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.
1st Commercial Credit provides a variety of purchase order financing solutions to meet your trade financing needs. P.O. financing is suitable for any wholesaler, reseller, importer or any company that purchases and resells goods.
Invoice factoring is the ideal financial solution and alternative for Arkansas businesses with poor credit. One of the biggest deterrents for banks is bad credit when a business is applying for a traditional business loan. At 1st Commercial Credit, we understand that things happen, and having bad credit is not always the business owner’s fault and does not always reflect the capacity of the business operations.
Instead of focusing on things like credit history, collateral, and financial statements, we focus on the following:
Working with invoice factoring companies can even help improve your bad credit. Selling your receivables to a factoring company in Arkansas can bring many advantages to your Arkansas business, and one of them is assisting rebuild bad credit by simply using the cash flow provided to you in exchange for your company invoices.
Paying suppliers on time and fulfilling your business’ financial and operational responsibilities will tremendously improve your financial position. Your company can also use the cash to pay existing debt.
Other advantages of invoice factoring include:
A factoring company (or accounts receivable factoring) converts invoices sold on credit terms for immediate working capital at a discount. It has become a simple, fast and easy way to access business cash flow. In comparison with a traditional bank loan, a company that factors receivables has a quicker approval process.
1st Commercial Credit is a factoring company that specializes in evaluating accounts receivable and can make a prompt approval decision. The documentation requirements are not as lengthy, and the main requirement is that an applicant has invoices for work or orders that have already been satisfied. It also helps to have creditworthy customers. As long as a business has been in operation, meets revenue requirements and is free of liens or legal issues, approval is likelier.
1st Commercial Credit provides invoice factoring for many industries in Arkansas. We can set up your account in 3 to 5 working days, and no financials required.
We offer funding for small, medium, and large companies ranging from as little as $10,000 a month to $10 million in credit line facilities.
A factoring company like 1st Commercial Credit can help your Arkansas company by delivering the funds today. Once we set up a customer on a receivable based financing program, we can offer other financial instruments like supply chain financing, short term cash advances against future orders and purchase order financing.
These types of products could be advantageous to businesses with seasonal sales or other fluctuating capital demands. Our decision making is within hours when a client requests additional working capital once a factoring line of credit is set up.
Arkansas has many prominent industries comprising a diverse mix of traditional sectors of the economy and new technologies.
Arkansas ranks first for the manufacturing job growth of medical equipment, pharmaceuticals, and chemicals. The state also employs more than 177,500 workers in the manufacturing industry, higher than the median in the country. Other sectors in high tech thriving in Arkansas include aerospace and defense, artificial intelligence and machine learning, autonomous vehicles, biotech, and fintech.
Arkansas knows the food and agribusiness industry. There are more than 360 food and agriculture companies in Arkansas, employing 55,500 people. Home to Tyson Foods, one of the world’s largest food companies and manufacturing facilities for a few of the top companies in the industry, including PepsiCo, Nestle, JBS USA, Kraft Heinz, and many others.
The agriculture sector in The Nature State continues to experience growth. The growth rate of the food and agribusiness industry from 2015 to 2019 was 13.1 percent in Arkansas. The state is home to 23 of the top 25 food and agribusiness companies and is considered the 2nd state with the most significant number of food processing workers in the South of the country.
Alongside Arkansas’ agriculture industry, food manufacturing goes beyond the sourcing of agricultural products to include processing and packaging.
About 50,000 people are employed in the food manufacturing industry in Arkansas, which accounts for nearly a third of all manufacturing jobs.
The manufacturing sector is also a vital component of the Arkansas economy which employs 13% of the labor force in the state. Some of the manufacturing companies in the state are among the leading in the country. 1st Commercial Credit understand this industry and offers receivable finance for manufactures experiencing working capital shortages.
Another top industry in the state is the production of paper and timber products. Arkansas' heavily forested landscape is responsible for producing the fourth-largest amount of timber in the nation. Aerospace is another massive industry in Arkansas, ranking first in export and adding $1.8 billion and 10,000 jobs to the economy. This sector includes aircraft and aircraft-related parts and services, rocket and defense systems.
1st Commercial Credit also funds the trucking and logistics industry which is indispensable in the Arkansas economy. The state is home to many of the nation’s prominent shipping companies. Arkansas has more than 80 distribution centers and 22 leading trucking companies employing more than 85,000 Arkansans. The state also thieves in corporate and shared services, metals, software development, and data management services.