New Mexico Businesses Benefit by Using a Factoring Company
Is your New Mexico-based business struggling with cash flow, perhaps not due to poor sales but due to an unavailability of cash at the right time? Many businesses are in the same situation, and when they are they often turn to accounts receivable financing, otherwise known as factoring receivables. This is where you are able to release cash by selling your customer accounts yet to be paid, for only a small fee.
Here at 1st Commercial Credit, we make receivable financing easy to obtain with only minimal requirements. Because we understand how immediate your need for cash can sometimes be, we try our best to provide same-day decisions.
Which New Mexico Industries Qualify for Accounts Receivable Financing?
New Mexico has one of the most diverse economies in the whole of the United States. It would be difficult to even pin the state down to one main industry. In Albuquerque there is a strong trade, tourism and manufacturing presence, while in the rest of the state the production of electrical equipment and coal mining makes up a large part of the economy.
In order to assess whether or not your business will qualify, you should ask yourself two questions. Do you sell to credit-worthy customers on open credit terms, and are those sales final? By “final sale” we mean there can be no disputes or refunds after the sale itself or that account cannot be eligible for accounts receivable financing. If you answered yes to both of these questions, it's highly likely that you may qualify.
Most of our clients tend to be fast growing companies whose past earnings and sales histories don't allow them to obtain a traditional banking loan. Unlike banks, we can accommodate start-up operations with no financial base to rely upon or companies with seasonal or uneven sales patterns.
What Happens If a Factoring Company Does not Qualify Your Business?
Unfortunately we can't accommodate all businesses with accounts receivable financing, as much as we'd like to. For those that don't qualify, we offer asset based lending and purchase order financing. Asset based lending is very similar to a traditional loan, while purchase order financing allows you to pay your suppliers directly. For more information on both of these services, contact 1st Commercial Credit today.
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.