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.
1st Commercial Credit provides a variety of purchase order financing solutions to meet your trade financing needs. P.O. financing is suitable for any wholesaler, reseller, importer or any company that purchases and resells goods.
1st Commercial Credit provides receivable financing for businesses serving government clients across the nation. These types of clients can propel your company's operations and revenue. Still, they can also put your company in a challenging cash flow situation. Companies in this sector need to pay workers and contractors to fulfill the government contracts while waiting to get paid. They also need to pay for overhead costs and materials. Unfortunately, these businesses won't receive any payment for those efforts until months after the work has been completed. Local, state, and federal government agencies hire a large portion of work to external private companies. If you provide a service or product, landing a government contract usually means steady work and recurring revenue for your Buffalo business.
There is one big challenging reality when it comes to working with government contracts. The government clients are in no hurry to pay their invoices, sometimes taking anywhere from 30 to 90 days before receiving any payment from these customers. They are demanding clients to work with as they can select a supplier that can accommodate their demands better and replace your services any day. For businesses in Buffalo in this situation, 1st Commercial Credit has a few financing options available, including government purchase order financing. One effective solution is government contract factoring that allows you to get fast cash upfront to pay your employees and vendors.
Extending credit to customers is great to increase sales and acquire more customers. But while you wait for payment, you have cash demands such as inventory, overhead costs, and employee paychecks every week. Factoring is selling an invoice equal to the amount of what your customers owe you before they pay it so you can have the funds necessary to run operations. This type of financing is different from borrowing against them, as you would do in accounts receivable financing.
By selling your invoices, you generate immediate cash instead of having to wait weeks or months for your customers to pay you. The good news is that the factoring company purchasing your receivables takes ownership of these invoices and becomes responsible for collecting them when they are due. That company also assumes all of the costs and the hard work and hassle of customer debt collection. Government contract factoring is generally used by rapidly growing businesses that face temporary cash flow problems.
Some of the factoring advantages include:
The Buffalo Niagara region has a fully operational, integrated center for storage, collection, transshipment, and distribution of goods and offers an intermodal infrastructure with direct access to four of the seven major rail lines in the U.S., as well as a network of trucking and freight forwarders.
Starting a startup company is exciting, but it can also come with many challenges, especially when it comes to cash flow. One of the most crucial decisions startup business owners need to make is how they will finance their startup. Traditional banks are usually reluctant to fund a startup company. They have a strict list of requirements, so getting financing this way might not be a feasible option for all startups. On the other hand, 1st Commercial Credit offers alternative financing solutions with a faster and more flexible way to secure startup working capital without adding extra debt to the balance sheet.
One of the main challenges entrepreneurs deal with is having sufficient funds to cover bills, payroll, and other costs that can come up along the way. Having a reliable and accessible funding source can determine whether these startups succeed or fail. Factoring companies in Buffalo offer a financial solution called invoice factoring and loans for staffing agencies that work great for many business owners who deal with slow-paying customers and a growing number of orders for services or products. Here are a few of the advantages invoice factoring bring to startup business owners:
1st Commercial Credit is a specialized lender offering receivable factoring services for all types of businesses serving many industries. With almost two decades in business, we have become the preferred invoice factoring company in the nation for growing companies. We provide financing services for all types of companies in Buffalo and can fund unpaid invoices for startups, small, medium, and large companies. Our customers enjoy incredible growth and financial flexibility after they set up an account with us.
Our receivable factoring services allow business owners to offer credit terms to their customers without running into cash flow issues. We provide flexible approvals, affordable rates, and fast funding, even if the owner has low or bad credit. Small business owners can take advantage of receivables financing and turn their unpaid invoices into immediate cash. This financing alternative is ideal for businesses whose customers are other businesses. It is common for customers to not pay for goods or services right away, which can cause financial struggles for some companies, but invoice factoring can be the solution.
Advanced manufacturing- Buffalo has also proven to be well-equipped for an innovative future in this sector. A robust and skilled workforce, competitive incentives, great colleges and universities, and affordable industrial real estate help build the business case for this region. In addition, some other advantages this city offers to this particular sector is that there is 0% state corporate income tax for manufacturing companies and that 40% of the bi-national population is within 500 miles. The advanced manufacturing sector currently employs over 66,000 people.
Agribusiness- Whether it's food packaging, dairy production, processing, or food processing, Buffalo Niagara is a significant contributor to New York's agriculture industry. Not only is Buffalo conveniently located for access to the entire East Coast, but the city's proximity to Canada also helps food and dairy processors get their products to their customers. Buffalo agribusinesses enjoy a 0% state corporate income tax for food processors, abundantly fresh, clean water sources, and wastewater treatment facilities. Buffalo helped position New York as the #1 producer of sour cream, yogurt, and cottage cheese.
Advancing Life Sciences- The Buffalo region is home to a massive network of life science companies, from spin-offs and startups to businesses choosing to relocate here. At the heart of Buffalo Niagara, the Life Sciences industry are the invaluable thought-leaders that select this region. Buffalo Niagara is investing in Life Sciences, supporting collaboration between education, clinical care, and research. Since 2000, more than 35 life science companies have expanded or relocated to the Buffalo Niagara region. Some of these companies include Athenex, Fresenius Kabi, and Thermo Fisher Scientific.
Buffalo's assets continue to propel success for this innovative industry. And with the world-class Buffalo Niagara Medical Campus growing, more and more medical and life sciences professionals are finding Buffalo Niagara to be the ideal place. R&D activity brings in approximately $350 million in research funding, with two-thirds dedicated to life sciences, all led by the University at Buffalo. The city also ranks fourth in the nation on a per-capita basis of life science workers.
Logistics & Distribution- Buffalo Niagara has been home to successful commerce exchanges throughout the U.S., Canada, and the rest of the globe. Well-situated both economically and geographically, Buffalo Niagara benefits from its prime location in the center of an internationally significant regional community and marketplace. This bi-national gateway for commerce facilitates $82 billion in annual trade between the U.S. and Canada, which is 15% of all trade between the two countries. The Buffalo Niagara region is a fully operational, integrated center for storage, transshipment, collection, and distribution of goods and offers existing intermodal infrastructure, direct access to four of the seven major rail lines in the country, seven international ports of entry, and a network of trucking and freight forwarders.
Some of the major employers in Buffalo, NY include: