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Accounts receivable financing is used by businesses to convert sales on credit terms for immediate cash flow. 1st Commercial Credit adopts a quick and simple approval process and expedites initial funding in 3 to 5 working days.
learn moreFactoring companies provide excellent financing alternatives for companies needing to improve their cash flow. An experienced accounts receivable factoring company in Georgia will allow businesses to experience this advantage without taking on new debt or having to wait weeks or even months for their invoices to get paid. Instead, you can use your invoices to generate immediate working capital. Invoice factoring has been available for some time. However, more companies consider this form of financing now because they have discovered the differences and advantages that invoice factoring companies provide to Savannah businesses.
Accounts receivable factoring can remedy a company’s cash flow problems by providing them with the money they need right away. A business has access to cash in 24 hours or less. Factoring is possible for new companies and those with bad credit.
The accounts receivable factoring service turns invoices sold on credit terms into immediate working capital. It is a simple, fast, and easy financing process to access cash. 1st Commercial Credit is a factoring company that evaluates receivables and can make quick approval decisions on accounts receivable loans.
A company that factors receivables has a faster approval process, and the documentation requirements are not extensive. The most critical condition for a factoring company is that an applicant has unpaid invoices for services or goods that have already been fulfilled. If your business has invoices, has been in operation, and is not involved with any legal issues, approval is highly possible.
1st Commercial Credit offers low and competitive rates. If your business is selling to commercial accounts on credit terms, you may be eligible for this method of financing. 1st Commercial Credit provides invoice factoring to many companies in different industries in Savannah, including manufacturers, healthcare, international trade, import and export, staffing agencies, trucking and logistics, and many more.
At 1st Commercial Credit, we strive to offer your business the best financial solution that will meet your goals and specific industry-related financial needs. This is why we offer an array of financing options and evaluation of your business’ receivables with no obligation to determine which financing option is best for your Savannah business.
One method of financing we offer is purchase order financing which involves having 1st Commercial Credit provide transactional financing to a vendor/business (the applicant) to help process an order requested by a creditworthy account debtor (your customer). When you receive a purchase order from a customer, a purchase order financing firm will verify the customer’s credit. If it gets a green light, then the P.O. financing firm will set up a letter of credit to pay the manufacturer.
The payment is made against the purchase order before an invoice is even prepared. After this, the manufacturer then ships the goods to your company, the importer. When the customer pays, the financing firm will collect that payment, take a fee for the funding services and give you the remaining balance. If the scenario is different and your customer pays on terms, the financing firm may factor in the customer’s invoice. As such, this will be providing you with an advance of a certain percentage of the invoice. Once your customer pays down the invoice, the financing firm will transfer the balance of the invoice, minus a fee for the factoring service.
Purchase order financing allows you to take advantage of more extensive orders that you might otherwise not be able to because of a cash flow shortage. By using this financing tool, your working capital can grow as your business grows. This financing alternative also provides trade credit protection in the event of a customer’s non-payment. 1st Commercial Credit offers a broad selection of purchase order funding programs for manufacturing and distribution businesses, including international and domestic trade.
1st Commercial Credit has extensive expertise in all supply chain finance segments that include invoice factoring and extended terms to buyers. We provide funding for 3 types of purchase order requests such as Finished Goods P.O. Finance, Light Assembly Finance, and Production Finance. It is essential to understand that the client must already be factoring receivables to qualify for our purchase order finance program. Customized adaptations are made for each client because we know that not every purchase order finance request will be the same.
Another funding program 1st Commercial Credit offer is trade payable financing. This simple process involves filling out a 2-page application for buyers to set up. Once the account is established, the buyer can provide us with the vendors and invoices that need to be paid, and we then pay the suppliers.
1st Commercial Credit will accommodate creditworthy buyers with a new financial service that provides additional working capital to pay their suppliers. We have an up to $10 Million credit limit, and a $100k minimum spend. P.O. financing will allow your business to take advantage of early payment discounts offered by vital suppliers or have the ability to extend payment terms. Maximize your bottom line by saving on early payment discounts. In summary, we pay your company to make money by using our services.
Another type of financing involves a letter of credit, a very efficient and precise financial tool used by buyers to purchase products from sellers. The most typical use of a letter of credit is for an international transaction.
If your business has a Letter of Credit, it can be combined with Factoring. A letter of credit can help a company make a transaction, but it doesn’t accelerate the cash coming into the company. The company still has to wait for payment under the terms of the invoice, which can take weeks or even months. The problem with this is that the fees for the letter of credit will continue to accumulate while the lender is waiting for the invoice payment. An optimal financial solution is to factor the invoice, which will accelerate the payment allowing the letter of credit transaction to be completed, and the cash can be used immediately by the company.
Companies can enjoy the ability to grow and enter the international market once they have access to the letter of credit financing. Companies can leverage their successful use of letters of credit into strong reputations, which is a precious currency in the international market.
The transportation and import/export industries in Savannah can significantly benefit from any of these financing options offered by 1st Commercial Credit. When dealing with international trade, payment for outstanding invoices can take a long time and cause cash flow issues.
There are many challenges that trucking and transportation companies face every day that require sufficient access to working capital. Some of these challenges include employee shortages, regulations, safety issues, fuel, equipment, maintenance, and tolls, to mention just a few. Getting sufficient funds to run a trucking business is crucial to maintaining a good cash flow, managing problems, and being profitable. As mentioned before, trucking companies rely on appropriate trucks to move the loads from one location to another. This is where 1st Commercial Credit can help business owners in this industry get the equipment and tools they need without depleting all of their precious cash reserves.
We will work closely with you to structure the appropriate financial solution. We can also provide special financing for those business owners looking to get extra commercial trucks. We have a new offering for recent or credit-challenged trucking businesses called the OTR truck starter program, which offers more flexibility and simpler approval processes for companies under one year in business.
1st Commercial Credit provides the funding for trucking and transportation companies just like yours so you can focus your efforts on growing and running a successful operation. Whether you're looking for a flexible loan or lease plan or financing solutions for lower credit scores — we've got just what you need. Trucking businesses are significant contributors to the well-being of the American economy and deserve financing options that are flexible and work for them, not against them. Like any business in Savannah, Florida, trucking companies have particular financial needs and unexpected expenses that require available capital.
Here are some equipment leasing benefits:
When partnering with 1st Commercial Credit, trucking businesses can get fast and easy access to funds after filling out an application for equipment financing. Contact us today to learn more about our offerings, financing plans, and qualification requirements.
Payroll financing, or payroll funding, enables a company to sell its invoices to get immediate cash to fulfill its payroll needs. Funding a company for payroll provides the company with fast cash to pay employees or temporary staff on time while waiting for the client to pay the company.
It gives companies the ability to meet payroll requirements. 1st Commercial Credit lends money for payroll and has the kind of experience and resources that your business needs to meet all payroll obligations. Suppose you are looking for a factoring company for your staffing agency in Savannah. In that case, 1st commercial credit provides the financial tools necessary to overcome cash flow issues and continue to grow the business. We have been providing funding to staffing agencies for more than 18 years.
When past due invoices begin to accumulate and control your receivables ageing report, you will start to have problems meeting your imminent operational obligations. It is always a great idea to start planning and become familiar with the services offered by a good payroll funding company.
Payroll Funding Process with 1st Commercial Credit:
All businesses use payroll, which means any industry can benefit from payroll funding. Possible candidates for payroll financing include any businesses that extend credit to customers or expect payment in return for goods or services.
Payroll funding with an experienced payroll factoring company like 1st Commercial Credit brings many advantages for your Macon business, including:
There are many payroll factoring companies offering payroll loans for businesses, but 1st Commercial Credit has the kind of experience and resources needed to help your businesses meet all of your payroll obligations. Accounts receivable lending for staffing companies is a great financial alternative offering many benefits to companies and is a reliable, efficient way of borrowing money for your staffing agency.
Savannah is an industrial center and a crucial Atlantic seaport. It is the fifth-largest city in Georgia, with an estimated population of more than 144,400. The four major economic drivers in Savannah are The Port of Savannah, manufacturing, the military, and tourism.
The plant, International Paper, is one of Savannah's largest employers in the present. Savannah is also home to Gulfstream Aerospace, a maker of private jets and various other significant industrial interests. TitleMax and Morris multimedia are also headquartered in Savannah. Between 2009 and 2017, Savannah was North America's fourth-largest port for shipping container traffic. In 2019, the port continued to see record growth, with a reported 4.5 million, 20-foot equivalent container units being moved in the fiscal year.
Savannah, Georgia, is a delightful Southern city where art and architecture meet. Savannah is also a place where fresh cuisine comes straight from the coast. Savannah provides the perfect environment for many. Savannah's significant sites include Fort Pulaski National Monument, Old Fort Jackson, and Bonaventure Cemetery. Broughton Street is a great shopping stop for those looking for fashion and high-end designs, and foodies can find specialties in gourmet shops.
Art lovers can also enjoy the renowned Telfair Academy and the SCAD Museum of Art and many art galleries and home decor shops.
Savannah attracts millions of visitors annually to its parks, cobblestone streets, and notable historic buildings. Savannah's downtown area is one of the largest National Historic Landmark Districts in the United States. Savannah is also known for being the host city for the sailing competitions during the Summer Olympics of 1996.
We are a company that factors invoices for many industries in Georgia. We offer a variety of financing options for the following cities:
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