Receivable Financing: Boosting Business Growth in San Antonio
November 01, 2019
Cashflow is the most important component of any business, especially a business working to grow. To flourish, your company needs to fund new employees, new equipment, and new expenses. All too often though, delayed payments from clients can cause a problematic gap between how much money your business is owed and how much money your business actually has in reserve. For businesses that find themselves in this predicament, there is a solution: Receivable Financing.
Because of our commitment to providing local businesses with the best opportunities, The Bank of San Antonio launched Texas Express Funding, a new receivable financing solution designed to meet your unique business needs. It’s our newest addition to the array of financial solutions we provide to our clients, and we believe it will create opportunities for local entrepreneurs and help the economy grow in the city we call home.
Receivable financing is an alternative option for financing cash flow while a business is waiting for customers to make payments. When you need capital during the time it takes customers to pay invoices, Texas Express Financing gives you cash up front, allowing your business to thrive without limitation. During a period of expansive growth, your company may not be able to secure a traditional loan or line of credit, and even if you did, the funds may not come quickly enough. Because receivable financing is based on accounts receivable as opposed to credit history, you can get access to immediate cash.
Wayne Schroeder will serve President of Texas Express Funding, LLC, a wholly-owned subsidiary of The Bank of San Antonio. Wayne brings 30 years of banking and receivable financing to lead the company. Previously he served as a San Antonio market president for a regional bank, which led to the founding of his own receivable financing company, Titan Finance in New Braunfels, and additionally led to his new partnership with The Bank of San Antonio.
“I always had a healthy respect for The Bank of San Antonio,” Schroeder explains, “The Bank of San Antonio has a great reputation for a very good customer base, and is a forward-thinking bank that provides solutions for people beyond what you would get with a normal banking relationship.”
Often, receivable financing makes the most sense for labor-intensive companies with a high overhead like insurance or trucking companies, who need a constant cash flow to pay for more diesel, more trucks, insurance claims, or more payroll, for example. However, receivable financing makes sense for anyone who creates an invoice, including small retail, ER clinics, construction companies, manufacturers, and many others.
For many new businesses or established businesses looking to expand, Texas Express Funding is the solution. As Schroeder says, “A lot of times, it’s a growth opportunity.” Receivable financing gives you immediate funds, so you’re never financially limited by delayed invoice payments. And it’s not only a chance for growth, it’s also instructive — your banking partner can help you make decisions on how to handle cash. It's not only a product that's a stop-gap for cash flow, it’s a training mechanism for young companies on how to be bankable,” Schroeder says.
For new businesses, Texas Express Funding is a convenient financial alternative for keeping cash flow steady. As a business owner, you don’t want to miss an opportunity due to monetary limitations, like wanting to expand but not having the capital to fund the additional overhead. Texas Express Funding will provide new opportunities for San Antonio businesses and allow the team at The Bank of San Antonio to do more of what we love — helping local businesses accelerate their growth.
See how receivable financing could serve your business growth, contact Wayne Schroeder here.