The state of Indiana is full of sports fans, from car racing enthusiasts who never miss an Indy 500 race to Notre Dame football fans and Indiana University basketball fans. Even high school sports are popular in the Hoosier State – so nicknamed, according to one explanation, because early settlers would visit neighboring farms and call out “who’s here?” Loyalties run deep in this state and its largest city, Indianapolis, is home to ten professional sports teams. There are many industries that can benefit from using factoring companies in Indiana.
Factoring in Indiana
As a result, tourism is one source of revenue for the state, but Indiana’s larger industries include manufacturing, agriculture, and steel and oil production. Small and medium-sized companies throughout the state contribute to Indiana’s economy and many of them are related to one of these industries. While Indiana’s business climate is strong, often these companies – both small start-ups and long established family-owned firms – can encounter cash flow challenges. Many of these challenges center around that gap in time between when they complete work for a customer and when that customer pays them.
To bridge that gap and increase their cash flow, many Indiana business owners work with a factoring company that will pay them upfront for their work. This arrangement enables businesses to use their funds right away instead of having their accounts receivable tied up for 30, 60, or even 90 days. Factoring their invoices enables companies to keep up with their overhead expenses, but also allows them to plan for growth. They can set aside funds for expanding their workforce and facilities, take on customers with long payment terms, or increase their inventory. Factoring makes good sense for many Indiana businesses.
Indiana Factoring by Industry
- Manufacturing, especially auto parts and machines
- Steel, iron, and oil production
- Agriculture, especially corn and soybeans
- Coal mining
Some of the best Factoring Companies in Indiana
View the above list of factoring companies in Indiana for more information.