Have the ability to grow your Ohio business without having to worry about a lack of working capital. A factoring company working with Ohio businesses will be the financial solution that provides fast cash when needed the most.
Many growing businesses are faced with the dilemma of having to turn down projects and clients because the business lacks working capital at that moment. This isn’t always the business owner’s fault. When credit terms are offered to clients, invoices will end up being paid in 30 to 90 days after.
The solution to convert those outstanding receivables to immediate cash is to sell them to a factoring company that will give you cash for those pending invoices and will take care of obtaining the payment later from your clients. If your Ohio company is currently facing these cash flow issues, an accounts receivable factoring company, also known as factoring company, will be the ideal cash flow financing solution.
Stop wasting valuable time chasing customer payments. Instead, time could be spent thinking of new ideas and strategies to grow your business if you do not have to worry about this.
Choosing an Ohio factoring company as your financial partner will bring many advantages, but some of the most important ones include:
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.
The staffing agency in Ohio is one of the most successful and prominent industries in the state. Staffing firms in Ohio employ more than 717,100 workers in the state. The thriving sectors served by these firms include healthcare, industrial, office clerical and administrative, and the engineering, IT, and scientific sectors.
Is your Ohio staffing company growing faster than your operating capital?
Whether you are a startup or a multi-million dollar operation, 1st Commercial Credit can help you grow your staffing agency with unlimited payroll funding. Meeting staffing payroll during growth can be a challenge. Financing Staffing agencies is a very simple process because we have experience offering our accounts receivable factoring services to staffing companies in Ohio.
We can accommodate receivable-based credit lines to new temporary staffing companies with minimal funding needs. We also accommodate and facilitate financing options like our asset-based lending solutions for large staffing agencies. This type of funding can go up to $10 million if needed. 1st Commercial Credit can respond to your financial needs and give initial funding within 3 to 5 working days with no up-front fees to set up nor any company financials.
Staffing agencies overgrowing benefit from selling their receivables to an experienced factoring company like 1st Commercial Credit. Working with us allows you to improve the company’s cash flow to cover daily operational expenses. We finance staffing agencies with as little as $10,000 a month to $10 million for larger agencies.
Most of our clients come to us with the following cash flow problems:
1st Commercial Credit is an accounts receivable finance company specializing in many industries and financial tools to help businesses grow. 1st Commercial Credit lends money to produce distributors, medical providers, trucking companies, security guard companies, construction contractors, and many more.
1st Commercial Credit Requirements for Staffing Agencies :
The manufacturing industry in Ohio is one of the most significant contributors to the state's economy and the largest of the major sectors based on GDP. As a leading industry, Ohio's manufacturing sector employs 705,900 people. The manufacturing factories are leaders in the U.S. in the production of fabricated metals, plastics and rubber, and electrical equipment and appliances. The state is also a leader in the production of steel, autos, and trucks.
Transportation equipment and fabricated metals are Ohio's two largest manufacturing industries that work closely with multiple firms highly recognized in the country and with a significant presence in Ohio. These firms include General Motors, General Electric, Whirlpool, and Ford. About 54 percent of the state's manufacturing production consists of durable goods.
The manufacturing sector tends to have a cyclical flow of business involving highs and lows. Manufacturing companies in Ohio know these high and lows can cause many financial challenges, including creating a gap between paying for production and collecting for goods sold. This common situation makes invoice factoring an excellent match for the manufacturing sector. Factoring for manufacturers in Ohio is a proven, effective method for these businesses to get fast cash and cover the gaps to continue production.
The manufacturing process involves many components necessary to produce goods on time, from factory overhead to funding payroll, shipping costs, and purchasing raw materials, to mention a few. Manufacturing invoice factoring is a financial solution that will help businesses with their cash flow issues. Selling your receivables to a factoring company will help cover the costs of new equipment purchases, factory expansions, seasonal staff increases, and many more operational costs.
1st Commercial Credit is an invoice factoring company in Ohio dedicated to helping businesses and providing the best financial solutions. We offer financing solutions to manufacturers every day and can evaluate your company's receivables with no commitment.