GET STARTED
How to Apply
Fill Out Our Signup Form
Answer Some Questions About Your Business
ei Funding Contacts You to Get Started
Before you start your secure online application, we recommend that you gather all your important business documents and personal information. This includes documentation like:
- Driver’s license(s)
- The state of formation
- Social Security number(s)
- Articles of incorporation
- Legal form of the business
- Business tax I.D.
You’ll also need several financial documents from your business that account for at least two years:
- Balance sheets
- Profit and loss (P&L) statements
- Corporate tax returns
- Three months of bank statements
Client Testimonials
Hear It From Our Valued Customers
I have no words to describe how much he’s helped me and how he’s helping my business grow
If it wasn’t for Ernane, I’m not sure where I’d be right now with my business. He’s on top of everything. I can hire more technicians now and I’ve grown the business by about 20 percent.
James Quiles
Owner, A&J Telecommunications, LLC
It’s been a real game-changer
We’ve worked with Ernane since last Spring. He’s helped us immensely as far as our cash flow. It’s been a real game-changer, honestly. He’s been keeping things going for us. I wish we had known about Ernane sooner in our business cycle, it would have been really helpful.
Tarek Kanaan
Unity Vibrations Kombucha
If I ever need a loan, I will think of ei Funding first.
Working for some time now with Mr. Ernane has made me feel secure. He always answers my questions and answers the phone himself, and he is always a very honest and trustworthy person.
Oscar Arizmendi
Next Underground
Our experience with ei Funding has been outstanding.
The professionalism and expertise offered by their team, especially Ernane, have been invaluable. Ernane’s warm, kind, and understanding demeanor, coupled with his deep business acumen, has made our experience not just beneficial, but also enjoyable.
Darron Burke
Burke Brands LLC
Ernane has helped me every step of the way with capital for my business!
When I first started working with Ernane, I had the concept for my business and a really strong pipeline, but I was in a really delicate balancing act between accounts payable and accounts receivable, operations costs and cash flow. He’s just someone I want to do business with.
Cesar Hernandez
Managing Director, Omni Public
We were able to establish a rapid and ready turnaround
Before we started working with Ernane, it was horrible. It was hard to get invoices on time and correctly and there was just no feedback from our bigger clients.
Once we started working with him, we were able to establish a rapid and ready turnaround. I had the funds available when I needed it and a faster turnaround in payment to our contractors.
Manny Ramirez
R&R Texram LLC
This is one of the best funding companies
If we didn’t go through Ernane, we would have had to wait 30 days before our first check came. After we started working with him, we were able to pay our employees on a regular basis. Otherwise, we would have had to have them wait.
Sylvia Troyer
Office Manager, Blueintegration, LLC
I would not consider any other factoring firm to handle my business.
Ernane is a very valuable asset to any organization and is a key component and partner in my company’s success. He has always been very responsive, from day one. He treats me as if my business and success were his top priorities. No matter the size of the invoice, he promptly gets them turned around.
Bobby Morrow
ROTCA Services, Inc
How Does ei Funding Compare to Other “Big Box” Financing?
When it comes to business financing, it’s great to know that there are many different options out there to choose from to help get you the cash you need quickly. The problem is that not all of these financing options are created equally — in fact, many can end up costing your business significantly more than others in the long run.
To help you make the best decision on which option is best for your company, check out our “Big Box” Funding Companies vs. ei Funding chart below, allowing you to easily compare business financing options from both “big box” funding companies and boutique companies like ei Funding.
Invoice Factoring from ei Funding |
Bank Loans |
Credit Cards |
Invoice Financing |
Merchant Cash Advances |
|
|---|---|---|---|---|---|
| Maximum Capital Available |
80 – 90% of Your Unpaid Invoices | Average SBA Loan = $350,000 | Average Credit Limit of ~ $6,000
Average Cash Advance of 30 – 50% of Overall Credit Limit Credit Cards Will Never Furnish All Your Working Capital Needs |
~ 80% of Your Unpaid Invoices | Average MCA Amount = $5,000 – $500,000 |
| Costs and Fees |
Small Fee Per Invoice (a.k.a. the “discount rate”; no APR or hidden fees) |
|
|
Small Fee (typically 1 – 3% per month)
Typically Include Hidden Fees |
30 – 50% More Than the Principal Amount
Daily Payments |
| Approval Process |
Online Application + Quick Approval Process (we’ll contact you within 1 business day to discuss your needs) | Online Application + Lengthy Approval Process | Online Application + Quick Approval Process | Online Application + Quick Approval Process | Online Application + Relatively Quick Approval Process |
| Turnaround Time |
Rapid Funding (often the same day as approval) | Between 14 and 90 Days | ASAP | 1 – 5 Days | As Soon As 48 Hours |
| Credit Criteria |
High Credit Score Not Required | Higher Credit Scores Required (generally, 730 or higher) | Higher Credit Scores Preferred (generally, 670 or higher) | Requirements Vary (some do not have a minimum requirement, others may require a minimum score of 600) | None or Very Low (a good credit score not required as approval is based on your business’s ability to pay back the loan from future revenue) |
| Repayment Terms | N/A (invoice factoring isn’t a loan and the invoice advances are paid by your Customer, not by you) | 3 months – 25 years, depending on the loan type | Anytime (but the longer you have an outstanding balance, the more interest you will accrue) | N/A (invoice financing isn’t a loan because it’s your money to begin with, so no repayment terms are needed) | Typically Between 3 – 10 Months
Payments Drafted Daily (from your business account) MCA Companies Employ a “Consent of Judgment” Clause (this is where if payments are not made, a default judgment is automatically entered against your small business) |
Frequently Asked Questions
Invoice factoring is one of the oldest types of business finance and is one of the best alternative financing options available to small business owners. Factoring involves the purchase of your accounts receivable for cash, at a slight discount to your invoices face value, in order to quickly provide working capital for your growing business.
By purchasing your accounts receivables, a Factor advances you typically 80% – 90% of your invoice value and then collects it from your customers for you. A reliable factoring firm will also provide you with guidance and financial advice throughout the process. By working with a trusted Factor, you’ll be able to focus more time on running and growing your business, not chasing down customers to pay their aging invoices.
Absolutely! At ei Funding, we love new companies. Every big company today was at one time a new company. Unlike banks, factors generally don’t call for very much history of a company since we rely heavily on the creditworthiness of your customers.
This allows you to get going almost immediately and focus on what you do best — grow your business. With years of factoring experience working with small companies, we at ei Funding are in a position to help you get the results you deserve.
SmartPricer, a sibling company of ei Funding, has created advanced software to make the process of getting a home mortgage easier and more efficient. We use our software to analyze all the available mortgage options in the market and then recommend the best ones that match your unique requirements. This helps you make quicker decisions, save money, and receive top-notch customer service.
People often wonder: “Is factoring a loan?” The answer is no, and here’s the difference between the two:
With traditional bank financing, rates tend to be slightly lower, however, the approval criteria along with other restrictions, have grown recently, making it much more difficult to obtain, especially for small businesses and start-ups. When banks provide a line of credit, this is a debt, which will show up on your company balance sheet and be tied to some form of collateral of yours or the company’s, creating further restrictions.
Factoring, on the other hand, is not debt, but rather an advance against your invoice for products or services. Each advance is tied to a specific transaction, and as a result, is used only when you want to use it. It grows as your company grows, and is there for as long as you need it, since the money provided you are advances made against your own, earned invoices.
Learn more about how factoring compares to other financing online now.
Yes. If you, or your company, have a blemish on your credit record, we understand that. What makes invoice factoring special is that the focus of our credit analysis is not based entirely on you, but also on your company, and the quality of your clients, since ultimately it is they who will be paying your invoices. So although bad credit is not something we encourage, it is not a show stopper for obtaining factoring services for your growing business.
Contracts spell out the rules of the game for both sides, and at ei Funding, we do our best to make sure ours are clear so that everyone knows how things work. As far as contracts go, you can cancel your factoring agreement at any time, and the only thing we require is that it be done in writing 30 days before your intended stop date.
We are committed to a simple and transparent rate structure designed to help you keep more of your hard-earned money. And finally, if for whatever reason we don’t meet your service expectations, then we don’t want to stand in your way to find a service provider who does.
This is something we are asked all the time. There’s a misconception that factoring is a costly option compared to bank financing, when actually, a business ends up paying only a few pennies for each dollar factored.
As an example, a $1,000 invoice will typically cost anywhere between $25 – 40 in factoring fees, so when we say it only costs cents on the dollar, we really mean it.
No. Invoice factoring is not considered debt. It involves the purchase by the Factor and the sale by the Client, of invoices for goods and services.
Because of this fact, small businesses may use invoice factoring even if they already have a line of credit with a commercial bank.
There are many advantages of choosing factoring as an alternative for financing your business. Here are some of the best reasons to use invoice factoring for your business:
- Immediate cash advances, typically same-day, for your Invoices
- It’s not debt, so no monthly term payments
- It’s flexible — you use it only on the Customers you choose
- It inexpensive, costing your business only pennies on the dollar
- You receive 80 – 90% of your invoice amount up front, in cash
- It grows with your business
- It provides necessary cash flow to manage through potential slowdowns or Seasonality which are a normal part of your business
When applying online, we recommend you have all of your most important documents on hand. This includes your driver’s license, Social Security number, articles of incorporation of your business (LLC, Corporation, or other), and your business tax I.D.
You’ll also need financial documents that account for at least two years:
- Balance sheets
- Profit and loss (P&L) statements
- Corporate tax returns
- Three months of bank statements
We like to do things right, so we typically take a week to 10 days to get you set up, once we’ve received all the necessary information from you, although if needed, we take as little as 24 – 48 hours.
From our experience, we’ve learned that what’s most important to you in the long run, is not the fast setup, but the fast funding — of the correct amounts, when and how you need it. We do our best to get you set up quickly, but since we also depend on you providing us the requested information, we’ll work to get it done in as little time as possible.
You can easily apply online any time. And once you’re approved and set up, in cases where you already have invoices to approved customers, it’s likely we can get you funded on those right away.
Factoring is widespread in many industries including Staffing, Construction, and Transportation, and many Customers including Shippers and Brokers actually prefer dealing with Factors for accounts receivables management.
To these Customers, it shows you take your invoicing seriously and see the value of putting accounts receivables management with us, and therefore allowing you to focus on what you do best — running and growing your business.
As you know, running a small business takes a lot of work. Although our focus is Factoring, we also offer Purchase Order Financing and Debt Consolidation as part of a factoring facility set-up. We are focused on finding the best solution that works for your growing small business, because at ei Funding, your success is our success.
Browse Our Resources for Business Growth
6 Success Factors to Get Your Small Business Started
