Known as the largest city in the South and ranked the country's fourth-largest city, Houston is synonymous with oil refineries and all that is energy-based. New emerging industries are also in play and 1st Commercial Credit is here to finance the supply chain.
1st Commercial Credit is a company that factors receivables with many resources and recognizes that the city of Houston is the top U.S. city in the manufacturing industry. There are 6,400 manufacturers in Houston and the combined industrial employment totals more than 230,000 workers. As the 2nd largest metropolitan area in the United States for manufacturing Gross Domestic Product (GDP), Houston's manufactures produce more than $80 billion worth of products.
There is a great demand for invoice factoring, and trade payable financing among the top tier suppliers. We can set up an account for receivable based financing within 3 to 5 working days.
Having more than 200 companies that specialize in aerospace manufacturing and development makes Houston a dominant force in the manufacturing industry. Houston Spaceport is a federally licensed commercial spaceport that collaborates with NASA and specific colleges.
This powerful partnership facilitates working with those who are amongst the best scientific minds in the world. Key college participants include the University of Houston, Texas A&M, and others. Lockheed Martin, The Boeing Company, and Honeywell are just a few of the larger partnering firms in the area.
Subsectors of the manufacturing industry in Houston include:
Some of the most well-known manufacturing companies in Houston are Goya Foods, Mitsubishi Caterpillar Forklift America, Inc, and Toshiba International Corporation.
Factoring for manufacturing companies involves selling your company’s outstanding invoices to a factoring company for a fast cash advance. Unlike a loan, invoice factoring for manufacturing will convert your existing receivables into fast cash that can be used to cover all operating expenses. When payments take several weeks or even months to arrive, manufacturing companies in Houston have an increasing difficulty meeting their expenses.
Factoring can provide the working capital your business needs rather than settling for cash flow instability and stunted growth. Working with a manufacturing factoring program is fast and straightforward. 1st Commercial Credit can assess and approve your company for a credit line in 3 to 5 business days with minimal paperwork. You can qualify to factor in your manufacturing invoices even if your company has low or bad credit or other financial issues. Our funding decision is based on your clients’ creditworthiness, and we offer low, competitive rates that work with your company’s cash flow needs. We are a flexible Texas factoring company when it comes to factoring your receivables. Small , medium and large businesses can pledge their receivables and obtain a line of credit using their unpaid invoices as collateral in only 3 to 5 working days.
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.
Another huge benefit of working with a factoring company is that the factoring company that purchases your receivables takes ownership of those invoices and collects them when they are due. The factoring company also assumes responsibility for all of the costs and the hassle involved with collections.
In summary, the advantages to factoring include: