Archives for October 2008

Timothy J. Sardinia

Timothy J. Sardinia - Mr. Sardinia is currently a Partner with Canfield Capital Management, LLC, a Member of Steelkilt, LLC, a Member of Millennium Automotive Group, a Member of Millennium Legal Funding, the President and CEO of Sardinia Consulting, Inc and a Member of HighView Healthcare Partners, LLC. Tim's day to day responsibilities as a Partner with Canfield Capital Management LLC, a multi-million dollar commercial finance firm, include; Investor relations, Sales/Marketing, Initial file Underwriting and Portfolio Management. Tim holds a Bachelor of Science Degree in Business from Miami University. Previously, Tim held positions in Sales and Sales Management with Cintas Corporation and Eagle International, Inc. Tim Currently … [Read more...]

Mike Ponomarew

Michael Ponomarew brings with him more than 24 years of experience in entrepreneurship, marketing, and business management. He has established and assisted in vending three other businesses. He currently owns one other company. He started in the factoring industry in 1999 as a consultant, which led to becoming a funding source in 2002. Mike currently serves as the Director of North American operations for Millennium Funding. Millennium has factored hundreds of clients and each year manages in excess of $150 million in accounts receivable. Drawing on his experience as a consultant and a funding source, his responsibilities include training and coaching consultants, first and second stage underwriting and is one of the primary liaisons on … [Read more...]

How old is the Factoring Industry?

Factoring is probably one of the oldest forms of financing - dating back to ancient Rome.   In the early 1900's the first independent factoring companies were formed. In the beginning it was used for smaller companies and was a fairly expensive method of financing.   By the 1960's many Fortune 500 companies were using factoring as a method to stabilize cash flow.   Today's factoring companies are large and have significant dollars available. Additionally, their fees have been reduced significantly making factoring a viable option for companies that might have considered it too expensive in the past.     … [Read more...]

A Quick Factoring Example…

Looking for a quick example of the factoring process? Let's say that XYZ Enterprises makes table clothes. They receive an order for 10,000 from ABC Linens at the cost of $1.00 each. … [Read more...]

What is a UCC-1?

UCC stands for "Uniform Commercial Code." It is a federal code that is recognized in over 40 states. The UCC took the place of various state statues covering conditional sales, chattel mortgages, and other forms of personal property. Think about how a mortgage or deed of trust tie the home loan to the collateral - enabling a lender to foreclose on the property due to nonpayment of the note. A UCC is a way to tie collateral (other than real estate) to the debt owed. A UCC-1 is on record with Secretary of State and/or the County Recording Office. … [Read more...]

What is Factoring?

Factoring is the purchase of accounts receivables from a business at a discount. The factoring process enables companies to sell yet-to-be-paid invoices and immediately receive cash. … [Read more...]

Factoring Large and Small

Factoring is the purchase of accounts receivable, or invoices, at a discount. This investment method has been in existence for literally centuries and is practiced widely across the United States and Europe.  Now, a reasonable question to ask is this, 'Why would a business owner want to sell his receivables?" … [Read more...]