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.
Many growing businesses are forced to turn down projects and clients because the company lacks working capital. The cause of this situation comes from offering credit terms to clients. Invoices will end up being paid 30 to 90 days after services or products have been delivered, causing a shortage of cash flow at some point. This is a common situation for many businesses experiencing growth and expansion. The financial solution is to partner up with a lending company that can buy those standing invoices for immediate cash to be used today.
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 service 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.
1st Commercial Credit Offers Flexible Funding on Accounts Receivable for Michigan Businesses
In 3-5 business days, a company can get an account set up and receive funding with our accounts receivable financing program. Once approved, we can fund the invoices and advance the funds in 24 hours. Unlike other accounts receivable financing institutions, 1st Commercial Credit makes receivable financing easy to obtain with minimal paperwork. Approval decisions are not based on tax returns, financials, or equity to debt ratios. We make decisions primarily on the credit strength of your customer and the invoicing process. We specialize in evaluating a company's receivables and can make a prompt decision within a day.
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.
Michigan offers the perfect climate for growing crops and businesses in the nation.
What makes Michigan a leader in the Agriculture Industry?
Financing agriculture equipment is the perfect option for agribusinesses to obtain expensive equipment. Farm equipment loans and leases are crucial financing tools for agriculture companies. With this type of equipment financing, business owners in this industry can acquire irrigation equipment, tractors, or high-tech fertilizer spreaders. Agriculture equipment financing is advantageous as farmers have to evolve and update equipment to tend to their operations more efficiently. A significant advantage they get with equipment financing is preserving a good cash flow and not utilizing all the capital upfront.
Business owners in the agriculture industry can reduce costs by leasing equipment instead of buying it outright. We are familiar with the situation many agriculture companies struggle with: purchasing new and updated expensive equipment or continuing operating with the same old equipment, affecting the business’s efficiency and growth. Finding the appropriate equipment for your business may require additional cash that is not always available. Agribusiness owners also benefit from setting up a payment structure that allows them to match their monthly equipment payments with the incoming cash.
Agriculture equipment in good working condition is vital to running your operation. If equipment isn’t operating correctly, the entire process can be affected. While equipment is necessary to any successful agriculture business, it isn’t always affordable. 1st Commercial Credit is an experienced lender offering agriculture equipment loans and financing to agriculture companies in Michigan. With our farming equipment loans, you will be able to enjoy reasonable rates, flexible plans, and solutions tailored to your business-specific needs.
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. Additionally, Michigan is regularly ranked among the top 10 states for major new and expanding facilities.