More and more companies and startups in Akron are uncovering the advantages of invoice factoring. Factoring invoices allow businesses to sell their outstanding invoices to a factoring company like 1st Commercial Credit to obtain immediate cash. Factoring companies specialize in helping business owners cut down the wait time on payments.
In addition to small businesses and startups, here are some of the industries benefiting the most from utilizing our invoice factoring services:
We finance manufacturing businesses in Ohio every day. Often manufacturers have to purchase large quantities of materials and maintain a large staff to run their business successfully. It is critical for manufacturers in Akron to have cash available to cover unexpected costs and repairs. If no money is available for such expenses, it can significantly halt orders and ultimately back up orders. Repairs for specialized equipment can be pretty expensive. Invoice factoring permits manufacturers to access the capital they need to cover equipment and repair costs, purchase materials, meet payroll, etc.
Wholesale and Distribution
Economic fluctuations and slow seasons make it difficult for distributors and wholesalers to maintain a consistent and healthy cash flow. Often payments from customers can take a long time to arrive, causing even more financial problems. The extra cash invoice factoring provides for companies in this industry allows them to take advantage of reasonable prices and keep operations running during slow periods. 1st Commercial Credit offers very simple cash flow solutions to distributors that can be set up in a matter of days.
Staffing firms in Akron need to maintain consistent cash flow to pay their employees regularly. Accounts receivable factoring for staffing is the best funding option in this case. Staffing agencies in Akron recruit for a wide variety of positions serving many different industries. The long gap created between invoicing and receiving payment can quickly create a significant cash flow problem for Akron businesses. By converting unpaid invoices into immediate capital, staffing agencies can take care of pressing costs. These costs include payroll funding, provide exceptional services, and continue to recruit top talent. 1st Commercial Credit offers the best lending options for staffing companies in Akron.
Trucking businesses have a long list of expenditures that must be paid beforehand, including paying drivers, purchasing fuel, covering tolls, insurance, among many others. Extra cash is also needed to cover vehicle maintenance and pay suppliers. Freight factoring ensures trucking companies can hire quality drivers, build up their fleet, and cover daily operational costs.
The agriculture receivable factoring program that we offer is a unique and complete financial tool. We also have knowledgeable representatives specializing in meeting all of PACA’s strict requirements. The process of setting up an accounts receivable credit line in the produce industry is simple for us. We strive to fulfill all the financial needs of the agricultural sector. Our team knows the process, challenges, and opportunities that await your business.
1st Commercial Credit considers two types of medical receivables for financing Akron companies. The first one is healthcare receivables payable by insurance companies and government agencies (i.e., Medicare). The second is commercial accounts receivables owed by buyers like hospitals for services and items.
Our Healthcare Provider Factoring program funds insurance, Medicare, and Medicaid receivables. The Healthcare provider factoring process involves giving the healthcare provider a receivables-based credit line based on the net realized value for the billings to third-party payors (i.e., commercial insurance companies, HMOs, Blue Cross-Blue Shield, Medicare, and Medicaid).
We offer a healthcare invoice factoring program, a funding program that purchases your billings at a discount. This financial program is for medical providers in Akron with accounts receivable with a net realized value of $500,000 or less. Suppose a client exceeds $500,000 in accounts receivable and meets our criteria for financing. In that case, they can benefit more from our asset-based receivable financing program.
1st Commercial Credit provides financing to all industries in Akron. Do not hesitate to contact us for financing options. We will evaluate your company’s situation with no obligation and show you which financing program will work best for your business needs.
1st Commercial Credit offers the best factoring solutions for businesses in Ohio and fulfills all businesses’ needs. Our invoice factoring services allow us to identify the top factors for your cash flow needs. Companies in various situations use our financing programs like invoice factoring and account receivable financing programs for cash flow access. Invoice factoring gives businesses the financial flexibility they need to continue growing.
When outstanding receivables prevent your Akron business from covering payroll and fulfilling necessary payments, your business suffers. 1st Commercial Credit can alleviate this by getting you the cash right now through any of our cash flow programs.
1st Commercial Credit offers an array of financial solutions for businesses in Akron, including accounts receivable financing, asset-based lending, invoice factoring, purchase order financing, and trade payable financing. We have extensive experience financing contractors with government receivables and can evaluate your company's receivables today.
Akron's entrepreneurial network involves funding and the third frontier program, angel networks, and the Akron Bioinvestments Fund. Northeast Ohio also has the highest concentration of healthcare VC's making it appear in the top 5.
Akron's major economic contributors include manufacturing, education, healthcare, and biomedical research. The leading corporations include FirstEnergy, Gojo Industries, Charter Spectrum, and Huntington Bank.
Akron is the fifth-largest city in Ohio. It is 40 miles south of Cleveland, and as of 2019, the city had a total population of 197,597. Akron is also known as the ‘Rubber Capital of the World’ because of its strong link to the Rubber Industry over the years.
At some point, four of the biggest tire companies were headquartered in Akron. These companies grew and succeeded because of the labor of the thousands of rubber workers that helped Akron flourish.
Akron offers attractions and activities, including parks, theaters, resorts, fine dining, world-class entertainment, professional sports.