Information for the city of Raleigh
Raleigh's industrial base includes banking/financial services; electrical, medical, electronic and telecommunications equipment; clothing and apparel; food processing; paper products; and pharmaceuticals. Raleigh is part of North Carolina's Research Triangle, one of the country's largest and most successful research parks, and a major center in the United States for high tech and biotech research, as well as advanced textile development. The city is a major retail shipping point for eastern North Carolina and a wholesale distributing point for the grocery industry.Raleigh, NC is number three on the 2013 List for being the best place for businesses and careers. Companies based in Raleigh include , In April referred to Raleigh as ""a real concentration of brain power. You have a lot of smart people living in the same place.
That will drive the economyRaleigh is the capital of the state of North Carolina as well as the seat of Wake County. Raleigh is known as the ""City of Oaks"" for its many oak trees, which line the streets in the heart of the city. The city covers a land area of 142.8 square miles (370 km2). According to the U.S. Census Bureau, the city's 2012 estimated population was 423,179, making Raleigh the 42nd most populous city in the United States. It is also one of the fastest growing cities in the country. The city of Raleigh is named after Sir Walter Raleigh, who established the lost Roanoke Colony in present day Dare County.Raleigh is home to North Carolina State University and is part of the Research Triangle area, together with Durham (home of Duke University) and Chapel Hill (home of University of North Carolina at Chapel Hill). The ""Triangle"" nickname originated after the 1959 creation of the Research Triangle Park, located in Durham & Wake Counties partway between the three cities and their universities.
The Research Triangle region encompasses the U.S. Census Bureau's Raleigh Durham Chapel Hill Combined Statistical Area (CSA), which had an estimated population of 2,037,430 in 2013. The Raleigh Metropolitan Statistical Area (MSA) had an estimated population of 1,214,516 in 2013.Most of Raleigh is located within Wake County, with a very small portion extending into Durham County. The towns of Cary, Morrisville, Garner, Auburn, Clayton, Wake Forest, Apex, Holly Springs, Fuquay Varina, Willow Springs, Knightdale, Wendell, Zebulon, and Rolesville are some of Raleigh's primary nearby suburbs and satellite towns.Raleigh is an early example in the United States of a planned city, chosen as the site of the state capital in 1788 and incorporated in 1792 as such. The city was originally laid out in a grid pattern with the North Carolina State Capitol in Union Square at the center.
In the United States Civil War the city was spared from any significant battle, only falling in the closing days of the war, though it did not escape the economic hardships that plagued the rest of the American South during the Reconstruction Era. The twentieth century saw the opening of the Research Triangle Park in 1959, and with the jobs it created the region and city saw a large iux of population, making it one of the fastest growing communities in the United States by the early 21st century.Raleigh is home to numerous cultural, educational, and historic sites. The Progress Energy Center for the Performing Arts in Downtown Raleigh features three theater venues and serves as the home for the North Carolina Symphony. Walnut Creek Amphitheatre is a large music amphitheater located in Southeast Raleigh. Museums in Raleigh include the North Carolina Museum of Art in West Raleigh, as well as the North Carolina Museum of History and North Carolina Museum of Natural Sciences located next to each other near the State Capitol in Downtown Raleigh. Several major universities and colleges call Raleigh home, including North Carolina State University, the largest public university in the state, and Shaw University, the first historically black university in the American South and site of the foundation of the Student Nonviolent Coordinating Committee, an important civil rights organization of the 1960s. One U.S. president, Andrew Johnson, was born in Raleigh.
Information for the state of North Carolina
North Carolina leads the nation in the production of tobacco and is a major producer of textiles and furniture. It grows 40% of all U.S. tobacco, but the continuing trend is toward diversification. Broilers, hogs, turkeys, greenhouse products, sweet potatoes, corn, soybeans, peanuts, and eggs are important. Plentiful forests supply the thriving furniture and lumber industries. The state has long been a major textile manufacturer, producing cotton, synthetic, and silk goods as well as various kinds of knit items.
Other leading manufactures are electrical machinery, computers, and chemicals; the Research Triangle complex near Chapel Hill has spurred high-tech manufacturing, as well as bringing federal jobs into the state. The state also has mineral resources: It leads the nation in the production of feldspar, mica, and lithium materials and produces substantial quantities of olivine, crushed granite, talc, clays, and phosphate rock. There are valuable coastal fisheries, with shrimp, menhaden, and crabs the principal catches. Charlotte developed in the 1980s into a major U.S. banking center, and related businesses have flourished in the area.
I do not know how we could be in the position we are today without factoring.
Raleigh Factoring Companies
The finance company concerned is called a �Factor' and the transaction is known as �Factoring -Raleigh Factoring Companies
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Raleigh Factoring Companies Articles
The Difference between Accounts Receivable Financing and Factoring
Today, it’s not as easy for businesses to access finance as it was in past years, and more companies are being forced to look for alternative, non banking financing options in order to access the capital they require to help their business grow.
Two of the more popular tools available to cash strapped business owners are Accounts Receivable Financing (A/R Financing) and factoring. Some business owners believe these two are the same, but there are, in fact, some small yet significant differences.
What Is Factoring?
Factoring is when a commercial finance company, also known as a factor or factoring company, purchases a business’s outstanding accounts receivable. At that time, the factor will typically advance the business somewhere between 70% and 90% of the invoice’s value. Then, once the invoice is collected from the customer, the remaining balance – minus a factoring fee – is released to the business. The factoring fee could range from between 1.5% and 5.5%. It’s calculated on the total face value of the invoice and depends on how many days the funds are in use and other aspects, like the collection risk.
When a business has a factoring contract they can usually choose which invoices they want to sell to the factor: it’s not generally an all or nothing process. Once the factor has purchased an invoice they become responsible for managing the receivable until the account has been paid. Essentially, the factor becomes the business’s accounts receivable department and credit manager, analyzing credit reports, performing credit checks, mailing invoices, and documenting payments.
What Is Accounts Receivable Financing?
Accounts Receivable Financing is more similar to a traditional bank loan, however there are some key differences. Bank loans are secured with collateral; which might be real estate, the business owner’s personal assets, or plant and equipment; whereas Accounts Receivable Financing is backed by the business’s assets related to the Accounts Receivable. When a business has an Accounts Receivable financing agreement, a borrowing base is established at each draw against which the business is able to borrow money: this would typically be between 70% and 90% of the qualified receivables.
Between 1% and 2% is typically charged as a collateral management fee against the outstanding amount, and interest is only calculated as and when the money is advanced. An invoice must be less than 90 days old in order to count towards the borrowing base, and the finance company must deem the business credit worthy. There may also be other conditions to fulfil.
So, you can see that there are many similarities between Accounts Receivable financing and factoring; however, one is the sale of an asset (receivables or invoices) to a third party, while the other is actually a loan. In many ways, though, they do act similarly. Below we’ve listed the main features of each so you can determine which would be the best fit for your company.
Accounts Receivable Financing
• Generally, Accounts Receivable Financing is not as expensive as factoring;
• It can be easier to move from this type of financing to a traditional bank line of credit once a business becomes bankable again;
• Typically, a minimum of $75,000 per month is required in sales to qualify, so this type of financing may not be available to small companies;
• Due to the fact that the business will be required to submit all of its Accounts Receivable to the finance company, this type of financing can be less flexible than factoring.
• It’s quite easy to qualify for factoring, and factoring is the ideal solution for start ups and financially challenged companies;
• Because businesses can decide which invoices they want to sell to the factor, factoring offers more flexibility than Accounts Receivable Financing;
• The company is able to track total costs on an invoice by invoice basis because factoring has a simple and straightforward fee structure.
Today we see both Accounts Receivable Financing and factoring as traditional sources of financing; effective when traditional bank financing is not an option. Factoring can carry a business through a period when an immediate cash input is required.
Somewhere between 12 and 24 months most companies are generally able to repair their financial situation and once again become bankable. However, some companies in certain industries continue factoring their invoices indefinitely.An example of this is the trucking industry, which relies heavily on factoring for cash flow injections.
I do not know how we could be in the position we are today without factoring.
Raleigh Factoring Companies Articles
How Factoring Companies Help Trucking Companies
Commercial transportation play a vital role in the economic growth of any place; and the back bone of this large scale transportation is the trucking companies. Every trucking firm has contributed to the economic development of the place irrespective of how big or small they are. It is these trucking services that take the goods around by road or deliver goods on the shores or to the airport to be transported overseas. Unfortunately these companies face a lot of operational issues with relation to hikes in fuel prices and a credit period which affects their cash flow.
Are you heading one of these trucking companies and facing issues with operating costs? You are not alone and there is a solution. Factoring companies provide you the much needed relief by facilitating cash flow by using your accounts receivables. The operations of these companies are different from bank loans as it does not affect the debt to equity ratio. Here is a small instance to explain their role in making your trucking company a success. Consider a small firm with around 10 trucks. The firm is doing very well and is able to manage its operations efficiently. But it's not able to accommodate new clients due to lack of trucks and delay in payments from his current customers by 45-60 days. Factoring companies step in the gap, they buy your invoices and give you the cash you need to buy the new trucks and meet other expenses. These firms wait for the customer's to make their payments and you get to move on. This article throws light on how these factoring companies help trucking companies and why all trucking companies should use them.
Answers Concerns on Operating Costs
Factoring companies work towards providing you timely funds by supplying you the required amount as they wait for your customer to make payments. This allows you to make payments to your employees on time, pay off bills and fulfill other business commitments with ease. You also have the cash to repair your trucks in time to prolong the life of the vehicle. Factoring firms facilitate the smooth running of your business by eliminating the waiting period; especially considering the fact that some customers take 60-90 days to make payments. The best part is you use this service without facing any concerns about liquidity and this is why all trucking companies should use them.
Prevents and Eliminates Further Debt
Factoring firms bring in stability and avoid situations where you may require loans. Avoiding loans helps in keeping the debt to equity ratio low. This in turn improves your image and helps you take steps towards paying off your outstanding loans. Paying off bills on time therefor keeping your suppliers happy. The fees taken by factoring company is decided on the financial situation of the trucking firm and is usually 1-3 percent of the invoice value.
Offer Management Services
Managing your office is another option given by these companies. The service includes recording your accounts receivable, checking outstanding payments from customers and following up for timely payments. This gives you a hassle free environment to work and contribute to the growth of your business. In case you do not wish to hire them for managing your payment section, they provide online services for providing funds. You can send details in spreadsheets for requesting payment. They are quick to respond and precise in communication.
Checking Credit Worthiness of the Clients
Factoring companies maintain data on the credit history of prospective customers. They share this information with you once you begin working with them. This brings down the number of issues with non-payment and delayed payments. This is especially important for small and medium sized firms who are still growing and learning the intricacies of this business. It avoids getting in to situations which can jeopardize the sustainability of your company.
Cuts Down Over Head Cost
Hiring trucking factoring companies for back office operations is beneficial in many ways. First of all you do not need another set of professionals to run your office. Apart from being an overhead cost, you can reduce your time managing them. Giving this section away to factoring firms saves you a lot of precious time and money. And above all they provide high quality transparent service. With this you can stop chasing your customers for payments.
Builds Your Image
Time is precious and with trucking factoring companies you get to use this resource efficiently. They take care of customer's payment schedule and replenishing your reserves as the situation demands. This gives you the financial backup to take your business to the next level. You get to make sound decisions about buying more trucks and paying off your debts to improve the credibility of your firm. Apart from this you also get to work on your firm’s future. This will include knowing your new client requirements and understanding if you will be able to accommodate them. Trucking factoring companies help you run your business more smoothly.
Choosing the right factoring company is essential for the smooth running of your business. Cost is only one of the determining factors when deciding on the firm. Verify their credibility and experience in this field before signing a contract. You may also want to know about online services and customer credit verification services if you are looking for a complete package. The time between placement of request and receiving of funds is vital. Be sure to understand all their terms and conditions before committing with a company.
Trucking factoring companies have redefined the operations of a trucking firm.. They have improved the effectiveness of small and medium sized firms. Gone are the days when smaller trucking companies had to shut down due to poor funds. Factoring companies step in the gap and give them the best chances of surviving and achieving success. Choose a reputed factoring firm and soar to higher places sooner than expected.
Raleigh Factoring Companies Articles
Why Do Companies Choose Factoring?
We know that factoring is the ideal way for a business to access instant cash on their company’s receivables, but there are other important benefits as well. Factoring can be a very handy financial instrument for many businesses.
Listed below Are Six Key Benefits of Factoring
No. 1: Back Office Solutions
Anyone running a business knows just how time consuming and expensiveit can be collecting payments from customers. When you employ a factoring company they’ll take over that role for you using their own collection specialists: it’s their job to follow up with customers until such time as your account has been paid in full. In addition, some factoring companies use online accounts, which means that you’ll have the ability to track your customers’ payments in real time.
Handing this time consuming part of your business over to the factoring company frees up your time to do what you do best – running your business, looking for new business opportunities, and providing your customers with excellent customer service.
No. 2: Better Quality Customers
Some factoring companies have their own rating systems for companies involved in your industry, in addition to having access to credit data on companies that could well become your new customers, and days pay information. Others create their own rating systems for companies working in your industry, which allows you to make calculated, informed decisions about both existing and new customers.
No. 3: Instant Access to Cash
When a company provides goods or services on credit it usually has to wait somewhere between 30 and 90 days for customers to pay on their invoice, and this very often leads to cash flow problems for the business. And that’s the beauty of factoring! When you use a factoring company you’ll typically receive an advance on an invoice within 24 hours. This immediate injection of cash allows businesses to purchase additional equipment, employ new staff, and cover other business expenses.
No. 4: Growing Your Business
Because factoring provides instant access to cash, it offers you the flexibility to grow your business at a faster pace. In addition, factoring is very simple to set up. A factoring account can be created within a matter of days, whereas a traditional bank loan can take weeks. And, there’s no limit to the amount of funding a factoring company can provide, unlike bank loans. Of course, this is assuming the factoring company you choose to work with has a strong capital structure. Over a period of time, the volume of factoring can increase within months – from thousands to millions of dollars.
No. 5: Funding for Start Ups
Start Ups quite often require financing to get their business up and running; but because they have no cash flow statements or balance sheets, and no business history, they’re highly unlikely to qualify for cash flow or asset based lending.
Factoring is not concerned about these requirements because it’s main interest is in the credit history of your customers. Before a factoring company offers you financial assistance it will examine your customers’ credit scores, their payment patterns, and general financial health. Typically, the factoring company will not be interested in how long your company has been operating.
No. 6: Factoring Is Not a Debt
Factoring does not become a debt to your business because it’s not a loan. Your business receives financial support from the factoring company as and when you accumulate invoices, and the matter is settled once your customers have paid in full. It’s true that if you’re utilizing recourse factoring, you, as the factoring client, assume the risk if your customers default on payment; however, factoring companies usually allow businesses to work off that amount by retaining a portion of reserve payments or future cash payments.
You Can Find More Information at http://truckingfactoringcompany.com/
and at http://accountreceivablefactor.org