Broadway Funding is still accepting and verifying PPP loan applications. We’re optimistic additional funds will be authorized soon. Once funds are available, qualified applications will be automatically submitted to SBA.

Plox Inc

The Force was with Sean Andrews in 2017. His company, Plox, a consumer tech gadget maker, rolled out its product that year, an officially-licensed Star Wars Levitating Death Star Bluetooth speaker. It was a big success. Suddenly, Plox was on a roll.

What the Business Needed

Funding for Rapid Growth

Funding for Rapid Growth

Finding retailers to sell its hit product wasn’t hard. You can now find Plox’s “Death Star” speaker in stores like Best Buy, GameStop, Thinkgeek, Brookstone, and Amazon. But many retailers offered net-60 terms, which was bad news for Andrews. Waiting two months to get paid meant he had to scramble for other ways to pay for manufacturing and overhead expenses.

Technology Helps Plox Run Lean

Technology Helps Plox Run Lean

Andrews needed a technologically-advanced factoring company that could handle a large volume of invoices. BlueVine, he says, “became a better option as we were trying to scale.” With broadway funding, the factoring process was more streamlined: Andrews can log in anytime, select the invoices he wants for funding, and have money in his bank account within a day.

A Factor That Can Keep Up

A Factor That Can Keep Up

He found a solution in invoice factoring which let him get cash advances on unpaid invoices. But traditional, paper-based factoring was slow and couldn’t adequately meet the business needs. He spent a lot of time manually filling out, scanning, and emailing paper forms whenever he submitted invoices for funding. That turned out to be a hassle for a fast-growing company like Plox that wanted to expand to 17 different SKUs.

The Human Touch

The Human Touch

With traditional factoring companies, you may get penalized with hefty fees for a delayed invoice payment. But Andrews worked with his account manager at broadway to find a solution. “Rather than denting our cash flow,” he says, the broadway account manager “allowed us to continue factoring invoices from the good-paying customers, and chip away at the past-due amount with weekly payments.