Redondo Beach, California (PRESS RELEASE – June 1, 2010) — Riviera Finance, a national invoice factoring company, is reporting significant growth for 2010, indicating a strong recovery in the small business sector.
Invoice factoring is a small business funding service that gives companies cash for their accounts receivable, improving their cash flow and thereby providing working capital for them to expand.
Since January of this year, Riviera’s daily factoring volume has increased by more than 30% and year-to-year volume has seen similar growth. Accounts receivable factoring volume from new business is up 48% over 2009.
Even more encouraging is the news that this growth is coming from all industry groups, particularly staffing, business services, and manufacturing.
Tom Smith, Vice President for Riviera, remarks on the positive trend, “Significant rebounds are occurring in many segments of the economy, creating demand for products and services, with the usual trade credit requirements. In the early stages of a recovery, small companies experience gaps in working capital as customers take 30-60 days to pay. Meanwhile, bank lines and other loan alternatives continue to lag, as they typically require clients to have strong cash flow before granting loan approval. Invoice factoring with Riviera Finance fills the cash flow void, providing clients with cash upon delivery of product or service and full accounts receivable management.”
For additional information on invoice factoring and Riviera Finance, visit www.rivierafinance.com
About Riviera Finance:
Founded in 1969, Riviera Finance is a nationally-recognized leader in the small business finance industry. As the experts in accounts receivable finance, Riviera Finance maintains 16 offices throughout North America including eight business service centers strategically located to provide face-to-face service and expert financial solutions to small and medium-sized businesses. Riviera holds the highest credit rating in the industry, has shown consistent, positive earnings and maintains a diversified, solid capital base. For more information, visit www.rivierafinance.com.