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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 moreInvoices factoring services allow businesses to sell their outstanding invoices to a factoring company like 1st Commercial Credit to obtain immediate cash. Factoring companies specialize in helping business owners cut down the wait time on payments.
In addition to small businesses and startups, here are some of the industries benefiting the most from utilizing our invoice factoring services:
Manufacturing
We fund manufacturing businesses in Lansing City every day. Often manufacturers have to purchase large quantities of materials and maintain a large staff to run their business successfully. Manufacturers must have sufficient cash available to cover unexpected costs. Not having the money for such expenses can significantly affect orders and ultimately cost the company a lot. Invoice factoring allows manufacturers to access the capital they need to cover equipment, repair costs, purchase materials, fund payroll, etc.
Wholesale and Distribution
Many economic situations can make it difficult for distributors and wholesalers to maintain a consistent and healthy cash flow. Payments from customers take a long time to come in, causing even more financial problems. The extra cash invoice factoring provides for companies in this industry allows them to take advantage of reasonable prices and keep operations running during slow periods.
Staffing Agencies
Staffing firms in Lansing City need to maintain consistent cash flow to pay their employees regularly. Accounts receivable factoring for staffing is the best funding option in this case. Staffing agencies recruit for a broad variety of positions serving many different industries.
The long gap created between invoicing and receiving payment can quickly create a significant cash flow problem for these businesses. By converting unpaid invoices into immediate capital, staffing agencies can take care of pressing expenses. These expenses include payroll funding and recruitment. 1st Commercial Credit offers the best lending options for staffing companies in Lansing City.
Agriculture
The agriculture receivable factoring program that we offer is a unique and complete financial tool. We also have knowledgeable representatives specializing in meeting all of PACA’s strict requirements. The process of setting up an accounts receivable credit line in the produce industry is simple for us. We strive to fulfill all the financial needs of the agricultural sector. Our team knows the process, challenges, and opportunities that await your business.
Trucking and Freight
Trucking businesses have a long list of expenses that need to be paid beforehand, including paying drivers, covering tolls, purchasing fuel, insurance, among many others. Additional cash is also required to cover vehicle maintenance and pay suppliers. We can provide financing solutions to trucking and freight companies. Freight factoring ensures trucking companies can hire quality drivers, build up their fleet, and cover daily operational costs. 1st Commercial Credit has experience funding the trucking and freight industry and can provide fast cash after approval.
Healthcare providers
1st Commercial Credit considers two types of medical receivables for financing companies in Lansing City. The first one is healthcare receivables payable by insurance companies and government agencies (i.e., Medicare). The second is commercial accounts receivables owed by buyers like hospitals for services and items.
Our Healthcare Provider Factoring program funds insurance, Medicare, and Medicaid receivables. The Healthcare provider factoring process involves giving the healthcare provider a receivables-based credit line based on the net realized value for the billings to third-party payors (i.e., commercial insurance companies, HMOs, Blue Cross-Blue Shield, Medicare, and Medicaid). 1st Commercial Credit also provides invoice factoring and receivable financing to medical staffing agencies so they can fulfill crucial positions in the healthcare departments.
1st Commercial Credit provides financing to all industries in Lansing City. Contact us for financing options, and we can evaluate your company’s situation with no obligation.
There are fundamental differences when comparing invoice factoring and a traditional bank loan. It is crucial to understand these differences and apply them to your Lansing City business when selecting one of the two financing methods as a financial solution. Invoice factoring involves selling your company's receivables to an experienced invoice factoring company in Lansing City.
These invoices become "receivable assets" sold at a discount in exchange for the amount of cash. This method of financing is not a loan. The unpaid invoices will become the property of the factoring company who will collect directly from the customers. This collection can take a long time, usually anywhere from 30 to 90 days.
Businesses also can apply for a traditional bank loan. Still, their requirements usually demand a complex and time-consuming process, and approval is not always guaranteed. Banks demand a near-perfect credit score and often ask for collateral. Suppose your business manages to qualify for all these requirements. In that case, the final approval and access to cash can still take several months. Also, small companies and startups will not always qualify as these do not have the credit track history and many assets to pledge as collateral.
The 6 differences when comparing a bank loan to factoring invoices are:
1st Commercial Credit is an experienced lender providing equipment financing solutions to companies in various industries in Lansing City. Our knowledge and expertise help us provide the best services and customized financing plans to fulfill your equipment needs and goals and help boost your entire operation to the next level. Remaining competitive in any sector requires having the right team and the most up-to-date equipment and technology. 1st Commercial Credit is proud to work and offer the best financing plans to various industries in Michigan.
1st Commercial Credit finances various types of vehicles and equipment for the transportation and trucking industry in Lansing City. When business owners turn to us for financing, they can ensure they have sufficient funds to continue running and expanding their operations. 1st Commercial Credit can help companies replace and upgrade their equipment with our transportation equipment leasing and financing services. Working with a leader in equipment leasing and financing like 1st Commercial Credit will bring many benefits, including fast approval and funding within 24 hours.
Trucking businesses can use the funds provided by equipment financing to obtain the following financed assets:
Agriculture equipment leasing and financing can significantly impact an agribusiness's income and cash flow. Business owners can buy the equipment, machinery, and tools needed to improve efficiency while preserving valuable cash reserves. Farmers and producers will be able to acquire combines, tractors, calf feeders, manure spreaders, and more. Agribusiness owners also majorly benefit from setting up a payment structure that allows them to match their monthly equipment payments with incoming cash flow.
Obtaining and upgrading manufacturing equipment and tools is crucial for businesses to remain competitive in the marketplace and achieve a successful and efficient operation. To do all this, accessing quick and appropriate funding is a must. To stay ahead of their competition, manufacturing companies should lease or finance their equipment with a reliable and experienced lender that knows the industry. 1st Commercial Credit has worked with the manufacturing industry for many years and knows exactly what these businesses need. We can provide various manufacturing equipment financing and leasing services with flexible terms customized to your company's specific needs.
Colloquially known as "Mid-Michigan," The Lansing metropolitan area is an important center for cultural, educational, governmental, commercial, and industrial functions. East Lansing is home to Michigan State University, with more than 50,000 students and serving as a public research university. Lansing City also has two medical schools, two nursing schools, one veterinary school, and two law schools.
Greater Lansing is linked with Michigan's capital, as it is the home of government employees and lobbyists. It's also associated with manufacturing jobs and General Motors. It's home to Michigan State University. Many people don't realize that the insurance industry plays a massive role in the region's economy. Lansing City is also the home of a couple of national insurance companies.
The insurance industry employs 10,000 people in the mid-Michigan region; local businesses believe Lansing to be the state's insurance hub.
Six insurance companies are headquartered in the Lansing metro area, including AF Group, Jackson National Life Insurance Co., Delta Dental, Auto-Owners Insurance, Farm Bureau Insurance of Michigan, and Michigan Millers Mutual Insurance Co.
The Lansing metropolitan area has many things to offer, including a booming economy fueled by a diversified population of more than 500,000. The Lansing area honors its humble beginnings while embracing the changes of the future.
Points of interest in Lansing City include the farmer’s markets in the summer months like Allen Street Farmer’s Market on the eastside part of the city, the Westside Farmer’s Market, the Old Town Farmer’s Market, the South Lansing Farmer’s Market. The city also has a year-round historic market called Lansing City Market near downtown.
Lansing City has a growing number of art galleries, museums, libraries, and theaters. It is also home to Potter Park Zoo, a big attraction for the entire family.
1st Commercial Credit is a receivable factoring company in Michigan offering funding programs in:
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