While this career is fairly foreign to most folks, it is quickly becoming a very “Hot” opportunity, since bank loans are hard to come by.

By definition, Factoring allows small business to get funding based on their current accounts receivable. “It’s a huge business and, at a time when people can’t get other types of lending, factors are skilled experts at lending against accounts receivables” (says Joy Victory at Payscale.com). There has never been a better time than now to create another income stream by becoming a factoring broker.

If you are looking to supplement your income to meet household monthly expenses, mortgage payments, make greater contributions to your 401K, other retirement plans or seeking a career change, then this may be a perfect opportunity for you.

The great thing about brokering (finding companies in need of cash) for the Factor is you create residual income. This means you will be paid a commission on a monthly basis as a percentage of the fees collected by the Factor.

With the proper knowledge, training and support and with little or no experience in this industry one can learn in little than 24 hours how to implement and execute “The 3 Step Brokering Process”.

This simple process includes:

Step 1 – Finding the Prospect

Step 2 – Gathering 3 Items of Information for the Factor

Step 3 – Submitting the Information to the Factor

Once the process has been completed the Factor will then take over and conduct the necessary due diligence, communicate with the client and close the transaction. As a Factoring broker you can participate in as little or as much as you wish in the transaction. Most Factors are willing to pay full residual commissions to a broker who simply finds a qualified prospect and introduces that prospect to the Factor.

Want to learn more about how you can participate in this explosive opportunity?

We invite you to do a little scratching beneath the surface and join us for a 45 minute Complimentary Webinar hosted by The Finance Institute and sponsored by Millennium Funding and Business Accelerator Inc. It doesn’t hurt to educate yourself… nor does it hurt to talk with Industry Practitioners to get all the facts. You may really like what you see, and it may open new paths in your mind to a new way of business.

This webinar will take place on Monday, March 1st at 9:00 p.m. (EST) – Click the banner below to register.

Just take a quick look at these highlights from the 2008 Asset-Based Lending and Factoring Surveys recently released by the Commercial Finance Association in June 2009 to see where opportunity is knocking in the United States.

Factoring Highlights

• Factoring experienced an annual volume of $136 billion in 2008 compared to $20.2 billion volume in 1976, the first year reported for the survey results.
• While the growth was a nominal .5% compared to 2007, it still reflects stable volume during volatile economic times.
• The major regional market for factoring continues to be the Northeast (47%) followed by the West (24%) and the Southeast (20%). The Midwest and Southwest comprised just 5% and 4% respectively of market share.
• The textile/apparel industry prevails as the primary client base for large scale factoring companies while transportation and business services contributed to much of the small factor volume.
• Non-recourse factoring makes up 77% of transactions with the remainder consisting of full or partial recourse factoring.
• Notification factoring comprised 78% of the volume with non-notification contributing the other 22%.

Asset Based Lending (ABL) Highlights

• The Asset-based lending industry reached $590 billion in 2008, an 8.3% increase over the prior year.
• The regional market allocation for ABL was more consistent across the United States but was still led by the Northeast (27%). It was followed by the Southeast (25%), the Midwest (20%), the West (16%), and the Southwest (12%).
• Just 12 states represented almost 65% of ABL outstanding loans.

The Commercial Finance Association releases this informative survey each year. Adrej Suskavcevic, the trade association CEO, shared these comments, “Businesses in need of capital should look beyond traditional bank loans and realize there are lenders that are able to help business meet their capital needs.”  To view the full press release and survey results you can visit the  Commercial Finance Association.

In face of a tightening credit market the need for alternative financing is on the rise. This is just part of the reason factoring made Yahoo’s Top Ten Jobs List for 2009. Yes, that is opportunity you hear knocking!

When Yahoo puts out its Hot Jobs list, people listen.

As job prospects are expected to slow in 2009 people are urged to look into fields that are poised to excel.  Yahoo Hot Jobs listed being a Factor as one of their Top 10 Professions for 2009.  

More and more businesses are seeking alternative financing in this economy. Banks are tightening their belts and even good companies are having trouble managing cash flow.  

Although Factoring has been around since business began (How Old is the Factoring Industry?), it has more than stepped into the daylight as a legitimate form of financing – and a profession to learn.  

Not only did a Factor make the Hot Professions list for 2009, it was at the top of the list in regards to average annual income (at nearly $80,000 per year).  

The article also quoted “It’s a huge business and, at a time when people can’t get other types of lending, factors are skilled experts at lending against accounts receivables.”  

There are numerous ways to get involved in the industry but for the most part Factoring Consultants market to businesses and pass the deals on to Funders to do the work (thereby receiving a commission).  

The best part for consultants is the commissions are typically reoccurring. As long as the business uses the Factoring services the consultant will continue to receive a referral fee – for the life of the account.  

For more information, check out the ‘How To” articles and Funders at FactoringInvestor.com.  

The original article entitled ’10 Hot Professions for 2009″, by Joy Victory with quotes from Ron Mitchell, can be viewed at http://hotjobs.yahoo.com/career-articles-10_hot_professions_for_2009-633.