Your company in Joliet should have the ability to grow without periodically having to turn down contracts because of cash flow issues. Many businesses think it is their fault if they face this situation, but this isn't the case. The reality is that any business that wants to grow will have to offer better credit terms to clients, which means payments will come long after the service or goods have been delivered. The right financial partner needs to be selected to go through this with you to succeed.
1st Commercial Credit has experience working with the major industries in Joliet. It can offer asset-based lending, accounts receivable financing (also known as invoice factoring), purchase order financing, and trade payable financing for your company.
We make it an easy and fast process to access cash flow for your business. We leverage your buyer's credit eligibility, not your company's. 1st Commercial Credit will evaluate your accounts receivables and provide you with a solution and a decision within a few days.
Regardless of its size or time in business, receivable factoring for telecommunication businesses is popular because it allows any telecom company to secure financing. It is an ideal solution for new start-ups and any company that has seen a decline in its credit rating.
It is a solution that improves cash flow, and it allows companies to avoid the high costs of waiting for customers to cover their invoices. Ultimately, it is a financing solution that is ideal for the long receivable collection times found within the telecom industry.
Telecom companies need to research to find the most suitable factoring company that will satisfy all of their business needs. There are many differences between account receivable financing and bank financing. Obtaining financing from a bank involves providing all financial statements and going through a series of checks and balances. In contrast, with receivables factoring, your Joliet company doesn't need to give any financials. Also, with bank financing, the process involves making your company go through a stringent set of criteria, primarily based on having an excellent credit rating and demonstrating solid performance over a given period.
In contrast, with receivables factoring, your company's credit rating plays no role in the decision to advance your working capital. Instead, the decision rests with the account debtor's credit rating. Finally, financing through a bank implies taking out a loan, one that will show up on your balance sheet. In contrast, receivables factoring is similar to a loan, but it will not show up on your balance sheet.
Accounts receivable financing is a financial solution that allows you to sell your receivables or unpaid invoices to a factoring company in Joliet. This financing alternative will provide your business with cash minus a factoring fee, allowing you to continue with your business's operations and fulfilling responsibilities such as payroll and payments.
When applying for a bank loan, the process can take a long time, and the chances of approval are very low. The probability of obtaining approval for a traditional loan decreases when a business doesn't have an established banking record which can be a challenge for new companies. Invoice factoring companies can provide financing options for your Joliet business.
The main difference between an equipment lease and an equipment finance agreement (EFA) is that you are renting the equipment rather than purchasing it outright with equipment leasing. Business owners can lease costly equipment such as machinery, vehicles, computers, and other tools needed to run a successful operation. This equipment is leased for a determined time, and the business owner has the flexibility to either return the equipment, renew the lease or buy it. On the other hand, an equipment financing loan is used to purchase the equipment and take it as collateral. The loan is paid back over a fixed term, and it will become the property of the business owners once it’s completely paid off.
There are many advantages of an equipment lease vs. a bank loan. Obtaining financing from a more traditional institution like a bank or a credit union is often more complicated, time-consuming, and is typically filled with a long list of requirements. On top of all this, banks will most likely turn your application down if you haven’t been in business long, have a low credit score, or can’t put down large down payments upfront. Thankfully, financing equipment with a loan or lease can help you preserve precious cash flow and grow your business.
At 1st Commercial Credit, we can provide an array of equipment financing and leasing options. An expert from our team will sit with you and explain how our financing works, the different programs, advantages, and how to qualify for them. The application process is fast and straightforward, and we accept A, B, C, and D credit scores.
Some additional equipment financing programs we offer include:
Like many cities in the United States, Joliet dependents significantly on the manufacturing industry. Joliet, Illinois, is also known as the "Crossroads of Mid-America" and has various companies that have selected this city to establish their business. Having access to a multi-modal infrastructure and a diverse local economy are the main reasons for this decision. Joliet also provides a significant industrial sector that drives job creation and economic growth.
Joliet has a significant retail presence supported by the city's growing trade area, office market, and rise in headquarters and private investments. Joliet also has access to a large workforce from the two higher education institutions in the city. Joliet is a great place for businesses of all kinds to succeed.
Joliet obtained the nickname "Crossroads of Mid-America" because it is located at the intersection of two major interstate highways, I-55 and I-80. This geographical location has contributed to the businesses' success because of the easy reach to surrounding markets. The city also has four class I railroads that operate freight service within Joliet.
Any industry can find success in Joliet. The city provides competitive incentive packages, strategic location, and a growing housing market. The industrial and manufacturing sector continues to grow in Joliet. Currently, IKEA, Amazon, Mars, Whirlpool, Target, among others, choose Joliet as a home. Joliet is also a shipping and transportation center.
Joliet is one of the biggest cities in Illinois, with a population of more than 150,000. Some of the famous attractions to visit in Joliet include the Rialto Theater, Hollywood Casino, Harrah’s Casino, Joliet Area Historical Museum, Ironworks Park, Bicentennial Park, and the Old Joliet Prison, to mention a few.