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.
The process of selling receivables to an invoice factoring company in Virginia Beach is different from obtaining a bank loan. The company invoices are sold at a discount in exchange for an amount of cash needed. These invoices will become the property of the factoring company who will collect directly from your customers. The process of collection after a client is invoiced can take anywhere from 30 to 90 days.
The strict requirements to apply for a traditional bank loan are followed by a complicated and time-consuming process. Banks demand a perfect credit history and also ask for business collateral. Suppose a company qualifies for all these requirements. In that case, the final approval and access to cash can still take a few weeks or even several months.
Our receivable financing alternatives give you access to sufficient funding. It has become increasingly challenging to obtain business lending through banks, which has caused small businesses and startups to struggle to find a reliable and consistent funding source to grow their business. An invoice factoring company makes sure you will get the funds needed as long as you can provide accounts receivables invoices to sell. The funding process with many factoring companies is fast and straightforward, and a decision can even be made on the same day.
Our funding decision is not dependent on your creditworthiness. In contrast to bank loans, which will do an extensive assessment of your financial and credit history, a factoring company is more focused on the creditworthiness of your clients and their ability to pay their invoices. Banks often will determine loan rates, terms, and approval on your company’s financial records.
Another considerable advantage of factoring invoices is that it offers a debt-free funding solution for businesses in Virginia Beach. Often, adding new debt to a small business can be detrimental. Factoring will simplify the process to get the money you need to expand your services and meet payroll without incurring debt with a bank.
Here are 5 main differences when comparing a bank loan to factoring invoices:
Obtaining new clients and contracts is crucial for any manufacturing business as this will result in having access to the resources necessary to grow business operations. Many business opportunities require additional financial resources. Because of this, companies in Virginia Beach need to find the right financial solutions and partners to manage short-term cash flow needs to fund expansions.
Invoice lending arrangements can be particularly beneficial to those businesses that lack collateral or have had financial challenges in the past.
A manufacturing business loan is designed for companies that may not be eligible to qualify for traditional lending arrangements for a variety of reasons, including:
Asset-based invoicing businesses can utilize the value of existing accounts receivable to collateralize lending arrangements and offer manufacturers with cash advances. These loans are approved mostly based on the trustworthiness and dependability of the firms who owe money to your organization, rather than your own credit history. As a result, manufacturing companies are often accepted for these loans and lines of credit much more quickly.
Factoring businesses may give much faster response times than banks, which can frequently take weeks or months to make a final decision on a loan or line of credit. Invoice loans require little documentation and are often accepted within a few business days, and in some circumstances, within 24 hours. Companies in Virginia Beach can obtain the materials needed to make their products and deliver on time and in full by taking advantage of these alternative financing options. In this competitive sector, this may also help assure a positive start for new client relationships.
1st Commercial Credit is an experienced accounts receivable company in Virginia Beach providing payroll financing for companies in need of payroll funding services. The types of services offered by staffing firms are fundamental and vital to connect employees with employers. In this industry, payroll is the responsibility of the staffing firm. Payroll funding needs to be covered before your firm receives payment from clients, and this can cause some financial difficulties.
When cash flow is tight, a payroll funding company can help by providing financial solutions. Often, clients can take anywhere from 30 to 90 days before paying you, but payroll is still due every week. 1st Commercial Credit offers payroll funding solutions so you can continue running a successful business and take advantage of many other possibilities.
Payroll financing allows a company to sell its outstanding invoices to obtain fast cash to fulfill payroll. Payroll funding services provide the company with fast cash to pay employees or temporary staff on time while waiting for the client to pay the company. It gives companies the ability to meet payroll requirements. We have been providing payroll funding for staffing agencies for more than 18 years. When past unpaid invoices begin to accumulate, you will start to have problems fulfilling your imminent operational obligations. It is always a great idea to start planning and become familiar with the services offered by a trusted and experienced payroll funding company.
1st Commercial Credit has many years of experience working with the manufacturing industry, which is why we provide various financing services specifically for businesses in this sector. Business owners can lease manufacturing equipment, lease with a purchase option, or outright finance it. The best equipment financing option for your company will depend on different circumstances, including company size, long-term goals, and cash reserves. A member of our team of experts at 1st Commercial Credit can help you figure out which one would work best for you. We have the manufacturing equipment loan and lease options to help you get new machines while keeping precious dollars in your pocket. This is possible with a simple application process and a fast approval time.
Producing the right products for your customers on time and at the pace they need them requires having the right manufacturing equipment. When your customer needs change or new opportunities appear, you need to have the ability to get new manufacturing equipment into place and on time. Advances in technology and manufacturing equipment have made it possible to increase labor productivity and reduce labor expenditure. These benefits can only be achieved by using the best-updated equipment, which requires capital.
Working with 1st Commercial Credit for your equipment financing needs will bring you many advantages, including:
Virginia Beach’s economy is known for its many diverse industries, including nationally and internationally corporate headquarters, tech-advanced manufacturers, billion-dollar defense contractors, and local businesses and shops. Virginia Beach also puts a lot of focus and effort into attracting new businesses and capital investments while creating new economic opportunities for the community.
Virginia Beach’s defense sector continues to be a massive contributor to the local economy. Agriculture is also a significant contributor, with more than 23,000 acres of farmland and generating more than $139 million. Some of the other key industries in Virginia Beach include Advanced manufacturing, biomedical and life sciences, IT/Cyber, maritime and logistics, offshore wind, office/retail, and small business/startups.
Virginia Beach is a bustling and vibrant coastal city and a trendy destination for tourists all year long. It offers a flourishing local dining scene, maritime history, family-friendly attractions, and arts and entertainment. Some of Virginia Beach’s famous attractions include the oceanfront and boardwalk, Sandbridge Beach, First Landing State Park, ViBe Creative District, Pungo, the Town Center, and the Virginia Aquarium.