteria is that you provide goods or services to another business or a government agency. We are unable to fund businesses that are 100% business to consumer.
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