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For firms that bill in hours and wait on invoices — capital that smooths the gap between work done and work paid.
Agencies, consultancies, accounting firms, staffing companies, and law practices share a cash-flow signature: the work is delivered long before the invoice is paid, and the biggest cost — payroll — never waits. Traditional lenders want hard collateral these firms don't carry; revenue-based underwriting reads the retainers and invoice payments landing in your account instead.
We fund service firms at $5,000–$10 million on the standard bar: 4+ months operating, $10,000+ in monthly revenue, 4 months of statements. Common structures: working capital against receivables, or a line-of-credit style facility for recurring invoice gaps.
Your stated payment terms are not the number that sizes the gap. The real interval runs from the day you pay for the work to the day the money lands, through approval, invoice consolidation, the client's payable run and any vendor-management layer. Net 30 on paper routinely runs longer in the account, so measure your own, pay date to deposit date, per client, across the last two quarters. Winning work widens the gap before it closes it, which is why the tightest month is usually a good one.
Firms typically see 80%–150% of monthly revenue, within $5,000 to $10 million. A practice billing $45,000 a month generally lands in the $36,000–$67,500 band. Weekly or, for qualified clients, monthly remittance usually fits invoice-based revenue better than daily debits.
Yes — that’s the point. Underwriting is on your revenue deposits, not assets. Consistent retainer and invoice payments are exactly what reads well.
Lumpy-but-real is normal for services files. The $10,000 monthly minimum is read as an average across four months of statements, so gaps between invoices do not stop you qualifying. What a long gap can change is size: when the weakest month in the four-month window falls far below the window's average, the remittance is sized to that month rather than to the average. Recurring client relationships and signed engagements strengthen the picture, and where the gaps follow the calendar, last year's statements for the same four months are what let the average stand.
If the gap recurs monthly, a revolving line usually fits better — draw when invoices lag, repay when they land. One-time needs price better as term funding. See our comparison guide.
Often, yes, and we'll say so. Factoring advances against that specific receivable and can cost less. This suits a recurring payroll-versus-collections gap rather than a single invoice. Purchase order financing and invoice factoring are available through our direct lending partners, arranged only after we have talked through the options with you and only if you choose to.
Signed changes everything. Funding a hire against contracted work is straightforward; funding one against work you hope to win adds a payment to an already uncertain bet.
Unbilled work does not size the offer. What is read is what cleared in four months of business bank statements: deposit volume and shape, the balance between deposits, negative days and any existing positions. Work in progress still belongs in the conversation. If a large engagement is delivered and invoiced, say so and send the terms, because it explains a thin month inside the window and shows what the account is about to look like.