Heritage Bank & Small Business

It’s all about the Small Business

For over 60 years, Heritage Bank has provided positive solutions to businesses as they encounter financial challenges. One of the greatest challenges a business faces is funding rapid growth. Often a business has its reputation and its products or services, and little else to support its growth strategy. So, where does a small business go to get growth capital when it has a purchaser for its product, but no cash to produce the product? Until now, local small businesses have had few options.

Recently, Heritage Bank had the opportunity to sit down with Mark Little and Hussein Marquez with Fayetteville-based Diversified Funding Services, Inc. (DFS) to design products that Heritage could deliver in cost effective ways to assist businesses as they grow and develop. Heritage can now offer accounts receivable factoring, Accounts Receivable/Asset Based Lending (AR/ABL) credit lines, and other back-office managed services to businesses and entrepreneurs. Accounts receivable factoring is a low-risk means for businesses to expand their working capital without opening a line of credit. AR/ABL credit is similar with the lender holding the company’s receivables as collateral.

Our new asset based lending joint venture with Diversified will allow small businesses and entrepreneurs to use one of their most valuable assets: their accounts receivable. These may be used to fund purchases of inventory and raw materials to complete their products and provide them to their customers in a more timely fashion than other options. The 30 to 90 days that it typically takes a business to collect on its sales can strangle a small business. Heritage’s option to borrow on accounts receivables can relieve that stress and smooth out cash flow.

At Heritage we listen to the challenges that our customers face and provide valuable solutions. We value the relationships with our customers and want to help them thrive. We know that if our clients prosper, then we have done our job as their financial services provider.

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