Collections and billing support
When choosing 1st Commercial Credit as your financial partner, you will experience some other extra benefits that banks cannot offer. Time is valuable and especially when trying to grow and expand a business in Springfield. We want to make sure your time is spent strategizing on making your business successful instead of chasing customers for payments or other back-office duties. From the moment you begin factoring receivables with 1st Commercial Credit, we will take care of collections and running credit checks on your current and prospective clients. Your business will also experience the most effortless process when uploading invoices for funding in our platform and free access to your online account at any time.
When your company takes on frequent contracts from federal, state, or local governments, it usually can take anywhere from 30 to 90 days to get the final payment. Government contracts are often for a large amount of work which means your business must manage without a large amount of cash for an extended period.
Many factoring companies do not want to finance government contractors in Springfield because the amounts are large and concentrated in a few government contracts and extended payment terms. At 1st Commercial Credit, we don't turn down government contractors. We understand the situation and have experience financing businesses that provide services to the government. We understand the financial needs in this case and have developed financial solutions for your Springfield company.
Our factoring company offers government contractors in Springfield immediate cash in exchange for selling us the pending invoices. We can advance you as much as several million dollars to cover your payroll needs and help you attain new contracts while waiting for payment on old ones. Invoice factoring will also facilitate the ability to expand or grow your business in this competitive industry.
When dealing with government contracts, the process can be a bit more complex than other industries. However, we are in full compliance with the Assignment of Claims and the Federal Acquisition Regulation laws that dictate the regulations and specifications when financing government contractors.
Invoice factoring companies like 1st Commercial Credit are helping businesses fulfill their financial needs. We offer accounts receivable financing, payroll finance, and many other financial solutions for businesses in Springfield.
For some Springfield businesses, particularly small companies and startups with limited capital, working with an invoice factoring company is the best solution. The main benefit of invoice factoring is that it provides immediate cash in exchange for unpaid invoices. Another 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:
1st Commercial Credit has worked with many different industries and can evaluate your company's receivables to help you find the best financing alternative that fulfills your company's goals and needs.
Financing staffing agencies is a very simple and fast process for us. We provide accounts receivable factoring for staffing agencies and employment firms and make the process of borrowing money for your staffing agency straightforward. Often, this type of industry has to offer longer payment terms on most staffing contracts to remain competitive, which can cause cash to be scarce. The fast cash from payroll loans for businesses allows agencies to meet their weekly payroll requirements while meeting their financial needs. 1st Commercial Credit is also a payroll factoring company specializing in payroll funding and accounts receivable lending for staffing agencies.
Another industry that 1st Commercial Credit finances is the manufacturing industry in Springfield. Many manufacturing companies borrow money from factoring companies like 1st Commercial Credit to avoid cash flow shortage. If you are searching for a factoring company for your manufacturing company in Springfield, 1st commercial credit is the right choice. We provide all the financial tools your company needs.
Springfield's manufacturing companies are experiencing cash flow issues that make it challenging to pay suppliers on time before shipments, cover duty fees and logistics costs required upfront, and offer longer credit terms. Rather than dealing with constant cash flow instability as well as stunted growth, begin working with an invoice factoring company in Illinois to obtain access to the operational capital your business needs.
Springfield has a strong education economy driven by numerous colleges and universities, including the University of Illinois at Springfield, Robert Morris University, Benedictine University, Lincoln Community College, and ITT Tech and Capital Area Career Center.
Springfield's medical and health care industries are some of the leading industries for central Illinois. Two of the primary hospital providers (HSHS St. John's Hospital and Memorial Medical Center, are undergoing a significant expansion. The community is also home to Simmons Cancer Institute, Springfield Clinic, St. John's School of Nursing, Prairie Heart Institute, Prairie Education and Research Cooperative, and Southern Illinois School of Medicine.
Springfield is a regional provider of healthcare services. In 2015, the opening of Memorial Medical Center, a center for Learning and Innovation, took place. The center is one of only six similar centers in the nation and provides learners with the opportunity to train using simulation and skills training. The settings in this center include preparing students for various clinical and medical situations, including physician exam room, general medical patient care room, trauma room, operating room, nursing station, emergency treatment, labor/delivery room, among many others.
The capital of Illinois is best known for being the home of the 16th president of the United States, Abraham Lincoln. It has a population of about 117,000 and is also home to a wildlife sanctuary, memorial gardens, and botanical gardens. An interesting fact about Springfield, Illinois, is that it’s the home of the world’s largest carillon. The city of Springfield offers a rich history while continuing to present a progressive and robust business environment.
Springfield’s location and proximity to St. Louis in the south, Chicago in the north, and Indianapolis in the east make it the ideal place for business to reach various markets. The city’s music scene includes jazz, blues, community theater, municipal opera, and live bands. In addition, Springfield is known for the Cozy Dog and Horseshoe sandwiches. Other known events happening in Springfield include Route 66 Mother Road Festival, the International Carillon Festival, and events such as the Illinois State Fair and the downtown’s Old Capitol Farmer’s Market.