If you have a business in Connecticut that sells to commercial accounts on credit terms you may well be eligible for accounts receivable financing. If you've struggled to obtain a banking loan, or have only been offered unfavorable interest rates, this may well be a much more beneficial option. Unlike business loans, you can use accounts receivable financing on as many accounts as you want, increasing the amount of cash you release as you go along, without making any long-term commitment to a monthly repayment amount.
How Do Businesses Qualify for receivable factoring in Connecticut?
Any business can qualify for accounts receivable financing as long as it generates sales on open credit terms, and that those sales are final, i.e. there can be no disputes or refunds. Generally most businesses that regularly use accounts receivable financing are those who sell to other businesses. These sorts of customers are the most reliable, and will generally pay only after a certain period of time (usually 30 days), which is why factoring is such an attractive option for these businesses.
Because Connecticut is a strong area for manufacturing, many businesses in the area regularly utilize factoring. Even large companies like that supply products or services to General Electric and Xerox, based in Hartford, can sometimes have reason to utilize factoring, simply because the cash from sales is needed immediately to pay suppliers and obtaining a business loan would take too long.
Are There any Other Options like Purchase Order Financing?
Luckily, there are more options than just banking loans and accounts receivable financing for businesses to obtain instant cash. If you don't make final sales on open credit terms, you can still release some cash by using asset based lending. This is where you are able to borrow on the strength of your businesses' total assets including receivables and equipment. Here at 1st Commercial Credit, we also offer the option of purchase order financing, to allow you to pay your suppliers immediately before your customers pay you.
Accounts Receivable Financing is our Business!
Receivable financing rates at 0.69% - 1.59%
No financials - No monthly minimums - No invoice minimums
No facility fees - No audits - No up-front fees - No hidden fees
Set up account in 3 to 5 working days - 24 hr funding thereafter
Receivable credit lines starting at 5,000 & up to 10 million
Customer referrals upon your request
We Make Same Day Decisions Start Today
We Make accounts receivable financing a Simple Process!
experiencing cash flow shortages due to a slow turnover in accounts receivable
fast growing companies whose past earnings and sales histories will not justify traditional bank loan financing
start-up businesses with no financing base
principals with good or bad credit and cannot obtain traditional financing
have lost their line of credit due to covenant violations
need export receivable financing, credit protection or purchase order financing
Is your business growing faster than your operating capital?
At 1st Commercial Credit, our accounts receivable factoring service is a flexible source of funds for businesses. We are a factoring company that simply utilize your accounts receivable as the collateral and advance funds against the face value of your invoices. The factoring credit line 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.
Industries 1st Commercial Credit Factors in the USA:
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.