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0.69% to 1.59%
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A Factoring Company Funding Buffalo, New York
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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A Government Factoring Company Improves Your Cash Flow Situation
1st Commercial Credit provides receivable financing for businesses serving government clients across the nation. These types of clients can propel your company's operations and revenue. Still, they can also put your company in a challenging cash flow situation. Companies in this sector need to pay workers and contractors to fulfill the government contracts while waiting to get paid. They also need to pay for overhead costs and materials. Unfortunately, these businesses won't receive any payment for those efforts until months after the work has been completed. Local, state, and federal government agencies hire a large portion of work to external private companies. If you provide a service or product, landing a government contract usually means steady work and recurring revenue for your Buffalo business.
There is one big challenging reality when it comes to working with government contracts. The government clients are in no hurry to pay their invoices, sometimes taking anywhere from 30 to 90 days before receiving any payment from these customers. They are demanding clients to work with as they can select a supplier that can accommodate their demands better and replace your services any day. For businesses in Buffalo in this situation, 1st Commercial Credit has a few financing options available, including government purchase order financing. One effective solution is government contract factoring that allows you to get fast cash upfront to pay your employees and vendors.
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Extending credit to customers is great to increase sales and acquire more customers. But while you wait for payment, you have cash demands such as inventory, overhead costs, and employee paychecks every week. Factoring is selling an invoice equal to the amount of what your customers owe you before they pay it so you can have the funds necessary to run operations. This type of financing is different from borrowing against them, as you would do in accounts receivable financing.
By selling your invoices, you generate immediate cash instead of having to wait weeks or months for your customers to pay you. The good news is that the factoring company purchasing your receivables takes ownership of these invoices and becomes responsible for collecting them when they are due. That company also assumes all of the costs and the hard work and hassle of customer debt collection. Government contract factoring is generally used by rapidly growing businesses that face temporary cash flow problems.
Some of the factoring advantages include:
- Quick cash. You can receive a quick cash payment after shipping, delivering, and invoicing a customer. If there's an established relationship with a factor already, funds from the sale of receivables can arrive within 24 hours or less.
- No debt. Factoring involves the sale of assets (invoices), not a loan. Factoring is an excellent alternative means of financing for businesses that cannot qualify for traditional debt financing or simply do not want to acquire extra ore debt.
- Elimination of collections. Most factoring agreements are "non-recourse," which means the factor purchases all invoice rights, and the seller has no responsibilities for collection. In recourse factoring, the seller is secondarily liable for any invoices not collected. The factor undertakes debt collection, but the business owner remains responsible for repaying any portion of the cash price attributable to an account that went uncollected.
- Competitive financing rates. The cost of factoring receivables with 1st Commercial Credit is between 0.69% to 1.59%.
Freight Receivable Financing & Transportation Factoring For Buffalo Businesses Trading With Canada
The Buffalo Niagara region has a fully operational, integrated center for storage, collection, transshipment, and distribution of goods and offers an intermodal infrastructure with direct access to four of the seven major rail lines in the U.S., as well as a network of trucking and freight forwarders.
With a solid advanced manufacturing base and outstanding logistics, Buffalo's technologically advanced infrastructure and extensive capacity make the region well-prepared to meet the demands of today's marketplace. In addition, the region's "soft infrastructure" assets related to international trade facilitation set Buffalo Niagara apart from other competitors.
Buffalo's multi-modal transportation network is critical for the freight transportation hub and is well-served by an extensive highway, rail, port, and aviation network. This city also has a strategic location within a 10-hour drive perimeter of the following places: Toronto, London, Buffalo, Montreal, Boston, New York City, Newark, Pittsburgh, Cleveland, Toledo, Detroit, Chicago, Milwaukee, Indianapolis, Cincinnati, Louisville, Lexington-Fayette, Philadelphia, Baltimore, Washington D.C., Memphis, and St. Louis. 1st Commercial Credit offers various financing options for the trucking and freight industry, including over the road (OTR) trucking finance programs.
This strategic location is also a bi-national gateway for commerce which facilitates $82 billion in annual trade between the U.S. and Canada. Freight receivable financing and transportation factoring is a financial tool that allows freight or transportation companies to sell their invoices for up to 96% of the total face value. Freight financing does not purchase a company's invoices; instead, it gives the company an asset-based line of credit for up to 80% of the provider's owed invoices. This credit line is collateralized by the net realized value of the company Invoices.
This is an excellent alternative for most large-scale freight or transportation clients who tend to pay on terms ranging from net 30 to net 90 business days or more. Factoring is another financial solution for business owners in this industry. Their freight invoices are used as collateral and sold to a specialized factoring company that will advance up to 97% of the invoice value up front and subtracts a fee for the services once payment is received. 1st Commercial Credit also offers funding for Canadian-based businesses with cash flow issues.
Suppose your freight company rushes to haul and deliver loads but has to wait a long time to be paid while still handling payments to drivers, fuel cost, tolls, insurance, and other expenses associated with running a freight or trucking company. In that case, 1st Commercial Credit is the financial partner you need. You could use the funds we give you to take on more loads, hire more drivers, and grow the business. Whether you operate a broker or a carrier, as long as the company is located in the U.S. or Canada, our factoring trade finance or freight receivables financing programs may be just right for you.
We Provide Receivable-Based Lending To Start-Up Staffing Companies
There are a few options to finance staffing startups in Buffalo, but selecting the right one depends on different factors, including financing needs and business goals. Business owners should do extensive research and look at different options to find the best for their business. Startups need money to run operations and cover all expenses. However, cash is not always readily available as startups need time to build up their sales.
These businesses also need to hire staff, get inventory and equipment and pay themselves a small salary. Thankfully, a few startup business financing options are available, and receivable finance for start-ups with 1st Commercial Credit is one of them.
Starting a startup company is exciting, but it can also come with many challenges, especially when it comes to cash flow. One of the most crucial decisions startup business owners need to make is how they will finance their startup. Traditional banks are usually reluctant to fund a startup company. They have a strict list of requirements, so getting financing this way might not be a feasible option for all startups. On the other hand, 1st Commercial Credit offers alternative financing solutions with a faster and more flexible way to secure startup working capital without adding extra debt to the balance sheet.
One of the main challenges entrepreneurs deal with is having sufficient funds to cover bills, payroll, and other costs that can come up along the way. Having a reliable and accessible funding source can determine whether these startups succeed or fail. Factoring companies in Buffalo offer a financial solution called invoice factoring and loans for staffing agencies that work great for many business owners who deal with slow-paying customers and a growing number of orders for services or products. Here are a few of the advantages invoice factoring bring to startup business owners:
- It's fast and simple
- It offers flexibility
- It's scalable
- A way to improve your credit
- Provides many growth possibilities
What Is The Factoring Process For Buffalo Companies?
1st Commercial Credit is a specialized lender offering receivable factoring services for all types of businesses serving many industries. With almost two decades in business, we have become the preferred invoice factoring company in the nation for growing companies. We provide financing services for all types of companies in Buffalo and can fund unpaid invoices for startups, small, medium, and large companies. Our customers enjoy incredible growth and financial flexibility after they set up an account with us.
Our receivable factoring services allow business owners to offer credit terms to their customers without running into cash flow issues. We provide flexible approvals, affordable rates, and fast funding, even if the owner has low or bad credit. Small business owners can take advantage of receivables financing and turn their unpaid invoices into immediate cash. This financing alternative is ideal for businesses whose customers are other businesses. It is common for customers to not pay for goods or services right away, which can cause financial struggles for some companies, but invoice factoring can be the solution.
Invoice Factoring Process with 1st Commercial Credit:
- Fill out a quick 2-page form to set up a factoring account.
- Submit your outstanding invoices for completed orders to 1stCC.
- 1stCC will verify the invoices and forward the funds within 24 hours.
- Continue running the business normally while 1stCC takes care of collections.
- You will receive the remaining invoice amount after subtracting a small factoring fee when the invoice is fully paid.
1st Commercial Credit provides reliable and cost-effective factoring services for all businesses serving New York industries. These businesses will enjoy attainable and unlimited growth after setting up a factoring agreement with us. Our services allow companies to offer competitive credit terms to customers without running into cash flow issues. We strive to provide fast funding and have flexible approvals.
What Is Buffalo Known For?
People know Buffalo because of its buffalo wings, winter weather, and its two major-league sports teams: the National Hockey League's Buffalo Sabres and the National Football League's Buffalo Bills, but there's so much more to this city. With a reinvigorated waterfront, restored architectural treasures, and an incredible food scene to discover. Buffalo is the 2nd-largest city in the state of New York and is nicknamed "the City of Good Neighbors."
This city is home to the Herschell Carrousel Factory Museum, the only historical carousel factory in the world still functioning and still open to the public. The Guaranty Building is another famous local attraction as it is one of the first steel buildings and first true skyscrapers in the world. Situated on the corner of Jewett Parkway and Parkside Avenue in Buffalo are some of the houses used by Sears and Roebuck catalogs.
The Buffalo-Niagara Falls metropolitan area offers the most affordable housing market in the country. Buffalo has more than 50 public and private art galleries for art lovers and is ranked #4 by American Style in its list of American top Art Destinations. Buffalo is also named the "City of Trees" thanks to the many parks found all around the city. In terms of sports, Buffalo has five professional sports teams: Buffalo Bills (football), Buffalo Bisons (baseball), Buffalo Bandits (lacrosse), Buffalo Sabres (hockey), and Queen City FC (soccer). Lastly, Buffalo is also known as the City of Light due to the Hydropower generated from Niagara Falls.
Economy Of Buffalo
The Buffalo region offers everything that innovative companies need to succeed: A skilled and dedicated workforce, low-cost energy, highly competitive real estate costs, and research and development partnerships. Additionally, an outstanding Central Business District, a world-class waterfront highlighted by Niagara Falls, and accessible amenities provide a high quality of life that continues attracting talent from all across the country. Buffalo is home to 21 colleges and universities, producing almost 25,000 graduates each year and contributing to the region's workforce. Now we will touch on some of Buffalos' key industries.
Need Funding For Your Buffalo Company?
Advanced manufacturing- Buffalo has also proven to be well-equipped for an innovative future in this sector. A robust and skilled workforce, competitive incentives, great colleges and universities, and affordable industrial real estate help build the business case for this region. In addition, some other advantages this city offers to this particular sector is that there is 0% state corporate income tax for manufacturing companies and that 40% of the bi-national population is within 500 miles. The advanced manufacturing sector currently employs over 66,000 people.
Agribusiness- Whether it's food packaging, dairy production, processing, or food processing, Buffalo Niagara is a significant contributor to New York's agriculture industry. Not only is Buffalo conveniently located for access to the entire East Coast, but the city's proximity to Canada also helps food and dairy processors get their products to their customers. Buffalo agribusinesses enjoy a 0% state corporate income tax for food processors, abundantly fresh, clean water sources, and wastewater treatment facilities. Buffalo helped position New York as the #1 producer of sour cream, yogurt, and cottage cheese.
Advancing Life Sciences- The Buffalo region is home to a massive network of life science companies, from spin-offs and startups to businesses choosing to relocate here. At the heart of Buffalo Niagara, the Life Sciences industry are the invaluable thought-leaders that select this region. Buffalo Niagara is investing in Life Sciences, supporting collaboration between education, clinical care, and research. Since 2000, more than 35 life science companies have expanded or relocated to the Buffalo Niagara region. Some of these companies include Athenex, Fresenius Kabi, and Thermo Fisher Scientific.
Buffalo's assets continue to propel success for this innovative industry. And with the world-class Buffalo Niagara Medical Campus growing, more and more medical and life sciences professionals are finding Buffalo Niagara to be the ideal place. R&D activity brings in approximately $350 million in research funding, with two-thirds dedicated to life sciences, all led by the University at Buffalo. The city also ranks fourth in the nation on a per-capita basis of life science workers.
Logistics & Distribution- Buffalo Niagara has been home to successful commerce exchanges throughout the U.S., Canada, and the rest of the globe. Well-situated both economically and geographically, Buffalo Niagara benefits from its prime location in the center of an internationally significant regional community and marketplace. This bi-national gateway for commerce facilitates $82 billion in annual trade between the U.S. and Canada, which is 15% of all trade between the two countries. The Buffalo Niagara region is a fully operational, integrated center for storage, transshipment, collection, and distribution of goods and offers existing intermodal infrastructure, direct access to four of the seven major rail lines in the country, seven international ports of entry, and a network of trucking and freight forwarders.
Some of the major employers in Buffalo, NY include:
- Kaleida Health
- M&T Bank
- Catholic Health Systems
- Wegmans Food Markets Inc
- Top Markets LLC
- GEICO
- Roswell Park Cancer Institute
- MOOG Inc.
- Seneca Gaming Corp.
- HSBC Bank NA
