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 moreNewark businesses can encounter issues with cash flow from time to time, some more often than others. The problem can be even more challenging for a new or smaller business that does not have proper access to additional capital in addition to a weak cash flow. When in this situation, it is difficult to get more jobs or larger projects. 1st Commercial Credit is a factoring company in Newark that can provide quick funding for Newark businesses.
Some of the common reasons leading to cash flow shortages include:
3. Cash advance loans may seem like a quick solution to a cash flow problem, but they add more debt to your business at the end of the day. This form of fast cash can seem very appealing, especially if your company is new or your credit is not good. Their process involves minimal paperwork, and approval rates are high. But it’s the interest rates that are very high.
4. Waiting times for payments are long — when you have to wait 30, 60, or even 90 days to receive payments, it can become challenging to cover business expenses like payroll and pay suppliers.
5. Traditional bank loans turn you down — when in a cash flow shortage situation, the funds available to you are minimal. Banks will often only approve a line of credit for businesses with many years in operation, have a good credit score, and have plenty of collateral to pledge.
An Alternative Financial Solution to Cash Flow Problems
1st Commercial Credit has over 18 years financing companies in many industries and can offer different financial solutions for your Newark business. We will help your company in Newark overcome many of the financial issues often caused by insufficient funds.
A factoring company provides your business with immediate access to working capital, allowing you to finance payroll, pay your vendors, and even take advantage of early payment discounts offered by suppliers. 1st Commercial Credit does not base approval decisions on your credit history; instead, it’s the creditworthiness of your clients that’s considered.
1st Commercial Credit offers accounts receivable financing as a flexible source of funds for companies in Newark looking for payroll financing for staffing. We utilize your accounts receivable as collateral and advance cash based on the value of your outstanding invoices. The receivable credit line will grow along with your sales.
If your staffing company is growing faster than your operating capital, 1st Commercial Credit can help with unlimited payroll funding. Regardless of whether you're a startup or a multi-million dollar operation, making staffing payroll during growth can be a challenge. Payroll financing using receivables for staffing agencies is a very simple process for us.
1st Commercial Credit is helping companies access cash when they need it. Our financial lending options for staffing agencies provide the right working capital solutions to fit your staffing business' needs. Temporary staffing agencies can often face unforeseen payroll funding issues or cash flow shortages and need fast cash to cover those costs quickly.
Our team provides flexible accounts receivable lending for staffing firms that meet the firm's specific financial needs. Waiting for customers to make their payments can stall your business' growth and delay pressing payments. 1st Commercial Credit works with many customers from different industries and has over 18 years of experience financing staffing agencies. We have provided financial solutions for all types of temp staffing, including medical, administrative, accounting, manufacturing, warehousing, and IT staffing.
Manufacturing factoring is the process of selling a company's outstanding invoices to a factoring company for a cash advance. 1st Commercial Credit is here to provide factoring services for manufacturing businesses in Newark. The minimum criterion to qualify for our invoice factoring includes filling out a 2-page application form, having invoices for work or orders already satisfied, and having creditworthy customers.
1st Commercial Credit specializes in offering the best supply chain finance solutions to all industries. Our process is quick and straightforward. We make same-day decisions, offer customized rates, and accept low credit scores.
Manufacturing Factoring Process with 1st Commercial Credit:
1st Commercial Credit's invoice factoring and accounts receivable lines of credit provide the best flexibility needed to enhance your company's capacity to grow without having to pledge collateral. We base our approval decision on your customer's financial strength, not your company's. Crucial suppliers need to get paid, customers require longer credit terms, and 1st Commercial Credit can help make that happen.
Why is invoice factoring a better option than a traditional bank loan?
New companies, small companies, or startups can qualify. Cash flow problems affect companies of all sizes. But for smaller and newer companies is even more challenging as these usually don't have the traditional bank loan options available to larger companies. Factoring can be an excellent alternative for companies in this situation.
Some companies are unable to qualify for a loan or line of credit
Obtaining a conventional bank loan is often difficult. Lenders approve funding only when companies have a good track record and strong financials. Another inconvenience is that lenders often turn down industries deemed "risky." These industries include trucking and construction, to mention a few. Receivables factoring is an alternative for companies that cannot qualify for conventional financing because it has only a few simple requirements to qualify.
Businesses without a perfect credit
Most funding and lending companies provide financing only to companies whose business owners have good personal credit. Although understandable, it leaves everybody else out of the funding opportunity. Factoring companies do not base funding decisions on a company's low or bad credit but on the capability of their clients to pay for the invoices. Factoring receivables is another way also to improve credit scores.
Many manufacturing companies borrow money from factoring companies like 1st Commercial Credit to avoid cash flow shortages. If your Newark manufacturing company is struggling with cash flow issues, contact us so we can help.
Equipment leasing is a type of financing that allows businesses to rent the needed equipment, such as vehicles, machinery, computers, etc., from a vendor or leasing company for a specific time. 1st Commercial Credit offers equipment leasing for buyers for those businesses looking to acquire equipment from a vendor of their choice but without sufficient funds to do so. We work with many different types of companies to make equipment acquisition more affordable and offer various payment options. We are dedicated to providing quick, simple, and convenient services to all our clients. 1st Commercial Credit will provide business owners extensive industry knowledge acquired through years of delivering the financing services they need.
Overall, equipment leasing can be more expensive in the long term than purchasing or financing the equipment, but it allows for lower monthly payments for the business. Our equipment leasing for sellers program will enable companies to become "financiers" for their customers. Customers might have to apply for loans outside of your business to purchase your equipment without a financing plan. Sometimes, this situation can drive away a potential customer.
We're here to help and determine if equipment leasing is right for your business. With equipment leasing, a lender or vendor lets you rent a piece of equipment for a specific period, so you don't have to buy it or seek financing. Leasing gives business owners flexibility as monthly payments are structured for a predetermined number of months. Once the lease ends, you can decide to renew your lease, buy the equipment, or terminate the lease and return the equipment.
To summarize, here are some of the points you'll want to consider to determine if leasing is the right solution for your Newark business:
Newark is home to several leading companies' headquarters, including Prudential, Panasonic, PSEG, IDT Corporation, and Manischewitz. A considerable number of important higher educational institutions like Rutgers University and the New Jersey Institute of Technology are also in this city. On the cultural side, some important venues in Newark include Newark Symphony Hall, Prudential Center, The Newark Museum of Art, and New Jersey Performing Arts Center.
Newark has more than 100,000 people commuting for work each workday, making it the state's largest employment center in finance, insurance, import-export, government, and healthcare.
Newark is the busiest transshipment hub in the U.S. East Coast regarding volume thanks to its airport, rail facilities, maritime port, and highway network. Newark has a considerable amount of industry and light manufacturing. The service industry is also increasing. In addition, transportation has become a significant industry in Newark, providing more than 17,000 jobs in 2011. Newark is also big in the insurance industry and is the third-largest center in the country, behind New York City and Hartford, Connecticut.
Newark is one of the nation's prominent shipping, air, and rail hubs. It has an estimated population of 282,011, which makes it the most populous city in New Jersey. The city is divided into five political wards (North, East, West, South, and Central). Newark has a variety of neighborhoods, from quiet suburban areas to vibrant urban districts.
Branch Brook Park is one of the city's attractions and is the oldest country park in the U.S. It also has the nation's largest collection of cherry blossom trees.
1st Commercial Credit is a company factoring receivables for New Jersey and various cities including:
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