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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 moreAccounts receivable (AR) financing is a financing alternative for businesses. A company receives financing capital based on its accounts receivable. Accounts receivable financing agreements are structured in various ways, usually based on either an asset sale or a loan.
Accounts receivable financing is often known as invoice financing. This form of financing allows companies to get immediate access to cash without going through the challenging process associated with getting a traditional bank loan. Companies using AR financing will not have to worry about paying anything back. They also will not have to stress about collections.
1st Commercial Credit is an invoice factoring company in Cincinnati. If you have the invoices needed to qualify and improve your cash flow, we can help. We will demonstrate how accounts receivable financing can significantly enhance your company's finances and get you the money you need right away.
We can help any company, regardless of size or financial status. We have successfully helped clients who had tax liens or could not get approved for a bank loan with our accounts receivable factoring. Banks are no longer the only financing option. You can work with an accounts receivable factoring company in Ohio that can provide the funding you need based on the invoiced sales you have.
1st Commercial Credit offers accounts receivable lending solutions and invoice factoring for manufacturers, staffing agencies, trucking and freight, medical providers, construction contractors, and many more.
Even though they are both forms of financing businesses, there are fundamental differences between invoice factoring and a traditional bank loan. It is essential to learn and understand these critical differences before selecting either one as a financial solution for your Cincinnati business. The process of selling receivables to an invoice factoring company in Cincinnati is not considered a loan. The invoices are sold at a discount in exchange for working capital. They will become the property of the factoring company who will then collect payment directly from customers. The collection times can take 30 to 90 days.
The list of bank requirements for a loan is usually extensive and time-consuming. Banks require an excellent credit score and also ask for collateral. Suppose the business qualifies for all these requirements. In that case, the final approval and access to cash can take several months until access to money is granted.
In summary, here are the main 5 difference when comparing a bank loan to factoring invoices:
The manufacturing industry is an indispensable and valuable contributor to the American economy. It is also the case for Cincinnati. Typically, a manufacturer will produce a product to sell to a buyer. The manufacturer has to provide capital for supplies, materials, equipment, payroll, and the actual cost of production before actually receiving payment for the product.
This situation creates cash flow issues for the manufacturer. They are expected to do all this before invoicing and receiving payment on an item.
Bank loans might seem like the only option. Still, the reality is that a small business owner can't always qualify for that option. A bank loan can take a long time to process, even for an established business with an excellent credit score, before accessing the funds. Factoring is vital to companies in the manufacturing industry because it involves an achievable, fast and straightforward process. You can go from application to funds received in 3 to 5 business days.
1st Commercial Credit has worked with manufacturers in Cincinnati for many years. This experience allows us to better understand the industry's challenges and provide a reliable service to our customers. With factoring, your business will have fast access to the working capital needed to cover business expenses. Our clients use this money to buy equipment, replace machinery, and secure materials.
Factoring is a steady form of obtaining cash. It can be a short-term or long-term solution depending on your Cincinnati business needs and your invoice management. You can choose and pick which invoices you want to factor, and you can access your invoices and reports through our secure online platform 24/7. We also provide extra benefits and services free of charge, like credit checks on potential or existing customers and collections.
Our supply chain finance solutions offer manufacturers the highest advance rate against the face value of the outstanding receivables. Purchase order financing and trade payable financing are also available for qualified manufacturing plants.
There are plenty of reasons why 1st Commercial Credit stands out from all other financial institutions in Cincinnati. Once your manufacturing plant is established with our receivable based line of credit, we can offer ancillary financial services, including:
The staffing, recruiting, and workforce industry makes an essential contribution to the Ohio economy. It provides outstanding job and career opportunities for millions of employees per year in the U.S. About three million temporary and contract employees work for staffing companies in the country during an average week. America's staffing companies hire 16 million temporary and contract employees during the year.
Staffing employees work in all occupations in all sectors, including:
Staffing agencies will experience the need for financing at some point for several reasons. Some of the financing options offered by lending companies for staffing in Cincinnati include:
A/R financing (also called accounts receivable lending) for staffing offers businesses the opportunity to use their unpaid accounts receivable as collateral in exchange for financing. An AR financing company will advance a percentage of an outstanding invoice to the staffing firm. When your customer pays the remaining balance, the factoring company will release the remaining balance after deducting a small factoring fee.
Factoring for staffing agencies is a reliable form of financing for the recruiting industry. With this funding alternative, your company won't have any debt to pay back or have any records appearing on the balance sheet. Our factoring fees are designed to be low and competitive. One of the main requirements to qualify for staffing factoring includes having invoices for work already completed.
1st Commercial Credit is a payroll factoring company in Cincinnati that can provide your staffing company with payroll funding. Payroll factoring is a process we provide that turns your outstanding invoices into the cash you need to make payroll each period. We facilitate a financing alternative so you can fund your Cincinnati business without taking on the additional debt created by using bank loans. With the payroll factoring program, we use your outstanding invoices as collateral.
We do not make your company go through credit checks because we are more interested in the creditworthiness of your customers. Once everything is verified, we set up your account within 3 to 5 days and begin advancing cash based on the value of your invoices.
1st Commercial Credit offers flexible equipment financing to the most popular industries in Cincinnati. Regardless of the industry, we know that acquiring new and working equipment is expensive, and it may be impossible for many small business owners to buy everything they need upfront. If you don't have the cash on hand or the desire to buy a piece of equipment outright, equipment leasing might be the best solution for your situation. Equipment leasing allows you to get the equipment and tools needed and spreads the costs over time.
There are many advantages associated with equipment leasing. You may not own the equipment when you lease, so you don't have to worry about your equipment becoming obsolete. In addition, this type of financing gives the flexibility to return the equipment, purchase the equipment, or renew the lease at the end of the term.
With equipment leasing, business owners pay a fixed rate over a certain period. The interest and fees are calculated into the payment, and the contracts typically run for one, three, seven, or ten years. Leasing offers benefits that owning does not, including lower monthly payments. Many commercial equipment leases also include service agreements or service add-ons, which is a huge advantage for business users as they forget the need for in-house technicians. If your business needs new equipment or technology, but you can't afford it, leasing with 1st Commercial Credit may be an option. Whether you're a buyer or a vendor, we provide financial structures that fit almost any acquisition or selling strategy.
Greater Cincinnati's economy is now the fastest-growing in the Midwest. With $132 billion, Cincinnati has surpassed Columbus to become Ohio's largest economy.
The metro area is within a 500-mile reach of almost 60% of the U.S population and houses six Fortune 500 companies. Cincinnati's leading industries include manufacturing, financial services, and healthcare. The business hub is strengthened by the city's desire and commitment to the continued growth and success of businesses in the community.
The region's strength in multiple industries keeps Cincinnati's economy steady. The sectors currently experiencing the fastest growth include manufacturing, financial and professional services. Cincinnati offers incentives designed to support and grow businesses in the community. Whether you are running an established corporation or developing an early-stage company, Cincinnati will provide the most optimal environment with the resources your business needs.
Cincinnati is the cultural and economic hub of the city’s metropolitan area and the largest, with an estimated population of 2.2 million. The city sits on the banks of the Ohio River and is famous for an extensive collection of historical architecture and has one of the largest historic districts.
Cincinnati is home to major events such as the Cincinnati Masters tennis tournament, the Ohio Valley Jazz Festival, MidPoint Music Festival, Cincinnati Reds Opening Day Parade, Bock Fest, and Oktoberfest. Cincinnati is associated with several unique foods, like the Cincinnati chili. The city hosts numerous musical events and arts performances and has easy access to nature with an extensive park system.
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