Invoice Factoring at Independent Bank


independent bankIndependent Bank Quick Information:

  • Independent Bank Headquarters: Memphis, TN
  • FDIC Insured: Yes
  • In Business Since: 1998
  • I-bank’s Goodman Factoring Division In Business Since: 1972
  • Small Business Funding Options: Factoring, SBA, Small Business Credit Cards, Lines of Credit
  • Direct Lender: Yes
  • Non Recourse Factoring: Yes

About Independent Bank

Memphis, Tennessee’s Independent Bank offers a variety of funding options for both consumer and merchant clients. The branches of Independent Bank are located primarily in the South, but they service clients nationwide.

For consumers, i-bank offers basic banking, CDs, residential mortgages, home equity lines of credit, and auto loans. They also provide a suite of retirement solutions with traditional, Roth and Education IRAs.

The commercial finance division at Independent Bank offers both traditional and alternative funding solutions, depending on the operating history and size of the business.

Through Goodman Factors, a subsidiary of Independent Bank, business clients have access to accounts receivable and invoice factoring facilities. This is critically important, since there is an entire segment of small and medium-sized businesses that don’t qualify for traditional bank lending programs. Bad credit business loans can be hard to come by.

These rejected businesses may be startups with very limited operating history, or perhaps they have low gross profit margins or negative net working capital. Whatever the reason, the ability to generate cash flow quickly is the top priority fast-growing enterprises. And the last thing a new business wants to do is to be saddled with new debt.

One of the early funding options from a traditional banking is a small business line of credit, a variable rate product. In a rising interest rate environment, this can be major inhibitor of growth, interest deductible or not.

Independent Bank Hours


  • 8:30am-5pm Monday thru Thursday
  • 8:30am-6pm Friday (until 5pm Downtown)
  • Drive Thru: 7:30am-6pm

Kroger at Bartlett (Lobby)

  • 10am-6pm Monday thru Friday
  • 10am-4pm Saturday

Independent Bank Locations

  • Memphis (i-Bank tower, Poplar Street)
  • Memphis (Downtown, Main Street)
  • Memphis (Midtown, Union Avenue)
  • Memphis (Holmes)
  • Laurelwood
  • Ridgeway
  • Germantown
  • Collierville
  • Bartlett (Kroger)
  • Poplar at Holmes
  • Germantown

 Independent Bank Invoice Factoring

With the purchase of Goodman Factors, Independent Bank provides an experienced invoice factoring company, with experience spanning over 40 years. Now, Independence Bank offers merchant customers with business-to-business (B2B) invoices, access to expedited cash flow by factoring invoices. Here’s how it works…

Business customers choose which invoices to factor, and get paid immediately by Independent Bank’s Goodman Factors. Goodman then mails out the invoices to your overdue clients and handles the collections.

In some instances, your business might have normally waited up to 60 or even 90 days for payment. Invoice factoring allows your business to pay down debt, make payroll, or take advantage of purchasing discount from a supplier. There’s always a good use for increased cash flow.

Independent Bank’s Goodman Factors division has been factoring invoices since 1972 and boasts some high-profile success stories. Back in 1994 when they were factoring accounts receivable for a small, unknown athletic apparel company out of Maryland. Today, Under Armour is one of the hottest apparel brands in the world. Their clothing is worn by sports icons including NBA all-star Stephen Curry  and golf superstar Jordan Spieth.

They were a perfect example of a young startup that was essentially unbankable. Fast growing startups are more interested in meeting liquidity needs then building cash reserves for a credit rating.

Through Goodman, Independent Bank, offers recourse and non recourse factoring for clients with invoices. Some businesses have significant insufficient issues or are hyper-growth situations that simply aren’t ‘bankable’ in the traditional sense. Independent Bank realizes this as they have been assessing business credit on potential merchants for years. Now, with Goodman factors, these formerly unbankable customers have a variety of alternative lending solutions including invoice factoring, asset based lending, accounts receivable financing and inventory financing. All of these small business funding options can increase working capital needs and improve cash flow.

Independent Bank Non Recourse Factoring

Since non recourse factoring includes the removal of credit risk, and even though your business will have to pay a higher factoring fee than recourse factoring, but it’s something fledgling businesses should consider.

Independent Bank also offers traditional, non recourse factoring facility, they perform the credit checks on your new or overdue customers and subsequently assuming the credit risk of your customers. This allows truckers to focus on core business operations, shop fleet card and uncover new opportunities.  Keep in mind, non recourse doesn’t protect against the refusal to pay over damaged goods or other non-credit issues.

Independent Bank Invoice Factoring Info:

  • IFA Member: Yes (Goodman Factors)
  • Factoring Rates: As low as 1%
  • Funding Advance: Up to 95% of eligible invoices
  • Funding Time: Same Day (if submitted before 11 AM)
  • Dedicated Rep: Yes
  • Minimum: $10,000 per month
  • Factoring Support Services: Huge credit database, , collections

Independent Bank Invoice Factoring Company Review

Like some of the other ‘hybrid’ factoring companies we’ve reviewed, Independent Bank offers small businesses the best of both worlds. They provide immediate cash flow for a rapidly growing business, without saddling it with debt or loss of equity ownership. This improves net working capital and keeps your small business humming.

Goodman Factoring reported a few recent transactions, including an apparel manufacturer in New York City that they advanced 90% of the approved invoices and annual factoring volume of $2.5 million. If you are in the apparel or retail accessory business, Independent Bank provides all the small business funding options you’re likely to need.

But your business doesn’t have to be in apparel or do volume of that size to qualify for their factoring services. Case in point, Independent Bank also assisted a diesel engine parts distributor in California with just $150,000 in annual factoring volume. Independent Bank still offered them advanced funding of 85% of their eligible invoices.

Independent Bank has Plenty of Business Capital

There are large financial reserves at Independent Bank, with deposits surpassing $848 million and over $1 billion of total assets.1 This is a significant tally considering an unsecured, non-performing loan total of $5.1 million (at year end 2016).2

With the deep-pocket backing of Independent Bank, Goodman Factor has the ability to factor invoices up to $5 million per month. But if you’re not that established, that’s OK. You just need to generate $10,000 in eligible monthly invoices.

Independent Bank has a Decent Reputation

We conducted some research on what customers were saying about their experiences doing business with Independent Bank. There are some unhappy customers, but this appears mostly to do with i-bank’s auto loan division. We didn’t come across any specifically dealing with invoice factoring.

As stated on the website, the bank is rated A+ by the Better Business Bureau of West Tennessee, accredited, and received a rating of 3.68 out of 5 stars. We found nothing material relating to their factoring division, Goodman Factors.

Should I be Factoring Receivables with Independent Bank?

Independent Bank offers the best of both world’s for its small business customers. Early on in their life-cycle, the company is focused on meeting basic requirements- paying employees and completing customer purchase orders.  But in order to fulfill larger orders and expand operations, there must be access to cash flow. Waiting for payments hampers this significantly so invoice factoring fulfills this need.

As your company matures and profitability becomes steadier, opportunities for cheaper, more traditional bank products will emerge. These often include a small business line of credit or a variety of asset based lending opportunities such as invoice financing, equipment leases, or revolving inventory loans.

When this time comes, your business will already have an established relationship with Independent Bank, allowing you access to these if you are a ‘borderline’ qualifier. This can reduce your cost of capital going forward, improving profitability and further lowering borrowing costs.

In summary, we would feel comfortable factoring receivables with the Goodman Factors division of Independent Bank. This invoice factoring company had an early hand in financing Under Armour’s meteoric growth. What could they do for your business?

To find out, get a free, no obligation quote. Find out just how much cash you can unlock from your assets and take your business to the next level.

Invoice Factoring Companies like Independent Bank: