This financing solution will also save business owners considerable time and resources facilitated by improved cash flow. The admin and resources needed to manage and chase invoices can be expensive, but factoring can also free up time to use elsewhere. This leads to greater efficiency in all aspects of the business and ensures that every resource is used intelligently.
Sequentially, invoice factoring will lead to accelerated growth and success. A growing business often uses factoring to have a decent level of funds for their trade and operations. Factoring can help smooth out business financial issues as well as stimulating cash flow and growth. For a small fee, it allows all businesses in Rhode Island to obtain immediate access to funding for their operations and reinvestment purposes. 1st Commercial Credit makes it quick and easy to access funds, which means you can get the cash flow you need to move up and forward with your business. With 1st Commercial Credit, your business gets quick funding decisions and set-up processes, fast funding, a hassle-free experience, personal customer support, straightforward costs, and no hidden fees.
If your Rhode Island business is experiencing rapid growth and has caused cash flow shortages, working with account receivable financing might be the financial solution for your business. 1st Commercial Credit is an experienced lending company working with a variety of industries in Rhode Island. It can assess your business’ situation and give you financing advice so you can choose what’s best for your business.
Invoice factoring is not a loan. The process of borrowing against receivables from an experienced Rhode Island factoring company means that these invoices are sold at a discount in exchange for immediate cash. The factoring company will then own the unpaid invoices and be responsible for collecting the payment directly from your customers. Collections will often take between 30-90 days or even longer, which can be long for many growing businesses.
Businesses also can turn to a bank for a traditional bank loan, but their requirements usually demand a challenging and time-consuming process. Banks require credit history and collateral. If the company qualifies for all these requirements, the final approval and access to cash can still take several months. On the contrary, working accounts receivable lending involves quick application and approval processes, fast cash, and many growth opportunities.
As businesses in Rhode Island continue to experience success and growth, they will run into situations where they will need the assistance of an experienced financing partner. Financing the expansion or launch of a business requires a good amount of money, but it can be highly challenging for small business owners to find the cash they need. Many companies have trouble getting loans from traditional banks, and often investors can be challenging to find.
1st Commercial Credit is a factoring company providing financing alternatives to businesses and can help your business today.
A factoring company (or accounts receivable factoring) converts invoices sold on credit terms to 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 receivables 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.
Factoring companies for manufacturing in Rhode Island work closely with the manufacturing sector and provide custom lending solutions to businesses all over the state. These lending companies work with large and small companies that are consumer-facing and B2B commerce-oriented. The businesses seeking financial services and lending solutions have a pressing need for healthy and consistent cash flow and immediate working capital.
In many cases, the need for capital is made even more urgent by unexpectedly rapid growth. 1st Commercial Credit has more than 18 years of financing the manufacturing industry in Rhode Island. It helps businesses find a custom lending solution that allows them to move to reach the next level, including factoring and asset-based lending. Businesses overcome their financial struggles when they partner with us and allow us to evaluate their situation to offer a reliable and safe financing alternative that will fulfill the business owner's goals and needs.
As mentioned before, the manufacturing industry typically faces cash flow issues caused by many different reasons. The challenges, needs, and goals of manufacturers can often be very different from other businesses. Our experience helping manufacturers across the nation is beneficial when evaluating your specific situation and creating a financing action plan for your company.
Lending companies need to understand the manufacturing industry as this is crucial when financing these businesses. Manufacturers in Rhode Island are interested in efficiency and consistently delivering their products on time. When banks are presented with a manufacturing client, they often fail to comprehend the intricacies of supply chain management, labor allocation, and the challenges of dealing with clients who are slow to pay their invoices. Equally important is understanding the cash outflows in the manufacturing sector.
These businesses will often experience a net cash outflow when making a large payment for raw materials, new equipment, or experiencing fluctuating seasonal sales. 1st Commercial Credit has a fast and straightforward application process, and once a business is approved, funding can be received within 24 hours. Our factoring rates will vary depending on the industry, but we are proud to offer some of Rhode Island's lowest and most competitive financing rates.