1st Commercial Credit Provides Asset Based Lending, Purchase Order Financing and Factoring to all States:
United States: Services provided in: Start Today
Receivable Loan Rates
Starting At 0.69% - 1.59% Start Today
Or Prime +2% & Admin Fee
Quick Approval Process!
No Financials up to $350k
Easy Set-Up in 3 to 5 Days
Request A Quote or Call 1 800 876 6071
At 1st Commercial Credit, our accounts receivable lending (Or Advancing) service is a flexible source of funds for businesses. We specialize in financing the growth of distributors, manufacturers, service providers, transportation companies and exporters.
Lending on accounts receivable is what we do by advancing funds against your accounts receivable. Due to our expertise and knowledge in the industries we fund, we can provide higher advance rates with competitive fees.
Accounts receivable lending is not a loan as most people refer, it is more like and advance or purchase of the receivable, so there is no need to make payments or create debt to your business.
1st Commercial Credit offers:
What kind of business can qualify for accounts receivable loans?
Any business can qualify for an accounts receivable credit line If:
Most of our clients are either:
In the past, it was common for businesses to use banks for all of their financial needs. However, as the economy changes, it is clear that there is a need for small businesses to have more than one way to meet their borrowing requirements. Banks put the risk on business owners by giving money in exchange for property collateral. Conversely, a profitable alternative is invoice borrowing or accounts receivable loans. To use services that allow you to borrow money on your receivables, all you need is an unpaid invoice.
Whether you offer a service or a product, you must wait for your clients to pay their bills. While you wait for the check to clear, you may lose an opportunity to invest capital or extend credit to your clients. On the other hand, if you have access to a majority of that cash immediately, your ability to expand your business becomes much easier. Instead of waiting through the process of having your property appraised by the bank, you can have a line of credit extended to you based upon any of your unpaid invoices. This way, slow-paying customers are no longer an issue and you can pay your staff, cover operational expenses, purchase new inventory, pay for unexpected expenses and solve other problems.
When you have an invoice that has gone unpaid for an extended period, you may be losing money in unexpected ways. For example, other bills that you want to pay may have late fees. An empty bank account can quickly cause checks to bounce, and fees to incur. In other words, sometimes it is better to lose a small percentage on your unpaid invoices than pay larger amounts as time goes on. This is the idea that makes financing factoring companies appealing. In some cases, a company with an unpaid invoice can receive up to 97 percent of the original sum. While they may lose $3 for every $100 of the invoice, most companies feel it is better to have the cash today than wait for an invoice to become delinquent.
When you are a new business, it is beneficial to build your credit. By borrowing on your receivables, you will be able to earn credit points each time. You can also avoid stiff penalties (and credit report demerits) for forgetting your monthly repayment to the bank.
Other benefits of borrowing money on receivables are:
Although there may be factoring companies in your local area, you can easily set up an account with similar services online. Once you have your paperwork verified, your transaction will be completed within a short time. After your first transaction, it will be much quicker to process any future cash payouts. Unlike bank loans that require you have equal property collateral, invoice factoring services can allow you to borrow much more. This means that you do not need to worry about only having $500,000 in personal property when you need to borrow $1.5 million to cover your current invoices. In the end, it is clear that it does not matter if you are a small business or a multinational corporation because you can find much needed solutions by borrowing money on your receivables.
At 1st Commercial Credit, our receivable factoring service is a flexible source of funds for businesses. We are a factoring company that simply utilizes your accounts receivable as the collateral and advance money against the face value of your invoices. Financing receivables is a credit line that grows proportionately with your sales cycle and we can fund as little as $5,000 a month and up to $10 million for larger companies.
1st Commercial Credit, a nationwide factoring company headquartered in Austin, Texas. Provides accounts receivable financing in the US, Canada, and the UK; offers export trade finance to clients in every major world market and can convert receivable finance transactions in 17 currencies.
United States: Services provided in: Start Today