Trucking Factoring is useful for a number of reasons. It enables a truck company to raise money without acquiring brand-new debt. While financial obligation is occasionally needed, most trucking companies would choose to raise money without borrowing money. Financial obligation is dangerous, and when it cannot be paid back, assets can be repossessed. If the financial obligation is large enough, it might even compel a freight broker firm out of business.
New Factoring Program Leaves Your Company Rolling in Profits - Select The Best Factoring Company Instead Of A Regular Bank Financing
Exactly how to Enhance Cash Flow Without Borrowing -Cash Money flow is one of the primary reasons companies fail.
At one time or another, every business, even successful ones, have actually experienced bad cash flow.
Money flow does not have to be a problem any ever more. Do not be deceived -- banks are not the only places you can get financing. Other solutions are offered and you do not have to borrow. Exactly what is trucking factoring ? One option is called trucking factoring. Trucking Factoring is the procedure of selling invoices to a financier instead of waiting to gather the cash from the
client. Oh, the Irony- Truck factoring has a paradoxical distinction:
It is the monetary
backbone of many of America's most effective companies. Why is this ironic ? Because receivable financing is not instructed in business colleges, is seldom mentioned in company strategies and is relatively unknown to bulk of most of American company people.
Yet it is a financial process that releases up billions of dollars every year, allowing thousands of companies to grow and prosper. Receivable Funding has actually been around for countless years. Receivable Loan Financing Businesses are financiers who pay cash for the right to get the future payments on your invoices. An overdue receivable or invoice has value. It is a financial obligation your client has agreed pay in the near future. Factoring Principals--Although factoring
offers exclusively with business-to-business deals, a large percentage of the retail company uses a factoring principal. MasterCard, Visa, and American Express all utilize a form of factoring in their retail transactions. Utilizing the purest definition of the word, these large customer finance business are truly simply large Accounts Receivable Factoring Companies of consumer paper. Consider it: You purchase at Sears and charge
it to your MasterCard. The store gets paid practically immediately, even though you do not make payment until you are prepared.
For this service, the credit card company charges XYZ Store a fee (typical common normal fees range from two to four percent of the sale). The Benefits Receivable Loan Funding can provide numerous benefits to cash-hungry business. Instead of waiting 30, 60, 90 days or longer for payment on an item that has actually currently been delivered, a company can factor
(sell) its receivables for money at a small discount
off the dollar value of
the invoice. Payroll, advertising efforts, and working capital are simply a few of the business requirements that can be satisfied with instant cash.
Factoring provides the means for a manufacturer to replenish stock and make even more items to sell: There is no longer a requirement to await for earlier sales to be paid. Receivable Loan Financing is not simply a money management tool for manufacturers: Practically any type business can benefit from Receivable Financing. Typically, a business that extends credit
will have 10 to 20 percent
of its annual sales tied up in invoices at any given time. Think for a moment about exactly how much is tied up in 60 days' worth of invoices: You can not pay the power expense or this week s payroll with a client s invoice, but you can offer that invoice for the money to meet those obligations. Using truck factoring companies is a fast and easy process. The factoring company purchases the invoice at a discount, typically a couple of percentage
points less than the face value of the invoice.
Louisville (generally pronounced i/'lu??v?l/ or i/'l?v?l/ by natives, and i/'lu?i?v?l/ by others) is the largest city in the Commonwealth of Kentucky and the 28th most populous city in the United States. It is one of two cities in Kentucky designated as first-class, with the other being the state's second-largest city of Lexington. Louisville is the historical seat and, since 2003, the nominal seat of Jefferson County.Louisville was founded in 1778 by George Rogers Clark and is named after King Louis XVI of France, making Louisville one of the oldest cities west of the Appalachian Mountains. Sited beside the Falls of the Ohio, the only major obstruction to river traffic between the upper Ohio River and the Gulf of Mexico, the settlement first grew as a portage site. It was the founding city of the Louisville and Nashville Railroad, which grew into a 6,000-mile (9,700 km) system across 13 states. Today the city is known as the home of the Kentucky Derby, Kentucky Fried Chicken, the University of Louisville and its Louisville Cardinals athletic teams, Louisville Slugger baseball bats, and three of Kentucky's six Fortune 500 companies. Its main airport is also the site of 's worldwide air hub.Since 2003, Louisville's borders have been coterminous with those of Jefferson County because of a city-county merger. The official name of this consolidated city-county government is the Louisville/Jefferson County Metro Government, with Louisville Metro used for short. Despite the merger and renaming, the term ""Jefferson County"" continues to be used in some contexts in reference to Louisville Metro, particularly including the incorporated cities outside the ""balance"" which make up Louisville proper. The city's total consolidated population as of the 2013 census estimate was 756,832. However, the balance total of 609,893 excludes other incorporated places and semi-autonomous towns within the county and is the population listed in most sources and national rankings.The Louisville-Jefferson County, KY-IN Metropolitan Statistical Area (MSA), sometimes also referred to as Kentuckiana, includes Louisville-Jefferson County and twelve surrounding counties, eight in Kentucky and four in Southern Indiana. As of 2013, the MSA had a population of 1,262,261, ranking 43rd nationally.Louisville's early economy first developed through the shipping and cargo industries. Its strategic location at the Falls of the Ohio, as well as its unique position in the central United States (within one day's road travel to 60% of the cities in the continental U.S.) make it an ideal location for the transfer of cargo along its route to other destinations. The Louisville and Portland Canal and the Louisville and Nashville Railroad were important links in water and rail transportation. Louisville's importance to the shipping industry continues today with the presence of the Worldport global air-freight hub for at Louisville International Airport. Louisville's location at the crossroads of three major Interstate highways (I-64, I-65 and I-71) also contributes to its modern-day strategic importance to the shipping and cargo industry. As of 2003, Louisville ranks as the 7th largest inland port in the United States.
Lexington, consolidated with Fayette County, is the second-largest city in Kentucky and the 61st largest in the United States. Known as the ""Horse Capital of the World"", it is located in the heart of Kentucky's Bluegrass region. In the 2013 US Census Estimate, the city's population was 308,428, anchoring a metropolitan area of 489,435 people and a combined statistical area of 708,677 people.Lexington ranks tenth among US cities in college education rate, with 39.5% of residents having at least a bachelor's degree. It is the location of the Kentucky Horse Park, The Red Mile and Keeneland race courses, Rupp Arena, the world's largest basketball-specific arena, Transylvania University, the University of Kentucky and Bluegrass Community & Technical College.With its abundance of government and technology jobs, Lexington has one of the nation's most stable economies. Lexington has been described as having ""a fortified economy, strong in manufacturing, technology and entrepreneurial support, benefiting from a diverse, balanced business base"". The Lexington Metro Area had a July 2008 unemployment rate of only 5.4%. Lexington was named the 4th best city for ""Businesses and Careers"" in 2011 by Magazine, the 5th best city for Young Professionals in 2008 and 6th Best Value Cities 2011 by Kiplinger. As such, the city is home to several large corporations. The city has sizable employment from four Fortune 500 companies: nc. have a large presence in the city, and Motor Manufacturing Kentucky is within the Lexington CSA in adjoining Georgetown. The city is also host to a Jif peanut butter plant that produces more peanut butter than any other factory in the world and four notable corporate headquarters: Restaurants, a restaurant chain known for root beer and root beer floats,Fazoli's, a fast food Italian chain that has expanded to more than twenty states; , International, a manufacturer of mattresses with memory foam; and the Forcht Group of Kentucky, a holding company that employs more than 2,100 people across Kentucky.
Owensboro is a Class-2 city in Daviess County, Kentucky, in the United States. It is the seat of its county and the 4th-largest city by population in the state. It is located on U.S. Route 60 about 107 miles (172 km) southwest of Louisville, and is the principal city of the Owensboro metropolitan area. The city's population was estimated at 58,083 in 2012, with a metropolitan population of 116,030.According to Owensboro's 2010 Comprehensive Annual Financial Report, the top employers in the city were:
Covington is a city in Kenton County, Kentucky, in the Upland South region of the United States. It is located at the couence of the Ohio and Licking rivers. Cincinnati, Ohio, lies to its north across the Ohio and Newport, Kentucky, to its east across the Licking. Part of the Cincinnati�Northern Kentucky metropolitan area, Covington had a population of 40,640 at the time of the 2010 U.S. census, making it the 5th-most-populous city in Kentucky. It is one of its county's two seats, along with Independence.
Hopkinsville is a Class 2 city in and the county seat of Christian County, Kentucky, United States. The population at the 2010 census was 31,577.Hopkinsville-Christian County is home to a wide range of businesses and industries, including Fortune 500 companies. Over 50 companies make up the local industrial community. Local industries provide a range of services and manufactured products.
Richmond is a city in and the county seat of Madison County, Kentucky, United States. It is named after Richmond, Virginia, and is the home of Eastern Kentucky University. The population was 31,364 at the 2010 census. Richmond is the third-largest city in the Bluegrass region (after Louisville and Lexington), the state's seventh-largest city (after Louisville, Lexington, Bowling Green, Owensboro, Covington, and Hopkinsville), and the largest city between Lexington and Knoxville located along Interstate 75. Richmond serves as the center for work and shopping for south-central Kentucky. Richmond is the principal city of the Richmond�Berea Micropolitan Statistical Area, which includes all of Madison and Rockcastle counties.The Richmond economy is supported by many diverse entities:
Florence is a 3rd-class city in Boone County, Kentucky, in the United States. Florence is part of the Cincinnati/Northern Kentucky metropolitan area. The population was 29,951 at the 2010 census.
Henderson is a 2nd-class city along the Ohio River in Henderson County in western Kentucky in the United States. The population was 28,757 at the 2010 U.S. census. It is part of the Evansville Metropolitan Area, locally known as the ""Kentuckiana"" or the ""Tri-State Area"".Notable residents have included the ornithologist, naturalist, and painter John James Audubon and blues legend W.C. Handy. For more than 100 years the city has been home to the Southern Cherokee Nation.The county has numerous industries, including aluminum production, automotive and appliance parts, plastic injection molding, tool and die making, food processing and processing of recycled materials. In June 2008, of the 20,205 jobs in Henderson, almost 12% were government jobs. It also ranks as one of Kentucky's top three corn and soybean producers. Henderson is also one of the state's leading coal producers, with over 2.8 million tons produced in 2004.
Elizabethtown is a class 2 city in Hardin County, Kentucky, in the United States. It is the seat of its county. The population was estimated at 29,335 by the United States Census in 2012, making it the 10th-largest city in the state. It is included in (and the principal city of) the Elizabethtown, Kentucky, Metropolitan Statistical Area, which is included in the Louisville�Jefferson County�Elizabethtown�Scottsburg, Kentucky-Indiana Combined Statistical Area.
Nicholasville is a 2nd-class city in Jessamine County, Kentucky, in the United States. It is the seat of its county. The population was 28,015 during the 2010 U.S. Census, making Nicholasville the 11th-largest settlement in the state. In the last few decades, Nicholasville has experienced rapid growth; the population increased 380% between 1970 and 2010. An official city report published in 2009 declared that ""the Welcome mat is out in Nicholasville"" for new residents and businesses, and claimed this growth to be ""the envy of other cities across the state."" The city serves as both a residential area for Lexington-area commuters and as an employment and shopping center for central Kentucky.The city is home to the Kentucky Wine & Vine Fest. The annual festival showcases wines from commercial vineyards and amateur winemakers from across Kentucky and the surrounding region, and has been named the ""Official Wine Festival of Kentucky"" by the Kentucky state legislature. The event is unhindered by inclement weather, pledging to be held ""rain or shine"".
Jeffersontown is a 2nd-class city in Jefferson County, Kentucky, in the United States. The population was 26,595 at the 2010 U.S. census.It is a major suburb of Louisville: when the Louisville Metro government was established in 2003, Jeffersontown remained an independent city. It is the metro area's largest municipality outside of Louisville.The Bluegrass Commerce Park (formerly known as The Bluegrass Research & Industrial Park) opened on 600 acres (2.4 km2) in 1966. Created with an attractive, park-like setting, it was the first such development in the United States. Today, Bluegrass Commerce Park takes in over 1,800 acres (7.3 km2) and is home to approximately 850 businesses. The park is the largest in the state of Kentucky, and the 38,000 employees make the park and Jeffersontown the third-largest city of employment in the state. The park's seven units include:
Frankfort is the capital of the Commonwealth of Kentucky and the seat of Franklin County. Based on population it is the fifth-smallest state capital in the United States and a 2nd-class city in Kentucky; the population was 25,527 at the 2010 census. Located on the Kentucky River, Frankfort is the principal city of the Frankfort, Kentucky Micropolitan Statistical Area, which includes all of Franklin and Anderson counties.
Paducah is the county seat of McCracken County, Kentucky, United States. The largest city in the Jackson Purchase region, it is located at the couence of the Tennessee and the Ohio Rivers, halfway between St. Louis, Missouri, to the northwest and Nashville, Tennessee, to the southeast. The population was 25,024 during the 2010 U.S. Census. Twenty blocks of the city's downtown have been designated as an historic district and listed on the National Register of Historic Places.Paducah is the hub of its micropolitan area, which includes McCracken, Ballard, and Livingston counties in Kentucky and Massac County in Illinois. A federal National Weather Service Forecast Office is based in Paducah, providing weather information to western Kentucky, southeastern Missouri, southern Illinois, and southwestern Indiana.
Independence is a 3rd-class city in Kenton County, Kentucky, in the United States. It is one of its county's two seats of government. Independence is a suburb of Cincinnati, Ohio, and the population was 24,757 at the time of the 2010 U.S. census.The current mayor of Independence is Donna G. Yeager.
Radcliff is a 2nd-class city in Hardin County, Kentucky, in the United States. The population was 21,961 during the year 2000 U.S. Census. It is included in the Elizabethtown metropolitan area.Its economy is largely dominated by the adjacent army base Fort Knox and by nearby Elizabethtown. Radcliff's population previously fluctuated greatly depending on the deployments of the units at the base, but the BRAC reorganization and the quartering of the U.S. Army's Human Resources Command to Fort Knox has created a larger and more stable population.
Ashland is a Class-2 city in Boyd County, Kentucky, in the United States. It is located upon the southern bank of the Ohio River. The population was 21,684 at the 2010 census. Ashland is a part of the Huntington-Ashland-Ironton metropolitan area. As of the 2010 census, the MSA had a population of 287,702. New definitions from February 28, 2013 placed the population at 363,000. Ashland is the second-largest city within the MSA, after Huntington, West Virginia. Ashland serves as an important economic and medical center for northeast Kentucky and is part of the fifth-largest metropolitan area in Kentucky.A major steel producer formed from Steel Company L.P, which was a limited partnership between Armco and Kawasaki in 1994. AK Steel eventually purchased Steel Inc. At one time Armco employed over 4,000 people at its West Works, Foundry, and Coke Plant. AK Steel currently employs under 1,000 after the closing of the Foundry and Coke Plant and the downsizing of its West Works.
Madisonville is a 4th-class city in and the county seat of Hopkins County, Kentucky, United States, located along the Pennyrile Parkway in the state's Western Coal Fields region. The population was 19,307 at the 2000 census. Madisonville is a commercial center of the region and is home to Madisonville Community College.Because of its location near important roadways, Madisonville is a leading manufacturing hub for western Kentucky. Industrial and factory production has revitalized the local post-coal economy.
Winchester (Shawnee: Eskippakithiki) is a city in and the county seat of Clark County, Kentucky, United States. The population was 18,368 at the 2010 census. It is part of the Lexington-Fayette, KY Metropolitan Statistical Area.Major employers in Winchester include:
Erlanger, Kentucky is a city in the United States, with a 2010 census population of 18,368. It was named after the Parisian family bank of Emile d'Erlanger which helped finance the town's early development, but the name is not pronounced with a French or German accent.Nearby Elsmere was originally known as ""South Erlanger"".Toyota Boshoku America is located in Erlanger.
Murray is a 3rd-class city in Calloway County, Kentucky, in the United States. It is the seat of its county and the 22nd-largest city in Kentucky. The city's population was 17,741 during the 2010 U.S. census, and its micropolitan area's population was 37,191.It is the home of Murray State University.
St. Matthews is a city in Jefferson County, Kentucky, United States. It forms part of the Louisville Metro government but is separately incorporated as a 4th-class city. The population was 15,852 at the 2000 census, making it the 20th-largest city in the state.St. Matthews is one of the state's major shopping areas, home to the 2nd- and 5th-largest malls in Kentucky (Mall St. Matthews and Oxmoor Center), along with many smaller shopping centers along Shelbyville Road.
Fort Thomas is a 3rd-class city in Campbell County, Kentucky, on the southern bank of the Ohio River and the site of an 1890 US Army post. The population was 16,325 at the 2010 census, making it the largest city in Campbell County and it is officially part of the Cincinnati � Northern Kentucky metropolitan area.
Danville is a Class 3 city in Boyle County, Kentucky, in the United States. It is the seat of its county. The population was 16,218 at the 2010 census. Danville is the principal city of the Danville Micropolitan Statistical Area, which includes all of Boyle and Lincoln counties.In 2001, Danville received a Great American Main Street Award from the National Trust for Historic Preservation. In 2011, Money magazine placed Danville as the fourth-best place to retire in the United States. Danville has recently been twice chosen to host U.S. Vice-Presidential debates, in 2000 and in 2012.
Newport is a 3rd-class city at the couence of the Ohio and Licking rivers in Campbell County, Kentucky, in the United States. The population was 15,273 at the 2010 census. Historically, it was one of four county seats of Campbell County. Newport is part of the Cincinnati Metropolitan Area, which includes over 2 million inhabitants.Local TV is based in Newport.
Shively is a 3rd-class city in Jefferson County, Kentucky, United States and a suburb of Louisville within the Louisville Metro government. As of the 2010 Census, the city's population was 15,264, reflecting an increase of 107 (+0.7%) from the 15,157 counted in the 2000 Census.
Shelbyville is a third-class city in and the county seat of Shelby County, Kentucky, United States. The population was 14,045 at the 2010 census.
Glasgow is a 3rd-class city in Barren County, Kentucky, in the United States. It is the seat of its county. The population was 14,028 at the 2010 U.S. census. The city is well known for its annual Scottish Highland Games. In 2007, Barren County was named the number one rural place to live by The Progressive Farmer magazine. Glasgow is the principal city of the Glasgow micropolitan area, which comprises Barren and Metcalfe counties.
Berea is a Class 3 city in Madison County, Kentucky, in the United States. The town is best known for its art festivals, historic restaurants and buildings, and as the home to Berea College, a private, liberal arts college. The population was 13,561 at the 2010 census. It is one of the fastest-growing towns in Kentucky, having increased by 27.4% since 2000.Due to the high number of arts and crafts produced, Berea is a tourist attraction. It hosts several crafts festivals throughout the year. Berea also hosts a Spoonbread Festival in mid-September, which features a cornmeal bread traditionally served with a wooden spoon.Berea is a principal city of the Richmond-Berea Micropolitan Statistical Area, which includes Madison and Rockcastle counties. It was formally incorporated by the state assembly in 1890.
Shepherdsville is a 4th-class city on the Salt River in Bullitt County, Kentucky, in the United States. It is the seat of its county, located just south of Louisville. The population was 11,222 during the 2010 U.S. Census.
Somerset is a city in Pulaski County, Kentucky, United States. The city population was 11,196 according to the 2010 census.Tourism is important to Somerset, due to its proximity to Lake Cumberland and other events. Lake Cumberland alone generates approximately $150 million in revenue each year. The city holds the annual Master Musician's Festival. Somerset is home to the Somernites Cruise, the largest monthly car show in the southeastern United States. The Civil War Battle of Mill Springs took place in nearby Nancy and the reenactments held there often draw large crowds. In November 2006, the Mill Springs Battlefield Visitor Center and Museum opened. Their efforts focus on the preservation of the battlefield while providing educational resources to visitors.
Lyndon is a 4th-class city in Jefferson County, Kentucky, in the United States. The population was 9,369 at the time of the year 2000 U.S. census.Incorporated on May 10, 1965, Lyndon became part of the new Louisville Metro government in 2003. It remains an independent city with its own mayor and emergency services and is not counted in Louisville's population although its citizens can vote for the mayor of Louisville and Metro Council members.Kroger's Mid-South offices are in Lyndon.
Middlesboro (local /'m?d?lzb?r?/) is a 3rd-class city in Bell County, Kentucky, United States. The population was 10,334 at the 2010 U.S. census, while its micropolitan area had a population of 69,060.It is located 1 mile west of the Cumberland Gap and is the largest city in southeastern Kentucky. It is located entirely between Pine Mountain and the Cumberland Mountains in the Middlesboro Basin, which geologists believe to be an enormous meteor crater (one of three known astroblemes in the state). The city claims to be the only one in the United States built entirely inside such a crater, as well as the home of ragtime music and the oldest continuously-played golf course in the country.
Mayfield is a 3rd-class city in Graves County, Kentucky, in the United States. It is the seat of its county. The population was 10,024 as of the 2010 U.S. census.
Campbellsville is a 3rd-class city in Taylor County, Kentucky, United States. The population within city limits was 10,604 at the 2010 U.S. census. It is the seat of its county, and the home of Campbellsville University. Campbellsville is twinned with Buncrana in County Donegal, Ireland.In the 20th century, Campbellsville was a regional center of industry (agriculture, lumber, textiles, milling, automotive, distribution, oil and gas, light manufacturing, education, health care, and tourism).
Maysville is a 3rd-class city in Mason County, Kentucky, United States and is the seat of Mason County. The population was 9,011 at the 2010 census, making it the 40th-largest city in Kentucky by population. Maysville is on the Ohio River, 66 miles (106 km) northeast of Lexington. It is the principal city of the Maysville Micropolitan Statistical Area, which includes Mason and Lewis counties. Two bridges cross the Ohio from Maysville to Aberdeen: the Simon Kenton Memorial Bridge built in 1931 and the William H. Harsha Bridge built in 2001.On the edge of the outer Bluegrass Region, Maysville was historically important in Kentucky's settlement. Frontiersmen Simon Kenton and Daniel Boone were among the city's founders. Later, Maysville was an important port on the Ohio River for the northeastern part of the state. It exported bourbon whiskey, hemp and tobacco, the latter two produced mainly by African American slaves before the Civil War. It was once a center of wrought iron manufacture, sending ironwork downriver to decorate the buildings of Cincinnati, Ohio, and New Orleans, Louisiana. Other small manufacturers also located early in Maysville and manufacturing remains an important part of the modern economy. Under the leadership of Henry Means Walker, Maysville was home to one of the largest tobacco auction warehouses in the world for most of the 20th century.Maysville was an important stop on the Underground Railroad, as the free state of Ohio was just across the river. abolitionist author Harriet Beecher Stowe visited the area in 1833 and watched a slave auction in front of the court house in Washington, the original seat of the county and now a historic district of Maysville. She included the scene in her iuential novel Uncle Tom's Cabin, published in 1852.The Underground Railroad was very active in Maysville, Kentucky because slaves only had to cross the Ohio River into Ohio to be free. One of the most successful ""conductors"" to work in the area was Josiah Henson. Josiah Henson (a Kentucky native) is believed to be credited with helping thirty slaves from the area around Maysville, Kentucky into Ripley, Ohio, and then from there, into Cincinnati, Ohio and giving them their freedom. One of the stops of the Underground Railroad in Maysville, Kentucky was a place known as the Armstrong House.The annual Rosemary Clooney Music Festival was founded by the singer in 1999 to benefit the restoration of the Russell Theatre. Past performers at the festival include Debby Boone, Rita Coolidge, Michael Feinstein, Roberta Flack, Alison Krauss, The Pointer Sisters, and Linda Ronstadt. The Ledger Independent is the local newspaper and is published five days a week. WFTM-AM and WFTM-FM are the primary local radio stations in Maysville. The AM station plays adult standards, and the FM plays adult contemporary music.
Edgewood is a 4th-class city in Kenton County, Kentucky, in the United States. The population was 9,400 at the 2000 census. It was named for an early homestead in Walker Estates.Edgewood was incorporated by act of the state assembly on November 15, 1948. In 1968, it merged with two nearby cities � Summit Hills Heights (inc.?1962) and Pius Heights (inc.?1965). The new city government began operation on January 1, 1969.
Versailles is a city in Woodford County, Kentucky, United States and is located near Lexington. It is part of the Lexington-Fayette Metropolitan Statistical Area. The population was 8,568 at the 2010 census. It is the county seat of Woodford County. The city's name is pronounced differently from the French city of the same name: i/v?r'se?lz/ v?r-SAYLZ.In the Inner Bluegrass Region, the area is a center for horse breeding and training, for thoroughbred and standardbred racehorses, and saddlebred pleasure horses.
Alexandria is a 4th-class city in Campbell County, Kentucky, in the United States. Along with Newport, it is one of the dual seats of the county. The population was 8,477 at the 2010 census.
Elsmere is a 4th-class city in Kenton County, Kentucky, in the United States. The population was 8,451 at the 2010 census.
Franklin is a 4th-class city in and the county seat of Simpson County, Kentucky, United States. The population was 8,408 at the 2010 census.
Harrodsburg is a 4th-class city in Mercer County, Kentucky, in the United States. It is the seat of its county. The population was 8,340 at the 2010 census.Although Harrodsburg was formally established by the House of Burgesses after Boonesborough and was not incorporated by the Kentucky legislature until 1836, it is usual"
of Montgomery County and the principal city of the Mount Sterling micropolitan area.
Morehead is a 4th-class city located along US 60 (the historic Midland Trail) and Interstate 64 in Rowan County, Kentucky, in the United States. It is the seat of its county. The population was 6,845 at the time of the 2010 U.S. census.It was the focal point of the Rowan County War and is the home of Morehead State University.
Leitchfield is the county seat of Grayson County, Kentucky, United States. Leitchfield categorizes as a 4th-class city, with a population of 6,699 as of the 2010 census.
Taylor Mill is a 4th-class city in Kenton County, Kentucky, in the United States. The population was 6,913 during the year 2000 U.S. census.
Cynthiana is a 4th-class city in Harrison County, Kentucky, in the United States. The population was 6,402 at the 2010 census. It is the seat of its county and is located roughly halfway between Cincinnati and Lexington.
Princeton is a 4th-class city in Caldwell County, Kentucky, in the United States. It is the seat of its county. The population was 6,329 during the 2010 U.S. Census.Princeton is home to several notable attractions such as Adsmore Museum, Champion-Shepherdson House (home of the Princeton Art Guild), University of Kentucky Research and Education Center Botanical Garden, is a major employer in Princeton. Agriculture, tourism and retail are also significant sectors of the economy.
Monticello is a 4th-class city in Wayne County, Kentucky, in the United States. It is the seat of its county. The population was 6,188 at the time of the 2010 U.S. census.Monticello advertises itself as ""The Houseboat Capital of the World"" due to the large number of houseboat manufacturers in the city. The city sits next to Lake Cumberland, and much of its economy is built on serving the recreational and tourist traffic to the lake.Monticello attorney Sara Beth Gregory is the current District 16 member of the Kentucky State Senate, representing Wayne, Adair, Clinton, Cumberland, McCreary, Russell, and Taylor counties. She is a former member of the Kentucky House of Representatives. The District 52 House seat is again held by Ken Upchurch of Monticello.
Bellevue is a 4th-class city in Campbell County, Kentucky, in the United States. It is located along the southern bank of the Ohio River. The population was 5,955 at the 2010 census.
Cold Spring is a 5th-class city in Campbell County, Kentucky, in the United States. The population was 5,912 at the 2010 census, up from 3,806 at the 2000 census. It is part of the Cincinnati-Northern Kentucky metropolitan area.The organization Disabled American Veterans is based in Cold Spring.
Fort Wright is a 4th-class city in Kenton County, Kentucky, in the United States. The population was 5,723 at the 2010 census.
Lebanon is a 4th-class city in Marion County, Kentucky, in the United States. The population was 6,331 at the 2010 census. It is the seat of its county. Lebanon is located in central Kentucky, southeast of Louisville. A national cemetery is located nearby.Lebanon is renowned for its Ham Days Festival and Tractor Show which is held during the last weekend of September. In the 1960s and early 1970s, it was known as an entertainment hotspot, as nationally known acts appeared at Club nightclubs.
Douglass Hills is a 4th-class city in eastern Jefferson County, Kentucky, in the United States. The population was 5,718 at the 2000 census.
Union is a city in Boone County, Kentucky, United States. The population was 5,379 in the 2010 Census. The area was rural until mass residential growth in 1990s and 2000s, this created the city into many subdivisions and neighborhoods.
Williamsburg is a city in and the county seat of Whitley County, Kentucky, United States. The population was 5,245 at the 2010 census. The city was founded in 1818 and named after William Whitley. The Cumberland River flows through the city.Top Employers:
Prospect is a neighborhood of Louisville, Kentucky, in the United States. It forms part of the Louisville Metro government although it is separately incorporated as a 3rd-class city and lies partially within Oldham County. The population was 4,657 at the time of the year 2000 U.S. Census. It is one of the wealthiest communities in Kentucky.
Crestwood is a 5th-class city in Oldham County, Kentucky, United States just outside of Louisville's Northeast End. The population was 1,999 at the 2000 census. CNN listed it as the 52nd best place to live in America in 2005. It was first settled in the early 19th century and renamed Crestwood in 1909.
Vine Grove is a city in Hardin County, Kentucky, United States. The population was 4,169 at the 2000 census. It is part of the Elizabethtown, Kentucky Metropolitan Statistical Area.
The U.s. Transportation Organization
states that there around
200,000 truck drivers with truck
300,000 personal providers trucking
firms certified to
operate in the States that transferred,
according to their most current listings of millions of
products, supplies and
standard materials .
There are a number of typical
teams on our country
highways transporting these
vital products to our
shops, manufacturing facilities and ports.
Plus trucking factoring
many of them and offer their
receivable loan facilities
including the following states.
Alaska, Arizona, Arkansas,
California, Colorado, Connecticut, Delaware,
Florida, Georgia, Hawaii, Idaho State,
Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska,
Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming
Today Kentucky's economy has expanded to importance in non agricultural terms as well, especially in auto manufacturing, energy fuel production, and medical facilities. As of 2010 24% of electricity produced in the USA depended on either enriched uranium rods coming from the Paducah Gaseous Diffusion Plant (the only domestic site of low grade uranium enrichment), or from the 107,336 tons of coal extracted from the state's two coal fields (which combined produce 4% percent of the electricity in the United States). Kentucky ranks 4th among U.S. states in the number of automobiles and trucks assembled. The Chevrolet Corvette, Cadillac XLR (2004�2009), Ford Escape, Ford Super Duty trucks, Ford Expedition, Lincoln Navigator, Toyota Camry, Toyota Avalon, Toyota Solara, and Toyota Venza are assembled in Kentucky.
Life of a Truck driver, like many other professionals can be very challenging, rewarding, and frustrating at the same time. �The com� is an information site for many of the Truckers needs. It is designed to encompass the needs of the Trucker, both on the Road and at Home.
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Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. Center helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen
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Locate truck driving jobs by city, state, position andenefits offered. Search current driving jobs and fill out the EZ truck driver application customized for cdl trucking jobs
If you're like most drivers, you're looking for a better company in trucking that might be offering the best jobs in terms of pay, freight, and hometime ' not to mention benefits or a sign on bonus. We've got all of our clients listed based on the states where they're hiring, so you can quickly find the best job in your home state. You'll see the very best nationwide trucking companies that have positions available.
If you're like most drivers, you're looking for a better company in trucking that might be offering the best jobs in terms of pay, freight, and hometime ' not to mention benefits or a sign on bonus. We've got all of our clients listed based on the states where they're hiring, so you can quickly find the best job in your home state. You'll see the very best nationwide trucking companies that have positions available.
The largest trucking companies in the U.S. set a revenue record in 2013, but revenuegrowth slowed for the second year in a row.
The combined revenue of the 50 largest motor carriers rose to $106.6 billion last year, according to The Top 50 Trucking Companies list, based on data prepared by Consulting Group in Pittsburgh.
Since the mid 1980s Ortiz Truck & Haul have been successfully running their freight business. They've delivered goods for nearly every major industry in the nation and for 20 plus years, business was booming as they've traversed the country in all weather for all clients. During the boom times from 2002 to 2007 Ortiz Truck & Haul was the mastermind of a top-rated accounts receivable in the trucking industry. Few customers were ever late on bills and those clients who were, were sure to turn in their late payments within a reasonable amount of time. Times were great for everyone, and the cash was flowing.It was just one year later, in 2008, when the economy in the United States took a sharp decline, and both large and small businesses started to notice the squeeze on their pocketbooks: everyone had suddenly gone silent. Business slowed to a crawl
. Worse still, it was noticed by Ortiz in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. Spring changed to summer, summer changed to fall, and the CEO of Ortiz, Jeff Medina, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. There was a growing list of clients who now owed them back debt.He had gone to his administrators and asked them what the problem had been. Were they doing things different, or wrong, when it came to collecting overdue accounts? By his bookkeepers records, this wasn't the case. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. They could not afford to pay him their debt, but they could afford a lesser service, maybe. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Ortiz hadn't gone elsewhere. They had just gone home.The situation looked dire to Jeff Medina. He had employees to pay, goods to ship, trucks to maintain and overhead that was almost unbearable when compared against the lack of funds that were coming in. After work he would confide in his wife, Sylvia, and neither were unable to stop the constant worry over the lack of funds.""I have a bad feeling, Lin,"" he would say with deep woe.""What could you do differently?"" she would ask.Jeff would stare off for a moment and then close eyes. In his mind he could clearly see the fleet of trucks purchased over the many years. He could see them traveling, bringing goods to all of his clients. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. What could cause this ultimate death spiral of business?""I think I know what it could be,"" Jeff said. ""For way too long I've been relying solely on profits received from invoices. For too long I've been allowing our clients to let their accounts become overdue."" Sylvia would look at her husband lovingly, and holding his hand would say 'it is such a harsh economy these days and our clients must be having difficulty meeting their responsibilities'.""Sylvia was trying so hard to support her husband in these worrying times, while Jeff was weighed down with the worry of how he was going to handle this situation he found himself in.The next day Jeff strolled into his office and was determined to sit down and make every phone call to every client who had owed Ortiz money. Now, it wasn't the most efficient way to spend a day as a chief executive, what he really needed to be doing was to be overseeing all of the other intricacies of shipment and delivery and reaching out to prospective clients or retraining his sales team to do the same. But, he felt like he was doing something proactive to help his business, even though he had staff on salary to do just that thing. Wasting money, wasting time - even with the best of intentions, Jeff knew that he was in trouble.
After a half day of contacting debtors in vain - they dodged his calls or promised to call back at worst or made minimal interest-only payments at best - he was about to throw in the towel when his secretary Veronicaerley knocked at his door.
""Jeff, can I have a word?"" she queried, standing in the doorway.
""Sure thing Veronica, come on in."" Jeff leaned back in his chair and looked expectantly at Veronicaerely.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Jeff."" She opened up a folder she had been carrying and pulled out a small wad of papers, placing them on the desk in front of him.""Have you ever heard the word factoring?"" Veronicaerley asked.""It sounds vaguely familiar. What is factoring""? he asked.She began, ""Well, it is really very simple. Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Immediately?"" Jeff interrupted.""Yes, immediately,"" she continued, ""In a nutshell, it is pretty easy. We start by having a professional account manager review our figures and help us set up a company profile. That profile will also include investigating our accounts receivable aging reports, our existing customer credit limits and so on. Additionally, the factoring will help to determine the creditworthiness of our customers independent of their credit history with our business. It provides a very broad view.""I see,� Jeff said. �And then what?""Following the completion of their review and once we have been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. There�s a lot of flexibility depending on the business volume and credit histories. This company tells us what the cost will be to purchase factoring for our accounts receivable. We come to an agreement and the funding starts pouring out.�Jeff was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Veronica,"" he said.""Now, now, I know, I thought the same thing. But think about it, Jeff: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. They appear to be very flexible, Jeff,"" she drew a circle around a paragraph on the document before him.""How flexible?"" asked Jeff.""It seems that they personalize their factoring charges so that the amount they're prepared to work with is commensurate with our client's debt and our needs. It only takes 2 to 4 days for this to be figured out. ""That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. We need to keep business rolling as normal and every day we�re going unpaid, we�re closer to facing some serious problems in both the short and long term,"" Jeff said.Jeff took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Exactly�. This could be the answer to our prayers: it will solve many problems we are facing due to these unpaid debts.""Jeff thought about this and agreed with Veronicaerley. The customers who were in debt to Ortiz Truck & Haul were professional resources of the company, but they were also long-standing friends. Jeff wasn't prepared to lose these relationships just because they were having financial issues at the moment. Jeff knew only too well that the whole economy was floundering, and that it was not going to change overnight. That unknown amount of time could create a disaster situation for both of them if he wasn't careful in how these debtors were handled. Of course he did not want to lose any more money, but he did not want to lose business either.""Let me go over this tonight Veronica, and thankyou."" Veronica nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Jeff sat behind his desk and looked over the details Veronica had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Ortiz Truck & Haul with? With his pencil gliding down the sheet he noticed that the factoring company could help fray the cost of fuel with fuel discount cards and fuel advances. In fact, Ortiz could receive up to fifty-percent cash advances upon load pick-ups. Jeff was a typical business man: he despised binding contracts that did not allow room to breathe, so he was pleasantly surprised to see that the factoring company did not require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.""I must tell Zachary the good news,"" muttered Jeff to himself.Zachary is Jeff's son-in-law, and he really admired the ideas behind Ortiz, so much so that only two years before he had started his own transportation service business. At that time Jeff knew the struggles Zachary would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Ortiz was hurting, a little guy like Zachary was about to catch his death. But, maybe the answer for both of them was in freight factoring, and Jeff was going to find out very soon.A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Jeff was beginning to find his way out of the hole his debtors had created for him.They adopted reasonable factoring purchase contracts and stopped wasting their own precious time trying to collect debts. They used that time to refocus their efforts in being competitive in new territories. Jeff looked back on the dismal months of life before freight factoring and almost shuddered at the thought. Had he missed the boat on this one, he probably wouldn't be in business today.
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The Future of a Trucking Company, and Factoring The phone was ringing on his desk, and Ryan Edwards just sat there letting it ring. His morning coffee cooled and his cigarette smoked away in the tray: Ryan is thinking, and pondering the biggest decision he's ever had to make for his trucking business. Edwards Trucking Company had reached a turning point and he now had to make a decision as to whether he should sign up with a factoring company, and indeed if this would be a good or regrettable decision for his business.
More than forty years ago Ryan's father had started this business working as an owner-operator and eventually growing Edwards Trucking Company into a fifteen trailer fleet. There had been some hard times when it seemed everything was going to go under and even Ryan�s mother strapped herself into a cab to make hauls. His father had lived long enough to witness the price of hires drop during the recession and watch the eruption of fuel prices afterwards. But now things were different: the company was in Ryan's hands and he needed to ensure that this business would be left in great shape for his sons.
To move Edwards Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. He had employees to pay. They all have families and the usual household bills. A few of the refrigerated trailers really needed some maintenance, and in order to stay competitive he really wanted to invest in specialized haulers to meet the increasing requests for loads of agricultural and energy equipment. Every time he had to turn down a request, Edwards Trucking looked weak in a very strong market.
He knew what his father would have said - 'wait, take your time before adding new technology'. Ryan chuckled, thinking about his father. His father had been against placing GPS units in the cabs. He would say, �Why do you need the voice of some woman to tell you to get off at an exit that has been the same exit that has been there for years?� He smiled to himself as he remembered his father poking fun at the other drivers who switched to automatic, even though automatic was quite obviously more efficient (though less manly). He knew his father's days were long gone and new technology was very important for the business, like having Qualcomm to reduce communication time for bills of lading.
Ryan believed a successful man is always thinking of his next step. How would he take Edwards Trucking to the next level? More importantly, how could he afford it? Funding was all tied up in the mortgage for the office and garage and in the fuel bills. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.
He wondered about factoring - was this the answer for him? There was a lot he didn�t understand about the process. It sounded like a ninth grade math problem and he wondered how this would fit into the trucking business. A factoring company actually purchases your invoices and takes control of your accounts receivable, payment being a certain percentage of the amount invoiced. In return, the factoring company pays the trucking business straight away, providing immediate cash flow for the business to pay staff, purchase fuel, and do any repairs or maintenance. Without this assistance, you're placed in the position of waiting for payment from your customers, and this can often be thirty days, or more. During those thirty days the trucking company cannot pay its employees and bills with invoices.
Now it was time for Ryan to do his homework. He had heard of companies charging for same day money transfers, advancing a percentage of the money owed to your business, while the rest is held in a private account if the bill wasn't paid within sixty or more days. Plus it was worse still if the customer didn�t pay up at all because then the factoring company would take it right out of the money supposed to be coming to you! He'd even heard about some companies putting you onto a sliding percentage scale regardless of any previously signed contracts for possibly 3% or 7%, and there you are now with 10% coming as a charge to you out of the freight bill. His colleague, Ronnie, who owned a trucking company in Missouri, was nearly destroyed by a factoring company who charged him the full freight bill on top of the fees for factoring. Well, what was the point of going to a factoring company if there was shady business like that going on?
But it turned out to be quite easy. When he called the factoring companies he discovered they were very open about their business practices, and very friendly and helpful. Their customer service actually knew things about their company and spoke in nice clear English so he could understand what was being explained. He didn�t mind signing an exclusive contract. He liked the idea of a long term commitment so he knew he wouldn�t have to bother going back and forth to different companies and wasting time filing more forms. He was not charged for a credit check, and in addition he was offered a fuel advance on the pick-up of a load. In fact there were a few companies who offered him a non-recourse factoring program, and this was exactly what he had been hoping for. He was more than happy with the figures he was offered in percentage terms on the freight bills. It was good money.
For Ryan it was quite a relief to be dealing with the factoring company. They were extremely helpful and more personable than the bank staff. It seemed as though those bank people spoke another language, but these factoring guys knew the trucking business and spoke to him like a client, not like a beggar for a handout. The factoring companies didn�t worry over his credit and the debt troubles his father had had in the past of the company. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Ryan because he and his father had created a very strong and loyal list of clientele over the years. So he knew they would understand when the factoring company contacted them for the invoices. His clients wouldn�t think poorly of Edwards Trucking and the factoring companies appeared capable of handling the accounts receivable in the same polite manner that his father had used over the years.
Feeling happier now, Ryan stepped out of his office to advise his secretary to expect to receive the contract very shortly from the factoring company. He felt exhilarated by the new possibilities that would make the future of the company fun again and put the stress of the difficult times behind him. He suddenly realized that, with this new cash flow, he could actually expand Edwards Trucking Company and who knows, move into Canada, which had always been his dream. He was a happy man again knowing that he had just made a decision which would guarantee the success of his business and his sons would not be inheriting a financial mess.
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Trucking Factoring Articles
�So It is not a loan?� Cecil Berry asked as he leaned back in his chair, crossing his legs. The woman sitting across the desk from Cecil smiled at him, shaking her head.�Not quite,� she stated.Cecil was the owner of a small trucking company which had fallen on some hard times recently. Trucking could be a profitable business, and for a little under a decade, it had been for Steven. His company was called Hale Trucking, named after both of his grandfathers, Dwight and Steven. Both of these men had been very hardworking and had set a great example for Steven.Disaster had struck half a year ago, when two trucks in Steven�s fifteen truck fleet went down. One was a roll-over and ended up in the trucking graveyard: the other was involved in a serious and costly accident. Cecil depended on his full fleet, and missing two trucks was devastating . In addition, he just did not have the available cash to buy a new truck, plus repair the other one.A big problem a lot of trucking companies came across was how bills were paid in the industry. Waiting a month or longer for bills to be paid was quite normal. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Cecil wasn�t a bad owner, and he hadn�t messed up. Things had happened that he could not have predicted, and he had to figure out a way to keep his business from hurting, or even going under.And that's why he found himself across the desk from this woman. Her name was Lucille and she worked for a factoring company. He had accidentally come across her company one night when he was working late, searching the internet to see if there was some solution to his financial dilemma.She sat there now, and explained. �it is really not a loan at all: we actually buy your accounts receivable. we are not giving you finance to be repaid later: we are purchasing something from you, and when you can you can buy it back. This is a win-win situation: we are protected from a total loss, and you're protected from the ridiculous fees and charges you'd have to pay if you borrowed from a bank.Cecil agreed. It sounded perfect - perhaps too good?.The woman laughed. �You look like you don�t believe me,� she said.�Oh no, I do: it just sounds too good to be true. I actually thought I might end up losing my business.�Lucille smiled, agreeing. �We get that a lot. Listen, I�d hate to see you lose your company. We know how hard you work, and that you've invested everything in your business. We all need help sometimes. That's why we do what we do.""Well, I'm very grateful that you came to see me today.""No problem - I'm just down the road. We normally do it all online but I was happy to come and visit you today,� Lucille said with a smile. �Let�s see what we can do to help you.�And with that they set about making a profile.
Cecil completed the form, with Lucille offering advice as needed.
The profile filled Lucille and her company in on Steven�s company, and would help them determine if he was suitable for factoring. Unfortunately, not all companies are. Some businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. Listening as Cecil filled out his form, Lucille was pretty sure he was a perfect candidate for factoring.Lucille took the completed form and placed it in her briefcase. Standing up, she reached over the desk and shook Steven's hand. He stood before they shook as well, and then smiled. Cecil walked Lucille to the door where they said 'Goodbye', then he went back into his office.His employees were there, seven who worked in the office, and as he sat behind his desk once more he heard the familiar clack of fingers on keyboards, the electronic whine of the copy machine.He shut his eyes. He felt so drained: he had been flailing helplessly for so long, he just knew his business was going to collapse and probably take him with it. Talking to Lucille though, learning about factoring, it felt like a weight had been lifted from his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.The long nights, where he couldn�t sleep. The terrifying panic attacks that occurred regardless of where he was. He could feel it all fading away. He knew it wasn't over yet and that there was still a way to go, but he could just feel everything start to change for him. He was still here; he knew this was the right path for him, and he felt proud that he had taken the appropriate steps to sort out his problems.His mind wandered back to the very beginning, when he first started his business. At twenty-two and straight out of school he had opened a restaurant. It had been successful. Offering home cooking in his own hometown, his business had really prospered.But he had gotten bored. His passion didn�t lie with the food industry. He thought about it for a long time, then decided it was time to sell his restaurant. He took half a year off, and in that time he thought to start Hale Trucking. And that's exactly what he did. For the second time in his short life he created a company from the ground up. He had been successful.And then the trucks went down, and his success looked to be in flux. He was about to turn fifty. He was concerned that he just did not have the energy left to try and save the business. But giving up wasn't part of his personality either.
The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He didn�t know how to say quit.And now, because of factoring, he was sure he wouldn�t have to. Steven's eyes opened, he sat forward in his chair and turned on his computer. He had lots to do. He could be thankful later, for now, it was time to work.
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The key reasons why Truck Agencies Use Factoring Companies.
As the owner of your own business, you may likely be more than perceptive already of the challenge in making certain that cash flow concerns do not become a problem down the line. After all, the toughest thing that can potentially transpire for your firm is to find yourself swept up in a long and tough condition that leaves you forever looking for the money you need to have on an continual manner.
For pretty much any firm in this condition, the trouble can come for waiting for work to lapse and actually be compensated into your statement. Bill of sales, checks, and the like can take a while to actually to beprocessed which may leave you with momentary cash flow dilemmas. Gratefully, there are options out there for industries to check out-- and among these is factoring companies.
Factoring agencies will, in substitution for your accounts, offer you with the money today to make sure that you do not need to fret about the delaying phase which could make paying out the bills and acquiring toolsmore hard. With this kind of setup, invoice factoring can become remarkably beneficial for a lot of enterprises who have to avoid a cash lure which they have gotten themselves in.
Given that, relying on the volume of the project, it can take up to 60 days for a number of business enterprises to get compensated then it is necessary to take care of your own back and not leave yourself money short to pay the expenses. After all, how many companies possess two months revenue just occupying there to deal with all their bills until they earn?
This is most notably correct of trucking enterprises. They usually take care of great deals of accounts which means a notable volume of collection time entails business owner themselves. Seeking to get paid out in time can develop into an incredible headache and this is exactly why you work with trucking factoring providers who are glad to help out truckers mainly.
As all of us determine, trucking is an unbelievably massive market with lots of organizations out there employing hundreds of vehicle drivers. The sad thing is, plenty of these drivers end up in finances difficulties considering that they are still waiting on work from six weeks earlier to actually pay them. When this is the scenario for a trucking company, turning to factoring providers for assistance could be the most suitable alternative left.
This signifies that a truck corporation can provide the wages of the staff, keep all the cars refilled with gas and continue to surmount, progress and expand without consistently waiting for the funds which is taking too lengthy to come in. Trucking Establishments operating without a factoring system implemented are leaving themselves at considerable threat, as competitors cash out fast and continue to grow.
There's honestly very little to be distressed about when it comes to employing a Factoring agency-- they commonly are not like a financial institution or somebody who is going to leave you with a substantial mound of liability to repay. You give them legitimate invoices from output you have already wrapped up , you are only just speeding the payment system.
In the Usa, where truck enterprises prosper, factoring providers are not considered taking on loan in any capacity. This private deal then permits both parties to profit and experience a worry-free future-- it provides the factoring business a guaranteed resource of income to include in the list and it furnishes the trucking firm the needed finances that they sweated to acquire.
The trucking enterprise bestows their statements to the factoring enterprise. The trucking factoring firm then collect the payments from the trucking company's clients. Factoring has beenaround for centuries and has been adopted for decades by several different markets-- but none more so than truckers. While you might possibly miss out on a small part of the money, something like 1-3 % depending on who you partner with, it signifies that you are acquiring the resources today and can actually start off putting the money to perform.
After all, an IOU or an invoice is certainly not going to cover bills, is it? For trucking enterprises when the cash can be excellent one day and gone the next, it is up to the vehicle drivers to work sensibly and to make certain they are leaving themselves with a notable amount of time and money to get through the week up until they are paid for once again.
So the next moment your trucking enterprise is bearing some short-term cash flow problems and you are shelling out too much time chasing slowly paying customers, why not start considering using a factoring companies as a way to get your finances and give yourself a more convenient future in the eyes of your trucking workers and your bank dividend?
Traditional Bank Loans
Finance through a bank loan is the normal, or traditional, way of financing your business. These loans can be a life-saver, but they're not always available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it is usual practise for a bank to use the business itself as collateral. This means that if you default on your loan payment you could lose your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Once the loan is paid off, you can then apply for another loan if the need arises.
Trucking Factoring Companies
Trucking Factoring companies do not offer loans, and you do not go into debt when you get money from a Trucking Factoring company. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to sell. Once a Trucking Factoring account has been created for you, it will continue for as long as you need it, with the money available continuing to grow as your business grows, and providing cash as you require it.
What Are The Benefits Of A Trucking Factoring Company Versus A Traditional Bank Loan?
While not every business can take advantage of Trucking Factoring account financing (you have to have a business that has account receivables) for those that can use this type of financing there are several distinct benefits.
1. You will not Incur Debt. Since the Trucking Factoring company actually buys your accounts receivable you do not actually incur debt like you do with a bank loan. This has many benefits including the fact, that this type of financing will not affect either your business credit rating or your personal credit rating. In the event that your business fails, you would not have to be concerned about someone coming after your personal or your business assets in order to pay off a loan. The debt goes onto your credit report with a bank loan, with only one missed payment adversely affecting your business credit: it would also affect your ability to secure insurance, and may reflect on your personal credit rating as well.
2. No Collateral Required. Another great benefit of using the services of a Trucking Factoring company instead of a bank loan is that there is no collateral required for the Trucking Factoring company, because the Trucking Factoring company is buying your accounts receivables. In addition, while the Trucking Factoring company does run a credit check on your customers whose accounts receivables are offered for financing, the state of your credit is not an issue. This means that it is easier for new businesses to access the finance they need through a Trucking Factoring company, providing their accounts receivable are in good order. A bank may believe you haven't been in business long enough to be able to cover this risk.
3. You'll receive the money faster. With a Trucking Factoring company you can actually get the money you need faster. Once the Trucking Factoring company assures itself that the customers in your accounts receivable are likely to pay their debt, the money is usually in the account within 24 hours. Borrowing from a bank begins with vast amounts of paperwork, the loan must be underwritten, and this can take ages before you're notified if the loan has been approved.
4.You receive interest up-front. With a bank loan interest continues to build, and this has to be paid the whole time you have a business loan; however with a Trucking Factoring company there is no interest - they take it right off the top by deducting it from the total amount of receivable accounts. So you do not have to worry about monthly loan repayments, and you do not have to worry about the amount of interest payable, because all the money in the account is yours to spend.
As you can see, there are several benefits that makes considering financing through a Trucking Factoring company over a traditional bank worthwhile. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The most important benefits is that once you sell your accounts receivable to the factory company, you do not have to take time away from running your business to collect the money owed from reluctant to pay customers. Since these accounts belong to the Trucking Factoring company, this is now their job. Trucking Factoring companies are very good at collecting these debts, saving you the time and effort that you need to devote to your growing company.
In addition, since the Trucking Factoring company evaluates the credit quality of your customers prior to purchasing the accounts receivable you gain valuable information into which customers are likely to pay and which ones are not so likely to pay.While a Trucking Factoring company is not the only way for your business to obtain the money it needs to keep growing, it does offer a type of financing well worth considering.