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Factor Companies in Illinois
Invoice Factoring In Illinois
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Invoice Factoring In Illinois
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Why Is Invoice Factoring Important For Companies in Illinois (IL)?

Two of the biggest industries in the state of Illinois are manufacturing and trucking. Working almost hand in hand, companies in these two industries benefit greatly from each other’s success. Illinois manufactures metal, plastic, and food but it is the technological advancements that have pushed these industries into success.

Manufacturing companies in Illinois need to be able to move their goods and products within the country and to the rest of the world and this is where trucking plays a huge role. O’hare Airport is one of the busiest airports in the country, and the state’s location has made Illinois a transportation hub. With rapid growth and enormous success, cash flow issues will ensue at some point. 

How Can 1st Commercial Credit Help my Illinois Business?

1st Commercial Credit offers a rapid and secure financial solution for Illinois businesses struggling with cash flow. There is no need to go to the bank to request a loan that will take a long time to be approved (if approved at all), will charge an outrageous interest rate, and will most likely ask for collateral to be pledged.

1st Commercial Credit is a factoring company with experience working with these industries and can provide your business with working capital fast, no financials required, and the process is a 2-page application form to fill out. 

How Important Are Accounts Receivable Factoring For Your Illinois Company?

In Chicago, many of the jobs generated come from businesses and services, having some of the biggest companies headquartered in the city.
Invoice factoring, also known as accounts receivable factoring, is a very simple yet effective financial solution that allows companies to trade their invoices for a cash injection into their cash flow at a discount.

Accounts receivable financing for Illinois businesses

Companies in the Prairie State might choose to use this type of financing in order for them to meet their present and immediate operating expenses, while they are currently waiting on their receivable assets to be paid. This is very beneficial to companies that have a number of aging accounts receivables while also having pressing expenses to pay off.

As businesses and companies in Illinois continue to experience growth and success, 1st Commercial Credit will be here to provide the best financial solutions! Our program finances companies in Chicago in many industries. It covers also all cities in Illinois including Aurora, Joliet, Naperville, and Springfield. Contact our Illinois invoice factoring company today and get set up in only 3 to 5 working days.

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What is a Factoring Company?

A factoring company (or accounts receivable factoring) converts invoices sold on credit terms for immediate working capital at a discount. It has become a simple, fast and easy way to access business cash flow. In comparison with a traditional bank loan, a company that factors receivables has a quicker approval process.

1st Commercial Credit is a factoring receivables company that specializes in evaluating accounts receivable and can make a prompt approval decision. The documentation requirements are not as lengthy, and the main requirement is that an applicant has invoices for work or orders that have already been satisfied. It also helps to have creditworthy customers. As long as a business has been in operation, meets revenue requirements and is free of liens or legal issues, approval is likelier.


Can Factoring Be A Good Solution For Your Illinois Advanced Manufacturing Company?

Invoice factoring is a type of financing used by businesses in different industries, including in manufacturing. 1st Commercial Credit offers financial solutions to manufacturers and its process is fast and straightforward. Once a company sells its products or provides the service, an invoice will be created. Businesses will use their outstanding invoice invoices to a company that factor.

1st Commercial Credit will then pay an immediate cash advance based on the invoice value minus a factoring fee. The invoice is then sent on to the customer for processing and payment. Once your customer pays the invoice to the factoring company, the remaining balance, less a small factoring fee, is paid to the business.

Finance manufacturing companies across Illinois

When an advanced manufacturing company in Illinois is growing, there are many things to consider, and how the business growth will be financed is a big one. Growth usually requires investment in infrastructure, marketing, expanded inventory, additional staff, and fixed costs associated with the business. 

Your Illinois manufacturing company should have the ability to grow without worrying about turning down contracts or be forced to minimize the growth because of cash flow shortages.

The reality is that any growing business will have to offer better credit terms to clients, which means payments will take time to arrive. All this comes with running a successful business, and your competitors are experiencing it too. The only difference is whether the right financial partner is selected to go through this with you.

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Advanced manufacturing companies in Illinois can start using their accounts receivable assets for business growth. 1st Commercial Credit offers receivable financing to manufacturers in Illinois that need to provide credit terms to customers. Your production line will no longer have to be interrupted. Illinois businesses can use their receivables assets and exchange them for fast cash flow

Factoring is an ideal source of financing for Illinois businesses that do not qualify for traditional bank funding or companies in need of immediate cash flow. Qualifying for invoice factoring is an easy process for advanced manufacturing companies and for businesses in various other industries. We can set up an account in 3 to 5 working days. Once a company begins factoring on a regular schedule, cash flow will remain consistent, and business growth will be possible. 

We Factor Your Invoices Anywhere In The State Of Illinois:
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Illinois Invoice Factoring Companies

Illinois is also known as the “Prairie State” and is the home of the City of Chicago, one of the largest cities in the US. The major industries thriving in the state of Illinois are the service industries and the state has a very diverse economic base. Chicago’s central location and proximity to cities like New York are some of the key reasons why industries in Illinois are booming with success.

A Illinois company that factor like 1st Commercial Credit, can help your business by delivering the funds when it's needed the most. Once we set up a customer on a receivable based financing program, we can offer other financial instruments like supply chain financing, short term cash advances against future orders and purchase order financing. These type of products could be advantageous to businesses in Illinois with seasonal sales or other fluctuating capital demands.

What Types Of Illinois Businesses Borrow Money From Invoice Factoring Companies?

A growing number of businesses in various industries benefit from accounts receivable factoring services offered by factoring companies in Illinois. 1st Commercial Credit has over 18 years of expertise funding all sectors and working with businesses experiencing cash flow and financial struggles. 

Invoice factoring is a solution that releases the cash held in your outstanding invoices. Most banks do not allow cash advances for businesses with poor credit history. But with a factoring company, the amount of cash advance is typically based on the value of the company’s invoices. The factor buys the company’s unpaid invoices from creditworthy customers. It provides them with working capital as a way of improving cash flow and covers everyday operating expenses.

You would deliver goods or services to your customers as usual but with the advantage of offering them credit terms. 

Invoice factoring company in Illinois

Invoice Factoring Process:

  1. Fill out a short and fast application.
  2. Submit outstanding invoices to the factoring company.
  3. The factor will verify the invoice and your customer’s credit.
  4. Funding available within 24 Hours.
  5. An unpaid invoice is collected from the customer.
  6. Remaining balance minus the factoring fee released to the client.

For some businesses, particularly small companies and startups with limited capital, factoring is the best solution. The main benefit of invoice factoring is that it provides immediate cash in exchange for unpaid invoices. The secondary reason why many companies use factoring is that it helps them maximize their company’s cash flow. Offering extended payment terms is often necessary to ensure your business client retention and optimal customer service. 

Reasons businesses factor invoices:

  1. Payroll funding.
  2. Ability to hire more staff if needed to expand.
  3. Maintain a healthy cash flow.
  4. Cover business operational costs.
  5. Maintain growth rate and expansion.
  6. Increase client base.
  7. Pay bills on time
  8. Take on more and even larger projects

Some of the many Illinois businesses currently experiencing the advantages of invoice factoring with 1st Commercial Credit include the following.

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Construction companies factor in their invoices.

The construction industry can qualify for our accounts receivable financing programs. All construction-related companies, including general contractors and subcontractors, are covered with our receivable financing for construction contractors across all sub-trades. Construction is an industry where it’s prevalent for payments to come months after work gets completed. Invoice factoring allows construction companies to get paid immediately when they invoice, allowing them to improve cash flow. 

financing options for businesses in Illinois

Since payments on construction companies come slow, it is often hard to keep cash reserves for dealing with payments for payroll and overhead. Payroll funding and overhead costs take a large portion of the outstanding invoice in advance by factoring construction invoices with 1st Commercial Credit. This financial alternative will make it possible to pay employees, leases, and other bills. 

As cash comes irregularly and goes out steadily, it is difficult for a construction business to grow. In the case of larger jobs, it can stretch a subcontractor thin. However, a business cannot succeed without taking larger jobs. Still, factoring for faster company growth is being practiced by some construction businesses. For business expansions by contractors or subcontractors, bidding on a more significant number of jobs may be necessary, and invoice factoring companies can help you afford this.

Staffing Company Factoring- What is Staffing or Payroll Factoring? 
Staffing factoring, also known as payroll factoring, provides staffing companies in Illinois with the ability to get cash upfront on invoices. 1st Commercial Credit offers accounts receivable factoring for staffing. It is a funding solution that can be used by staffing companies such as healthcare staffing firms, headhunters, Human Resources consulting firms, general staffing agencies, IT staffing agencies, and many more.

These agencies can be paid after long periods and in different terms. Funding can be difficult for them because of the delay in payment, especially if they continue growing. To overcome their cash flow management problems, they turn to factor companies in Illinois and apply for invoice factoring. 

Some of the staffing companies that benefit from 1st Commercial Credit’s funding services include medical staffing agencies, IT staffing companies, warehouse staffing companies, and administrative staffing companies, to mention a few. Staffing agencies borrow money from us every day because we make it a simple and straightforward process for them.