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A Factoring Company Funding Las Vegas, Nevada
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.
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Is Your Las Vegas (NV) Business Looking For Flexible Approvals On Asset Based Lending?
Asset-based lending is a financing arrangement that loans money to a business and secures it with some type of collateral. These types of loans or lines of credit can be secured by accounts receivable, inventory, equipment, or other property owned by the borrower. Asset-based lending serves businesses, not consumers, and it’s often referred to as asset-based financing. ABL's prefer liquid collateral to physical assets such as equipment and are often used by small and mid-sized companies in Las Vegas to cover short-term cash flow demands.
Many business owners need to take out loans or obtain lines of credit to keep up with the cash flow demands of the business. For example, a company might need a line of credit to make sure it can cover payroll expenses even when there's a delay in payments it expects to receive. If the company asking for the loan cannot show enough cash flow or cash assets to cover it, the lender may offer to approve the loan with its physical assets as collateral.
The terms and conditions of an ABL will depend significantly on the type and value of the assets offered as security. Asset-based lenders prefer highly liquid collateral, which can readily be converted to cash if the borrower defaults on the payments. Loans that use physical assets run a considerably high risk so that the maximum loan amount will be less than the established value of the assets. Interest rates also will vary depending on the applicant's credit, cash flow, and length of time doing business.
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Many businesses in Las Vegas can benefit from asset-based loans. Companies needing help with growth and looking for consistent access to working capital will benefit the most from ABL’s. Businesses in the expansion, acquisition, or turnaround stages can also find great value in working with these lenders. All companies with accounts receivables, inventory, or fixed assets can use asset-based loans for alternative financing. ABL agreements do not require many years in business, an implacable credit record, and it does not add additional debt.
It is essential to mention that asset-based lending might not be the right solution for every business. Businesses using a recurring revenue model have no assets due to the nature of their business and, therefore, might not qualify for an ABL. In addition, those companies dealing primarily with cash transactions would also not be a good fit.
Industries in a capital-intensive nature tend to be the perfect fit for asset-based lending. You can get the most out of working with 1st Commercial Credit if you're a manufacturer or distributor. We offer competitive financing and lending services to businesses in Las Vegas every day. The stronger your collateral is, the more attractive your business will be to a lender. Financing businesses is an easy process for us, and we can give your company immediate access to funds. An increasing number of businesses in various sectors are also thriving with our asset-based loans. Some of the sectors taking advantage of asset-based lending in Las Vegas include retail, staffing, apparel, and service companies extending credit to their customers.
Many asset-based loans are structured as lines of credit. They allow the company to access funds to pay business expenses or make new investments. The lender will use the assets' established value to determine the borrowing base, the sum of money you can borrow. The borrowing base is shown as a percentage of the asset value. ABL lenders often offer a loan-to-value ratio of 75% to 90% for accounts receivable. Other collateral, such as equipment or inventory, is financed at a lower loan-to-value ratio, usually 50% or less.
ABL provides a flexible alternative to financing a company's operations and needs for growth and success. Unlike conventional banks, where a long list of requirements needs to be fulfilled, asset-based loans are based on collateral for the loan. The most typical type of ABL uses a business's accounts receivables. When financing accounts receivables, 1st Commercial Credit will advance funds to the borrowing business based on the value of the receivables submitted.
As mentioned before, to qualify for asset-based lending, 1st Commercial Credit will focus on the collateral quality and not on the borrower's credit rating or cash flow situation. They evaluate the creditor's ability to pay and determine their creditworthiness, making it a much easier financial solution to qualify for. Traditional bank lenders are limited by internal bank lending standards and strict requirements. On the other hand, asset-based lenders are not subject to these types of constraints, giving them the freedom to finance many small businesses that otherwise would not meet traditional bank lending standards. 1st Commercial Credit has provided financing solutions, including asset-based lending and factoring services to businesses in Nevada just like yours for more than 18 years!
Benefits of Working with ABL’s
- Quick and ongoing cash flow liquidity.
- Flexible loan approvals based on collateral.
- Improved working capital.
- Access to immediate cash to purchase materials, supplies, meet payroll, etc.
- Past financial difficulties and credit scores are not a problem.
1st Commercial Credit Can Work With IT Companies To Create Cash Flow
Use our cash to meet payroll, pay bills, service customers, and much more. With over 18 years in the business, 1st Commercial Credit has been a leading factoring Nevada company serving Technology and IT companies. These companies use factoring to access the cash they need for payroll, equipment, inventory, unexpected expenses, and so much more. If you deal with slow-paying customers and wait too long for payments, factoring will provide the cash you need. We can offer competitive cash advances and low factoring rates.
Many technology companies in Las Vegas have a cash-flow gap caused by most of their customers taking several weeks to pay their invoices. This is a challenge when this cash is needed to fulfill many of the ongoing business financial responsibilities. With banks making their lending qualifications and limit stricter and more time-consuming, IT companies can have a hard time obtaining the business loan or line of credit they need to continue running their business. Even if a company gets approved for a bank loan, the process is lengthy, and the loan amount may be insufficient to keep up with the growing demands of the business.
Accounts receivable financing offers an alternative financing solution that IT companies can use to access the working capital they need. While traditional loans and lines of credit can take weeks or months for approval, factoring IT businesses is a fast and straightforward process for us. We can get you a quote for accounts receivable factoring in as quick as a few hours.
Instead of waiting for 30+ days to receive invoice payment, we provide a competitive advance within 24 hours. Once your customer pays your invoice, the remaining balance is remitted to you after subtracting a small fee. Access to working capital is made easy for technology companies when choosing 1st Commercial Credit as their factoring company.
Benefits of Factoring for Tech Companies:
- Immediate funding
- Online reporting
- Customer service
- Help with back-office and management
- No limits
For more than 18 years, 1st Commercial Credit has provided factoring services for small business and IT companies with cash-flow solutions. Providing a reliable and consistent cash stream makes it possible for these companies to take on new contracts and grow their operations. Some of the types of tech businesses working with us include:
- Data management
- Network administration
- Software development
- Tech solutions providers
- Consultants
- Web Design
- IT Services
- And many more!
Why Healthcare Companies Choose Us For Factoring?
The healthcare sector is notorious for having an outdated billing and payment system. With the added hurdles of insurance and layers of bureaucracies, medical bills often take weeks or even months before they're paid. Even though it is common for healthcare companies to experience slow-paying customers, too many unpaid invoices can negatively affect a business's cash flow, including restricting cash flow and growth. The good news is that medical companies could benefit from healthcare factoring.
Healthcare factoring is a financing arrangement specifically for companies in the healthcare industry struggling with cash flow problems caused by outstanding invoices with net terms between 30 to 120 days. With healthcare factoring, medical businesses can continue to take care of their patients without worrying about limited cash flow.
There are two main types of medical companies that benefit from medical factoring: vendors and providers. Vendors are medical companies selling medical goods or services, such as medical staffing, equipment, transcriptions, or transportation services. Providers can be individuals or institutions that provide health care services, such as physicians or dentists. Typically, providers bill third-party payers such as Medicare, insurance companies, and Medicaid. Healthcare factoring is ideal for both vendors and providers because these businesses have the reputation of working with creditworthy but slow-paying clients. 1st Commercial Credit also offers to factor for medical staffing, an essential service provider for healthcare companies. The funds given by healthcare and medical service providers can be used for the following:
- Leases and Utilities
- Payroll
- Insurance
- Office Space, Furniture, Equipment, and Renovations
- Medical Equipment and Supplies
- Invest In Sales & Marketing
- Healthcare Lawyers and Consultants
In order to approve an applicant to borrow money against invoices, factoring companies focus on the quality of the selected receivables and the competency of the billing department. Therefore, approval decisions are not based solely on the balance sheet. As long as it can provide evidence of profitability, the factoring company may still go forward with funding the client. Healthcare providers are choosing medical receivable financing to support their growth and operations. Receivable financing creates reliable cash flow in an unpredictable payment cycle sector.
Some Of The Qualification Requirements For Medical Factoring Include:
- A business must bill Medicaid, Medicare, or an insurance provider
- A company should be billing a minimum amount per month (contact us for specific amounts)
- A company must be free of liens
- A company should not have serious tax issues
- Have reasonable medical billing procedures in place
Need Funding For Your Company In Las Vegas, Nevada?
Benefit From Our Equipment Leasing Options
Having the right equipment is crucial to growing your business in any industry but buying new equipment or upgrading an old one presents a challenge to your cash flow. If you don't want to deplete your business cash reserves but need equipment today, 1st Commercial Credit has the solution.
For example, in the agribusiness sector, agriculture equipment financing is often the only option for farmers and producers to afford the expensive equipment needed to run their operations. These equipment financing tools are vital for the agriculture industry and are used to purchase tractors, irrigation equipment, and high-tech fertilizer spreaders, among many other things. Agriculture equipment financing has also allowed farm owners to evolve and modernize equipment to tend to their crops. Our financing services make it possible for farmers and producers to purchase the much-needed equipment either via loans or leases. A significant benefit they get is preserving cash flow and not investing all the capital upfront.
1st Commercial Credit is a popular lender providing various financial solutions to businesses in Las Vegas. Equipment financing and leasing can positively impact and change the direction of a business's future. Equipment leasing is a type of financing where business owners can "rent" the equipment for a given time and make affordable monthly payments. At the end of the lease, the owner will have the option to return, buy, or extend the lease. This alternative is highly advantageous for businesses that often need to replace or upgrade equipment and don't want to deal with depreciation. In addition, qualifying for either financing option is considerably more accessible than other traditional business loans.
If you own a manufacturing company, you're tired of wasting time with the bank's time-consuming processes, extensive paperwork, and ultimate rejections. Manufacturing equipment leasing & financing with 1st Commercial Credit for your equipment needs will make the entire experience pleasant. In addition to being flexible, equipment financing and leasing can also be much faster than many other types of funding.
With flexible terms, fast credit approvals, funds in as little as 24 hours, and the most experienced staff in the industry, more and more fleet owners are turning to our trucking equipment leasing and financing programs. At 1st Commercial Credit, our financing consultants have the experience and training to provide you with the best trailer financing options with the fastest and easiest process in the industry. Don't waste your time and money with a traditional lender; instead, come to us for a more accessible and reliable one.
What Is Las Vegas Known For?
Las Vegas is a travel destination with high demand from visitors from all around the world. It’s impossible not to think of casinos and gambling when thinking of Las Vegas. Las Vegas has some of the largest, most luxurious casinos and stunning architecture. This city is also famous for its extravagant and exciting nightlife. Many restaurants and bars offer a variety of drinks and food and clubs filled with music and dancing can also be found all around this place. Las Vegas is also the perfect destination for entertainment. You can find all kinds of concerts, shows, festivals, and comedy shows. If you’re a shopper, Vegas will deliver a shopping experience unlike any other.
Economy Of Las Vegas
With many jobs in the gaming, tourism, and entertainment sectors, and the diversification of the economy with new developments, Las Vegas provides many opportunities and things to do. Las Vegas is one of the top tourist destinations globally and a top destination for business conventions in the country. Renowned throughout the globe as an entertainment city, more than 2.2 million people call the metropolitan area home. The city offers lots of shopping, shows, and unique dining outings. The tourism, gaming, and entertainment industries provide more than 315,000 jobs in the state of Nevada. In addition, some of the largest employers in the city include the National Defense and the Las Vegas Metropolitan Police. Other top employers in Las Vegas are hotel casinos. Flamingo Las Vegas Hotel-Csn and MGM Grand are among the largest in the area. The other hotel-casinos include Caesars Palace Las Vegas Hotel, Las Vegas Sands Corp, Mandalay Bay, Orleans Hotel & Casino, and Planet Hollywood
