Your personal and company credit score is not a significant factor for factoring approval. Since your clients will be responsible for payment, a factoring company will base approval on your customers' credit. If you have been turned down for bank financing, 1st Commercial Credit can help. Invoice factoring services provide affordable and quick cash flow solutions. There won't be any debt to repay because factoring isn't a loan. You utilize your company's receivables to exchange them for cash instead.
Unfortunate events happen when running a business. We will not let a mediocre credit history prevent you from taking on new opportunities to grow your business. Factoring your receivables is an intelligent way to improve your financial strength and credit score while building a successful business.
One of the best things about factoring with bad credit is that it can help improve your credit score. Often, bad credit scores happen due to a lack of cash flow. By choosing 1st Commercial Credit factoring services, you'll always have a stable and reliable source of working capital to pay bills on time.
Approval for invoice factoring in Michigan can vary from one factoring company to another. Still, many can fund businesses with financial issues. 1st Commercial Credit can get your company funded, despite poor credit, past bankruptcies, or even tax liens (given an agreement in place with the IRS).
1st Commercial Credit provides invoice factoring for most industries. We set up your funding account in 3 to 5 working days, for up to $350,000 and with no financials needed.
We fund small and large companies ranging from as little as $10,000 a month to $10 million in credit line facilities. We finance all industries in Michigan struggling with cash flow issues. We fund staffing agencies, manufacturing, medical providers, construction contractors, trucking companies, distributors and wholesalers, and many other industries.
Payroll, business taxes, vendor invoices, and office expenses are continuous necessities that require the attention of business owners. Slow-paying customers can affect cash flow, creating a financial struggle for companies in Michigan. Invoice factoring is the optimal financial solution to getting immediate cash for outstanding invoices and solving cash flow issues.
Factoring invoices is a flexible alternative for businesses in Michigan. Companies can use factoring on a short-term basis to improve cash flow immediately or continue for as long as a company needs it. There are no minimum volumes, and a business is not required to factor in all client invoices. As an additional service, a good and experienced factoring company will handle the collections process for their client, which will streamline the entire payment process.
Utilizing factoring services can also help by building your business credit. Since factoring isn't a loan, not only are you reducing debt, but you're improving your credit by selling and receiving payment for assets. Invoice factoring is a great option to help rebuild a solid financial foundation, especially for those new businesses or those who have experienced some economic challenges along the way.
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 advantage Michigan offers for this sector is its business climate, one of the most favorable in the Midwest. There is no personal property tax, which significantly reduces costs for companies with expensive capital investments in equipment. Michigan finds itself among the top 10 states for major new and expanding facilities.
Michigan isn't just a great place to do business; it also offers everything from urban excitement to the great outdoors.
1st Commercial Credit has extensive experience providing financial solutions to manufacturing businesses in Michigan. We lend money to manufacturing companies every day so they can continue to run their operations, innovate, and contribute to Michigan's thriving economy.
Michigan offers the perfect climate for growing crops and businesses in the nation.
What makes Michigan a leader in the Agriculture Industry?
From growing to manufacturing, Michigan offers a bounty of growing and manufacturing opportunities for agribusinesses. Michigan is currently home to 51,600 farms occupying around 10 million acres of farmland. Michigan’s diverse growing conditions make it the number one producer of cherries, blueberries, cucumbers, and dried beans. 1st Commercial Credit offers receivable finance to producers and agriculture distributors experiencing working capital shortages.
The food processing businesses in the state generate nearly $25 billion for its economy. Michigan’s business climate is optimal for agriculture-related companies. The state has no personal property tax, which significantly reduces costs for companies with expensive capital investments. Michigan is regularly ranked among the top 10 states for major new and expanding facilities.