Newark businesses can encounter issues with cash flow from time to time, some more often than others. The problem can be even more challenging for a new or smaller business that does not have proper access to additional capital in addition to a weak cash flow. When in this situation, it is difficult to get more jobs or larger projects. 1st Commercial Credit is a factoring company in Newark that can provide quick funding for Newark businesses.
Some of the common reasons leading to cash flow shortages include:
3. Cash advance loans may seem like a quick solution to a cash flow problem, but they add more debt to your business at the end of the day. This form of fast cash can seem very appealing, especially if your company is new or your credit is not good. Their process involves minimal paperwork, and approval rates are high. But it’s the interest rates that are very high.
4. Waiting times for payments are long — when you have to wait 30, 60, or even 90 days to receive payments, it can become challenging to cover business expenses like payroll and pay suppliers.
5. Traditional bank loans turn you down — when in a cash flow shortage situation, the funds available to you are minimal. Banks will often only approve a line of credit for businesses with many years in operation, have a good credit score, and have plenty of collateral to pledge.
An Alternative Financial Solution to Cash Flow Problems
1st Commercial Credit has over 18 years financing companies in many industries and can offer different financial solutions for your Newark business. We will help your company in Newark overcome many of the financial issues often caused by insufficient funds.
A factoring company provides your business with immediate access to working capital, allowing you to finance payroll, pay your vendors, and even take advantage of early payment discounts offered by suppliers. 1st Commercial Credit does not base approval decisions on your credit history; instead, it’s the creditworthiness of your clients that’s considered.
1st Commercial Credit offers accounts receivable financing as a flexible source of funds for companies in Newark looking for payroll financing for staffing. We utilize your accounts receivable as collateral and advance cash based on the value of your outstanding invoices. The receivable credit line will grow along with your sales.
If your staffing company is growing faster than your operating capital, 1st Commercial Credit can help with unlimited payroll funding. Regardless of whether you're a startup or a multi-million dollar operation, making staffing payroll during growth can be a challenge. Payroll financing using receivables for staffing agencies is a very simple process for us.
1st Commercial Credit is helping companies access cash when they need it. Our financial lending options for staffing agencies provide the right working capital solutions to fit your staffing business' needs. Temporary staffing agencies can often face unforeseen payroll funding issues or cash flow shortages and need fast cash to cover those costs quickly.
Our team provides flexible accounts receivable lending for staffing firms that meet the firm's specific financial needs. Waiting for customers to make their payments can stall your business' growth and delay pressing payments. 1st Commercial Credit works with many customers from different industries and has over 18 years of experience financing staffing agencies. We have provided financial solutions for all types of temp staffing, including medical, administrative, accounting, manufacturing, warehousing, and IT staffing.
Manufacturing factoring is the process of selling a company's outstanding invoices to a factoring company for a cash advance. 1st Commercial Credit is here to provide factoring services for manufacturing businesses in Newark. The minimum criterion to qualify for our invoice factoring includes filling out a 2-page application form, having invoices for work or orders already satisfied, and having creditworthy customers.
1st Commercial Credit specializes in offering the best supply chain finance solutions to all industries. Our process is quick and straightforward. We make same-day decisions, offer customized rates, and accept low credit scores.
Manufacturing Factoring Process with 1st Commercial Credit:
1st Commercial Credit's invoice factoring and accounts receivable lines of credit provide the best flexibility needed to enhance your company's capacity to grow without having to pledge collateral. We base our approval decision on your customer's financial strength, not your company's. Crucial suppliers need to get paid, customers require longer credit terms, and 1st Commercial Credit can help make that happen.
Newark is the busiest transshipment hub in the U.S. East Coast regarding volume thanks to its airport, rail facilities, maritime port, and highway network. Newark has a considerable amount of industry and light manufacturing. The service industry is also increasing. In addition, transportation has become a significant industry in Newark, providing more than 17,000 jobs in 2011. Newark is also big in the insurance industry and is the third-largest center in the country, behind New York City and Hartford, Connecticut.
Newark is one of the nation's prominent shipping, air, and rail hubs. It has an estimated population of 282,011, which makes it the most populous city in New Jersey. The city is divided into five political wards (North, East, West, South, and Central). Newark has a variety of neighborhoods, from quiet suburban areas to vibrant urban districts.
Branch Brook Park is one of the city's attractions and is the oldest country park in the U.S. It also has the nation's largest collection of cherry blossom trees.