Offering credit terms to commercial accounts can get your business in a cash flow shortage.
At 1st Commercial Credit, we can assist your service based business by allowing you to offer credit to commercial accounts and grow your business. The extension of credit is evaluated by the financial strength of the customer (Buyer), not our client (The seller). This method allows our prospective clients to acquire funds within days of completing an application with minimal paper work.
1st Commercial Credit is an invoice factoring company that provides financial services and lending to service based industries. Invoice Factoring can help Service Providers benefit the most by financing their receivables.
If you review most businesses that are providing a service to commercial accounts, they rarely can offer tangible assets to pledge against a loan.
Banks prefer to lend against land or property, inventory and auctionable assets that can easily be liquidated. It is for this reason, that many service industries are turned down for a loan or are approved with limited funds for working capital.
Many companies benefit from asset based financing including service providers, manufacturers and distributors. It had become a major source of funding for companies seeking to grow capital or general working capital. Usually, asset based lending companies structure their loans with an advance on accounts receivable, which is a very liquid and desirable asset to lenders. However, this isn't to say that lenders aren't willing to make ambitious advances on other sorts of collateral such as accounts receivable, inventory, business equipment, and more.
When your company sells on credit terms:
Service companies that need to offer credit terms to customers utilize our funding program.
Service based companies can easily tap into their receivables asset for immediate cash flow. You may offer credit terms to new and larger customers at an affordable cost, take advantage of early pay discounts offered by your suppliers, buy larger quantities with additional discounts, and countless other opportunities that your manufacturing business is missing out on.
1st Commercial Credit offers factoring services to small and medium-sized businesses with as little as $10,000 a month in sales volume and up to $10 million in receivable assets. If your business would benefit by converting your accounts receivable to working capital, we can help. Get initial funding in 3 to 5 working days. No financials needed, No up-front fees to set up, it is that easy.
Other Service Industries That We Fund:
1st Commercial Credit offers a simple cash flow solution for service providers across the nation. If you provide professional services to slow paying businesses, your cash flow can be affected. You can resolve this financial issue with 1st Commercial Credit’s invoice factoring program for service providers.
Many companies benefit from working with accounts receivables financing because it has a more straightforward application process. Businesses in this industry sometimes may not have sufficient working capital if their needs are seasonal or they cannot pay providers promptly. Bank loans may be an option, but they typically have a long list of strict requirements for approval. However, the bank loan option is not feasible for businesses just starting up or others going through financial difficulty or lack adequate collateral.
On the bright side for service providers, invoice factoring is an alternative funding option. Factoring uses the invoices in exchange for advancing funds. Once your business is approved, you can qualify to receive a percentage of your invoice value immediately with a reserve payment of the remainder when the factor collects.
Payroll funding is a simple process:
A payroll line of credit, also known as invoice factoring or payroll funding, is a form of financing specifically designed for the service industry. Many companies have to wait 30-90 days to collect payment on pending invoices. Still, many of these businesses need to make payroll far sooner.
By selling your receivables for cash upfront, your business will have access to the following:
A third-party lender like 1st Commercial Credit can be one of your most valuable additions to your company. As long as you provide professional services to other companies, you can factor those invoices for immediate cash. 1st Commercial Credit offers to factor for service providers including attorneys, accounts/CPAs, architects, business consultants, marketing firms, and public relations agencies. We also have extensive experience providing payroll funding for staffing agencies and many other firms.
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