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Factoring is the discounted sale of commercial accounts receivable.
The primary target market for Hibernia s factoring program is small businesses that would not normally qualify for other Hibernia loan products, either because they are a new business or have had credit problems in the past. Factoring makes working capital available to companies that have no other source of financing. After the product is shipped or the service is performed, the invoices are sent to Hibernia along with supporting documentation. Upon receipt of payment from the account debtor, the reserve amount is then deposited in the Client s checking account. Factoring is great for rapidly growing companies since their credit limit is determined by sales, not the net worth of the business.