Accord Financial launched AccordExpress Factoring to provide capital for Canadian small- and medium-sized enterprises.

With some businesses stretched to the limit with COVID-19-pandemic-related debt and the costs of gearing back up as the U.S. economy reopens, AccordExpress Factoring will unlock cash tied up in receivables, helping companies preparing to reopen and grow.

AccordExpress Factoring will deliver term sheets within 48 hours and provide funding of up to $2 million within 10 business days. AccordExpress Factoring will provide access to an up to 90% cash advance on accounts receivable, either one debtor or all receivables with no setup fee or long-term contract, allowing clients to sign up and use the program for as long as they want.

The new program follows on the aunch of AccordExpress BCAP, Accord Financial’s pandemic relief small business loan program.

“Business owners can now unlock cash tied up in goods and services they’ve already delivered to their clients,” Simon Hitzig, president and CEO of Accord Financial, said. “Factoring isn’t new, but Accord’s unique solution for SMEs is.”