As Your Business Grows
We Deliver The FUNDS
We Deliver The FUNDS
Accounts receivable financing is used by businesses to convert sales on credit terms for immediate cash flow. 1st Commercial Credit adopts a quick and simple approval process and expedites initial funding in 3 to 5 working days.
learn moreFactoring companies provide a payroll line of credit for staffing companies and recruiting agencies. The types of services offered by staffing companies are fundamental and vital to connect employees and employers. In this industry, payroll is the responsibility of the staffing firm and is a pressing cost that needs to be covered each period. Payroll funding needs to occur before clients pay and can cause some financial challenges if clients have extended payment terms of several weeks or months before they have to pay for these services.
When cash flow becomes tight, payroll funding for staffing agencies can help by providing financial solutions. On some occasions, clients can take anywhere from 30 to 90 days before paying you, but payroll is still due every week. 1st Commercial Credit offers payroll funding solutions like staffing agency loans so you can continue running a successful business and take advantage of many other possibilities.
We provide invoice factoring for funding staffing agencies and buy their unpaid invoices for immediate cash—no need to wait weeks or months for payments when you can have fast cash today. When you set up an account with 1st Commercial Credit and assign an agreement, you will receive a cash advance for your invoices. This advance will vary depending on the industry. The factoring company will keep a percentage of the total invoice value, which is considered the factoring fee. These fees are calculated based on your client’s creditworthiness and the length they take to pay.
1st Commercial Credit knows that staffing is different from any other industry and requires flexible funding to meet its unique financial and business needs. We will offer consistent access to the funds you need to continue running a successful business.
To pay your staff on time and maximize your growth, it is crucial to work with a funding partner that understands your business.
Here are four reasons why your staffing agency should use payroll funding:
1st Commercial Credit is an experienced factoring company in Saint Paul, Minnesota, offering many businesses in different industries. We are also an asset-based lender company and can evaluate your company’s specific situation to serve you better.
In the healthcare industry, waiting long periods to be paid is a common thing. Slow payers could be hurting your business growth. If your Saint Paul business could potentially benefit from getting paid sooner, 1st Commercial Credit has a solution with its customized receivables financing for healthcare providers.
There are two kinds of companies that can benefit from accounts receivable factoring in this industry. The first type is a vendor providing services or selling goods to the healthcare industry, for example, nurse staffing, transcription, etc. The second one is a provider that bills third-party payers like insurance companies, Medicaid, or Medicare.
The first type of business we discussed earlier involves entrepreneurs who have a service-oriented company serving the healthcare industry. When working with medical staffing, your business will have the financial means to hire new employees, expand the business, and even open recent locations. With this type of financing, there are no limits to the amount of funding your company can receive. Some of the companies benefiting the most from this financial solution include medical supply companies, medical staffing agencies, temp nurse agencies, outsourced medical companies, medical billing services, among others. We also have extensive experience providing receivable financing for respiratory staffing agencies.
Manufacturing factoring companies focus mainly on the quality of eligible receivables and the competency of the billing department. Therefore, account receivable loan decisions are not based solely on the balance sheet that may show significant fluctuations. However, as long as it can provide proof of profitability, the factoring company may still go forward with funding the client. Healthcare providers are choosing medical accounts receivable factoring as a viable option to support their growth.
Receivable-based financing creates predictable and reliable cash flow in an unpredictable payment cycle industry. Healthcare factoring companies can help healthcare providers that bill private insurance or Medicare/Medicaid for medical services and need to get paid sooner.
Some examples of clients working with the financial services we offer in Saint Paul include medical staffing companies and:
If your Saint Paul company needs a manufacturing factoring company, 1st Commercial Credit is the solution. We can evaluate your company's receivables at no cost or obligation to determine if we could fulfill your business financial needs. We provide financial solutions for the manufacturing industry in Saint Paul every day. Our supply chain finance solutions offer manufacturers the highest advance rate against the face value of the outstanding receivables. In the manufacturing industry, it is usual for businesses to provide longer-term payment plans to clients to be competitive and incentivize clients to place larger orders.
Manufacturers in Saint Paul have many consistent and extensive costs, including buying equipment, rent, materials, paying suppliers, and funding payroll. 1st Commercial Credit offers a financial solution that helps manufacturers in Saint Paul have access to immediate cash flow when needed the most. This financing method allows businesses to continue to provide competitive, extended terms to clients while maintaining a healthy cash-flow balance.
These terms can typically range anywhere between 30 to 90 days. Invoice factoring or accounts receivable factoring involves selling outstanding invoices to a third-party company like 1st Commercial Credit. The factoring company in Saint Paul will provide funding for manufacturers as an advancement based on the value of their outstanding invoices.
If manufacturing businesses can prove to the factoring company that their clients can pay for the invoices and have large orders, factoring companies will most likely approve them and immediately set up a financing account. With invoice factoring, cash flow issues will no longer have to wait months to increase your cash flow. Manufacturing companies in Saint Paul choose 1st Commercial Credit because we offer various supply chain finance solutions, an efficient process, and expertise.
Our manufacturing equipment leasing and financing programs for your equipment needs will bring many benefits to your business. 1st Commercial Credit has become an industry leader in equipment leasing for manufacturers as we always strive to be more than a financing partner. We work to give you the best leasing options to fit your unique business needs. Our team will help clients navigate the equipment leasing and financing process and explain our different lease programs, tax benefits, and current promotions. When companies in Saint Paul turn to us for financing, they will experience:
Saint Paul has a thriving and supportive business community, a skilled workforce, and an array of vibrant community spaces. Saint Paul, Minnesota, is ready to push and help your business thrive. There are currently 17 Fortune 500 companies in Minnesota, all concentrated in the Minneapolis-Saint Paul metro area. Some of these companies include 3M, Best Buy, General Mills, and Ecolab.
In addition, Saint Paul boasts well-known and established companies from diverse industries, including financial, medical, energy, retail, agriculture, packaged goods, technology, and precision manufacturing. Top employment sectors in Saint Paul include Public administration, Health care, Social assistance, Educational services, Finance and insurance, and Accommodation and food service.
Saint Paul is the second-largest city in a metropolitan area and continues to grow with more than 300,000 residents. Saint Paul is also home to the next generation of young professionals, with over 58,000 students studying at 11 colleges. Among residents aged 25 and older, 39.3% of the population has a bachelor’s degree or higher, and the city’s median age is 31. Saint Paul has many renowned arts and culture activities, including three world-class museums, many historical sites, and a dynamic music scene. This city is also known for its outstanding recreation and infrastructure. With that said, Saint Paul has free-flowing accessibility. It is easy for people to get around downtown on foot, by bicycle, public transit, or vehicle. Saint Paul has many unique and diverse neighborhoods.
1st Commercial Credit is a company factoring receivables in Minnesota and various cities including:
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