What is the Approval Process for a Factoring Facility?
American Bank, N.A. and American Bank Business Finance make it quick and easy to see if an accounts receivable financing/factoring facility is right for your business, and our application process is fast and efficient if there are no existing Uniform Commercial Code (UCC) filings or other liens:
- We extend an invitation to apply following a discussion and determination of the need.
- An online system accepts the application and other required documents from you.
- Based on the application information, we may issue a proposal document within one business day of receiving a complete application.
- Once the proposal is signed, we underwrite the transaction within three business days.
- Approval of the factoring facility usually occurs within three business days.
- Document preparation, signing, and closing usually occurs within two days.
- Funding may occur as a part of the closing process for buy-out situations and within one business day of receipt of the first funding schedule.*
Important things to remember about our process:
- No application costs or closing costs
- No personal assets pledged as collateral
- No depository relationship required
*Subject to credit approval.
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