Could Your South Carolina Business Benefit from Receivable Factoring?
Factoring, otherwise known as accounts receivable financing or simply factoring receivables, is the process whereby businesses sell their customer accounts pending payment to a factor or factoring company, who provides instant cash and will then receive payment from your customer themselves. It's a great alternative to a traditional banking loan, and allows your business to maintain a healthy cash flow at all times.
At 1st Commercial Credit, we make receivable financing easy to obtain with minimal requirements and usually can have a same day decision. If your business sells to commercial accounts on credit terms, then it may well qualify for factoring receivables.
Which South Carolina Industries Qualify for Factoring Receivables?
While any business can qualify for accounts receivable financing, as long as it generates sales on open credit terms to credit worthy customers, and those sales are “final sale,” in South Carolina we tend to receive most of our applications from those in the agricultural industry, particularly businesses involved with the growth and processing of tobacco. In Charleston, we work with a large number of transportation and distribution companies.
What these businesses have in common is that they tend to trade with other businesses rather than the public. Most of our clients are fast growing companies who would find it difficult to obtain a traditional loan, not because of poor sales, but simply because of a lack of sales history. Unlike banks and many other financial institutions, our financing programs can accommodate even start-up operations with no financial base to rely upon or companies with seasonal or uneven sales patterns.
Other Options Factoring Companies Offer
Because we understand that not every South Carolina-based business will qualify for accounts receivable financing, we also offer asset based lending and purchase order financing. For more information on both of these services, and to find out if your business is likely to qualify for accounts receivable financing, 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.