When involved in the international trade industry in Miami, businesses can sometimes run into financial issues while waiting months for payments. Covering business expenses like payroll and supplier payments can become increasingly complex and, at some point, will force potential sales to halt. These payments are necessary for Miami businesses to continue delivering products or services. Companies in the international trade sector might also need cash flow to purchase manufacturing supplies.
In summary, a business must continue to pay its bills and continue to run daily. To do this, companies will need a financial partner that can offer financial solutions while waiting for payments to come.
Invoice factoring involves selling the value of its accounts receivables for which it has not yet received payment to a factoring company. To obtain immediate cash, the company sells the value of those accounts receivable to a financial institution like 1st Commercial Credit at a discount.
Miami has one of the most diversified economies in the US, with hundreds of international companies headquartered in the city. Its location and weather have made it one of the best locations for many thriving industries. The easy access the city has to Latin America has placed Miami at the top of the list with international trade, international banking and has made it become a vital investment center.
Due to its suitable weather, the Agriculture industry in Miami is another that thrives and has become an essential part of Miami’s economy. This region is a major supplier of produce during the winter. This produce includes vegetables, tropical fruits, and the Miami area is also one of the leading suppliers of ornamental plants for the country.
The successful growth of businesses in Miami has pushed the construction industry all around the city and the state. Construction in Miami is in high demand, specifically for family homes, condominiums, and business buildings. If your construction business needs funding, 1st Commercial Credit can provide you the cash resources that fuels your business through our Commercial Construction A/R financing programs.
Some of the other major industries in Miami experiencing growth include manufacturing, the biomedical sector, tourism, trade, and real estate.
Miami is known as a paradise location for vacationing, retiring, and establishing businesses. Its weather, location, and rich culture make it one of the most visited cities in the United States for tourism and business.
Some of the biggest industries in Miami include hotels, retail, restaurants, transportation, attractions, real estate, and medicine. Because of its location, Miami has a huge advantage in international trade with Latin America and the Caribbean. For this same reason, many of the biggest Latin American companies have established their headquarters in Miami.
The Miami International Airport is the top airport for international freight and has significantly contributed to making Miami’s transportation a big industry for the city and the state. Miami’s airport is ranked among the top airports for the transportation of international passengers. A city of opportunity, Miami is home to many foreign business owners who have immigrated from other countries in South America. Miami has offered a place where businesses of all sizes and industries can succeed.
Miami also offers a Low Tax Environment, meaning that individuals and businesses do not pay personal income taxes. The state of Florida also has a low corporate income tax rate of 5.5 percent. It does not have unitary tax or inventory tax, and it allows for several sales tax exemptions.
Overall, Miami is the perfect place to do business and live. If your Miami business needs funding, we can help!
Miami was an area full of wilderness during its beginnings, but it was clear that it was good land for the future. The city experienced many challenges after its foundation, including war, the Great Depression, and some major natural disasters. Once the city recovered and rose, its population increased dramatically because of the post-war situation and the immigration of Cubans fleeing Fidel Castro’s regimen. Miami became one of the most influential, cultural, financial, commerce, and international cities in the United States.