Accounts receivable financing is used by businesses to convert sales on credit terms for immediate cash flow. 1st Commercial Credit adopts a quick and simple approval process and expedites initial funding in 3 to 5 working days.
1st Commercial Credit provides a variety of purchase order financing solutions to meet your trade financing needs. P.O. financing is suitable for any wholesaler, reseller, importer or any company that purchases and resells goods.
1st Commercial Credit provides different types of accounts receivable financing programs that provide fast cash and many other advantages to Knoxville businesses. Some of these programs include:
Accounts Receivable Factoring or Invoice Factoring — 1stCC is a company that factors your company invoices and, depending on the industry, can advance up to 97% of the total value of the outstanding invoice. The factoring company takes ownership of the selected invoices and pursues collection directly from your customers. When we receive payment in full for the invoice, we will then send you the remaining percentage after subtracting a small factoring fee.
Payroll Funding — 1st Commercial Credit is an experienced factoring company providing a payroll line of credit for all companies in need of payroll funding. Payroll is one of the primary responsibilities of any business to retain talent and hire new extra staff when needed. When cash flow is tight, a payroll funding company can help by providing a financial solution. In some cases, clients can take 30 to 90 days before making a payment, but payroll is still due every period. The overall costs of not making payroll each time can affect your business and put you in a difficult situation financially. 1st Commercial Credit offers funding solutions so you can continue running a successful business and stop worrying about not having sufficient cash flow.
Accounts Receivable Loans — This type of alternative “loan” is not like a traditional bank loan. Accounts receivable lending is a financing solution in which a company chooses which receivables to submit to a specialized lending company (1stCC) for early payment.
The main difference with factoring is that your company will receive full payment for each invoice with accounts receivable loans initially without having to wait for the remaining balance when invoices are paid. This is why it is called a “loan,” even though it is substantially different from a traditional bank loan. The financing rates for this type of financing are generally lower, transactions do not appear on the balance sheet, and they also do not impact a company’s debt ratio.
Asset-Based Lending — Your Knoxville company will receive money that a company’s collateral will secure in an agreement. An asset-based loan can be secured by accounts receivables, inventory, equipment, or any other property owned by the borrower. The company usually will have to commit most of their receivables for this form of financing and has little flexibility in terms of which ones are submitted.
PO Finance — 1st Commercial Credit offers a selection of purchase order funding programs for your manufacturing and distribution business. We serve both domestic and international trade needs. Purchase order finance is available for companies based in the U.S. with a proven track record in their industry. We have extensive experience in all supply chain finance segments, including invoice factoring and extended terms to buyers.
The client must already be factoring receivables with us to apply for our P.O. finance program. 1st Commercial Credit provides funding for the following three types of purchase order requests in Knoxville:
Suppose your business finds itself regularly having due invoices accumulating and taking control over your receivables aging report. In that case, you are most likely starting or going to start having problems meeting your imminent operational obligations like payroll. It is always a great idea to begin planning and become familiar with the services offered by a reliable and experienced payroll funding company.
Choosing the best freight factoring company is a crucial decision for any business owner. It is vital to partner up with a financing company that will provide all the benefits associated with factoring. Freight factoring is also known as trucking factoring or freight bill factoring and is a process by which a business delivering a load sells its invoices to a factoring company. The factoring company will pay the carrier in full the invoice amount and deduct a small percentage as the factoring fee. All this can be done in as little as 24 hours of receiving and verifying the invoice without waiting months for broker payments.
Freight factoring will help your business achieve a healthy cash flow and keep your trucking company in operation. This funding solution will provide your business in Knoxville with the necessary funds for payroll, fuel, repairs, and more.
Factoring is the most popular and reliable way for trucking companies to improve their cash flow. This solution is especially beneficial to new carriers that have recently incurred a ton of startup expenses. 1st Commercial Credit is one of the best factoring companies in the nation, and it’s able to give cash to trucking companies in 24 hours or less after a load has been delivered.
Get the trucking and transportation financing your company needs today. Business owners across the country are turning to 1st Commercial Credit for reliable and flexible equipment leasing and financing. We understand your business and offer competitive loans and leases to help your business succeed. We have tailored solutions for fleet owners, owner-operators looking to expand their fleet, and carrier or vocational vehicle operators. 1st Commercial Credit is one of the most experienced and reliable transportation equipment financing companies in the country. It finances most types of vehicles and over-the-road equipment. By utilizing a loan or lease to acquire equipment, you will have enough funds to continue expanding your operation.
Knoxville aims to create an environment where businesses can start, scale, and want to stay. This city has access to nationally-ranked training facilities and institutions, and research facilities. The Knoxville Chamber has made it its goal to position Knoxville as a place with a business climate conducive to growing and expanding businesses.
The city is consistently studying, evaluating, and advocating for public policies that push the economy to prosperity. Knoxville’s downtown has become an exciting and vibrant neighborhood and currently serves as the city’s cultural and entertainment hub. Downtown has also become a crucial economic driver for the city.
Knoxville is known for its festival-laden streets filled with music stages and live performances. The first “Etsy Maker City” in the nation is also home to 23 postsecondary institutions, including the University of Tennessee. The city is sheltered by the peak of the country’s most-visited national park and offers nature to adventure seekers with its two national forests, nine state parks, and over 1,000 square miles of waterways.