11. April 2012 05:53
As a government contractor, you face a totally different set of restrictions and regulations from your private sector counterparts. If this is your first foray into the field of government contracting, you'll need to take time and understand the basics of what to expect. One of the most important things to understand is that finding a lender who understands the intricacies and complexities of the government and can effectively work within them can be difficult. Be sure that your lender has a solid understanding of the differences that exist between financing a government contractor and financing in the private sector.
Assignment Of Claims Act
When a government contractor is financed, the government itself must be sent a notice of assignment. This provision was created by the Assignment of Claims Act, designed to protect the government's interest and always ensure clarity about who is receiving payment. The government notice of assignment is a mandatory and common step in government contractor financing.
Federal Acquisition Regulation
This is the comprehensive document specifying exactly how the government gets virtually everything it buys. Ensuring that you adhere to the requirements of this document will help your transaction proceed as smoothly as possible, especially if you plan to obtain some kind of financing.
Big Contracts Need Big Financing
Supplying the Federal government is noble and potentially a major boon to your business, but it can also mean a lot of strain on your cash flow. Government contract financing can help. It is possible to leverage a number of different financing opportunities; just work with a lender that has sufficient experience navigating the complexities of government financing and you're in a good position to succeed.
If you have questions about government contractor financing or would like to learn more about the options available, contact one of Crestmark's government specialists.
21. November 2011 13:19
In the article, Tull explains: "We primarily finance companies that can't get working capital from traditional banks. Although we are a bank ourselves, we don't do all the things that most banks do. For example, we don't do consumer loans or offer checking accounts. All we do is finance business-to-business transactions."
Within the commercial sector, Crestmark provides working capital to a wide variety of businesses. Tull told The Suit, "We finance all kinds of companies, from auto suppliers to perfume manufactures to furniture distributors. We are very big into financing truckers, the transportation world, and staffing companies. And we even have one client that manufactures gourmet dog treats."
Read the entire article here:
12. September 2011 04:46
Crestmark understands the unique challenges facing Government Contractors. Members of our Baton Rouge office were busy trying to connect with some of you at a couple of conferences last month To support our commitment to receivable financing for government contractors, they attended the National Veteran Owned Small Business Conference and the Navy Gold Coast Small Business Opportunity Conference in August, where they were able to provide great information about how our financing solutions like accounts receivable factoring, accounts receivable loans and asset based lines of credit can help meet the needs of your growing business, or allow you to accept that next big contract. If you missed them at the conferences, or you would just like more information about how we can help, complete our “Contact Us” form.