We Deliver The FUNDS
0.69% to 1.59%
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A Factoring Company Funding Rochester, 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 Are The Different Financing Options That 1stCC Provides To Rochester Businesses
1st Commercial Credit can help your Rochester business and deliver the funds when you need them the most. Once you set up a financing agreement with 1st Commercial Credit, we can offer other financial tools, including purchase order finance, supply chain financing, and short-term cash advances against future orders. These services could be suitable, especially for businesses facing seasonal sales and other fluctuating cash demands. Our funding decisions are made within hours when a client requests additional working capital once a factoring line of credit is set up.
Purchase order financing is a financial tool so businesses can fulfill their product orders. Clients struggling with cash flow problems and who cannot meet some of their financial obligations to deliver their orders can benefit from this short-term solution. Purchase order finance is beneficial when companies decide to offer credit terms to clients or when they have to wait anywhere from 30 to 90 days for their invoices to be paid. This financing alternative allows business owners to proceed with payments for transportation and manufacturing while waiting for their customer payments to come in. It is crucial to mention that if your company has not delivered the goods or products to the customers and, most importantly haven't been invoiced yet, then our po financing program is the way to go.
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On the contrary, invoice factoring services are better if your company has delivered goods and invoiced the customer. If you're searching for a dependable source of funds for your business but are unsure which one to choose, don't hesitate to contact 1st Commercial Credit. A member from our team of specialists will answer all your questions and concerns and evaluate your specific situation for free and with no commitment to see how our financing programs can help.
1st Commercial Credit is an experienced lender that can also provide trade payable financing, the process of financing services or goods in a trade or transaction that goes from a supplier to the end buyer. The term "trade finance" refers to various financial instruments, including invoice financing, purchase order financing, supply chain finance, and letters of credit. Importers and exporters can particularly benefit from these financial tools.
Trade payable financing is a service that allows a company (buyer) to extend the payment terms of its purchases from crucial suppliers by partnering up with us. 1st Commercial Credit will pay the suppliers on behalf of your company on the due date and collect from the company later. Your suppliers don't have to be legally involved in this arrangement, making it a quick and straightforward process. Trade payable finance works best for those companies sourcing from crucial suppliers and looking to extend the payment terms.
Trade finance factoring is a popular finance solution for manufacturers, distributors, importers, and exporters. This solution is a crucial economic accelerator for development since it keeps maintaining credit flowing throughout supply chains. 1st Commercial Credit is committed to offering the best financial services to businesses in Rochester. This is why we offer various options so business owners can select the one that best fits their needs.
1stCC Knows How To Maximize Working Capital For Manufacturing And Distribution Businesses
Manufacturing firms in Rochester with qualifying invoices and working with creditworthy customers can apply for financing using these documents as collateral. Experienced lenders like 1st Commercial Credit will evaluate a company's accounts receivable to determine their market value.
If the credit line is approved, you will receive a high percentage of the total value of outstanding invoices immediately. When the invoices are finally paid, factors will collect the fees and return any remaining funds to you, the borrower.
1st Commercial Credit specializes in receivable finance for manufactures in Rochester. Receivable loans are ideal solutions for many small manufacturers who can't qualify for bank financing, making it challenging to obtain the working capital needed to run a manufacturing business. By taking advantage of these alternative lending services, manufacturers can begin planning for the future without worrying about cash flow issues that could potentially hurt the company.
The factoring process with 1st Commercial Credit looks like this:
- The manufacturer delivers the goods to the buyer and creates an invoice for the sale.
- The manufacturer then submits the invoice to 1stCC for funding.
- After 1stCC verifies the invoice, funds are sent to the client/seller.
- 1stCC then waits for the customer to make the payment.
- Once payment from the customer is received, 1stCC pays the remaining amount to the client.
- Fees charged by 1stCC may be upfront or in arrears. This will depend on the type of factoring agreement.
Manufacturing financing with 1st Commercial Credit can help your business:
- Expand operations and grow sales
- Fund payroll and hire new employees
- Make purchases and upgrades
- Invest in marketing
- Pay suppliers on time
- Invest in new projects
Manufacturing factoring is a better financial solution when compared to traditional banks. Business loans from a bank have a long and strict list of requirements to apply. They are usually paired with a complicated and time-consuming process. In addition, banks demand perfect personal credit and ask for business collateral. Even if a business manages to qualify, the final approval and access to cash can still take several weeks or even months.
In summary, here are the main six reasons why invoice factoring is a better option than a bank loan:
- No collateral is needed
- Fast application and approval process
- High chances of being approved
- Competitive financing rates
- Startups and small businesses can qualify
- Low credit score admitted
1st Commercial Credit is an expert in helping business owners get working capital and improve the cash flow necessary for expansion. When you choose us as a financial partner, you can be sure to have selected the best receivables factoring company for your manufacturing firm. Manufacturing is a broad and complex industry, but thankfully, we are expert lenders who have worked with many different sectors. Allow us to help you manage your financing needs so your company can continue thriving.
We offer inventory financing for distributors in Rochester and have worked with various manufacturers, including:
- Equipment
- Packaging
- Textiles
- Plastics
- Chemicals
- Machinery
- Auto Parts
- Steel Products
- Food/Beverage
- Machine Shops
- Electrical
- Paper
- Plastics
- Wood
Our supply chain finance solutions offer manufacturing companies the highest advance rate against the value of the unpaid receivables. We also provide purchase order financing and trade payable financing for qualified manufacturing plants.
Turn Invoices Into Same-Day Cash By Using Telecom Factoring
1st Commercial Credit has almost two decades of experience working with the cable and telecom industry. Factoring companies need to understand the methods of payment used in this industry to make the funding process efficient and smooth. We have provided telecom financing solutions to cable and telecommunication businesses in Rochester. We make the funding process quick and straightforward.
We can help you manage the common swings in cash flow and get you the funds now, not in 30-90 days or more. You can pay suppliers quickly to negotiate the best costs. In many cases, having the opportunity to qualify for discounts and get better pricing has made up for the cost of factoring. Telecom factoring provides businesses with a financing solution that turns a company's unpaid invoices into fast cash. The process involves selling your receivables to a factor in exchange for prompt payment, which will help eliminate the cash-flow gap caused by slow-paying customers.
Telecom factoring is an accessible and reliable debt-free form of financing providing fast cash to fulfill business expenses, meet payroll, cover bills, and invest in new opportunities. If your company has to deal with slow-paying customers and extended credit terms, factoring is the answer. We strive to ensure your telecom business receives the lowest rates and most flexible terms for account receivable financing.
Telecom factoring offers a financial solution to many businesses in this sector, including:
- Cable TV Installer/contractor
- Satellite Dish Installers
- Underground Utilities
- Cable Testing/Diagnostics
- Telecommunication Installers & Providers
Telecom and cable companies in Rochester benefit directly from the cash flow facilitated by factoring and other value-added services that come with this service. Background and credit checks for customers and online reporting are just some of the additional benefits our clients experience, which gives them the freedom to focus on other crucial aspects of their business.
Common cash flow issues our cable and telecom customers run into include:
- Difficulty fulfilling payroll each period
- Not enough cash to invest in growth
- Unable to take on new contracts or retain customers
- Can't qualify for material discounts
- Big contracts drain all available cash
What Is Staffing Factoring And How It Works?
1st Commercial Credit offers the funds temporary staffing agencies need to run their operations and succeed, regardless of size, type of industry, or time in business. We work with startup staffing companies and well-established staffing firms. Invoice factoring for staffing agencies offers a consistent and reliable source of working capital to relieve cash flow problems. Your company will be able to cover expenses, manage growth, and take on new contracts and opportunities.
Factoring is an excellent funding option for new businesses or companies who have had difficulties obtaining a traditional form of financing. For bank loans, ideal credit history and time in business are required to qualify. When companies don't satisfy these requirements, they will most likely be turned down by banks and will need to find an alternative financing method for their business. The good news is that 1st Commercial Credit only needs to see that you have unpaid invoices from creditworthy customers, and approval decisions are made within 3 to 5 days.
Need Funding For Your Rochester Company?
Waiting months to be paid for temp staffing services can negatively affect your ability to meet payroll and pay taxes on time. In addition, the lack of cash prevents you from expanding your staffing agency and hiring new temporary employees. This situation can stop the growth and ability from taking on big contracts. 1st Commercial Credit provides payroll funding for staffing agencies and has fast and efficient application and funding processes. Factoring for staffing firms is a practical financial alternative for short-term or long-term financing needs for staffing agencies of all sizes and stages.
1st Commercial Credit is a company factoring receivables in the staffing services industry that understands the unique challenges faced by these firms. We also know that even well-managed, profitable small and mid-sized staffing agencies will experience cash flow difficulties at some point or another. This is why we make the funding process for staffing agency loans easy and accessible. We will evaluate your company's needs and help you find a funding program that will fulfill all of your business needs.
What Is Rochester Known For?
Greater Rochester is the 3rd-largest metropolitan area in New York and the 79th largest city in the country. Rochester is situated within a 400-mile radius of Albany and Washington, D.C., two of the most populated Canadian provinces, and 14 northeastern states. Rochester has been nicknamed the "Flower City," the "Flour City," and "Young Lion of the West." Rochester is also famous for its unique and impressive history in xerography, photography, and optics. The city also has a leading role in manufacturing/research activities and outstanding educational resources in traditional and evolving imaging sciences.
Economy Of Rochester
The Greater Rochester Region is a great place to live and also work. This region is globally recognized for its cutting-edge developments in imaging and optics, smart energy, research and development, health imaging, and food and beverage manufacturing. Beyond innovation and opportunity, Rochester’s quality of life and culture keep employees happy to stay here. Several local businesses in Rochester have been featured as top companies to work for in America. The Greater Rochester region is attracting and developing businesses from all across the globe. This region is one of the most productive regions in the country, ranking #1 for degrees in STEM fields and #3 in college degrees per capita. With fuel-cell prototypes, cancer-preventing vaccines, technology that’s supporting missions to Mars, and Rochester’s talent and intelligence rankings, it’s no wonder this region continues attracting talent and innovative businesses. Some of the key industries in Rochester include Health care and social assistance, Government, Manufacturing, Retail Trade, Accommodation and Food Services, Professional and Technical Services, Administrative and Waste Services, Educational Services, Construction, Wholesale Trade, Finance, and Insurance.
