In modern America where credit is tight and bank loans are harder and harder to obtain, factoring and accounts receivable financing has become one of the key engines of the American dream. What is the American dream? According to Wikipedia, the American Dream is the promise of the possibility of prosperity and the freedom for everyone to achieve success in the United States. James Truslow Adams defined the American dream in 1931 when he wrote that: “life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.”
Since the end of World War II, the American economy expanded and showed few signs of letting up. The growth in the standard of living in the United States has been fueled by the desire of many to attain the American dream. In the early part of this century, this dream began to crumble as the economy slowed, housing prices tumbled and unemployment invaded all areas of the country. With the bank crisis and the failure of major Wall Street brokerage houses, it became more and more difficult for businesses to borrow money in order to grow and get the economy back on track.
Luckily, factoring companies like PMF Bancorp have stepped up over the last several decades to save the day and help American businesses find alternative means of financing and funding. By providing invoice factoring, asset based financing, and import-export trade financing. PMF also offers extensive credit services to help its clients make the right credit decisions to set credit limits and monitor companies with marginal credit. PMF’s credit services also provide insurance against customers defaulting on their invoice payments. This protective service is referred to as credit insurance.
PMF Bancorp’s credit insurance program can be used to insure repayment on American companies as well as mitigating cross boarder sales with foreign companies. The sales generated by U.S. corporations are derived in majority now by sales to foreign companies. By offering such a variety of workable credit and financial solutions, PMF Bancorp is an essential part of the ongoing revival of the American dream, especially for the smaller companies that do not have sophisticated credit departments to sell abroad.
If an American business owner wants to grow a successful business, shouldn’t they be given the opportunity to achieve a new level of prosperity? Credit scores and ratings have come to dominate the American business market to the point that viable and worthy businesses are unable to find financing because of a past mistake or a bad year during the recent crisis. It does not seem right that an economic downturn should result in handcuffs being placed on the ongoing innovation and realization of the American dream.
By offering ways of financing that focus on what is happening with a company in the present (actual inventory and invoices and accounts), PMF Bancorp breathes essential life into the heart of the American dream. If your company needs help through access to alternative forms of financing, contact PMF Bancorp. We know that we can help take your business to the next plateau of achievable profit and productivity.
In this ongoing series on the revitalization of the American dream, every month we will tell a true story of an American company that PMF Bancorp has helped to finance. Since PMF Bancorp always respects the privacy of our clients, all of these stories will be told anonymously. By becoming a one-stop shop for a variety of beneficial financial and management services, PMF Bancorp helps our clients to realize their true potential. By relaying these success stories that reflect the best of the American dream, PMF Bancorp is able to express the pride in what we do both in terms of intrinsic value and real financial sense.