How a Factoring Company can Benefit a Michigan Businesses
The problem with selling to commercial accounts on open credit terms is, of course, the lack of instant payment for your services or products. Sometimes this can mean that demand can exceed the amount of cash you have available to continue production, even though sales are healthy and your business has plenty of cash assets in the form of customer accounts receivable.
Accounts receivable financing allows you to release this cash instantly, for only a small fee. 1st Commercial Credit can make receivable financing easy to obtain with minimal requirements and usually can have a same day decision. If your Michigan-based business sells to commercial accounts on credit terms, accounts receivable financing or factoring may well be a great option to improve your cash flow.
Which Michigan Businesses Qualify for Accounts Receivable Financing?
As a heavily industrialised state, there are many manufacturing businesses in the Michigan area that would be eligible for this type of financing. In Detroit, there are not only the big three automobile manufacturing companies, but also the many smaller companies involved with manufacturing parts for automobiles, all of which are likely to be eligible. The robotics manufacturing companies of and all its supply chain vendors are also likely to be eligible, as they sell to other credit-worthy businesses on open credit terms.
Most of our clients are fast growing companies whose past earnings and sales histories will not justify a traditional loan. Our financing programs can accommodate start-up operations with no financial base to rely upon or companies with seasonal or uneven sales patterns.
Factoring Companies offer more than just Financing Recievables
Don't worry if your business is unlikely to qualify for accounts receivable financing, there are plenty of other options available to you. Many companies in the area take advantage of the other financing options we offer; asset based lending and purchase order financing. Asset based lending allows you to borrow on the strength of your total business assets, while purchase order financing is designed to allow you to pay your suppliers to keep up with sudden increased demand. Contact 1st Commercial Credit today for more information.
Financing Receivables 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 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.
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.