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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 moreFor businesses that cannot get an affordable business loan or don’t want to add more debt to their books, invoice factoring may be the best answer. A factoring company in Toledo will provide a working capital solution for small businesses, startups, and established organizations that sell to creditworthy customers.
Big and small businesses in the following industries use factoring as a source of capital: Staffing, Trucking & Freight, Construction, Manufacturing, Distribution, Security Guards, Service Providers, and many others. Some of the potential reasons for businesses to turn to factoring financing and other loans on invoices forms of funding include needing temporary cash flow for ongoing expenses, inability to qualify for bank loans, or avoiding debt.
Invoice factoring is a form of receivable financing that facilitates the following clients to qualify:
1st Commercial Credit is an experienced accounts receivable factoring company in Ohio offering the best financial solutions and competitive financing rates ranging from 0.69% to 1.59%. We have a few basic invoice factoring requirements for a business to qualify for funding. These requirements include that your company sells products or services to other companies or the government. Your business should be making sales in extended payment terms (30-90 days). And, most importantly, that your clients are creditworthy.
In Toledo, invoice factoring, or accounts receivable factoring, is an optimal cash flow solution available to most small and medium-sized businesses. The factoring advance is a percentage of the invoice value that a factoring company will pay you at the time of the receivables sale. This amount will not be the final amount for the purchase of the invoices, as you will get the remaining balance after a factoring fee is deducted when the payments come in from your customers.
The advance percentage can vary depending on the factoring agreement and the factoring company. Still, it will typically range between 75 and 95% of the receivables' value. For example, if the advance percentage is 80% for one invoice of $2,000, you will receive $1600 upfront.
Sell your invoices to 1st Commercial Credit, and you will be forwarded the fast cash in a matter of days. Invoice factoring is not a bank loan. And because it's unlike a bank loan, your creditworthiness does not determine the amount of cash that will be available to you.
Manufacturing factoring is the process of selling a company's outstanding invoices to a factoring company for a cash advance. If your company needs a manufacturing factoring company, 1st Commercial Credit is here to provide factoring for manufacturing businesses in Toledo.
The minimum criterion to qualify for our invoice factoring includes filling out a short 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 custom 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.
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.
Material handling equipment has an extensive selection of financing options available to help business owners in Toledo get the equipment they need when they need it most. Our services range from equipment purchasing and leasing to other industry-specific financing services. Today’s distribution, manufacturing, and warehousing companies require reliable financing partners to provide the best services and flexibility. Having the right equipment and tools ensures that your operation grows and runs as smoothly and efficiently as possible.
1st Commercial Credit strives to work with you to structure the ideal, customized lease solution that works with your budget and gets the most value out of your equipment. When you partner with us, you will be getting the appropriate funds to acquire and maintain the material handling equipment needed to keep your business moving forward.
Regarding material handling equipment leasing or financing, we believe businesses should demand more from the leasing partner they choose. 1st Commercial Credit is an established leader in equipment financing that has operated for over two decades. We understand your concerns and can offer a reliable, flexible, and tailored solution.
Factoring is a financial service that helps companies struggling with slow-paying clients. Companies sometimes have to wait 30 to 90 days to receive payment. Selling your invoices provides you with cash that you can use to run your business. Companies often use the funds from factoring for payroll financing using receivables and pay suppliers, cover tax expenses, build inventory, grow client base, and expand.
1st Commercial Credit pays you immediately, so you don't have to wait a long time for payments to come in. Most factoring transactions have two installment payments. The first installment covers anywhere from 70% to 90% of the invoice. The installment is deposited in your account as soon as your client gets invoiced.
Once the invoice is paid in full, 1st Commercial Credit deposits the remaining payment in your account.
1st Commercial Credit will help you grow your staffing agency with unlimited payroll funding. We have funded staffing agencies for 20+ years. Whether you have a startup or a multi-million dollar operation, you can qualify for our funding programs.
Take advantage of our financing programs and get initial funding in 3 to 5 working days. We can accommodate receivable-based credit lines to new temporary staffing companies with minimal funding needs. Another option is our asset-based lending solutions for large staffing agencies that can go up to $10 million if needed.
The educational institutions influence Toledo’s economy in a big and impactful manner.
Toledo became best known for its industrial manufacturing. Chrysler and General Motors had factories in metropolitan Toledo, and automobile manufacturing has been important for many years. The University of Toledo contributes to healthcare, which is the city’s biggest employer.
Toledo’s metro area has four Fortune 500 companies, including Dana Holding Corporation, The Andersons, Owens Corning, and Owens Illinois.
Toledo is famously known as the Glass City because of its extensive history of glass manufacturing. Several of the largest glass companies have their origins in this city. Toledo is the Jeep headquarters and has two production facilities dubbed the Toledo Complex.
With a population of 274,975, Toledo, Ohio, is a major trade center for the Midwest area. The city port is the fifth busiest in the Great Lakes and currently the 54th biggest in the United States.
The city is also home to a few theaters and performing arts institutions, including the Stranahan Theater, the Toledo Repertoire Theatre, and the Ohio Theatre.
Some of Toledo's cultural points of interest include the Peristyle, the Toledo Opera, the Valentine Theatre, the Toledo Zoo, the Toledo Metroparks, and the Imagination Station.
We are an invoice factoring company with over 18 years of experience providing funding for Ohio and the following cities:
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