Understanding how the entire invoice factoring process works will help you decide when comparing options for financial solutions. An often mistaken assumption is assuming only companies struggling can benefit from working with an accounts receivable factoring company. Successful companies have found this financial solution to expand and still offer better credit terms than the competition. A consistent, reliable, and healthy cash flow maintains a business alive, and when it’s affected, it can cause a company to fail.
Businesses have turned to cash flow lenders for a quick and reliable source to turn their receivables into fast cash. Today, many companies in Charleston benefit from financial alternatives to maintain growth. Factoring solves your firm's cash flow problems and offers the ability to pay off existing debt and implement new training or hiring programs in place.
Charleston is home to global 65+ automotive OEM companies, component manufacturers, and suppliers. Its location and access to the Southeast, one of the fastest-growing markets in the U.S., are strategic advantages this city offers. The Port of Charleston offers the deepest harbor in the south Atlantic and global access to 150+ countries.
Charleston also has more than 6.5K technically skilled workers serving the automotive industry every day. Charleston companies excel at component manufacturing, vehicle assembly, and the remanufacture/ maintenance of automotive parts with an incredible concentration of skilled engineering talent and technical workers. In addition, two new vehicle assembly plants were announced in 2015, contributing even more to the economy and providing many jobs. Charleston also offers significant advantages to companies looking to export/import mainly because of its central East Coast location and the Port of Charleston that provides global access to over 150 countries.
Benefits of Working with Automobile Factoring
Receivable financing provides much more than just immediate access to cash. There are many advantages for your automobile company when using this form of financing. Factoring companies for small businesses in Charleston can help them obtain the crucial funds they need to operate and grow. Some of the benefits that you'll enjoy with our factoring services for the automotive industry include:
In addition, our financing alternatives can help your business:
An automotive factoring company offers better financial options when compared to a traditional bank. Bank loans have strict requirements and take a long time to approve any type of financing. Banks ask for perfect personal credit and also ask for business collateral. Here are five differences when comparing bank loans and invoice factoring:
We know that technology never stops changing and improving. If you hope to own a business that competes in your industry, you must have the latest and best technology, software development funding, equipment, and tools to serve your customers. This can be challenging without a stable source of working capital. Invoice factoring is the best solution if you're dealing with slow-paying customers that negatively impact your cash flow.
Invoice factoring for technology companies is a great way to get the immediate funds your company needs to make payroll, pay bills, and take on new customers without problems. With IT technology factoring, your options are endless, and you can instantly cover all of your business expenses and give your business the ability to grow. Accounts receivable factoring helps your tech business with:
Charleston, SC, is one of the most common vacation destinations in the U.S. Located along the coast of South Carolina, this charming city was once part of one of the first 13 colonies, making its historical background very rich. People living in the Holy City have access to many outdoor activities all year long because of the mild climate. History fans will love delving into the area’s unique story, and foodies can explore all the top-notch restaurants in the area. Some famous places to visit are Fort Sumter National Monument, Patriots Point Naval & Maritime Museum, The Charleston Museum, Rainbow Row, and Historic Charleston City Market.
Charleston is a cutting-edge and innovative destination and a beautiful city with an intriguing past. There are several prominent key industries always looking for potential employees with talent and experience. The city is an excellent choice for those interested in a new home, new job, or career change. With Charleston, you can expect a people-friendly and fast-paced city that provides a working and living environment to support continued growth. This city is a mixture of well-established brands and fast-growing industries in new fields. Several top sectors supporting Charleston's thriving economy include aerospace, energy, automotive, life sciences, and IT and defense. Charleston has an impressive growing list of top employers. The companies with the largest workforces include transportation, health, retail, education, retail sales, and customer service. Some of the large companies in Charleson include:
The economic future for Charleston continues looking bright for the upcoming ten years, with job growth expected to surpass the U.S. average of 33.5% with an impressive 35.9%.