Bank loans provide cash but also debt and are often difficult to obtain. 1st Commercial Credit is a recognized factoring company in Charlotte, helping many companies in all industries by providing accessible loans on receivables. 1st Commercial Credit finances some of the most prominent sectors in Charlotte, including transportation, staffing agencies, manufacturing, and construction, to mention a few.
Bank requirements and processes are usually time-consuming and complicated. Banks often demand a perfect credit score and also ask for collateral as a backup. Even if approved, the overall process and access to cash can take several weeks to months. Factoring allows companies to receive the needed capital without relying on an expensive loan with a high interest rate and incurring debt. Suppose a company has not been in business very long or has had financial problems in the past. In that case, the likelihood of being approved for a bank loan decreases drastically. A good and safe alternative to this would be utilizing our factoring services.
One option available to them is selling their invoices. In contrast to bank loans, invoice factoring makes the whole application and approval process fast and straightforward. To provide invoice factoring to North Carolina companies, we mainly require that a company has good paying customers and has outstanding invoices.
Factoring is a funding alternative that helps companies struggling financially to cover daily business expenses to keep operations uninterrupted. These companies are usually forced to wait 30 to 60 days to get paid by clients, leaving them with insufficient cash flow. Factoring your invoices provides you with immediate cash that you can use to run your business.
Companies often use the funds from factoring to:
Invoice factoring provides quick access to working capital from outstanding invoices allowing Charlotte companies to have the funds needed to take care of business. 1st Commercial Credit funds a variety of businesses in different sectors. We have experienced funding staffing agencies in Charlotte and can provide effective and reliable payroll funding solutions.
With our factoring services, Charlotte business can expect the following:
How factoring works with 1st Commercial Credit:
Many companies in Charlotte use produce and agriculture factoring as these financial solutions have become an effective and reliable financing method for them. Many companies can benefit from agriculture funding, including farmers, retail food processors, food manufacturing companies, food packaging companies, food distributors, shippers, and suppliers.
Currently, agriculture and agribusiness account for 17% of North Carolina jobs. The following information helps understand the impact this sector has on the overall economy in North Carolina. Farmers in the state harvested 102,000 acres of peanuts in 2019, and they also produced 53.2 million bushels of soybeans. North Carolina is one of the main sweet potato producers in the country, with more than 1.7 billion pounds grown each year.
In addition, 149 million pounds of cucumbers has put N.C. as the fifth nationally for production. The state also has top-10 yields of squash, watermelon, cantaloupe, tomatoes, and pumpkins. All this contributes to shaping the state’s agriculture into a robust agribusiness economy.
Farms are now incorporating innovative practices to evolve the agribusiness industry. Kannapolis’ Food Innovation Lab enables farmers and food industry experts to test new products, do research, host and attend workshops, and more to make farming more profitable. The lab has been in the making for six years. It provides a spot for fruit and vegetable farmers, food processors, entrepreneurs, and major-label companies looking to create, test, and market plant-based foods.
As the agriculture and produce business continues expanding in Charlotte, 1st Commercial Credit can provide capital for your produce and agriculture business within just a few days.
Funding is needed to cope with the additional cash requirements of a successful business experiencing fast growth. Our agriculture receivable factoring program is a unique financial tool. Our team relies on account representatives specializing in meeting PACA’s strict requirements to answer any questions about the process. We provide financial solutions for food processing and manufacturing businesses in Charlotte every day.
1st Commercial Credit is a trucking and freight factoring company that services all transportation-related industries in Charlotte and North Carolina. We also provide free online credit checks, fuel discounts, and fuel advances alongside our receivable financing services. We have a software that helps drivers upload images of the bill of lading and merge it with their freight bills, making it easy and hassle-free. Our rapid approval process will inform you when your invoice is approved so you can get back to moving the next load and generating revenue.
We provide freight factoring programs for small trucking businesses in Charlotte.
As long as your company is selling and invoicing to creditworthy customers, we can help your trucking company with our financing solutions.