About Invoice Discounting
Invoice Discounting is a business financing facility where businesses are able to sell their outstanding invoices to a Factor so as to get a cash advance of up to 85% of the invoice value.
Invoice Financing provides fast working capital of up to 85% of your outstanding invoice value with a repayment plan of up to 90 days.
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Benefits of Invoice Discounting
Improves operating cash
flows improves your business’ cash flow predictability and increases your long term borrowing capacity even from banks
Does not register as debt
Unlike a traditional loan or overdraft facility, Invoice Discounting is not booked as a "debt" but rather the sale of a receivable thus does not interfere with other credit arrangements
Aligned credit growth
The amount of financing you can access increases as your sales grow, thus providing you with comfort that you have access to continuous, growing amounts of working capital as your business grows
Revolving credit line
Provides flexibility in adapting to your changing business cycles
No early settlement fees
Application Requirements
Completed Application Form- Copy of Directors National Identity Card Copy of Director’s KRA PIN and company KRA PIN
- Certificate of Incorporation/Registration
- CR12 (issued within the last 6 months) or copy of annual returns of the previous year
- Business Permit and other relevant practice licenses)
- Others: Partnership Deed (LLP, Limited Partnership)
- 6 months Bank statements for all company bank accounts.
- 3 sample invoices sent to each targeted factoring customer in the past 12 months)
FAQs
Any business that engages in credit transactions; As long a the buyer of the Good/service has been approved and Momentum is able to confirm with your buyer that the good/service has been provided and invoice is due for payment.