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Financing Options for Companies in the Hospitality Industry

If you have a business connected to the hospitality industry, you may be wondering about the best way to obtain financing. Both new and existing businesses frequently have the need for hospitality funding.

The Importance of the Hospitality Industry

The hospitality industry is crucial for several reasons, encompassing economic, social, tourism enhancement, innovations and trends and cultural dimensions. Here are some key points highlighting its importance:

Economic Impact

  1. Employment Generation
  2. Revenue Generation
  3. Support for Other Industries

Social Impact

  1. Cultural Exchange
  2. Community Development
  3. Quality of Life

All of this creates a large demand for hospitality services, which include a number of overlapping industries such as:

  • Accommodations – Hotels, motels, bed & breakfasts, Airbnb’s.
  • Food and Beverage – Restaurants, bars, and clubs and companies.
  • Entertainment and Recreation – Theme parks, museums, outdoor recreation and theatres.

 Some of the top areas in the United States for hospitality businesses are: 

  • Las Vegas
  • New York City
  • Orlando
  • Miami
  • San Francisco
  • Los Angeles
  • Chicago

The hospitality industry has its challenges. Business can often be volatile and seasonal. Economic downturns can severely impact your profits. When people reduce spending, leisure activities are one of the first things they cut back on. These are a few of the reasons businesses in the hospitality industry turn to invoice factoring for a simple cash flow solution. 

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Our Process

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You deliver your products or services

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Send your invoices to Riviera Finance

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Why Hospitality Businesses Need Funding

Businesses in the hospitality sector may need financing for many reasons. Here are a few reasons your hospitality industry may need access to working capital. 

  • Spur business growth
  • Complete renovations or repairs
  • Invest in new technology or equipment
  • Meet everyday business expenses, like payroll 
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Benefits of Invoice Factoring

Riviera Finance works with a variety of companies in the US and Canada to help them maintain cash flow and meet weekly financial demands.

Immediate Cash

Our process is built around immediate response to client needs, and the best cash turn around in the industry.

Quick Credit Checks

Receive Credit Checks on Your Customers

Low Risk

Competitive Rates and No Hidden Fees

Financial Freedom

No Debt is Created

Bad Debt Protection

Riviera takes on all the credit risk!

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The Benefits of Hospitality Factoring

Invoice factoring is a type of financing in which you sell unpaid invoices to a factoring company. This allows you to get paid immediately rather than having to wait for clients to pay you. Invoice factoring has several advantages over traditional forms of financing.

  • Easier to qualify for. Factoring companies care about your customers’ credit, not yours.
  • Faster access to the funds you need. Loans can take a long time to process. With factoring, you can get paid within days.
  • Get financing without giving up equity or impacting your credit.

Businesses That Can Use Hospitality Factoring

If your business gets paid by invoice in the hospitality industry, you may be able to benefit from factoring. Here are some examples.

  • Hotels and other accommodations. This can work especially well for hotels that host business travelers or business events such as conventions.
  • Hospitality staffing. Supplying temporary or permanent staffing for hotels, casinos, theme parks, or restaurants.
  • Food and beverage suppliers.
  • Businesses that supply furniture or interior decorating for the hospitality industry.
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How to Apply For Hospitality Factoring

If you need funding for hospitality, it’s quite simple to apply for invoice factoring. The main steps are:

  • Submit your application. For this, you’ll need basic identification, an EIN, and documents indicating your business structure (such as LLC or corporation).
  • When you are approved for factoring, you submit the invoices you want to factor.
  • Deliver products and services to your clients.
  • Get payment from the factoring company. You can get paid in as little as 24 hours. Rates differ but you can get up to 90% of the invoice’s value.
  • When your client pays the factoring company, you’ll receive the remainder of the invoice value with a small fee deducted.

Hospitality factoring can be an efficient way for businesses to get funding. It can be used in place of or in addition to more traditional types of financing. If you are in the hospitality industry and are looking for a way to improve your cash flow, factoring is worth considering.

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