As Your Business Grows
We Deliver The FUNDS
We Deliver The FUNDS
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 more1st Commercial Credit is an invoice factoring company that offers fast service and makes it a simple process for applicants. We offer low receivable rates, an easy setup, and flexible terms. These criteria are the hallmarks of a good accounts receivable factoring company in Joliet. Whether you want the company to handle a few invoices or all of them, you can expect a solid financing solution that involves little or no underwriting. Finding the best financing partner for a business is essential, and understanding the factoring process and precisely what to look for.
Trustworthiness
All business relationships prosper best when both parties trust each other and can keep the relationship and transactions transparent. When you embark on a factoring agreement, the factoring company will become like a new business partner. Seek a company that understands your business values and goals.
Dependable, Personalized Service
You want to partner with an experienced factoring company that can provide what you need and consistently provides the services to help your business succeed. From the first telephone contact to signing the contract, you want an invoice factoring company that will be present every step of the way.
Service companies in Joliet need to offer credit terms to customers to expand their business. These companies utilize and benefit from our funding programs at 1st Commercial Credit. Service companies can easily tap into their receivables assets for immediate cash flow and take advantage of countless opportunities that your business might be missing out on.
1st Commercial Credit offers factoring services to businesses of all sizes with as little as $10,000 a month in sales volume and up to $10 million in receivable assets. If your business would benefit by converting your accounts receivable to working capital, we can help.
Your company in Joliet should have the ability to grow without periodically having to turn down contracts because of cash flow issues. Many businesses think it is their fault if they face this situation, but this isn't the case. The reality is that any business that wants to grow will have to offer better credit terms to clients, which means payments will come long after the service or goods have been delivered. The right financial partner needs to be selected to go through this with you to succeed.
1st Commercial Credit has experience working with the major industries in Joliet. It can offer asset-based lending, accounts receivable financing (also known as invoice factoring), purchase order financing, and trade payable financing for your company.
We make it an easy and fast process to access cash flow for your business. We leverage your buyer's credit eligibility, not your company's. 1st Commercial Credit will evaluate your accounts receivables and provide you with a solution and a decision within a few days.
Regardless of its size or time in business, receivable factoring for telecommunication businesses is popular because it allows any telecom company to secure financing. It is an ideal solution for new start-ups and any company that has seen a decline in its credit rating.
It is a solution that improves cash flow, and it allows companies to avoid the high costs of waiting for customers to cover their invoices. Ultimately, it is a financing solution that is ideal for the long receivable collection times found within the telecom industry.
Telecom companies need to research to find the most suitable factoring company that will satisfy all of their business needs. There are many differences between account receivable financing and bank financing. Obtaining financing from a bank involves providing all financial statements and going through a series of checks and balances. In contrast, with receivables factoring, your Joliet company doesn't need to give any financials. Also, with bank financing, the process involves making your company go through a stringent set of criteria, primarily based on having an excellent credit rating and demonstrating solid performance over a given period.
In contrast, with receivables factoring, your company's credit rating plays no role in the decision to advance your working capital. Instead, the decision rests with the account debtor's credit rating. Finally, financing through a bank implies taking out a loan, one that will show up on your balance sheet. In contrast, receivables factoring is similar to a loan, but it will not show up on your balance sheet.
Accounts receivable financing is a financial solution that allows you to sell your receivables or unpaid invoices to a factoring company in Joliet. This financing alternative will provide your business with cash minus a factoring fee, allowing you to continue with your business's operations and fulfilling responsibilities such as payroll and payments.
When applying for a bank loan, the process can take a long time, and the chances of approval are very low. The probability of obtaining approval for a traditional loan decreases when a business doesn't have an established banking record which can be a challenge for new companies. Invoice factoring companies can provide financing options for your Joliet business.
Our financing programs include accounts receivable financing, trade payable financing, asset-based lending, and purchase order financing. When using our invoice factoring services, your business can begin selling receivables and obtain fast cash to take care of the immediate business financial needs. Factoring accounts receivables with an experienced factoring company is a great alternative form of financing available to all Joliet businesses serving all industries.
Some of the benefits of working with a factoring company like 1st Commercial Credit include:
Partnering with an invoice factoring company in Illinois, like 1st Commercial Credit, will allow you to focus on the essential thing: continue growing your business and creating long-lasting relationships with suppliers and clients.
If your staffing company is growing faster than your operating capital, 1st Commercial Credit can help with unlimited payroll funding. Whether your company is a multi-million operation or a startup, the payroll loans for Joliet businesses that factoring companies provide might be the best financial solution for your company. Meeting staffing payroll during growth can be a challenge. 1st Commercial Credit provides invoice factoring to staffing agencies every day, and we make borrowing money for your staffing agency a simple and straightforward process.
Staffing payroll factoring converts your outstanding invoices into immediate cash today. Also called invoice factoring, this type of alternative funding provides quick cash when your Joliet business needs it the most. Invoice factoring is widely becoming the preferred form of financing for the staffing industry because it is easy, fast, and affordable. Another big reason is approval is easier to obtain, and staffing agencies are not denied because of bad credit or lack of operational history.
Payroll funding can be challenging for companies, but especially for growing staffing firms. Whether your agency needs an injection of cash flow to hire new employees, extend payment terms to clients or increase marketing efforts, factoring companies for staffing can provide a steady and reliable source of working capital.
1st Commercial Credit evaluates a company to understand your company’s specific objectives and match your business with a factoring program that will fulfill all your payroll funding needs. The initial application and funding process takes 3 to 5 business days. After approval, your temporary staffing firm can access funds within 24 hours and begin funding payroll.
1st Commercial Credit has over 20 years of experience working with various industries. We offer financing for manufacturing businesses, healthcare, trucking, international trade, and many more.
The main difference between an equipment lease and an equipment finance agreement (EFA) is that you are renting the equipment rather than purchasing it outright with equipment leasing. Business owners can lease costly equipment such as machinery, vehicles, computers, and other tools needed to run a successful operation. This equipment is leased for a determined time, and the business owner has the flexibility to either return the equipment, renew the lease or buy it. On the other hand, an equipment financing loan is used to purchase the equipment and take it as collateral. The loan is paid back over a fixed term, and it will become the property of the business owners once it’s completely paid off.
There are many advantages of an equipment lease vs. a bank loan. Obtaining financing from a more traditional institution like a bank or a credit union is often more complicated, time-consuming, and is typically filled with a long list of requirements. On top of all this, banks will most likely turn your application down if you haven’t been in business long, have a low credit score, or can’t put down large down payments upfront. Thankfully, financing equipment with a loan or lease can help you preserve precious cash flow and grow your business.
At 1st Commercial Credit, we can provide an array of equipment financing and leasing options. An expert from our team will sit with you and explain how our financing works, the different programs, advantages, and how to qualify for them. The application process is fast and straightforward, and we accept A, B, C, and D credit scores.
Some additional equipment financing programs we offer include:
Like many cities in the United States, Joliet dependents significantly on the manufacturing industry. Joliet, Illinois, is also known as the "Crossroads of Mid-America" and has various companies that have selected this city to establish their business. Having access to a multi-modal infrastructure and a diverse local economy are the main reasons for this decision. Joliet also provides a significant industrial sector that drives job creation and economic growth.
Joliet has a significant retail presence supported by the city's growing trade area, office market, and rise in headquarters and private investments. Joliet also has access to a large workforce from the two higher education institutions in the city. Joliet is a great place for businesses of all kinds to succeed.
Joliet obtained the nickname "Crossroads of Mid-America" because it is located at the intersection of two major interstate highways, I-55 and I-80. This geographical location has contributed to the businesses' success because of the easy reach to surrounding markets. The city also has four class I railroads that operate freight service within Joliet.
Any industry can find success in Joliet. The city provides competitive incentive packages, strategic location, and a growing housing market. The industrial and manufacturing sector continues to grow in Joliet. Currently, IKEA, Amazon, Mars, Whirlpool, Target, among others, choose Joliet as a home. Joliet is also a shipping and transportation center.
Joliet is one of the biggest cities in Illinois, with a population of more than 150,000. Some of the famous attractions to visit in Joliet include the Rialto Theater, Hollywood Casino, Harrah’s Casino, Joliet Area Historical Museum, Ironworks Park, Bicentennial Park, and the Old Joliet Prison, to mention a few.
We are a factoring company financing businesses in Illinois and can provide financial solutions to the following cities:
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