We Deliver The FUNDS
0.69% to 1.59%
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A Factoring Company Funding New York City, 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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What To Know About Factoring Companies In New York City?
Factoring companies in New York state specialize in converting invoices sold on credit terms for immediate working capital at a discount. It has become a fast, simple, and easy way to gain healthy business cash flow. Compared to a traditional loan, companies that factor in receivables have a more accessible and quicker approval process. 1st Commercial Credit will evaluate a company's receivables and make a prompt funding approval decision. The documentation requirements are short and straightforward, and the main requirement is that a company has invoices for orders that have been delivered. If a business has creditworthy customers, has been in operations, meets revenue requirements, and is free of liens or legal issues, approval is likelier.
If you need to enhance your business' cash flow but would like to avoid dealing with banks and other traditional forms of financing to avoid taking on extra debt or pledging collateral assets, then financing accounts receivable is the solution. 1st Commercial Credit provides flexible funding. Businesses can use their outstanding invoices as security to get immediate cash within 24 hours instead of waiting for 30-90 days or more to receive payment from customers. This financing solution will transform your business without having to rely only on banks.
Accounts receivable funding is a flexible way to ensure your company in New York City has the capital it needs to run operations and expand. Suppose you have invoiced other companies and are waiting for payment. In that case, this is effectively usable credit, and it gets rid of the time-consuming and complicated processes, high interest, and collateral demands involved with banks.
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With this quick and flexible form of finance, businesses in the big apple can meet many of their funding needs, including significant investments, payroll funding, and bills.
The invoice factoring process looks like this:
- Once you have an account with 1stCC, invoices can be sent as needed. 1stCC transfers up to 97% of the invoice's face value into your account when the invoices are verified within 24 hours.
- Your company will receive the remaining balance minus a small factoring fee when your debtor pays the invoice in full.
- We have no upfront or hidden fees, so you will always know what to expect. This financing solution will allow you to continue taking orders and grow without worrying about depleting all of your cash reserves to do so.
Accounts receivable funding offers an excellent solution for startups, small and medium-sized businesses that need working capital to keep growing. Companies that don't qualify for other traditional forms of lending because of low credit, lack of collateral, or not a long time in the industry can still benefit from our financing services. Companies coming out of a challenging financial situation that need cash today to bridge the gap between invoicing and getting paid can also come to us.
Some of the extra advantages we offer to our clients include:
- Easy & fast application process - We want to simplify obtaining funds for business owners to run a successful company. Apply online with a short application that will take minutes without unnecessary paperwork. We also provide a simple online system to give you complete control over your financing at all times.
- Low Risk – 1stCC offers protection against your client defaulting on payment. This means that if you issue invoices and your client fails to pay, we will protect you and cover up to 90% of the funding provided and the legal costs to chase your debtor. This differs from loans, where you take the risk of losing your personal and business assets in the event of default by a client.
- No Hidden Fees - Upfront and extra fees are standard in most types of business lending. With us, you will always know what to expect and won't have surprises or unexpected fees.
- Available to all businesses - 1stCC invoice finance services are open to all businesses that invoice other companies (B2B) regardless of the industry. Even if you can't qualify for a traditional business loan, you can be eligible for receivable financing as it is based on current sales and pending invoices at hand.
- Flexible Options without Long Contracts - We strive to offer flexible and customized funding solutions for your business. You will not have the burden of long ongoing contracts and repayment schedules.
If your business is in a situation where cash flow is being affected and needs immediate financing, don't hesitate and contact us for an evaluation and quote today. 1st Commercial Credit provides solutions to business owners every day. Our team of experts will answer any concerns and questions you may have to help you decide if factor receivables could be a good fit for your business goals and needs.
Factoring For Staffing Is A Common Financing Solution In New York City
Staffing factoring provides staffing companies in New York with a staffing agency line of credit and the ability to get cash ahead of invoice payment. 1st Commercial Credit can assess a firm’s current financial situation to structure a financing plan to fulfill all needs and goals.
Business owners in New York City turn to 1st Commercial Credit for funding because of our experience and accessible funding process. Firms continue trusting us because we offer a smooth and straightforward method for them. Contact us today to obtain more information on how we can improve your current cash flow situation. The services offered by staffing firms are fundamental and vital to connecting employees and employers. In this sector, payroll remains the responsibility of the staffing firm and needs to be covered before firms receive payment from customers.
Factoring is a funding solution used by medical staffing factoring, headhunters, consulting firms, IT staffing agencies, and many more. These agencies often experience slow-paying customers and receive payment after long periods. Funding can be challenging for those businesses because of payment delays, especially if they continue experiencing rapid growth. To overcome their cash flow management issues, they can turn to factor companies in New York City.
1st Commercial Credit provides financing for businesses in New York City by purchasing their unpaid invoices for immediate cash without having to wait weeks or months for payments when your company can have immediate cash. Once you set up an account and sign an agreement with us, you will receive a cash advance for your qualifying invoices. This advance varies depending on the industry and the risk associated with it.
1st Commercial Credit understands the unique challenges of staffing firms in New York City. We know that even well-established staffing agencies will experience cash flow difficulties along the way. We work with all staffing firms, regardless of size, industry, or time in business. Our lending services offer a reliable and consistent source of cash that resolves cash flow issues. Loans for staffing agencies are ideal funding options for companies with difficulties obtaining a traditional form of financing.
Providing Financial Services That Help New York City Companies In The Healthcare Industry
Waiting a long time to receive payment is something common and expected in the healthcare industry. You could benefit from being paid “sooner” with our medical account receivable financing if slow-payers are hurting your cash flow. Many medical companies benefit from factoring healthcare receivables. 1st Commercial Credit works with clients to structure customized and flexible financing arrangements to help healthcare businesses as they routinely experience slow-paying customers and accumulating expenses.
Our factoring services offer a fast and straightforward solution to obtain working capital for your medical company in New York City. With access to sufficient funds, you can have the ability to hire new employees, open new locations and expand your business. Medical factoring is a financing option that allows businesses to grow without worrying about cash flow shortages. We have been working with the healthcare industry in New York City for more than two decades and offer competitive and accessible invoice factoring rates. Medical receivables financing is beneficial to maintain a positive cash flow when their customers take several weeks or months to pay for their services.
We Offer Trade Financing Services To Businesses In The New York City Area
Import and export trade finance is the process of financing services or goods in a trade or transaction going from a supplier to the end buyer. The term "trade finance" refers to a wide range of financial instruments. Purchase order financing, invoice financing, supply chain finance, and letters of credit are a few examples. Trade financing, also known as import and export finance, is an essential economic driver for development since it keeps maintaining credit flowing throughout supply chains. Trade finance makes it possible and more manageable for importers and exporters to carry out business through trade. In addition, trade finance can help reduce the risk associated with global trade by reconciling the divergent needs of an exporter and importer.
Trade finance services provide the exporter with receivables or payments according to the agreement, while the importer might be extended credit to fulfill trade orders. The different parties involved in trade finance can include:
- Banks
- Trade finance companies
- Importers and exporters
- Export credit agencies
- Service providers
- Insurers
Trade financing is different from traditional financing. Regular financing is used to manage liquidity and solvency. On the other hand, trade financing doesn't necessarily indicate a buyer's lack of funds or liquidity. Instead, this type of financing is used to protect against international trade's unique inherent risks, including potential instability, currency fluctuations, issues of non-payment, or the creditworthiness of one of the parties involved.
A few of the financial tools used in trade finance include lending lines of credit, letters of credit, factoring agreements, export credit or working capital, and insurance. Trade finance allows exporters and importers to access many financial solutions specific to their situation. On top of reducing the risk of nonpayment and non-receipt of goods, factoring international trade has become an essential tool for business owners looking to improve efficiency and boost revenue.
Some of these benefits include:
- Improving Cash Flow and Efficiency of Operations
- Increased Revenue and Earnings
- Reduce the Risk of Financial Hardship
Need Funding For Your New York City Company?
We Provide Packaging Equipment Financing Programs To Companies In New York City
As the owner of a packaging business, you are committed to providing the highest quality and service, and packaging equipment is required. Your clients rely on your business to help them present their products to their customers, and the right packaging equipment finance program will help you exceed expectations. Business owners need the latest equipment and technology to deliver the best packaging, but coming up with sufficient cash to purchase new machinery can deplete your profits. Instead, you can turn to packaging equipment loans to keep your business competitive without affecting your cash flow.
It’s not always easy to find cash or qualify for a loan to purchase everything you need. Packaging equipment financing gives you the option to get the right combination of equipment without having to deal with the bank. Many New York City companies enjoy the many benefits of packaging equipment leasing. We help businesses fulfill every package and specialize in providing working capital to packaging and distribution companies needing efficient equipment. We work with medical and pharmaceutical packaging, food and beverage packaging, personal care item packaging, technology packaging, and many other packaging companies.
What Is New City Known For?
New York City, also known as "The Big Apple," is one of the most famous cities in the world. This vibrant city is famous for its exclusive shops, flashy Broadway performances, and high-flying business tycoons. NYC continues to be a city that captivates people from all over the world. This city is also home to the Statue of Liberty, a symbol of freedom and hope, and Central Park, an incredibly large park with lots of green located right in the middle of the city.
Economy Of New York City
New York City is the economic capital of the world and the most influential market in the United States as companies all around the nation and the world have made their headquarters or significant operation centers right in this city. Nearly all these key industries have large office complexes and facilities, employing millions of workers in the area. New York state alone would be the 15th largest economy if it were a separate country, and much of that wealth and economic activity is centered in the NYC metro area.
Top industries in New York City:
- Finance
- Trade
- Healthcare
- Real estate
- Manufacturing
- Media
- Publishing
- Information technology
