As Your Business Grows
We Deliver The FUNDS
We Deliver The FUNDS
Accounts receivable financing is used by businesses to convert sales on credit terms for immediate cash flow. 1st Commercial Credit adopts a quick and simple approval process and expedites initial funding in 3 to 5 working days.
learn moreChicago business owners looking for a financial solution for their business can turn their unpaid customer invoices into cash with the help of Chicago invoice factoring companies. Small, medium, and large-sized companies can benefit from this financial solution. When customers don’t pay for goods or services straight away, it can cause cash flow shortages, resulting in backup orders, late payments to suppliers, and halted growth. Invoice factoring companies like 1st Commercial Credit can provide cash for your Chicago business to keep up with the operational and financial responsibilities.
Factoring receivables is a great option for those companies in need of cash sooner than the receivables are due. Also known as accounts receivable factoring, invoice factoring is a straightforward and effective solution. Using your pending invoices for an injection of cash for a healthy cash flow has never been easier. This financial solution is especially beneficial to companies with many aging accounts receivables just sitting there and a growing number of expenses to take care of.
As businesses in Chicago experience growth, they will need extra cash at some point. A good cash flow is required for payroll, expansion, marketing, and other business expenses. For some businesses, traditional bank loans are just not an option.
Companies looking for short-term flexible funding or looking to avoid adding more debt should choose invoice factoring. This financing solution helps companies improve cash flow by putting the cash stuck in unpaid receivables to work.
1st Commercial Credit is a factoring company in Illinois with supply chain finance solutions offering financing rates of 0.69% to 1.59%. We work with businesses in Chicago and can accommodate the financing program for your business needs. Businesses waiting for payments to come in 30, 60, or even 90 days can struggle with cash flow shortage because of this exact reason. Your business doesn't have to turn down potential clients anymore because of cash flow issues.
1st Commercial Credit has more than 18 years of experience funding manufacturing companies, distributors, service providers, and other various industries in Chicago. We are a preferred lending company because we provide simple and accessible financial solutions to businesses in need of a healthy cash flow. We give you extra working capital by purchasing your company’s receivables. 1st Commercial Credit will have a quicker process with minimal paperwork and requirements. The decision is based on the creditworthiness of your customers, not on your company’s credit and financial history. Our financial solutions will solve all your cash flow issues, and it is an excellent alternative for businesses that may not qualify for traditional loans from other financial institutions.
We provide funding for many industries, including the temporary staffing industry. Staffing agencies benefit from accounts receivable financing, and firms in Chicago searching for a financial solution can use their outstanding customer invoices to finance their operations. Companies of all sizes benefit from our funding programs. When customers don’t pay for services or goods quickly, it can cause cash flow shortages, resulting in late payments to suppliers, backup orders, and paused growth. Factoring companies can provide cash for your business to keep up with its operations. Factoring receivables is a great alternative for those companies in need of cash sooner than the receivables are due. Using your pending invoices in exchange for a healthy and reliable cash flow has never been easier. This financial solution is especially beneficial to companies with many aging accounts receivables and accumulating bills.
Companies can receive unlimited payroll funding from us. We convert your outstanding invoices into fast cash when your business needs it the most. Once an account is created with 1st Commercial Credit, future funding is done within hours that same day.
The city is also a prominent geographic center for global trading because of its location and O'Hare Airport. Among the many booming industries in Chicago that benefit from this, we can find insurance, life sciences, and healthcare, technology, trucking, distribution, and logistics at the top of the list.
Positive cash flow is necessary to have a healthy business. Cash flow issues happen when a company does not have enough cash to cover its business expenses and legal responsibilities. This situation can threaten companies in Chicago. Cash flow issues can arise from sales on extended credit terms, slow-paying customers, low-profit margins, problems invoicing and collecting, and having too much inventory.
Planning and preparing for cash flow problems can empower you to have a safety net and probably even avoid possible financial trouble within your business. Paying business debts and covering expenses can be a struggle when the cash going out of a business exceeds the money coming in.
Businesses experience a net cash outflow when making large payments or experiencing seasonal fluctuations in sales. Cash flow only becomes a problem when the cash going out exceeds the money going in. When this happens, the business uses up its cash reserve and can no longer meet its financial responsibilities.
One of the best ways to alleviate business cash flow issues is to sell your receivables to an invoice factoring company in Chicago in exchange for working capital. Instead of waiting days or months for payments to come in, your business can sell the pending invoices to a factoring company. The factoring company will give you a percentage of those invoices minus a factoring fee, which will be available in the form of fast cash. Cash will be available within 24 hours after the application is approved. Businesses in Chicago receive the balance of the invoice when the customer finally pays.
Cash flow problems halt your business' capability for growth and expansion. Without enough cash, Chicago business expenses can't be covered. These expenses include payments to suppliers and payroll. 1st Commercial Credit is an experienced invoice factoring company with supply chain finance solutions that can evaluate your Chicago business' receivables and provide a prompt decision. We fund businesses in all industries in Chicago and offer competitive financing rates of 0.69% to 1.59%.
It is necessary to understand the crucial differences between invoice factoring and a traditional bank loan when selecting one of the two as a financial solution for your business. The process of selling receivables to an experienced invoice factoring company in Chicago is not a loan; instead, these invoices are sold at a discount in exchange for the amount of cash. The unpaid invoices will become the property of the factoring company who will collect directly from the customers. This collection can take anywhere from 30 to 90 days.
Businesses can turn to a bank for a traditional bank loan, but their requirements usually demand a complex and time-consuming process. Banks require an almost perfect personal credit and also ask for collateral. If the business qualifies for all these requirements, the final approval and access to cash can take several months.
In summary, here are the main 6 differences when comparing a bank loan to factoring invoices:
Trucking and Freight Factoring
In the trucking and freight industry, the ability of the owner-operators to cover their expenses is required to continue running their business daily and delivering the vital cargo from one point to the other. Cash must be flowing to avoid delays. The trucking and freight industry often has to wait for payment for invoices that can extend up to 120 days and more. Freight factoring is an immediate source of funds that can help businesses in this situation and provide them with a fast and simple financial solution.
Among the types of Trucking and Freight companies that benefit from our invoice factoring program, we have:
Staffing Company Factoring
1st Commercial Credit offers accounts receivable factoring for staffing. Some of the staffing companies that benefit from 1st Commercial Credit’s funding services include IT staffing companies, warehouse staffing companies, medical staffing agencies, 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. 1st Commercial Credit provides financial solutions, including invoice factoring and payroll funding for staffing agencies in Chicago every day. We have more than 18 years of experience working with staffing firms and provide a fast approval process.
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.
Chicago has a robust and diversified economy. Chicago has more than 4 million employees and generates an annual gross regional product of over $698 billion. The city is also home to more than 400 major corporate facilities. Chicago thrives in sectors such as management innovation, information technology, health services, and manufacturing. The city is one of the central locations for corporate relocations and expansions and is regarded as the primary hub for transport and telecommunications.
The city is also a prominent geographic center for global trading because of its location and O'Hare Airport. Among the many booming industries, we find Chicago at the top of the list for security brokers, dealers, and exchanges clusters in the US. Chicago is also the second-largest corporate headquarter cluster and the third-largest distribution cluster.
The city of Chicago, the capital of Illinois, is located on the banks of the great Lake Michigan. Chicago is the third-largest city in the United States, with a population of 8,865,000. The city is known for its skyscrapers, food, architecture, history, culture, and nature.
Chicago is also called the "city of neighborhoods" because the city is full of sub-communities. Another nickname the city has earned is the "Windy City," attributed to Lake Michigan's winds that keep blowing the city center. The city of Chicago is also home to many tallest buildings in a metropolitan area in the country.
Lake Michigan is a big part of Chicago's attractions. Many outdoor activities in the lake give the city a bit of beach-like outdoor life when the weather is good. North Avenue Beach is an example of this, and this iconic beach provides a combination of the perfect scenic beach and city lights. The lake's popular activities to enjoy are the lake beaches, outdoor yoga, sun-basking, cycling, and running.
Chicago also offers a rich culture because of its museums, unique influence on cuisine, architecture, and city tours.
401 North Michigan Avenue, Suite 1200
Chicago, IL, 60611
Email: Chicago Office
Call: + 1 (312) 858-1107
Directions: Google Maps →
We are a factoring company financing businesses in Illinois and can provide financial solutions to the following cities:
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