Austin, Texas, also known as “Silicon Hills,” is one of the nation’s leading providers of technological services. This is evidenced by the number of high-tech manufacturing companies located within the area, including Google, Hewlett-Packard and Apple. It is further evidenced by the number of aerospace and defense contractors located in the area, including such names as GE Aviation, BAE Systems and Textron Systems.
Austin also has thousands of employees engaged in creating digital media, which has resulted in the production of such shows as Austin City Limits. Several renewable energy and clean tech companies are also located in Austin. A number of these manufacture solar panels while others produce related items like inverters. Additionally, a number of Austin companies manufacture electric vehicles of various sizes.
The health and biology industries are also being transformed by both existing and emerging companies in Austin. Furthermore, Austin is known for its data management capabilities. Companies that operate data centers within the area include Cisco, IBM and Intel.
If your Austin business is experiencing rapid growth and needs financing, an Austin factoring company can help. Accounts receivables factoring can provide your company with fast cash when it's needed the most.
1st Commercial Credit is a Texas factoring company that offers a broad range of financial solutions, including invoice factoring, supply chain financing, short-term cash, advances against future orders, and purchase order financing. Once an account is created with 1st Commercial Credit for the receivable-based financing program, funding can be given 24 hours after approval. Our decision-making is within hours when a client requests additional working capital once a factoring line of credit is set up.
The requirements are simple and include:
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 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.
1st Commercial Credit offers factoring for manufacturing firms in Austin. These businesses are experiencing growing orders and are experiencing challenges when trying to keep up with their current working capital. Factoring for the manufacturing industry in Austin involves selling unpaid invoices to a factoring company for immediate cash. Businesses can use this cash to cover their operational business expenses, including payroll, purchasing materials, repairs, and unexpected costs.